CVS Health reported strong second-quarter results that surpassed Wall Street expectations across all three business segments, prompting the company to raise its 2026 financial guidance. The healthcare conglomerate now projects adjusted earnings between $7.90 and $8.10 per share, compared with prior guidance of $7.30 to $7.50 per share. Revenue expectations were also increased to at least $414 billion for the year, up from a previous forecast of at least $405 billion.
The company’s insurance unit Aetna delivered particularly noteworthy results, showing continued recovery from challenges that have plagued the health insurance industry. Aetna’s medical benefit ratio, which measures the relationship between medical expenses paid and premiums collected, improved to 87.4% from 89.9% in the prior year, exceeding analyst expectations of 89.8%. The insurance segment generated $37.54 billion in quarterly revenue, up approximately 3.5% from the same period in 2025, outpacing analyst estimates of $35.66 billion. Medical membership in the unit totaled 26 million as of June 30, remaining relatively flat compared with March 31.
The pharmacy and consumer wellness division posted quarterly sales of $33.82 billion, slightly above the prior year and exceeding analyst expectations of $33.16 billion. The health services segment, which includes the pharmacy benefits manager Caremark, generated $51.8 billion in quarterly revenue, representing an 11.5% increase from the year-ago period and significantly surpassing Wall Street estimates of $47.78 billion.
Despite the favorable results, CVS stock declined more than 6% in morning trading Wednesday following the company’s remarks about anticipated membership declines in Caremark. The company also maintained a cautious outlook for the remainder of the year amid persistent high medical costs and potential economic headwinds. Additionally, CVS announced a collaboration with Eli Lilly to offer obesity treatment medications Zepbound and Foundayo through the CVS Health app, with availability expected by early in the fourth quarter for both insured and self-pay patients.
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