CVS Raises Guidance at Investor Day

CVS Health Corporation (NYSE: CVS) raised its 2025 outlook, set an initial 2026 profit plan, and outlined a mid-teens adjusted earnings per share (EPS) growth target through 2028 during its Dec. 9, 2025 Investor Day in Hartford, Connecticut. The company cited stronger performance across Aetna, CVS Caremark, and its retail pharmacy business.

Updated Financial Guidance and Outlook

CVS updated its full-year 2025 guidance and issued initial 2026 targets. It raised 2025 total revenues to at least $400.0 billion from the prior $397.3 billion and increased GAAP operating income to a range of $4.4 billion to $4.5 billion. Adjusted operating income was raised to $14.2 billion to $14.4 billion, while GAAP diluted EPS loss narrowed to between negative $0.32 and negative $0.22. Adjusted EPS rose to a range of $6.60 to $6.70. The company confirmed cash flow from operations between $7.5 billion and $8.0 billion.

For 2026, CVS set total revenues at least $400.0 billion, GAAP operating income between $13.3 billion and $13.6 billion, and adjusted operating income from $15.1 billion to $15.4 billion. GAAP diluted EPS is projected between $5.94 and $6.14, with adjusted EPS at $7.00 to $7.20. Cash flow from operations is targeted at a minimum of $10.0 billion. Management also set a long-term target of mid-teens adjusted EPS compound annual growth rate (CAGR) through 2028.

The company attributed this growth to returning Aetna to target margins, securing attractive margins at CVS Caremark, sustaining earnings at CVS Pharmacy as the “front door to health care,” and driving Health Care Delivery toward breakeven and sustained profitability. Chief Financial Officer Brian Newman said, "We are closing out 2025 with meaningful momentum across our businesses and we expect another year of strong earnings growth in 2026." He emphasized a guidance philosophy focused on credible, clear expectations with opportunities for outperformance.

Strategy and Technology Platform

CVS outlined strategic pillars to support its outlook: deliver best-in-class execution, transform consumer experiences, be the partner of choice, and harness enterprise capabilities across Aetna, CVS Caremark, CVS Pharmacy, and Health Care Delivery. The company aims to uniquely reimagine health care by improving engagement and simplifying experiences across its integrated businesses.

The company introduced "Engagement as a Service," an artificial intelligence (AI)-native, open consumer engagement platform designed to integrate experiences across CVS entities and participating industry partners within a single app. The platform aims to improve access and value, lower costs, reduce hospital readmissions, and enable personalized products, services, and go-to-market strategies. CVS said this will create new sources of value for partners and itself.

CVS highlighted its scale, citing roughly 185 million consumer connections, more than 9,000 pharmacies, and a local footprint where about 85% of Americans live within 10 miles of a CVS Pharmacy. It also noted approximately 1.5 million relationships with health care providers and over 60 health plan clients, positioning the company as a central actor in U.S. health care.

Investor Day materials, including a live webcast and presentation slides, are available on CVS’s Investor Relations website and will be archived for one year.