CVS Health raised its minimum earnings and operating cash-flow targets for 2026 Wednesday, after third-quarter revenue growth and higher Health Care Benefits income supported stronger adjusted profit.
Revenue climbed 5.4% from a year earlier to $108.4 billion. Adjusted earnings were $2.09 per share, compared with $1.60 in the year-ago quarter.
The company reported $1.68 in GAAP diluted earnings per share, following a $3.13 loss a year earlier. CVS said that quarter included a $5.7 billion goodwill impairment charge, which did not recur. Higher adjusted operating income in Health Care Benefits also contributed to this quarter’s adjusted earnings improvement.
CVS disclosed the results in an exhibit to a Form 8-K filed with the Securities and Exchange Commission. For 2026, it now expects at least $6.98 per share in GAAP diluted earnings, compared with an earlier range of $6.84 to $7.04. Its adjusted earnings minimum is $8.20 per share, up from a previous range of $7.90 to $8.10.
The company now forecasts at least $15.5 billion in operating cash flow for 2026, up from an earlier floor of at least $11.5 billion. It recorded $15.3 billion in cash generated from operations during the first nine months of the year.
Cost trends and possible economic headwinds remain concerns in CVS’s outlook, even as it expects better performance from Health Care Benefits and Pharmacy & Consumer Wellness. The latter unit brought in $35.5 billion, down 2% from a year earlier. CVS linked the decrease to price cuts on some medicines, newly available generics and reimbursement pressure; higher prescription volume softened the drop.
