CVS Health
Integrated U.S. health insurer, pharmacy benefit manager and retail pharmacy operator whose 2026 results show an insurance margin recovery while its care-delivery bet is being cut back.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Manage 2027 Medicare Advantage for margin rather than membership, accepting further enrollment shrinkage, while running a stars-remediation effort aimed at the 2028 bonus year.
- Final 2027 Medicare Advantage rate notice terms (not in the documents provided)
- Medicare Advantage membership and MBR in early-2027 reporting
- Disclosure of star-rating appeals or quality-improvement programs
- Continue narrowing the Oak Street Health and Signify Health footprint toward clinics and assessments that feed Aetna and Caremark, rather than standalone multi-payor expansion.Medium confidence
- Turn the GLP-1 program into a packaged weight-management product sold to PBM clients and employers, linking Caremark formularies, MinuteClinic prescribing and pharmacy adherence support.Medium confidence
- Push AI and data automation into Aetna and Caremark operations as a main cost lever, with the board adding data and AI oversight capacity.Medium confidence
- Direct the higher 2026 cash flow mainly toward debt reduction and balance-sheet flexibility rather than larger shareholder distributions or acquisitions.Low confidence
- Lean harder on fee-based and owned-product PBM economics, such as Cordavis biosimilars, as rebate and spread income comes under pressure.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| Gross profit | $116.3B | $125.6B | $140.7B | $166.5B | $180.9B |
| Operating income | $13.3B | $8.0B | $13.7B | $8.5B | $4.7B |
| Net income | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| Operating cash flow | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| Capital expenditure | $2.5B | $2.7B | $3.0B | $2.8B | $2.8B |
| Free cash flow | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |
| Stock-based comp | $484M | $447M | $588M | $540M | $535M |
| Buybacks | $0 | $3.5B | $2.0B | $3.0B | $0 |
| Dividends | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| Cash | $9.4B | $12.9B | $8.2B | $8.6B | $8.5B |
| Total debt | $52.0B | $50.5B | $58.8B | $62.6B | $60.5B |
| Equity | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
Built from the company's disclosures: 10-K (2026-02-10), 8-K (2026-11-04), 8-K (2026-08-17), 8-K (2026-08-05), 8-K (2026-05-18), DEF 14A (2026-04-03).
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