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Sentiment · FY2026 Q2
CVS Health reported Q1 FY2026 revenue exceeding $100 billion, up over 6%, with adjusted EPS of $2.57, a meaningful increase of over 14%. The medical benefit ratio was 84.6%, and full-year 2026 adjusted EPS guidance was raised to $7.30 to $7.50, a 4.23% midpoint increase. Aetna margin recovery momentum continued, and pharmacy share growth and CostVantage model execution drove results. The AI investment and Health100 platform launch advanced the company strategy, while PBM regulatory evolution and transparency transition progressed.
Margin | Pricing | Regulation Policy | Guidance Reliability | Competitive Dynamics | Cost Pressure | Revenue Growth | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 2 | 2 | 1 | 1 | ||
| 2025Q1 | 3 | 2 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 6 | 2 | 2 | 2 | 2 | 1 | 1 | 2 |
| 2025Q3 | 5 | 3 | 2 | 1 | 1 | 3 | 1 | |
| 2025Q4 | 4 | 3 | 1 | 2 | 2 | 1 | ||
| 2026Q1 | 4 | 2 | 2 | 1 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 4 | 3 | 6 | 5 | 4 | 4 |
| Pricing | 3 | 2 | 2 | 3 | 2 | |
| Regulation Policy | 2 | 2 | 2 | 3 | 2 | |
| Guidance Reliability | 2 | 1 | 2 | 2 | 1 | 1 |
| Competitive Dynamics | 1 | 2 | 1 | 2 | 3 | |
| Cost Pressure | 1 | 2 | 1 | 1 | 2 | |
| Revenue Growth | 1 | 1 | 3 | 1 | ||
| Demand | 1 | 2 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Elizabeth Anderson | Evercore ISI | 7 (0%) |
| Justin Lake | Wolfe Research | 7 (0%) |
| Lisa Gill | JPMorgan |
| Andrew Mok | Barclays | 7 (14%) |
| Steve Baxter | Wells Fargo | 6 (0%) |
| Mike Cherny | Leerink Partners | 5 (0%) |
| George Hill | Deutsche Bank | 4 (0%) |
| Erin Wright | Morgan Stanley | 4 (0%) |
| Ann Hynes | Mizuho Securities | 3 (0%) |
| Eric Percher | Nephron Research | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 7 (14%) |
| Evercore ISI | 1 | 7 (0%) |
| JPMorgan | 1 | 7 (0%) |
| Wolfe Research | 1 | 7 (0%) |
| Wells Fargo | 1 | 6 (0%) |
| Leerink Partners | 1 | 5 (0%) |
| Morgan Stanley | 1 | 4 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $97.71B | +4.2% | $1.30 | -18.2% | 13.2% | 2.4% | 1.7% | $1.09B |
| FY2025 Q1 | $94.59B | +7.0% | $1.41 | +60.2% | 15.2% | 3.6% | 1.9% | $3.81B |
| FY2025 Q2 | $98.92B | +8.4% | $0.80 | -43.3% | 13.7% | 2.4% | 1.0% | $1.29B |
| FY2025 Q3 | $102.87B | +7.8% | $-3.13 | -4629.7% | 13.4% | -3.1% | -3.9% | $98M |
| FY2025 Q4 | $105.69B | +8.2% | $2.30 | +76.9% | 12.8% | 2.0% | 2.8% | $2.61B |
| FY2026 Q1 | $100.43B | +6.2% | $2.30 | +63.1% | 15.6% | 4.7% | 2.9% | $3.40B |
| FY2026 Q2 | $106.10B | +7.3% | $2.31 | +188.8% | 14.8% | 4.4% | 2.8% | $5.65B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CVS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“whether it be our partnerships with the NovoCare and/or just in general, as you're seeing the shift from on benefit to off benefit, CVS Pharmacy remains a very viable solution and distribution channel for the category.”
CVS cites its partnership with Novo Nordisk's NovoCare in building a direct-to-consumer GLP-1 distribution channel; read-through on Novo Nordisk's DTC obesity-drug strategy.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CVS CVS Health | 9 | +6.2% | |
| CI Cigna | 8 | +4.6% | |
| CNC Centene Corporation | 9 | +7.1% | |
| ELV Elevance Health | 7 | +2.6% | |
| HUM Humana | 7 | +23.5% | |
| UNH UnitedHealth Group Incorporated | 7 | +2.0% |