CVS HEALTH CORPORATION REPORTS STRONG SECOND QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE (Form 8-K)

CVS HEALTH CORPORATION REPORTS STRONG SECOND QUARTER 2026 RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE
•Second quarter total revenues increased to $106.1 billion, up 7.3% year-over-year •Second quarter GAAP diluted EPS of $2.31 and Adjusted EPS of $2.58 •Generated year-to-date cash flow from operations of $10.6 billion •Raising full-year 2026 guidance: ◦GAAP diluted EPS guidance range to $6.84 to $7.04 from $6.24 to $6.44 ◦Adjusted EPS guidance range to $7.90 to $8.10 from $7.30 to $7.50 ◦Cash flow from operations guidance to at least $11.5 billion from at least $9.5 billion

WOONSOCKET, RHODE ISLAND, August 5, 2026 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2026.
"Our CVS Health colleagues build trust every day in communities across our country by making healthcare easier for millions of customers, patients and members. As our businesses work together to deliver a technology-powered care engagement experience, we continue to deliver strong performance. We uniquely enable what our customers want the most: simple, connected and convenient access to affordable, quality healthcare, where, when, and how they want it." - David Joyner, CVS Health Chairman and CEO

			Three Months Ended June 30,												Year Ending December 31,
In billions, except per share amounts			2026						2025						2026 Projected
Total revenues			$	106.1					$	98.9					At least $414.0
Diluted earnings per share			$	2.31					$	0.80					$6.84-$7.04
Adjusted EPS (2)			$	2.58					$	1.81					$7.90-$8.10

Second quarter GAAP diluted EPS of $2.31 increased from $0.80 in the prior year. Adjusted EPS of $2.58 increased from $1.81 in the prior year, primarily due to improved adjusted operating income in the Health Care Benefits segment, reflecting continued execution on the Health Care Benefits segment margin recovery plan.

The Company is increasing its full-year 2026 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect increases in the Health Care Benefits and Pharmacy & Consumer Wellness segments, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.

1

Consolidated second quarter results

			Three Months Ended June 30,																		Six Months Ended June 30,
In millions, except per share amounts			2026						2025						Change						2026						2025						Change
Total revenues			$	106,096					$	98,915					$	7,181					$	206,522					$	193,503					$	13,019
Operating income			4,703						2,381						2,322						9,383						5,755						3,628
Adjusted operating income (1)			5,157						3,808						1,349						10,307						8,387						1,920
Net income			2,995						1,013						1,982						5,952						2,795						3,157
Diluted earnings per share			$	2.31					$	0.80					$	1.51					$	4.61					$	2.21					$	2.40
Adjusted EPS (2)			$	2.58					$	1.81					$	0.77					$	5.16					$	4.06					$	1.10

For the three months ended June 30, 2026 compared to the prior year:

•Total revenues increased 7.3% driven by revenue growth across all operating segments.

•Operating income increased 97.5% primarily due to the increase in adjusted operating income described below and the absence of $833 million in legacy litigation charges recorded in the prior year.

•Adjusted operating income increased 35.4% driven by increases across all operating segments. See pages 3 through 5 for additional discussion of the adjusted operating income performance of the Company's segments.

Operational Updates

•CVS Health launched a comprehensive approach to GLP-1 support across its CVS Pharmacy® and MinuteClinic® locations. New offerings include expanded pharmacy support designed to help patients access these treatments and stay on them, and a new $29 MinuteClinic virtual visit that connects eligible adults with licensed clinicians who can evaluate and, where clinically appropriate, prescribe GLP-1 therapy. In addition, CVS Pharmacy participates in the Centers for Medicare & Medicaid Services Medicare GLP-1 Bridge program, which runs through December 31, 2027. Eligible Medicare beneficiaries can access certain GLP-1 medications for $50 per month, offering more predictable and affordable pricing for patients who qualify.

•CVS Caremark updated its most common commercial formularies, expanding GLP-1 options for members, building on its industry-leading efforts to help patients get FDA-approved weight management medications at an affordable cost.

•CVS Health is deploying agentic AI to simplify and streamline call center interactions for members and providers engaging with Aetna® and CVS Caremark® businesses on a secure call center platform.

•Aetna launched its second generation Aetna Claims Assist Manager ("CAM"), an AI-powered agentic claims advisor platform designed to streamline claims processing and improve payment accuracy. CAM reduces processing time by over 20% for complex claims that require manual review, helping providers get paid faster and more consistently.

2

Health Care Benefits segment

The Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three and six months ended June 30, 2026 and 2025 were as follows:

			Three Months Ended June 30,																		Six Months Ended June 30,
In millions, except percentages			2026						2025						Change						2026						2025						Change
Total revenues			$	37,538					$	36,258					$	1,280					$	73,509					$	71,068					$	2,441
Adjusted operating income (1)			2,426						1,308						1,118						5,467						3,301						2,166
Medical benefit ratio ("MBR") (3)			87.4		%				89.9		%				(2.5)		%				86.0		%				88.6		%				(2.6)		%
Medical membership (4)																					26.0						26.7						(0.7)

•Total revenues increased 3.5% for the three months ended June 30, 2026 compared to the prior year primarily driven by an increase in the Government business, partially offset by a decline as a result of the Company's exit of the individual exchange business in 2026.

•Adjusted operating income increased 85.5% for the three months ended June 30, 2026 compared to the prior year primarily driven by improved underlying performance in the Government business and the absence of a $471 million premium deficiency reserve recorded within the Group Medicare Advantage product line in the prior year.

•The MBR decreased to 87.4% in the three months ended June 30, 2026 compared to 89.9% in the prior year primarily driven by improved underlying performance in the Government business and the absence of the premium deficiency reserve recorded in the prior year.

•Medical membership as of June 30, 2026 of 26.0 million remained consistent compared with March 31, 2026.

•Prior years' health care costs payable estimates developed favorably by $1.2 billion during the six months ended June 30, 2026.

•Days claims payable were 41.7 days as of June 30, 2026, a decrease of 1.2 days compared to March 31, 2026.

3

Health Services segment

The Health Services segment provides a full range of pharmacy benefit management solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. The segment results for the three and six months ended June 30, 2026 and 2025 were as follows:

			Three Months Ended June 30,																		Six Months Ended June 30,
In millions			2026						2025						Change						2026						2025						Change
Total revenues			$	51,795					$	46,453					$	5,342					$	100,032					$	89,915					$	10,117
Adjusted operating income (1)			1,733						1,575						158						3,222						3,178						44
Pharmacy claims processed (5) (6)			473.0						469.0						4.0						937.7						933.2						4.5

•Total revenues increased 11.5% for the three months ended June 30, 2026 compared to the prior year primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.

•Adjusted operating income increased 10.0% for the three months ended June 30, 2026 compared to the prior year primarily driven by improved purchasing economics, pharmacy drug mix and modest improvement in the Company's health care delivery business. These increases were partially offset by continued pharmacy client price improvements.

•Pharmacy claims processed remained consistent on a 30-day equivalent basis for the three months ended June 30, 2026 compared to the prior year.

4

Pharmacy & Consumer Wellness segment

The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also provides pharmacy fulfillment services to support the Health Services segment's specialty and mail order pharmacy offerings. The segment results for the three and six months ended June 30, 2026 and 2025 were as follows:

			Three Months Ended June 30,																		Six Months Ended June 30,
In millions			2026						2025						Change						2026						2025						Change
Total revenues			$	33,816					$	33,581					$	235					$	65,805					$	65,493					$	312
Adjusted operating income (1)			1,475						1,338						137						2,672						2,651						21
Prescriptions filled (5) (6)			457.0						438.1						18.9						908.2						873.6						34.6

•Total revenues increased slightly for the three months ended June 30, 2026 compared to the prior year primarily driven by pharmacy drug mix, increased prescription volume, including contributions from the Company's Rite Aid asset acquisitions which were completed during the third quarter of 2025, and brand inflation. These increases were largely offset by regulatory-related price reductions on certain drugs, the impact of recent generic drug introductions and pharmacy reimbursement pressure.

•Adjusted operating income increased 10.2% for the three months ended June 30, 2026 compared to the prior year primarily driven by core pharmacy strength and contributions from the Company's Rite Aid asset acquisitions. These increases were partially offset by continued business investments and the impact of consumer dynamics.

•Prescriptions filled increased 4.3% on a 30-day equivalent basis for the three months ended June 30, 2026 compared to the prior year primarily driven by incremental volume resulting from the Company's Rite Aid prescription file acquisitions and increased utilization, partially offset by the absence of long-term care pharmacy prescription volume following the deconsolidation of Omnicare, LLC in September 2025.

5

About CVS Health

CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of June 30, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

Teleconference and Webcast

The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its second quarter results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.

Non-GAAP Financial Information

The Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" beginning on page 10 and endnotes beginning on page 20 for explanations of non-GAAP financial measures presented in this press release. See pages 12 through 14 and page 19 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.