CVS HEALTH CORP, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-01011  
Entity Registrant Name CVS HEALTH CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 05-0494040  
Entity Address, Address Line One One CVS Drive  
Entity Address, City or Town Woonsocket  
Entity Address, State or Province RI  
Entity Address, Postal Zip Code 02895  
City Area Code (401)  
Local Phone Number 765-1500  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol CVS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,275,927,307
Entity Central Index Key 0000064803  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Premiums $ 33,791 $ 32,820
Net investment income 574 520
Total revenues 100,426 94,588
Operating costs:    
Cost of products sold 55,444 51,057
Health care costs 29,358 29,135
Operating expenses 10,944 11,022
Total operating costs 95,746 91,214
Operating income 4,680 3,374
Interest expense (774) (785)
Other income 32 28
Income before income tax provision 3,938 2,617
Income tax provision 981 835
Net income 2,957 1,782
Net income attributable to noncontrolling interests (14) (3)
Net income attributable to CVS Health $ 2,943 $ 1,779
Net income per share attributable to CVS Health:    
Basic (in dollars per share) $ 2.31 $ 1.41
Diluted (in dollars per share) $ 2.30 $ 1.41
Weighted average shares outstanding:    
Basic (in shares) 1,273 1,261
Diluted (in shares) 1,279 1,264
Cost, Product and Service [Extensible List] Products Products
Products    
Revenues:    
Revenues $ 62,226 $ 57,669
Services    
Revenues:    
Revenues $ 3,835 $ 3,579
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 2,957 $ 1,782
Other comprehensive income (loss), net of tax:    
Net unrealized investment gains (losses) (244) 216
Change in discount rate on long-duration insurance reserves 43 (33)
Net cash flow hedges (4) (4)
Other comprehensive income (loss) (205) 179
Comprehensive income 2,752 1,961
Comprehensive income attributable to noncontrolling interests (14) (3)
Comprehensive income attributable to CVS Health $ 2,738 $ 1,958
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 9,542 $ 8,453
Investments 2,260 2,145
Accounts receivable, net 40,992 39,779
Inventories 17,770 19,246
Other current assets 4,253 5,091
Total current assets 74,817 74,714
Long-term investments 32,407 32,669
Property and equipment, net 13,037 13,083
Operating lease right-of-use assets 14,741 14,973
Goodwill 85,478 85,478
Intangible assets, net 25,070 25,508
Other assets 7,424 7,113
Total assets 252,974 253,538
Liabilities:    
Accounts payable 16,922 17,641
Pharmacy claims and discounts payable 26,149 26,344
Health care costs payable 15,518 15,399
Accrued expenses and other current liabilities 22,258 22,387
Other insurance liabilities 1,075 1,116
Current portion of operating lease liabilities 1,904 1,737
Current portion of long-term debt 2,580 4,068
Total current liabilities 86,406 88,692
Long-term operating lease liabilities 13,330 13,643
Long-term debt 60,531 60,502
Deferred income taxes 3,771 3,832
Other long-term insurance liabilities 4,592 4,716
Other long-term liabilities 6,707 6,771
Total liabilities 175,337 178,156
Shareholders’ equity:    
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding 0 0
Common stock, par value $0.01: 3,200 shares authorized; 1,788 shares issued and 1,273 shares outstanding as of March 31, 2026 and 1,787 shares issued and 1,271 shares outstanding as of December 31, 2025 and capital surplus 50,679 50,402
Treasury stock, at cost: 515 and 516 shares as of March 31, 2026 and December 31, 2025 (36,706) (36,790)
Retained earnings 63,282 61,196
Accumulated other comprehensive income 201 406
Total CVS Health shareholders’ equity 77,456 75,214
Noncontrolling interests 181 168
Total shareholders’ equity 77,637 75,382
Total liabilities and shareholders’ equity $ 252,974 $ 253,538
v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,200,000,000 3,200,000,000
Common stock, shares issued (in shares) 1,788,000,000 1,787,000,000
Common stock, shares outstanding (in shares) 1,273,000,000 1,271,000,000
Treasury stock (in shares) 515,000,000 516,000,000
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Reconciliation of net income to net cash provided by operating activities: $ 94,201 $ 90,809
Net income (50,551) (48,433)
Adjustments required to reconcile net income to net cash provided by operating activities: (28,398) (28,477)
Depreciation and amortization (10,775) (8,690)
Loss on assets held for sale 526 497
Interest paid (1,091) (1,012)
Income taxes refunded (paid) 337 (138)
Net cash provided by operating activities 4,249 4,556
Cash flows from investing activities:    
Proceeds from sales and maturities of investments 4,159 3,534
Purchases of investments (4,186) (3,552)
Purchases of property and equipment (849) (743)
Acquisitions (5) (20)
Other 7 19
Net cash used in investing activities (874) (762)
Cash flows from financing activities:    
Commercial paper borrowings (repayments), net 0 (859)
Repayments of long-term debt (1,518) (743)
Dividends paid (847) (840)
Proceeds from exercise of stock options 103 144
Payments for taxes related to net share settlement of equity awards (9) (11)
Other (47) (23)
Net cash used in financing activities (2,318) (2,332)
Net increase in cash, cash equivalents and restricted cash 1,057 1,462
Cash, cash equivalents and restricted cash at the beginning of the period 8,712 8,884
Cash, cash equivalents and restricted cash at the end of the period 9,769 10,346
Reconciliation of net income to net cash provided by operating activities:    
Net income 2,957 1,782
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,115 1,154
Stock-based compensation 266 126
Loss on sale of subsidiary 0 236
Deferred income taxes and other items (91) (169)
Change in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, net (1,205) (3,053)
Inventories 1,476 722
Other assets 479 (1,101)
Accounts payable and pharmacy claims and discounts payable (562) 2,619
Health care costs payable and other insurance liabilities 10 364
Other liabilities (196) 1,876
Net cash provided by operating activities $ 4,249 $ 4,556
v3.26.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Total CVS Health Shareholders’ Equity
Common Shares
Treasury Shares
Common Stock and Capital Surplus
 [2]
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2024     1,778          
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2024 [1]       (518)        
Balance at beginning of period at Dec. 31, 2024 $ 75,730 $ 75,560 $ 18 $ (36,818) [1] $ 49,661 $ 62,837 $ (120) $ 170
Shareholders' Equity [Roll Forward]                
Net income 1,782 1,779       1,779   3
Other comprehensive income (loss) 179 179         179  
Stock option activity, stock awards and other (in shares)     1          
Stock option activity, stock awards and other 176 176     176      
ESPP issuances, net of purchase of treasury shares (in shares) [1]       1        
ESPP issuances, net of purchase of treasury shares 83 83   $ 83 [1]        
Common stock dividends (848) (848)       (848)    
Other (decreases) increases in noncontrolling interests 8 0           8
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2025     1,779          
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2025 [1]       (517)        
Balance at end of period at Mar. 31, 2025 $ 77,110 76,929 $ 18 $ (36,735) [1] 49,837 63,768 59 181
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2025     1,787          
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2025 (516)     (516) [1]        
Balance at beginning of period at Dec. 31, 2025 $ 75,382 75,214 $ 18 $ (36,790) [1] 50,402 61,196 406 168
Shareholders' Equity [Roll Forward]                
Net income 2,957 2,943       2,943   14
Other comprehensive income (loss) (205) (205)         (205)  
Stock option activity, stock awards and other (in shares)     1          
Stock option activity, stock awards and other 277 277     277      
ESPP issuances, net of purchase of treasury shares (in shares) [1]       1        
ESPP issuances, net of purchase of treasury shares 84 84   $ 84 [1]        
Common stock dividends (857) (857)       (857)    
Other (decreases) increases in noncontrolling interests $ (1) 0           (1)
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2026     1,788          
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2026 (515)     (515) [1]        
Balance at end of period at Mar. 31, 2026 $ 77,637 $ 77,456 $ 18 $ (36,706) [1] $ 50,679 $ 63,282 $ 201 $ 181
[1] Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of March 31, 2026 and 2025, and December 31, 2025 and 2024.
[2] Common stock and capital surplus includes the par value of common stock of $18 million as of March 31, 2026 and 2025, and December 31, 2025 and 2024.
v3.26.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665    
Treasury shares held in trust (in shares) 1 1 1 1
Treasury shares held in trust $ 29 $ 29 $ 29 $ 29
Equity 77,637 77,110 75,382 75,730
Common Shares        
Equity $ 18 $ 18 $ 18 $ 18
v3.26.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Description of Business 

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members and expanding specialty pharmacy solutions. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company is creating new sources of value through its integrated model, allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.

The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers through its Aetna® operations. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, prescription drug plans (“PDPs”) and Medicaid health care management services. The Health Care Benefits segment’s primary customers, its members, primarily access the segment’s products and services through employer groups, government-sponsored plans or individually. The Health Care Benefits segment also serves customers who purchase products and services that are ancillary to its health insurance products. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.”

Health Services Segment
The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. The segment also works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products through its CordavisTM subsidiary. The Health Services segment’s health care delivery assets include Signify Health, Inc. (“Signify Health”), a leader in health risk assessments, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on public and private health insurance exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy & Consumer Wellness segment dispenses prescriptions in its CVS Pharmacy® retail locations 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. As of March 31, 2026, the Pharmacy & Consumer Wellness segment operated approximately 9,000 retail locations, as well as online retail pharmacy websites, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services.
Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

•Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources and finance departments, information technology, digital, data and analytics, as well as acquisition-related integration costs; and
•Products for which the Company no longer solicits or accepts new customers, such as its large case pensions and long-term care insurance products.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).
 
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
 
The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary.

Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.

Reclassifications

Certain prior year amounts within the unaudited condensed consolidated balance sheet have been reclassified to conform with the current year presentation.

Restricted Cash

Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members. Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in demand deposits, time deposits and money market funds.
The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows:
In millionsMarch 31,
2026		December 31,
2025
Cash and cash equivalents$9,542 $8,453 
Restricted cash (included in other current assets)14 59 
Restricted cash (included in other assets)213 200 
Total cash, cash equivalents and restricted cash in the statements of cash flows$9,769 $8,712 

Accounts Receivable

Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net as of March 31, 2026 and December 31, 2025 was composed of the following:
In millionsMarch 31,
2026		December 31,
2025
Trade receivables$12,511 $10,563 
Vendor and manufacturer receivables14,144 15,564 
Premium receivables7,633 5,753 
Other receivables6,704 7,899 
   Total accounts receivable, net$40,992 $39,779 

The Company’s allowance for credit losses was $200 million and $182 million as of March 31, 2026 and December 31, 2025, respectively. When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.

Premium Deficiency Reserves

The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency losses, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability.

The Company did not establish any premium deficiency reserves during the three months ended March 31, 2026.

During the first quarter of 2025, the Company determined it had a premium deficiency in its individual exchange product line related to the remainder of the 2025 coverage year and, accordingly, recorded a premium deficiency reserve of $448 million. The premium deficiency reserve consisted of a $17 million write-off of unamortized acquisition costs, which was recorded in operating expenses, and $431 million recorded in health care costs, which was subsequently utilized throughout the remainder of 2025. The Company did not establish a premium deficiency reserve for any other product line during the three months ended March 31, 2025.
Revenue Recognition

Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three months ended March 31, 2026 and 2025:
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Three Months Ended March 31, 2026
Major goods/services lines:
Pharmacy$— $45,655 $26,123 $— $(14,839)$56,939 
Front Store— — 5,259 — — 5,259 
Premiums33,792 — — 12 (13)33,791 
Net investment income462 — — 112 — 574 
Other1,717 2,582 607 2 (1,045)3,863 
Total$35,971 $48,237 $31,989 $126 $(15,897)$100,426 
Health Services distribution channel:
Pharmacy network (1)
$25,149 
Mail & specialty (2)
20,506 
Other2,582 
Total$48,237 
Three Months Ended March 31, 2025
Major goods/services lines:
Pharmacy$— $41,182 $26,076 $— $(14,751)$52,507 
Front Store— — 5,243 — — 5,243 
Premiums32,808 — — 12 — 32,820 
Net investment income387 14 — 119 — 520 
Other1,615 2,266 593 2 (978)3,498 
Total$34,810 $43,462 $31,912 $133 $(15,729)$94,588 
Health Services distribution channel:
Pharmacy network (1)
$23,114 
Mail & specialty (2)
18,068 
Net investment income14 
Other2,266 
Total$43,462 
_____________________________________________
(1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including pharmacies owned by the Company, as well as activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.
(2)Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment.

ACO REACH and MSSP Exit

Prior to the first quarter of 2025, the Company’s Health Services segment provided enablement services to health systems primarily through two programs administered by CMS: the Accountable Care Organization Realizing Equity, Access and Community Health (“ACO REACH”) program and the Medicare Shared Savings Program (“MSSP”). During the first quarter of 2025, the Company determined that it would substantially exit both the ACO REACH program and the MSSP as further
described below. In connection with these actions, during the three months ended March 31, 2025, the Company recorded a loss on Accountable Care assets of $247 million, which was reflected in operating expenses within the Health Services segment.

ACO REACH
In February 2025, the Company informed CMS of its plans to voluntarily terminate substantially all of its participation in the ACO REACH program effective March 31, 2025. In connection with the commencement of the wind down of its ACO REACH operations, the Company incurred costs of $11 million during the three months ended March 31, 2025.

MSSP
In March 2025, the Company also divested its MSSP operations to Wellvana Health, LLC. The Company recorded a pre-tax loss on the divestiture of $236 million during the three months ended March 31, 2025, which included the removal of intangible assets and goodwill totaling $342 million. The consideration received related to this agreement was not material.

New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires the Company to provide further disaggregated information of relevant expense captions within its consolidated statements of operations, including the purchases of inventory, employee compensation, depreciation and intangible asset amortization, as well as the inclusion of other specific expenses, gains and losses required by existing GAAP. The new standard also requires the Company to disclose its total selling expenses and, on an annual basis, provide a qualitative description of its selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The standard may be applied prospectively or retrospectively. While the standard will require additional disclosures related to certain expenses included in the consolidated statements of operations, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.

Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard is intended to modernize the accounting for internal-use software. Under the new standard, the Company will capitalize eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027, with early adoption permitted as of the beginning of a fiscal year. The standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact that this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments Investments
Total investments as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,104 $26,287 $28,391 $1,997 $26,721 $28,718 
Mortgage loans156 1,339 1,495 148 1,376 1,524 
Other investments— 4,781 4,781 — 4,572 4,572 
Total investments$2,260 $32,407 $34,667 $2,145 $32,669 $34,814 

Debt Securities

Debt securities available for sale as of March 31, 2026 and December 31, 2025 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2026
Debt securities:  
U.S. government securities$2,725 $20 $(10)$2,735 
States, municipalities and political subdivisions273 2 (7)268 
U.S. corporate securities15,104 143 (314)14,933 
Foreign securities3,024 47 (50)3,021 
Residential mortgage-backed securities1,090 10 (31)1,069 
Commercial mortgage-backed securities1,889 14 (28)1,875 
Other asset-backed securities4,474 9 (7)4,476 
Redeemable preferred securities14 — — 14 
Total debt securities (2)
$28,593 $245 $(447)$28,391 
December 31, 2025
Debt securities:
U.S. government securities$2,691 $39 $(8)$2,722 
States, municipalities and political subdivisions296 3 (7)292 
U.S. corporate securities14,657 262 (231)14,688 
Foreign securities2,981 78 (31)3,028 
Residential mortgage-backed securities1,065 14 (29)1,050 
Commercial mortgage-backed securities1,974 28 (23)1,979 
Other asset-backed securities4,921 25 (2)4,944 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$28,600 $449 $(331)$28,718 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities as of March 31, 2026 or December 31, 2025.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. As of March 31, 2026, debt securities with a fair value of $433 million, gross unrealized capital gains of $6 million and gross unrealized capital losses of $19 million, and as of December 31, 2025, debt securities with a fair value of $475 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $16 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income.
The amortized cost and fair value of debt securities as of March 31, 2026 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$850 $852 
One year through five years11,487 11,534 
After five years through ten years5,706 5,685 
Greater than ten years3,097 2,900 
Residential mortgage-backed securities1,090 1,069 
Commercial mortgage-backed securities1,889 1,875 
Other asset-backed securities4,474 4,476 
Total$28,593 $28,391 
Summarized below are the debt securities the Company held as of March 31, 2026 and December 31, 2025 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2026  
Debt securities:  
U.S. government securities151 $597 $5 71 $149 $5 222 $746 $10 
States, municipalities and political subdivisions34 84 1 63 91 6 97 175 7 
U.S. corporate securities3,450 5,547 96 1,287 1,787 218 4,737 7,334 314 
Foreign securities602 1,136 22 220 300 28 822 1,436 50 
Residential mortgage-backed securities150 303 3 281 223 28 431 526 31 
Commercial mortgage-backed securities220 750 9 76 163 19 296 913 28 
Other asset-backed securities657 1,660 6 21 27 1 678 1,687 7 
Redeemable preferred securities4 6 — — — — 4 6 — 
Total debt securities 5,268 $10,083 $142 2,019 $2,740 $305 7,287 $12,823 $447 
December 31, 2025  
Debt securities:  
U.S. government securities50 $156 $2 80 $168 $6 130 $324 $8 
States, municipalities and political subdivisions16 28 — 89 136 7 105 164 7 
U.S. corporate securities1,045 1,634 23 1,541 2,149 208 2,586 3,783 231 
Foreign securities180 310 2 303 449 29 483 759 31 
Residential mortgage-backed securities67 124 1 303 272 28 370 396 29 
Commercial mortgage-backed securities84 290 1 126 269 22 210 559 23 
Other asset-backed securities136 314 1 19 27 1 155 341 2 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,578 $2,856 $30 2,465 $3,476 $301 4,043 $6,332 $331 

The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses as of March 31, 2026 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of March 31, 2026, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
Net Investment Income

Sources of net investment income for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Debt securities$351 $323 
Mortgage loans22 21 
Other investments230 209 
Gross investment income603 553 
Investment expenses(13)(12)
Net investment income (excluding net realized capital losses)
590 541 
Net realized capital losses
(16)(21)
Net investment income
$574 $520 

Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Proceeds from sales$2,950 $2,185 
Gross realized capital gains27 12 
Gross realized capital losses28 39 
v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. The Company’s assets and liabilities carried at fair value have been classified within one of three levels of a hierarchy established by GAAP. The following are the levels of the hierarchy and a brief description of the type of valuation information (“valuation inputs”) that qualifies a financial asset or liability for each level:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2 – Valuation inputs other than Level 1 that are based on observable market data. These include: quoted prices for similar assets in active markets, quoted prices for identical assets in inactive markets, valuation inputs that are observable that are not prices (such as interest rates and credit risks) and valuation inputs that are derived from or corroborated by observable markets.
•Level 3 – Developed from unobservable data, reflecting the Company’s assumptions.

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 5 ‘‘Fair Value’’ in the 2025 Form 10-K.
There were no financial liabilities measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets as of March 31, 2026 or December 31, 2025. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2026    
Cash and cash equivalents$3,188 $6,354 $— $9,542 
Debt securities:   
U.S. government securities2,726 9 — 2,735 
States, municipalities and political subdivisions— 268 — 268 
U.S. corporate securities— 14,929 4 14,933 
Foreign securities— 3,021 — 3,021 
Residential mortgage-backed securities— 1,069 — 1,069 
Commercial mortgage-backed securities— 1,875 — 1,875 
Other asset-backed securities— 4,476 — 4,476 
Redeemable preferred securities— 14 — 14 
Total debt securities2,726 25,661 4 28,391 
Equity securities78 134 198 410 
Total$5,992 $32,149 $202 $38,343 
December 31, 2025    
Cash and cash equivalents$4,030 $4,423 $— $8,453 
Debt securities:   
U.S. government securities2,713 9 — 2,722 
States, municipalities and political subdivisions— 292 — 292 
U.S. corporate securities— 14,682 6 14,688 
Foreign securities— 3,028 — 3,028 
Residential mortgage-backed securities— 1,050 — 1,050 
Commercial mortgage-backed securities— 1,979 — 1,979 
Other asset-backed securities— 4,944 — 4,944 
Redeemable preferred securities— 15 — 15 
Total debt securities2,713 25,999 6 28,718 
Equity securities105 30 198 333 
Total$6,848 $30,452 $204 $37,504 


During the three months ended March 31, 2026 and 2025, transfers into or out of Level 3 were not material.
The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value as of March 31, 2026 and December 31, 2025 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2026
Assets: 
Mortgage loans$1,495 $— $— $1,489 $1,489 
Equity securities (1)
625 N/AN/AN/AN/A
Liabilities:
Long-term debt63,111 59,707 — — 59,707 
December 31, 2025
Assets: 
Mortgage loans$1,524 $— $— $1,524 $1,524 
Equity securities (1)
555 N/AN/AN/AN/A
Liabilities:  
Long-term debt64,570 62,321 — — 62,321 
_____________________________________________
(1)It was not practical to estimate the fair value of these investments as they represent shares of unlisted companies.

Separate Accounts

Separate accounts assets relate to the Company’s large case pensions products and represent funds maintained to meet specific objectives of contract holders. Since contract holders bear the investment risk of these assets, a corresponding separate accounts liability has been established equal to the assets. Separate accounts assets and liabilities are carried at fair value and are included in other assets and other long-term liabilities, respectively, on the unaudited condensed consolidated balance sheets. During the three months ended March 31, 2026, changes in separate accounts assets and liabilities were not material. Separate accounts assets as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $155 $— $156 
Debt securities
18 353 2 373 30 361 2 393 
Common/collective trusts— 1,374 — 1,374 — 1,445 — 1,445 
Total (1)
$19 $1,881 $2 $1,902 $31 $1,961 $2 $1,994 
_____________________________________________
(1)Excludes $77 million of other receivables as of March 31, 2026.
v3.26.1
Insurance Liabilities
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Insurance Liabilities Insurance Liabilities
Health Care Costs Payable

The following table shows the components of the change in health care costs payable during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions20262025
Health care costs payable, beginning of the period$15,399 $15,064 
Less: Reinsurance recoverables90 81 
Less: Impact of discount rate on long-duration insurance reserves (1)
(20)(1)
Health care costs payable, beginning of the period, net15,329 14,984 
Add: Components of incurred health care costs
  Current year30,374 30,293 
  Prior years(1,093)(1,651)
Total incurred health care costs (2)
29,281 28,642 
Less: Claims paid
  Current year18,255 19,312 
  Prior years10,951 9,749 
Total claims paid29,206 29,061 
Health care costs payable, end of the period, net15,404 14,565 
Add: Premium deficiency reserve
— 431 
Add: Reinsurance recoverables132 114 
Add: Impact of discount rate on long-duration insurance reserves (1)
(18)2 
Health care costs payable, end of the period$15,518 $15,112 
_____________________________________________
(1)Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income on the unaudited condensed consolidated balance sheets.
(2)Total incurred health care costs for the three months ended March 31, 2026 and 2025 in the table above exclude $31 million and $16 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets, as well as $46 million of health care costs recorded in the Corporate/Other segment for both the three months ended March 31, 2026 and 2025 that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. Total incurred health care costs for the three months ended March 31, 2025 also exclude $431 million for a premium deficiency reserve for the 2025 coverage year related to the Company’s individual exchange product line.

The Company’s estimates of prior years’ health care costs payable decreased by $1.1 billion and $1.7 billion, respectively, in the three months ended March 31, 2026 and 2025, because claims were settled for amounts less than originally estimated (i.e., the amount of claims incurred was lower than originally estimated), primarily due to lower health care cost trends as well as the actual claim submission time being faster than originally assumed (i.e., the Company’s completion factors were higher than originally assumed) in estimating health care costs payable at the end of the prior year.

As of March 31, 2026, the Company’s liabilities for the ultimate cost of (i) services rendered to the Company’s Insured members but not yet reported to the Company and (ii) claims which have been reported to the Company but not yet paid (collectively, “IBNR”) plus expected development on reported claims totaled approximately $10.6 billion. The majority of the Company’s liabilities for IBNR plus expected development on reported claims as of March 31, 2026 related to the current year.

Future Policy Benefits

Future policy benefits consist primarily of reserves for products for which the Company no longer solicits or accepts new customers, including limited payment pension and annuity contracts (referred to as “large case pensions”) and long-term care insurance contracts. Contracts are grouped into cohorts by contract type and issue year. The liability for future policy benefits is adjusted for differences between actual and expected experience. During the three months ended March 31, 2026 and 2025, changes in the liability for future policy benefits were not material.
The weighted-average interest rates used in the measurement of the long-duration insurance liabilities as of March 31, 2026 and 2025 were as follows:
March 31,
2026		March 31,
2025
Large case pensions
Interest accretion rate4.21%4.20%
Current discount rate5.34%5.31%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.68%5.60%

The weighted-average durations (in years) of the long-duration insurance liabilities as of March 31, 2026 and 2025 were as follows:
March 31,
2026		March 31,
2025
Large case pensions7.27.3
Long-term care11.111.6
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Programs

The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”):
In billions
Authorization Date
Authorized
Remaining as of
March 31, 2026
November 17, 2022 (“2022 Repurchase Program”)$10.0 $10.0 
December 9, 2021 (“2021 Repurchase Program”)10.0 1.5 

Each of the share repurchase programs was effective immediately and permit the Company to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase (“ASR”) transactions, and/or other derivative transactions. Both the 2022 and 2021 Repurchase Programs can be modified or terminated by the Board at any time.
 
During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares of its common stock.

Dividends

The quarterly cash dividend declared by the Board was $0.665 per share in both the three months ended March 31, 2026 and 2025. CVS Health Corporation has paid cash dividends every quarter since becoming a public company. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Board.
v3.26.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions20262025
Net unrealized investment gains (losses):
Beginning of period balance$206 $(399)
Other comprehensive income (loss) before reclassifications ($(328) and $188 pretax)
(254)187 
Amounts reclassified from accumulated other comprehensive income (loss) ($13 and $32 pretax) (1)
10 29 
Other comprehensive income (loss)
(244)216 
End of period balance(38)(183)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance215 265 
Other comprehensive income (loss) before reclassifications ($54 and $(41) pretax)
43 (33)
Other comprehensive income (loss)
43 (33)
End of period balance258 232 
Foreign currency translation adjustments:
Beginning of period balance7 (4)
Other comprehensive income
— — 
End of period balance7 (4)
Net cash flow hedges:
Beginning of period balance216 229 
Amounts reclassified from accumulated other comprehensive income ($(5) and $(6) pretax) (2)
(4)(4)
Other comprehensive loss
(4)(4)
End of period balance212 225 
Pension and other postretirement benefits:
Beginning of period balance(238)(211)
Other comprehensive income
— — 
End of period balance(238)(211)
Total beginning of period accumulated other comprehensive income (loss)
406 (120)
Total other comprehensive income (loss)
(205)179 
Total end of period accumulated other comprehensive income
$201 $59 
_____________________________________________
(1)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.
(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $16 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 4 million and 10 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2026 and 2025, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

The following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions, except per share amounts20262025
Numerator for earnings per share calculation:
Net income attributable to CVS Health$2,943 $1,779 
Denominator for earnings per share calculation:
Weighted average shares, basic1,273 1,261 
Restricted stock units and performance stock units5 2 
Stock options and stock appreciation rights1 1 
Weighted average shares, diluted1,279 1,264 
Earnings per share:
Basic$2.31 $1.41 
Diluted$2.30 $1.41 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lease Guarantees

Between 1995 and 1997, the Company sold or spun off a number of subsidiaries, including Linens ‘n Things and Marshalls. In many cases, when a former subsidiary leased a store, the Company provided a guarantee of the former subsidiary’s lease obligations for the initial lease term and any extension thereof pursuant to a renewal option provided for in the lease prior to the time of the disposition. When the subsidiaries were disposed of and accounted for as discontinued operations, the Company’s guarantees remained in place, although each initial purchaser agreed to indemnify the Company for any lease obligations the Company was required to satisfy. If any of the purchasers or any of the former subsidiaries fail to make the required payments under a store lease, the Company could be required to satisfy those obligations. As of March 31, 2026, the Company guaranteed 59 such store leases (excluding the lease guarantees related to Linens ‘n Things, which have been recorded as a liability on the unaudited condensed consolidated balance sheets), with the maximum remaining lease term extending through 2036.

Guaranty Fund Assessments, Market Stabilization and Other Non-Voluntary Risk Sharing Pools

Under guaranty fund laws existing in all states, insurers doing business in those states can be assessed (in most states up to prescribed limits) for certain obligations of insolvent insurance companies to policyholders and claimants. The life and health insurance guaranty associations in which the Company participates that operate under these laws respond to insolvencies of long-term care insurers and life insurers as well as health insurers. The Company’s assessments generally are based on a formula relating to the Company’s health care premiums in the state compared to the premiums of other insurers. Certain states allow assessments to be recovered over time as offsets to premium taxes. Some states have similar laws relating to health maintenance organizations (“HMOs”) and/or other payors such as not-for-profit consumer-governed health plans established under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. It is reasonably possible that in the future the Company may record a liability and expense relating to insolvencies which could have a material adverse effect on the Company’s operating results, financial condition and cash flows. While historically the Company has ultimately recovered more than half of guaranty fund assessments through statutorily permitted premium tax offsets, significant increases in assessments could lead to legislative and/or regulatory actions that limit future offsets.

HMOs in certain states in which the Company does business are subject to assessments, including market stabilization and other risk-sharing pools, for which the Company is assessed charges based on incurred claims, demographic membership mix and other factors. The Company establishes liabilities for these assessments based on applicable laws and regulations. In certain
states, the ultimate assessments the Company pays are dependent upon the Company’s experience relative to other entities subject to the assessment, and the ultimate liability is not known at the financial statement date. While the ultimate amount of the assessment is dependent upon the experience of all pool participants, the Company believes it has adequate reserves to cover such assessments.

Litigation and Regulatory Proceedings

The Company has been involved or is currently involved in numerous legal and regulatory proceedings, which may include claims of or relating to bad faith, medical or professional malpractice, breach of fiduciary duty, claims processing and billing, dispensing of medications, the use of medical testing devices in the in-home evaluation setting, non-compliance with state and federal regulatory regimes, marketing misconduct, denial of or failure to timely or appropriately pay or administer claims and benefits, provider network structure (including the use of performance-based networks and termination of provider contracts), rescission of insurance coverage, improper disclosure or use of personal information, anticompetitive practices, including antitrust violations, the Company’s participation in the 340B program, general contractual matters, product liability, intellectual property litigation, discrimination and employment litigation. Some of these other legal proceedings are or are purported to be class actions or derivative claims. The Company is defending itself against the claims brought in these matters.

The Company is also a party to government investigations, audits, reviews, claims enforcement actions and litigation. These include routine, regular and special investigations, audits, subpoenas, civil investigative demands (“CIDs”) and reviews by CMS, state insurance and health and welfare departments, the U.S. Department of Justice (the “DOJ”), state Attorneys General, the U.S. Drug Enforcement Administration (the “DEA”), the U.S. Federal Trade Commission (the “FTC”) and other governmental authorities.

Legal proceedings, in general, and securities, class action and multi-district litigation, in particular, and governmental special investigations, audits, reviews, litigation and enforcement proceedings can be expensive and disruptive. Some of the litigation matters may purport or be determined to be class actions, mass actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. The Company also may be named from time to time in qui tam actions initiated by private third parties that could also be separately pursued by a governmental body. The results of legal proceedings, including government investigations, are often uncertain and difficult to predict, and the costs incurred in these matters can be substantial, regardless of the outcome.

The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability. Other than the controlled substances litigation accruals described below and as otherwise noted, none of the Company’s accruals for outstanding legal matters are material individually or in the aggregate to the Company’s unaudited condensed consolidated balance sheets. The Company recognizes gain contingencies when the contingency becomes realizable. Contingent gains related to refunds requested from the U.S. Customs and Border Protection for International Emergency Economic Powers Act tariffs paid on imports are not expected to be material to the Company’s consolidated operating results, financial condition or cash flows upon recognition.

Except as otherwise noted, the Company cannot predict with certainty the timing or outcome of the legal matters described below, and the Company is unable to reasonably estimate a possible loss or range of possible loss in excess of amounts already accrued for these matters. The Company believes that its defenses and assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Company’s financial position. Substantial unanticipated verdicts, fines and rulings, however, do sometimes occur, which could result in judgments against the Company, entry into settlements or a revision to its expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on its results of operations. In addition, as a result of governmental investigations or proceedings, the Company may be subject to damages, civil or criminal fines or penalties, or other sanctions including possible suspension or loss of licensure and/or exclusion from participating in government programs. The outcome of such governmental investigations or proceedings could be material to the Company.

Usual and Customary Pricing Litigation

The Company is named as a defendant in a number of lawsuits that allege that the Company’s retail pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These actions are brought by a number of different types of plaintiffs, including private payors and government payors, and are based
on different legal theories. Some of these cases are brought as putative class actions in which classes have been certified, and one of the cases asserts state false claims act claims by several state attorneys general in an intervened complaint filed in April 2025 and unsealed in May 2025. The Company is defending itself against these claims.

PBM Litigation and Investigations

The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its PBM practices.

The Company is facing multiple lawsuits, including by state Attorneys General, governmental subdivisions, private parties and several putative class actions, regarding drug pricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal theories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. The majority of these cases have now been transferred into a multi-district litigation in the U.S. District Court for the District of New Jersey. The Company is defending itself against these claims. The Company has also received subpoenas, CIDs, and other requests for documents and information from, and is being investigated by, the DOJ, the U.S. Department of Health and Human Services (“HHS”), the FTC and Attorneys General of several states and the District of Columbia regarding its PBM practices, including pharmacy contracting practices and reimbursement, pricing and rebates. The Company has been providing documents and information in response to these subpoenas, CIDs and requests for information. In September 2024, the FTC filed an administrative complaint against the three largest PBMs (the “PBM Group”) and their affiliated group purchasing organizations, including subsidiaries of the Company. The complaint alleged that the PBM Group and their affiliated group purchasing organizations engaged in anti-competitive and unfair practices that “artificially” increased insulin costs. In March 2026, the Company and the FTC staff executed a proposed settlement agreement that, if accepted by the Commission, would resolve its outstanding investigations related to the Company’s PBM and affiliated pharmacy businesses, including rebate, pharmacy network, contract, and vertical integration issues. The proposed settlement is under consideration by the Commission and, if accepted, would be subject to a public comment period after which the Commission would decide whether to issue a final order. The Commission has halted its insulin litigation against the Company pending the outcome of this process.

United States ex rel. Behnke v. CVS Caremark Corporation, et al. (U.S. District Court for the Eastern District of Pennsylvania). In April 2018, the Court unsealed a complaint filed in February 2014. The government has declined to intervene in this case. The relator alleges that the Company submitted, or caused to be submitted, to Part D of the Medicare program Prescription Drug Event data and/or Direct and Indirect Remuneration reports that misrepresented true prices paid by the Company’s PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the Company’s PBM. Following a two-week trial, the Court issued a split decision and ruled that the Company was liable under the False Claims Act as to certain claims. After trebling damages and assessing penalties, the court entered judgment for $291 million, for which the Company recorded a litigation reserve in the year ended December 31, 2025. The Company has appealed to the Third Circuit Court of Appeals.

Controlled Substances Litigation, Audits and Subpoenas

Forty-five states, the District of Columbia, and all eligible United States territories are participating in a settlement resolving substantially all opioid claims against Company entities by participating states and political subdivisions but not private plaintiffs. A high percentage of eligible subdivisions within the participating states also have elected to join the settlement. The settlement agreement is available at nationalopioidsettlement.com. The Company has separately entered into settlement agreements with four states – Florida, West Virginia, New Mexico and Nevada – and a high percentage of eligible subdivisions within those states also have elected to participate. The Company has also reached an agreement to resolve claims by third-party payors; that agreement remains subject to a class approval process.

The final settlement agreements contain certain contingencies related to payment obligations. Because these contingencies are inherently unpredictable, the assessment requires judgments about future events. As of March 31, 2026, the Company’s remaining accrual related to these opioid litigation matters was approximately $4.0 billion. The amount of ultimate loss may differ from the amount accrued by the Company.

The State of Maryland has elected not to participate, and thus subdivisions within the State of Maryland may not participate, in the settlement. The State of Maryland has issued a civil subpoena for information from the Company, and litigation is pending with certain subdivisions within the State of Maryland as well as other non-participating subdivisions in other geographies, including the City of Philadelphia, and private parties such as hospitals. Trial in a case brought by a group of Florida hospitals concluded in December 2025 when the Court declared a mistrial due to a deadlocked jury; a new trial is scheduled to begin in August 2026. The Company is defending itself against the claims made in these cases.
Because of the many uncertainties associated with any settlement arrangement or other resolution of opioid-related litigation matters, and because the Company continues to actively defend ongoing litigation for which it believes it has defenses and assertions that have merit, the Company is not able to reasonably estimate the range of ultimate possible loss for all opioid-related litigation matters at this time. The outcome of these legal matters could have a material effect on the Company’s business, financial condition, operating results and/or cash flows.

In December 2024, the DOJ intervened in a previously sealed qui tam action and filed an amended complaint in the U.S. District Court for the District of Rhode Island, alleging, among other claims, violations of the federal Controlled Substances Act and the federal False Claims Act based on the filling of opioid and other controlled substance prescriptions at CVS Pharmacy locations nationwide. The Company is defending itself against the claims made in this case. Separately, the Company has been served with subpoenas issued by the U.S. Attorney’s Office for the Western District of Virginia, seeking records related to, among other things, commercial arrangements between the Company’s PBM and opioid manufacturers.

Prescription Processing Litigation and Investigations

The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its prescription processing practices, including related to billing government payors for prescriptions, and the following:

U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. (U.S. District Court for the Southern District of New York). In December 2019, the U.S. Attorney’s Office for the Southern District of New York filed a complaint-in-intervention in this previously sealed qui tam case. The complaint alleges that for certain non-skilled nursing facilities, Omnicare, LLC (“Omnicare”) improperly filled prescriptions where a valid prescription did not exist and that these dispensing events violated the federal False Claims Act. In April 2025, the jury found both Omnicare and CVS Health Corporation liable. The jury awarded approximately $136 million due to Omnicare’s conduct. This amount is automatically required to be tripled by statute to approximately $407 million. Accordingly, a litigation reserve was recorded related to this matter in the three months ended March 31, 2025. The jury found no damages attributable to CVS Health Corporation. In July 2025, the Court awarded penalties against Omnicare for $542 million, for which the Company recorded an incremental litigation reserve in the three months ended June 30, 2025. The Court also found CVS Health Corporation to be jointly and severally liable for $165 million of the $542 million in penalties. The Company has filed an appeal to the Second Circuit. On September 22, 2025, Omnicare initiated a voluntary court-supervised Chapter 11 bankruptcy process and was deconsolidated in the three months ended September 30, 2025. The litigation reserve of $165 million that CVS Health Corporation was jointly and severally liable for remained as a liability on the unaudited condensed consolidated balance sheet as of March 31, 2026.

U.S. ex rel. Gill et al. v. CVS Health Corp. et al. (U.S. District Court for the Northern District of Illinois). In July 2022, the Delaware Attorney General’s Office moved for partial intervention as to allegations under the Delaware false claims act related to not escheating alleged overpayments in this previously sealed qui tam case. The federal government and the remaining states declined to intervene on other additional theories in the relator’s complaint, except that the federal government filed a notice of intervention for the limited purpose of defending the constitutionality of the qui tam provisions of the False Claims Act. The Company is defending itself against all of the claims.

Provider Proceedings

The Company is named as a defendant in purported class actions and individual lawsuits arising out of its practices related to the payment of claims for services rendered to its members by providers with whom the Company has a contract and with whom the Company does not have a contract (“out-of-network providers”). Among other things, these lawsuits allege that the Company paid too little to its health plan members and/or providers for out-of-network services (including COVID-19 testing) and/or otherwise allege that the Company failed to timely or appropriately pay or administer claims and benefits (including the Company’s post payment audit and collection practices).

The Company also has received subpoenas and/or requests for documents and other information from, and been investigated by, the DOJ, state Attorneys General and other state and/or federal regulators, legislators and agencies relating to claims payments, and the Company is involved in other litigation regarding its out-of-network benefit payment and administration practices. It is reasonably possible that others could initiate additional litigation or additional regulatory action against the Company with respect to its out-of-network benefit payment and/or administration practices.
CMS Actions

CMS regularly audits the Company’s performance to determine its compliance with CMS’s regulations and its contracts with CMS and to assess the quality of services it provides to Medicare beneficiaries. CMS uses various payment mechanisms to allocate and adjust premium payments to the Company’s and other companies’ Medicare plans by considering the applicable health status of Medicare members as supported by information prepared, maintained and provided by providers. The Company collects claim and encounter data from providers and generally relies on providers to appropriately code their submissions to the Company and document their medical records, including the diagnosis data submitted to the Company with claims. CMS pays increased premiums to Medicare Advantage plans and Medicare PDP plans for members who have certain medical conditions identified with specific diagnosis codes. Federal regulators review and audit the providers’ medical records to determine whether those records support the related diagnosis codes that determine the members’ health status and the resulting risk-adjusted premium payments to the Company. In that regard, CMS has instituted risk adjustment data validation (“RADV”) audits of various Medicare Advantage plans, including the Company’s plans, to validate coding practices and supporting medical record documentation maintained by providers and the resulting risk-adjusted premium payments to the plans. CMS may require the Company to refund premium payments if the Company’s risk-adjusted premiums are not properly supported by medical record data. The Office of the Inspector General of the U.S. Department of Health and Human Services (the “OIG”) also is auditing the Company’s risk adjustment-related data and that of other companies. The Company expects CMS and the OIG to continue these types of audits. CMS has announced its intention to audit all contracts as a standard practice. CMS’ auditing methodology is subject to pending litigation, so the Company is not able to determine the methodology, and potential extrapolation, that would be used for future audits.

Medicare and Medicaid Litigation and Investigations

The Company has received CIDs from the Civil Division of the DOJ in connection with investigations of the Company’s identification and/or submission of diagnosis codes related to risk adjustment payments, including patient chart review processes, under Parts C and D of the Medicare program. The Company is cooperating with the government and providing documents and information in response to these CIDs.

In May 2017, the Company received a CID from the U.S. Attorney’s Office for the Southern District of New York requesting documents and information concerning possible false claims submitted to Medicare in connection with reimbursements for prescription drugs under the Medicare Part D program. The Company has been cooperating with the government and providing documents and information in response to this CID.

U.S. ex rel. Andrew Shea v. Aetna Life Insurance Company, et al. (U.S. District Court for the District of Massachusetts). In May 2025, the U.S. Attorney’s Office for the District of Massachusetts filed a complaint-in-intervention in this previously sealed qui tam case. The complaint alleges that the Company and two other large health insurance companies, paid kickbacks to insurance brokers to induce them to direct patients to their Medicare Advantage plans and, as a result, claims made to the government in connection with those plans violated the federal False Claims Act and Anti-Kickback Statute. The complaint also alleges that the Company engaged in discriminatory conduct. The Company is defending itself against these claims.

In addition, awards to the Company and others of certain government contracts, particularly Medicaid contracts and other contracts with government customers in the Company’s Health Care Benefits segment, frequently are subject to protests by unsuccessful bidders. These protests may result in awards to the Company being reversed, delayed, or modified. The loss or delay in implementation of any government contract could adversely affect the Company’s operating results. The Company will continue to defend contract awards it receives.

Stockholder Matters

The Company has received several demands for inspection of books and records pursuant to Delaware General Corporation Law Section 220 (“Section 220 demands”). Section 220 demands generally relate to potential breaches of fiduciary duties by the Board in relation to its oversight of certain matters, such as opioids and PBM and retail practices. While responding to Section 220 demands may consume Company resources, Section 220 demands themselves are not material to the Company unless they lead to formal complaints or legal actions.

Beginning in February 2019, multiple class action complaints, as well as a derivative complaint, were filed by putative plaintiffs against the Company and certain current and former officers and directors. The plaintiffs in these cases assert a variety of causes of action under federal securities laws that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the performance of the Company’s former LTC business unit. Since filing, several of the cases
have been consolidated, and three have resolved. In February 2025, the District of Rhode Island granted the Company’s motion to dismiss In re CVS Health Corp. Securities Act Litigation (formerly known as Waterford) and in March 2025 plaintiffs filed a notice of appeal of that decision to the First Circuit. A derivative case in the District of Rhode Island, Lovoi v. Aguirre, had been stayed pending the outcome of the Waterford case, and will remain stayed pending the resolution of the appeal. The Company and its current and former officers and directors are defending themselves against remaining claims.

Beginning in July 2024, two purported class action complaints, as well as multiple derivative complaints, were filed by putative plaintiffs against the Company and certain current and former officers and directors. The plaintiffs in these cases assert a variety of causes of action under federal securities laws and state law that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the profitability of the Health Care Benefits segment. Two purported class actions were filed and have been consolidated in the U.S. District Court for the Southern District of New York. In May 2025, the defendants filed a motion to dismiss the amended consolidated class action complaint captioned as Louisiana Sheriffs’ Pension and Relief Fund, et al. v. CVS Health Corp., et al. Two derivative cases were also filed in the Southern District of New York and have been consolidated as In re CVS Health Corporation Derivative Litigation. Two derivative cases filed in the District of Rhode Island have been consolidated as In re CVS Health Corporation Stockholder Derivative Litigation. The consolidated derivative actions have been stayed pending the outcome of any motion to dismiss in the consolidated Louisiana Sheriffs’ securities class action. Three additional derivative cases were filed in Rhode Island Superior Court: two have been consolidated as In re CVS Health Corporation Stockholder Derivative Litigation and the third is Davidow v. Lynch, et al., and these cases have also been stayed on similar terms as the other actions. The Company and the individual defendants are defending themselves against these claims. In January 2025, the Board received a stockholder demand containing allegations substantially similar to those made in the class action and derivative matters, and requesting that it take certain actions, including investigating whether any Board members or officers breached their fiduciary duties related to those allegations, and bringing litigation to recover the Company’s damages if any such misconduct is found. The Board has determined to defer a decision on the demand pending developments in the related litigation.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other. The Company’s segments maintain separate financial information, and the Chief Operating Decision Maker (the “CODM”), the Company’s Chief Executive Officer, evaluates the segments’ operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company’s segments based on adjusted operating income. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments, therefore total assets by segment are not disclosed.

Adjusted operating income (loss) is defined as operating income (loss) (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance. The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM’s ability to compare past financial performance with current performance and analyze underlying business performance and trends. Non-GAAP financial measures the Company discloses, such as consolidated adjusted operating income, should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.

The following are reconciliations of financial measures of the Company’s segments to the consolidated totals:
Three Months Ended March 31, 2026
In millionsHealth Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness		Corporate/
Other
Consolidated
Totals
Revenues from external customers$35,477 $42,609 $21,752 $14 $99,852 
Intersegment revenues32 5,628 10,237 — 15,897 
Net investment income
462 — — 112 574 
Total revenues35,971 48,237 31,989 126 116,323 
Intersegment eliminations (2)
(15,897)
Total consolidated revenues$100,426 
Less: Net realized capital gains (losses)
1 — — (17)
Cost of products sold— 44,719 25,790 — 
Health care costs28,579 1,302 — 46 
Operating expenses, excluding other segment items (3)
4,350 727 5,002 674 
Adjusted operating income (loss)$3,041 $1,489 $1,197 $(577)$5,150 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
442 
Net realized capital losses (5)
16 
Acquisition-related integration costs (6)
12 
Operating income (GAAP measure)
4,680 
Interest expense(774)
Other income32 
Income before income tax provision
$3,938 
Depreciation and amortization$340 $258 $406 $111 $1,115 
Three Months Ended March 31, 2025
In millionsHealth Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness		Corporate/
Other
Consolidated
Totals
Revenues from external customers$34,405 $38,096 $21,553 $14 $94,068 
Intersegment revenues18 5,352 10,359 — 15,729 
Net investment income
387 14 — 119 520 
Total revenues34,810 43,462 31,912 133 110,317 
Intersegment eliminations (2)
(15,729)
Total consolidated revenues$94,588 
Less: Net realized capital gains (losses)
(21)15 — (15)
Cost of products sold— 40,115 25,804 — 
Health care costs28,637 1,047 — 46 
Operating expenses, excluding other segment items (3)
4,201 682 4,795 432 
Adjusted operating income (loss)$1,993 $1,603 $1,313 $(330)$4,579 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
499 
Net realized capital losses (5)
21 
Acquisition-related integration costs (6)
45 
Legacy litigation charge (7)
387 
Loss on Accountable Care assets (8)
247 
Office real estate optimization charges (9)
6 
Operating income (GAAP measure)3,374 
Interest expense(785)
Other income28 
Income before income tax provision$2,617 
Depreciation and amortization$405 $261 $384 $104 $1,154 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $3.8 billion and $3.7 billion of retail co-payments for the three months ended March 31, 2026 and 2025, respectively.
(2)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.
(3)Other segment items for each reportable segment consist of the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.
(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.
(6)During the three months ended March 31, 2026 and 2025, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.
(7)During the three months ended March 31, 2025, the Company recorded a legacy litigation charge related to a court decision associated with its past business practices. The legacy litigation charge was reflected in operating expenses within the Pharmacy & Consumer Wellness segment.
(8)During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, as well as costs incurred in connection with the wind down of the Company’s ACO REACH operations. The loss on Accountable Care assets was reflected in operating expenses within the Health Services segment.
(9)During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space. The office real estate optimization charges were reflected in operating expenses within each segment.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Segment Reporting
The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers through its Aetna® operations. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, prescription drug plans (“PDPs”) and Medicaid health care management services. The Health Care Benefits segment’s primary customers, its members, primarily access the segment’s products and services through employer groups, government-sponsored plans or individually. The Health Care Benefits segment also serves customers who purchase products and services that are ancillary to its health insurance products. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.”

Health Services Segment
The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. The segment also works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products through its CordavisTM subsidiary. The Health Services segment’s health care delivery assets include Signify Health, Inc. (“Signify Health”), a leader in health risk assessments, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on public and private health insurance exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy & Consumer Wellness segment dispenses prescriptions in its CVS Pharmacy® retail locations 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. As of March 31, 2026, the Pharmacy & Consumer Wellness segment operated approximately 9,000 retail locations, as well as online retail pharmacy websites, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services.
Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

•Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources and finance departments, information technology, digital, data and analytics, as well as acquisition-related integration costs; and
•Products for which the Company no longer solicits or accepts new customers, such as its large case pensions and long-term care insurance products.
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).
 
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.
Principles of Consolidation
Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
 
The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary.

Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.
Reclassifications
Reclassifications

Certain prior year amounts within the unaudited condensed consolidated balance sheet have been reclassified to conform with the current year presentation.
Restricted Cash
Restricted Cash

Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members. Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in demand deposits, time deposits and money market funds.
Accounts Receivable
Accounts Receivable
Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations.
Accounts Receivable, Allowance for Credit Losses When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.
Premium Deficiency Reserves
Premium Deficiency Reserves

The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency losses, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability.
New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires the Company to provide further disaggregated information of relevant expense captions within its consolidated statements of operations, including the purchases of inventory, employee compensation, depreciation and intangible asset amortization, as well as the inclusion of other specific expenses, gains and losses required by existing GAAP. The new standard also requires the Company to disclose its total selling expenses and, on an annual basis, provide a qualitative description of its selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The standard may be applied prospectively or retrospectively. While the standard will require additional disclosures related to certain expenses included in the consolidated statements of operations, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.

Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard is intended to modernize the accounting for internal-use software. Under the new standard, the Company will capitalize eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027, with early adoption permitted as of the beginning of a fiscal year. The standard may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact that this standard will have on the Company’s consolidated operating results, cash flows, financial condition and related disclosures.
v3.26.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Cash Equivalents
The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows:
In millionsMarch 31,
2026		December 31,
2025
Cash and cash equivalents$9,542 $8,453 
Restricted cash (included in other current assets)14 59 
Restricted cash (included in other assets)213 200 
Total cash, cash equivalents and restricted cash in the statements of cash flows$9,769 $8,712 
Schedule of Accounts Receivable, Net Accounts receivable, net as of March 31, 2026 and December 31, 2025 was composed of the following:
In millionsMarch 31,
2026		December 31,
2025
Trade receivables$12,511 $10,563 
Vendor and manufacturer receivables14,144 15,564 
Premium receivables7,633 5,753 
Other receivables6,704 7,899 
   Total accounts receivable, net$40,992 $39,779 
Schedule of Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three months ended March 31, 2026 and 2025:
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Three Months Ended March 31, 2026
Major goods/services lines:
Pharmacy$— $45,655 $26,123 $— $(14,839)$56,939 
Front Store— — 5,259 — — 5,259 
Premiums33,792 — — 12 (13)33,791 
Net investment income462 — — 112 — 574 
Other1,717 2,582 607 2 (1,045)3,863 
Total$35,971 $48,237 $31,989 $126 $(15,897)$100,426 
Health Services distribution channel:
Pharmacy network (1)
$25,149 
Mail & specialty (2)
20,506 
Other2,582 
Total$48,237 
Three Months Ended March 31, 2025
Major goods/services lines:
Pharmacy$— $41,182 $26,076 $— $(14,751)$52,507 
Front Store— — 5,243 — — 5,243 
Premiums32,808 — — 12 — 32,820 
Net investment income387 14 — 119 — 520 
Other1,615 2,266 593 2 (978)3,498 
Total$34,810 $43,462 $31,912 $133 $(15,729)$94,588 
Health Services distribution channel:
Pharmacy network (1)
$23,114 
Mail & specialty (2)
18,068 
Net investment income14 
Other2,266 
Total$43,462 
_____________________________________________
(1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including pharmacies owned by the Company, as well as activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.
(2)Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment.
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Total Investments
Total investments as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,104 $26,287 $28,391 $1,997 $26,721 $28,718 
Mortgage loans156 1,339 1,495 148 1,376 1,524 
Other investments— 4,781 4,781 — 4,572 4,572 
Total investments$2,260 $32,407 $34,667 $2,145 $32,669 $34,814 
Schedule of Debt Securities Available For Sale
Debt securities available for sale as of March 31, 2026 and December 31, 2025 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2026
Debt securities:  
U.S. government securities$2,725 $20 $(10)$2,735 
States, municipalities and political subdivisions273 2 (7)268 
U.S. corporate securities15,104 143 (314)14,933 
Foreign securities3,024 47 (50)3,021 
Residential mortgage-backed securities1,090 10 (31)1,069 
Commercial mortgage-backed securities1,889 14 (28)1,875 
Other asset-backed securities4,474 9 (7)4,476 
Redeemable preferred securities14 — — 14 
Total debt securities (2)
$28,593 $245 $(447)$28,391 
December 31, 2025
Debt securities:
U.S. government securities$2,691 $39 $(8)$2,722 
States, municipalities and political subdivisions296 3 (7)292 
U.S. corporate securities14,657 262 (231)14,688 
Foreign securities2,981 78 (31)3,028 
Residential mortgage-backed securities1,065 14 (29)1,050 
Commercial mortgage-backed securities1,974 28 (23)1,979 
Other asset-backed securities4,921 25 (2)4,944 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$28,600 $449 $(331)$28,718 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities as of March 31, 2026 or December 31, 2025.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. As of March 31, 2026, debt securities with a fair value of $433 million, gross unrealized capital gains of $6 million and gross unrealized capital losses of $19 million, and as of December 31, 2025, debt securities with a fair value of $475 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $16 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income.
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of March 31, 2026 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$850 $852 
One year through five years11,487 11,534 
After five years through ten years5,706 5,685 
Greater than ten years3,097 2,900 
Residential mortgage-backed securities1,090 1,069 
Commercial mortgage-backed securities1,889 1,875 
Other asset-backed securities4,474 4,476 
Total$28,593 $28,391 
Schedule of Debt Securities In An Unrealized Capital Loss Position
Summarized below are the debt securities the Company held as of March 31, 2026 and December 31, 2025 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2026  
Debt securities:  
U.S. government securities151 $597 $5 71 $149 $5 222 $746 $10 
States, municipalities and political subdivisions34 84 1 63 91 6 97 175 7 
U.S. corporate securities3,450 5,547 96 1,287 1,787 218 4,737 7,334 314 
Foreign securities602 1,136 22 220 300 28 822 1,436 50 
Residential mortgage-backed securities150 303 3 281 223 28 431 526 31 
Commercial mortgage-backed securities220 750 9 76 163 19 296 913 28 
Other asset-backed securities657 1,660 6 21 27 1 678 1,687 7 
Redeemable preferred securities4 6 — — — — 4 6 — 
Total debt securities 5,268 $10,083 $142 2,019 $2,740 $305 7,287 $12,823 $447 
December 31, 2025  
Debt securities:  
U.S. government securities50 $156 $2 80 $168 $6 130 $324 $8 
States, municipalities and political subdivisions16 28 — 89 136 7 105 164 7 
U.S. corporate securities1,045 1,634 23 1,541 2,149 208 2,586 3,783 231 
Foreign securities180 310 2 303 449 29 483 759 31 
Residential mortgage-backed securities67 124 1 303 272 28 370 396 29 
Commercial mortgage-backed securities84 290 1 126 269 22 210 559 23 
Other asset-backed securities136 314 1 19 27 1 155 341 2 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,578 $2,856 $30 2,465 $3,476 $301 4,043 $6,332 $331 
Schedule of Net Investment Income
Sources of net investment income for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Debt securities$351 $323 
Mortgage loans22 21 
Other investments230 209 
Gross investment income603 553 
Investment expenses(13)(12)
Net investment income (excluding net realized capital losses)
590 541 
Net realized capital losses
(16)(21)
Net investment income
$574 $520 
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities
Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended
March 31,
In millions20262025
Proceeds from sales$2,950 $2,185 
Gross realized capital gains27 12 
Gross realized capital losses28 39 
v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2026    
Cash and cash equivalents$3,188 $6,354 $— $9,542 
Debt securities:   
U.S. government securities2,726 9 — 2,735 
States, municipalities and political subdivisions— 268 — 268 
U.S. corporate securities— 14,929 4 14,933 
Foreign securities— 3,021 — 3,021 
Residential mortgage-backed securities— 1,069 — 1,069 
Commercial mortgage-backed securities— 1,875 — 1,875 
Other asset-backed securities— 4,476 — 4,476 
Redeemable preferred securities— 14 — 14 
Total debt securities2,726 25,661 4 28,391 
Equity securities78 134 198 410 
Total$5,992 $32,149 $202 $38,343 
December 31, 2025    
Cash and cash equivalents$4,030 $4,423 $— $8,453 
Debt securities:   
U.S. government securities2,713 9 — 2,722 
States, municipalities and political subdivisions— 292 — 292 
U.S. corporate securities— 14,682 6 14,688 
Foreign securities— 3,028 — 3,028 
Residential mortgage-backed securities— 1,050 — 1,050 
Commercial mortgage-backed securities— 1,979 — 1,979 
Other asset-backed securities— 4,944 — 4,944 
Redeemable preferred securities— 15 — 15 
Total debt securities2,713 25,999 6 28,718 
Equity securities105 30 198 333 
Total$6,848 $30,452 $204 $37,504 
Schedule of Carrying Value and Fair Value By Level of Fair Value Hierarchy
The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value as of March 31, 2026 and December 31, 2025 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2026
Assets: 
Mortgage loans$1,495 $— $— $1,489 $1,489 
Equity securities (1)
625 N/AN/AN/AN/A
Liabilities:
Long-term debt63,111 59,707 — — 59,707 
December 31, 2025
Assets: 
Mortgage loans$1,524 $— $— $1,524 $1,524 
Equity securities (1)
555 N/AN/AN/AN/A
Liabilities:  
Long-term debt64,570 62,321 — — 62,321 
_____________________________________________
(1)It was not practical to estimate the fair value of these investments as they represent shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate accounts assets as of March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $155 $— $156 
Debt securities
18 353 2 373 30 361 2 393 
Common/collective trusts— 1,374 — 1,374 — 1,445 — 1,445 
Total (1)
$19 $1,881 $2 $1,902 $31 $1,961 $2 $1,994 
_____________________________________________
(1)Excludes $77 million of other receivables as of March 31, 2026.
v3.26.1
Insurance Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Components of Change in Health Care Costs Payable
The following table shows the components of the change in health care costs payable during the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions20262025
Health care costs payable, beginning of the period$15,399 $15,064 
Less: Reinsurance recoverables90 81 
Less: Impact of discount rate on long-duration insurance reserves (1)
(20)(1)
Health care costs payable, beginning of the period, net15,329 14,984 
Add: Components of incurred health care costs
  Current year30,374 30,293 
  Prior years(1,093)(1,651)
Total incurred health care costs (2)
29,281 28,642 
Less: Claims paid
  Current year18,255 19,312 
  Prior years10,951 9,749 
Total claims paid29,206 29,061 
Health care costs payable, end of the period, net15,404 14,565 
Add: Premium deficiency reserve
— 431 
Add: Reinsurance recoverables132 114 
Add: Impact of discount rate on long-duration insurance reserves (1)
(18)2 
Health care costs payable, end of the period$15,518 $15,112 
_____________________________________________
(1)Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income on the unaudited condensed consolidated balance sheets.
(2)Total incurred health care costs for the three months ended March 31, 2026 and 2025 in the table above exclude $31 million and $16 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets, as well as $46 million of health care costs recorded in the Corporate/Other segment for both the three months ended March 31, 2026 and 2025 that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. Total incurred health care costs for the three months ended March 31, 2025 also exclude $431 million for a premium deficiency reserve for the 2025 coverage year related to the Company’s individual exchange product line.
Schedule of Interest Rates Used in Measurement of Insurance Liabilities and Durations of Insurance Liabilities
The weighted-average interest rates used in the measurement of the long-duration insurance liabilities as of March 31, 2026 and 2025 were as follows:
March 31,
2026		March 31,
2025
Large case pensions
Interest accretion rate4.21%4.20%
Current discount rate5.34%5.31%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.68%5.60%

The weighted-average durations (in years) of the long-duration insurance liabilities as of March 31, 2026 and 2025 were as follows:
March 31,
2026		March 31,
2025
Large case pensions7.27.3
Long-term care11.111.6
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Share Repurchase Programs
The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”):
In billions
Authorization Date
Authorized
Remaining as of
March 31, 2026
November 17, 2022 (“2022 Repurchase Program”)$10.0 $10.0 
December 9, 2021 (“2021 Repurchase Program”)10.0 1.5 
v3.26.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions20262025
Net unrealized investment gains (losses):
Beginning of period balance$206 $(399)
Other comprehensive income (loss) before reclassifications ($(328) and $188 pretax)
(254)187 
Amounts reclassified from accumulated other comprehensive income (loss) ($13 and $32 pretax) (1)
10 29 
Other comprehensive income (loss)
(244)216 
End of period balance(38)(183)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance215 265 
Other comprehensive income (loss) before reclassifications ($54 and $(41) pretax)
43 (33)
Other comprehensive income (loss)
43 (33)
End of period balance258 232 
Foreign currency translation adjustments:
Beginning of period balance7 (4)
Other comprehensive income
— — 
End of period balance7 (4)
Net cash flow hedges:
Beginning of period balance216 229 
Amounts reclassified from accumulated other comprehensive income ($(5) and $(6) pretax) (2)
(4)(4)
Other comprehensive loss
(4)(4)
End of period balance212 225 
Pension and other postretirement benefits:
Beginning of period balance(238)(211)
Other comprehensive income
— — 
End of period balance(238)(211)
Total beginning of period accumulated other comprehensive income (loss)
406 (120)
Total other comprehensive income (loss)
(205)179 
Total end of period accumulated other comprehensive income
$201 $59 
_____________________________________________
(1)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.
(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $16 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share
The following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
In millions, except per share amounts20262025
Numerator for earnings per share calculation:
Net income attributable to CVS Health$2,943 $1,779 
Denominator for earnings per share calculation:
Weighted average shares, basic1,273 1,261 
Restricted stock units and performance stock units5 2 
Stock options and stock appreciation rights1 1 
Weighted average shares, diluted1,279 1,264 
Earnings per share:
Basic$2.31 $1.41 
Diluted$2.30 $1.41 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reconciliation of Financial Measures of Segments to Consolidated Totals
The following are reconciliations of financial measures of the Company’s segments to the consolidated totals:
Three Months Ended March 31, 2026
In millionsHealth Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness		Corporate/
Other
Consolidated
Totals
Revenues from external customers$35,477 $42,609 $21,752 $14 $99,852 
Intersegment revenues32 5,628 10,237 — 15,897 
Net investment income
462 — — 112 574 
Total revenues35,971 48,237 31,989 126 116,323 
Intersegment eliminations (2)
(15,897)
Total consolidated revenues$100,426 
Less: Net realized capital gains (losses)
1 — — (17)
Cost of products sold— 44,719 25,790 — 
Health care costs28,579 1,302 — 46 
Operating expenses, excluding other segment items (3)
4,350 727 5,002 674 
Adjusted operating income (loss)$3,041 $1,489 $1,197 $(577)$5,150 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
442 
Net realized capital losses (5)
16 
Acquisition-related integration costs (6)
12 
Operating income (GAAP measure)
4,680 
Interest expense(774)
Other income32 
Income before income tax provision
$3,938 
Depreciation and amortization$340 $258 $406 $111 $1,115 
Three Months Ended March 31, 2025
In millionsHealth Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness		Corporate/
Other
Consolidated
Totals
Revenues from external customers$34,405 $38,096 $21,553 $14 $94,068 
Intersegment revenues18 5,352 10,359 — 15,729 
Net investment income
387 14 — 119 520 
Total revenues34,810 43,462 31,912 133 110,317 
Intersegment eliminations (2)
(15,729)
Total consolidated revenues$94,588 
Less: Net realized capital gains (losses)
(21)15 — (15)
Cost of products sold— 40,115 25,804 — 
Health care costs28,637 1,047 — 46 
Operating expenses, excluding other segment items (3)
4,201 682 4,795 432 
Adjusted operating income (loss)$1,993 $1,603 $1,313 $(330)$4,579 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
499 
Net realized capital losses (5)
21 
Acquisition-related integration costs (6)
45 
Legacy litigation charge (7)
387 
Loss on Accountable Care assets (8)
247 
Office real estate optimization charges (9)
6 
Operating income (GAAP measure)3,374 
Interest expense(785)
Other income28 
Income before income tax provision$2,617 
Depreciation and amortization$405 $261 $384 $104 $1,154 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $3.8 billion and $3.7 billion of retail co-payments for the three months ended March 31, 2026 and 2025, respectively.
(2)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.
(3)Other segment items for each reportable segment consist of the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.
(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.
(6)During the three months ended March 31, 2026 and 2025, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.
(7)During the three months ended March 31, 2025, the Company recorded a legacy litigation charge related to a court decision associated with its past business practices. The legacy litigation charge was reflected in operating expenses within the Pharmacy & Consumer Wellness segment.
(8)During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, as well as costs incurred in connection with the wind down of the Company’s ACO REACH operations. The loss on Accountable Care assets was reflected in operating expenses within the Health Services segment.
(9)During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space. The office real estate optimization charges were reflected in operating expenses within each segment.
v3.26.1
Significant Accounting Policies - Narrative (Details)
store in Thousands, clinic in Thousands, people in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
people
clinic
store
segment
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
program
Significant Accounting Policies [Line Items]        
Number of pharmacy plan members | people 88      
Number of reportable segments | segment 4      
Allowance for credit losses $ 200   $ 182  
Premium deficiency reserve charge 0      
Loss on Accountable Care assets   $ 247    
Pre-tax loss on divestiture $ 0 236    
Individual Exchange Product Line        
Significant Accounting Policies [Line Items]        
Premium deficiency reserve charge   448    
Individual Exchange Product Line | Other Cost And Expense, Operating        
Significant Accounting Policies [Line Items]        
Premium deficiency reserve charge   17    
Individual Exchange Product Line | Policyholder Benefits And Claims Incurred, Net        
Significant Accounting Policies [Line Items]        
Premium deficiency reserve charge   431    
Pharmacy & Consumer Wellness        
Significant Accounting Policies [Line Items]        
Number of retail locations | store 9      
Health Services        
Significant Accounting Policies [Line Items]        
Number of walk in medical clinics (more than) | clinic 1      
Number of programs administered | program       2
Loss on Accountable Care assets   247    
Loss on termination of program   11    
Health Services | Disposal Group, Disposed of by Sale, Not Discontinued Operations | MSSP        
Significant Accounting Policies [Line Items]        
Pre-tax loss on divestiture   236    
Intangible assets and goodwill removed due to divestiture   $ 342    
Health Care Benefits        
Significant Accounting Policies [Line Items]        
Number of people served (more than) | people 37      
v3.26.1
Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 9,542 $ 8,453    
Restricted cash (included in other current assets) 14 59    
Restricted cash (included in other assets) 213 200    
Total cash, cash equivalents and restricted cash in the statements of cash flows $ 9,769 $ 8,712 $ 10,346 $ 8,884
v3.26.1
Significant Accounting Policies - Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Trade receivables $ 12,511 $ 10,563
Vendor and manufacturer receivables 14,144 15,564
Premium receivables 7,633 5,753
Other receivables 6,704 7,899
Total accounts receivable, net $ 40,992 $ 39,779
v3.26.1
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenues $ 99,852 $ 94,068
Net investment income 574 520
Total revenues 100,426 94,588
Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 56,939 52,507
Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 5,259 5,243
Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 33,791 32,820
Other    
Disaggregation of Revenue [Line Items]    
Revenues 3,863 3,498
Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Revenues 35,477 34,405
Net investment income 462 387
Health Services    
Disaggregation of Revenue [Line Items]    
Revenues 42,609 38,096
Net investment income 0 14
Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Revenues 21,752 21,553
Net investment income 0 0
Corporate/ Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 14
Net investment income 112 119
Operating Segments | Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Net investment income 462 387
Total revenues 35,971 34,810
Operating Segments | Health Care Benefits | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Care Benefits | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Care Benefits | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 33,792 32,808
Operating Segments | Health Care Benefits | Other    
Disaggregation of Revenue [Line Items]    
Revenues 1,717 1,615
Operating Segments | Health Services    
Disaggregation of Revenue [Line Items]    
Net investment income 0 14
Total revenues 48,237 43,462
Operating Segments | Health Services | Pharmacy network    
Disaggregation of Revenue [Line Items]    
Total revenues 25,149 23,114
Operating Segments | Health Services | Mail & specialty    
Disaggregation of Revenue [Line Items]    
Total revenues 20,506 18,068
Operating Segments | Health Services | Other    
Disaggregation of Revenue [Line Items]    
Total revenues 2,582 2,266
Operating Segments | Health Services | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 45,655 41,182
Operating Segments | Health Services | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Services | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Services | Other    
Disaggregation of Revenue [Line Items]    
Revenues 2,582 2,266
Operating Segments | Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Net investment income 0 0
Total revenues 31,989 31,912
Operating Segments | Pharmacy & Consumer Wellness | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 26,123 26,076
Operating Segments | Pharmacy & Consumer Wellness | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 5,259 5,243
Operating Segments | Pharmacy & Consumer Wellness | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Pharmacy & Consumer Wellness | Other    
Disaggregation of Revenue [Line Items]    
Revenues 607 593
Corporate/ Other | Corporate/ Other    
Disaggregation of Revenue [Line Items]    
Net investment income 112 119
Total revenues 126 133
Corporate/ Other | Corporate/ Other | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate/ Other | Corporate/ Other | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate/ Other | Corporate/ Other | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 12 12
Corporate/ Other | Corporate/ Other | Other    
Disaggregation of Revenue [Line Items]    
Revenues 2 2
Intersegment Eliminations    
Disaggregation of Revenue [Line Items]    
Net investment income 0 0
Total revenues (15,897) (15,729)
Intersegment Eliminations | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues (14,839) (14,751)
Intersegment Eliminations | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Intersegment Eliminations | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues (13) 0
Intersegment Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Revenues (1,045) (978)
Intersegment Eliminations | Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Total revenues (32) (18)
Intersegment Eliminations | Health Services    
Disaggregation of Revenue [Line Items]    
Total revenues (5,628) (5,352)
Intersegment Eliminations | Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Total revenues $ (10,237) $ (10,359)
v3.26.1
Investments - Total Investment Schedule (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Total Investments [Line Items]    
Current $ 2,260 $ 2,145
Long-term 32,407 32,669
Total 34,667 34,814
Debt securities available for sale    
Total Investments [Line Items]    
Current 2,104 1,997
Long-term 26,287 26,721
Total 28,391 28,718
Mortgage loans    
Total Investments [Line Items]    
Current 156 148
Long-term 1,339 1,376
Total 1,495 1,524
Other investments    
Total Investments [Line Items]    
Current 0 0
Long-term 4,781 4,572
Total $ 4,781 $ 4,572
v3.26.1
Investments - Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 28,593 $ 28,600
Gross Unrealized Gains 245 449
Gross Unrealized Losses (447) (331)
Fair Value 28,391 28,718
Allowance for expected credit losses 0 0
Supporting Experience-Rated Products    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 6 10
Gross Unrealized Losses (19) (16)
Fair Value 433 475
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,725 2,691
Gross Unrealized Gains 20 39
Gross Unrealized Losses (10) (8)
Fair Value 2,735 2,722
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 273 296
Gross Unrealized Gains 2 3
Gross Unrealized Losses (7) (7)
Fair Value 268 292
U.S. corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 15,104 14,657
Gross Unrealized Gains 143 262
Gross Unrealized Losses (314) (231)
Fair Value 14,933 14,688
Foreign securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,024 2,981
Gross Unrealized Gains 47 78
Gross Unrealized Losses (50) (31)
Fair Value 3,021 3,028
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,090 1,065
Gross Unrealized Gains 10 14
Gross Unrealized Losses (31) (29)
Fair Value 1,069 1,050
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,889 1,974
Gross Unrealized Gains 14 28
Gross Unrealized Losses (28) (23)
Fair Value 1,875 1,979
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,474 4,921
Gross Unrealized Gains 9 25
Gross Unrealized Losses (7) (2)
Fair Value 4,476 4,944
Redeemable preferred securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 14 15
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 14 $ 15
v3.26.1
Investments - Debt Securities by Maturity (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Amortized Cost    
Less than one year $ 850  
One year through five years 11,487  
After five years through ten years 5,706  
Greater than ten years 3,097  
Amortized Cost 28,593 $ 28,600
Fair Value    
Less than one year 852  
One year through five years 11,534  
After five years through ten years 5,685  
Greater than ten years 2,900  
Fair Value 28,391 28,718
Residential mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 1,090  
Amortized Cost 1,090 1,065
Fair Value    
Debt securities, maturity, without single maturity date 1,069  
Fair Value 1,069 1,050
Commercial mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 1,889  
Amortized Cost 1,889 1,974
Fair Value    
Debt securities, maturity, without single maturity date 1,875  
Fair Value 1,875 1,979
Other asset-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 4,474  
Amortized Cost 4,474 4,921
Fair Value    
Debt securities, maturity, without single maturity date 4,476  
Fair Value $ 4,476 $ 4,944
v3.26.1
Investments - Unrealized Loss Position (Details)
$ in Millions
Mar. 31, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Number of Securities    
Number of Securities, Less than 12 months | security 5,268 1,578
Number of Securities, Greater than 12 months | security 2,019 2,465
Number of Securities | security 7,287 4,043
Fair Value    
Fair Value, Less than 12 months $ 10,083 $ 2,856
Fair Value, Greater than 12 months 2,740 3,476
Fair Value 12,823 6,332
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 142 30
Unrealized Losses, Greater than 12 months 305 301
Unrealized Losses $ 447 $ 331
U.S. government securities    
Number of Securities    
Number of Securities, Less than 12 months | security 151 50
Number of Securities, Greater than 12 months | security 71 80
Number of Securities | security 222 130
Fair Value    
Fair Value, Less than 12 months $ 597 $ 156
Fair Value, Greater than 12 months 149 168
Fair Value 746 324
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 5 2
Unrealized Losses, Greater than 12 months 5 6
Unrealized Losses $ 10 $ 8
States, municipalities and political subdivisions    
Number of Securities    
Number of Securities, Less than 12 months | security 34 16
Number of Securities, Greater than 12 months | security 63 89
Number of Securities | security 97 105
Fair Value    
Fair Value, Less than 12 months $ 84 $ 28
Fair Value, Greater than 12 months 91 136
Fair Value 175 164
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 1 0
Unrealized Losses, Greater than 12 months 6 7
Unrealized Losses $ 7 $ 7
U.S. corporate securities    
Number of Securities    
Number of Securities, Less than 12 months | security 3,450 1,045
Number of Securities, Greater than 12 months | security 1,287 1,541
Number of Securities | security 4,737 2,586
Fair Value    
Fair Value, Less than 12 months $ 5,547 $ 1,634
Fair Value, Greater than 12 months 1,787 2,149
Fair Value 7,334 3,783
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 96 23
Unrealized Losses, Greater than 12 months 218 208
Unrealized Losses $ 314 $ 231
Foreign securities    
Number of Securities    
Number of Securities, Less than 12 months | security 602 180
Number of Securities, Greater than 12 months | security 220 303
Number of Securities | security 822 483
Fair Value    
Fair Value, Less than 12 months $ 1,136 $ 310
Fair Value, Greater than 12 months 300 449
Fair Value 1,436 759
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 22 2
Unrealized Losses, Greater than 12 months 28 29
Unrealized Losses $ 50 $ 31
Residential mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 150 67
Number of Securities, Greater than 12 months | security 281 303
Number of Securities | security 431 370
Fair Value    
Fair Value, Less than 12 months $ 303 $ 124
Fair Value, Greater than 12 months 223 272
Fair Value 526 396
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 3 1
Unrealized Losses, Greater than 12 months 28 28
Unrealized Losses $ 31 $ 29
Commercial mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 220 84
Number of Securities, Greater than 12 months | security 76 126
Number of Securities | security 296 210
Fair Value    
Fair Value, Less than 12 months $ 750 $ 290
Fair Value, Greater than 12 months 163 269
Fair Value 913 559
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 9 1
Unrealized Losses, Greater than 12 months 19 22
Unrealized Losses $ 28 $ 23
Other asset-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 657 136
Number of Securities, Greater than 12 months | security 21 19
Number of Securities | security 678 155
Fair Value    
Fair Value, Less than 12 months $ 1,660 $ 314
Fair Value, Greater than 12 months 27 27
Fair Value 1,687 341
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 6 1
Unrealized Losses, Greater than 12 months 1 1
Unrealized Losses $ 7 $ 2
Redeemable preferred securities    
Number of Securities    
Number of Securities, Less than 12 months | security 4 0
Number of Securities, Greater than 12 months | security 0 4
Number of Securities | security 4 4
Fair Value    
Fair Value, Less than 12 months $ 6 $ 0
Fair Value, Greater than 12 months 0 6
Fair Value 6 6
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]    
Unrealized Losses, Less than 12 months 0 0
Unrealized Losses, Greater than 12 months 0 0
Unrealized Losses $ 0 $ 0
v3.26.1
Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 603 $ 553
Investment expenses (13) (12)
Net investment income (excluding net realized capital losses) 590 541
Net realized capital losses (16) (21)
Net investment income 574 520
Debt securities:    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 351 323
Mortgage loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 22 21
Other investments    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 230 $ 209
v3.26.1
Investments - Proceeds and Related Gross Realized Capital Gains and Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments [Abstract]    
Proceeds from sales $ 2,950 $ 2,185
Gross realized capital gains 27 12
Gross realized capital losses $ 28 $ 39
v3.26.1
Fair Value - Measurement on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities measured at fair value on a recurring basis $ 0 $ 0
Cash and cash equivalents 9,542 8,453
Debt securities 28,391 28,718
Equity securities 410 333
Total 38,343 37,504
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 3,188 4,030
Debt securities 2,726 2,713
Equity securities 78 105
Total 5,992 6,848
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 6,354 4,423
Debt securities 25,661 25,999
Equity securities 134 30
Total 32,149 30,452
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Debt securities 4 6
Equity securities 198 198
Total 202 204
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,735 2,722
U.S. government securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,726 2,713
U.S. government securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 9 9
U.S. government securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
States, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 268 292
States, municipalities and political subdivisions | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
States, municipalities and political subdivisions | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 268 292
States, municipalities and political subdivisions | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
U.S. corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 14,933 14,688
U.S. corporate securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
U.S. corporate securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 14,929 14,682
U.S. corporate securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4 6
Foreign securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 3,021 3,028
Foreign securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Foreign securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 3,021 3,028
Foreign securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,069 1,050
Residential mortgage-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Residential mortgage-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,069 1,050
Residential mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,875 1,979
Commercial mortgage-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Commercial mortgage-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,875 1,979
Commercial mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,476 4,944
Other asset-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Other asset-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,476 4,944
Other asset-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Redeemable preferred securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 14 15
Redeemable preferred securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Redeemable preferred securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 14 15
Redeemable preferred securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 0 $ 0
v3.26.1
Fair Value - Carrying Value and Fair Value Classified by Level (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Carrying Value    
Assets:    
Mortgage loans $ 1,495 $ 1,524
Equity securities 625 555
Liabilities:    
Long-term debt 63,111 64,570
Estimated Fair Value    
Assets:    
Mortgage loans 1,489 1,524
Liabilities:    
Long-term debt 59,707 62,321
Level 1 | Estimated Fair Value    
Assets:    
Mortgage loans 0 0
Liabilities:    
Long-term debt 59,707 62,321
Level 2 | Estimated Fair Value    
Assets:    
Mortgage loans 0 0
Liabilities:    
Long-term debt 0 0
Level 3 | Estimated Fair Value    
Assets:    
Mortgage loans 1,489 1,524
Liabilities:    
Long-term debt $ 0 $ 0
v3.26.1
Fair Value - Separate Accounts Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets $ 77  
Total    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 1,902 $ 1,994
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 155 156
Debt securities:    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 373 393
Common/collective trusts    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 1,374 1,445
Level 1 | Total    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 19 31
Level 1 | Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 1 1
Level 1 | Debt securities:    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 18 30
Level 1 | Common/collective trusts    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 0 0
Level 2 | Total    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 1,881 1,961
Level 2 | Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 154 155
Level 2 | Debt securities:    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 353 361
Level 2 | Common/collective trusts    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 1,374 1,445
Level 3 | Total    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 2 2
Level 3 | Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 0 0
Level 3 | Debt securities:    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets 2 2
Level 3 | Common/collective trusts    
Fair Value, Separate Account Investment [Line Items]    
Separate accounts assets $ 0 $ 0
v3.26.1
Insurance Liabilities - Components of Change in Health Care Costs Payable (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Health care costs payable, beginning of the period $ 15,399 $ 15,064
Less: Reinsurance recoverables 90 81
Less: Impact of discount rate on long-duration insurance reserves (20) (1)
Health care costs payable, beginning of the period, net 15,329 14,984
Add: Components of incurred health care costs    
Current year 30,374 30,293
Prior years (1,093) (1,651)
Total incurred health care costs 29,281 28,642
Less: Claims paid    
Current year 18,255 19,312
Prior years 10,951 9,749
Total claims paid 29,206 29,061
Health care costs payable, end of the period, net 15,404 14,565
Add: Premium deficiency reserve 0 431
Add: Reinsurance recoverables 132 114
Add: Impact of discount rate on long-duration insurance reserves (18) 2
Health care costs payable, end of the period 15,518 15,112
Health Care Benefits    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities 31 16
Corporate/ Other    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities $ 46 $ 46
v3.26.1
Insurance Liabilities - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Insurance [Abstract]    
Decrease in prior years' healthcare costs payable $ 1,093 $ 1,651
Incurred but not reported (IBNR) claims liability, net $ 10,600  
v3.26.1
Insurance Liabilities - Interest Rates Used in Measurement of Insurance Liabilities and Durations of Insurance Liabilities (Details)
Mar. 31, 2026
Mar. 31, 2025
Large case pensions    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.21% 4.20%
Current discount rate 5.34% 5.31%
Weighted-average duration of long-duration insurance liabilities 7 years 2 months 12 days 7 years 3 months 18 days
Long-term care    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 5.11% 5.11%
Current discount rate 5.68% 5.60%
Weighted-average duration of long-duration insurance liabilities 11 years 1 month 6 days 11 years 7 months 6 days
v3.26.1
Shareholders' Equity - Share Repurchase Programs (Details) - USD ($)
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Nov. 17, 2022
Dec. 09, 2021
2022 Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount     $ 10,000,000,000.0  
Stock repurchase program, remaining authorized repurchase amount $ 10,000,000,000.0      
2021 Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount       $ 10,000,000,000.0
Stock repurchase program, remaining authorized repurchase amount $ 1,500,000,000      
Stock repurchased during period (in shares) 0.0 0.0    
v3.26.1
Shareholders' Equity - Dividends (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665
v3.26.1
Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period $ 75,382 $ 75,730
Other comprehensive income (loss) (205) 179
Balance at end of period 77,637 77,110
Gains expected to be reclassified 16  
AOCI Including Portion Attributable to Noncontrolling Interest    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 406 (120)
Balance at end of period 201 59
Net unrealized investment gains (losses):    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 206 (399)
Other comprehensive income (loss) before reclassifications, net of tax (254) 187
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 10 29
Other comprehensive income (loss) (244) 216
Balance at end of period (38) (183)
Other comprehensive income (loss) before reclassifications, pretax (328) 188
Amounts reclassified from accumulated other comprehensive income (loss), pretax 13 32
Change in discount rate on long-duration insurance reserves:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 215 265
Other comprehensive income (loss) before reclassifications, net of tax 43 (33)
Other comprehensive income (loss) 43 (33)
Balance at end of period 258 232
Other comprehensive income (loss) before reclassifications, pretax 54 (41)
Foreign currency translation adjustments:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 7 (4)
Other comprehensive income (loss) 0 0
Balance at end of period 7 (4)
Net cash flow hedges:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 216 229
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (4) (4)
Other comprehensive income (loss) (4) (4)
Balance at end of period 212 225
Amounts reclassified from accumulated other comprehensive income (loss), pretax (5) (6)
Pension and other postretirement benefits:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period (238) (211)
Other comprehensive income (loss) 0 0
Balance at end of period $ (238) $ (211)
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator for earnings per share calculation:    
Net income attributable to CVS Health, basic $ 2,943 $ 1,779
Net income attributable to CVS Health, diluted $ 2,943 $ 1,779
Denominator for earnings per share calculation:    
Weighted average shares, basic (in shares) 1,273 1,261
Weighted average shares, diluted (in shares) 1,279 1,264
Earnings per share:    
Basic (in dollars per share) $ 2.31 $ 1.41
Diluted (in dollars per share) $ 2.30 $ 1.41
Restricted stock units and performance stock units    
Denominator for earnings per share calculation:    
Effect of dilutive securities (in shares) 5 2
Stock options and stock appreciation rights    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of EPS (in shares) 4 10
Denominator for earnings per share calculation:    
Effect of dilutive securities (in shares) 1 1
v3.26.1
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 12 Months Ended 21 Months Ended
Jul. 31, 2025
USD ($)
Apr. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
lease
claim
state
Loss Contingencies [Line Items]        
Guarantor obligations, number of leases | lease       59
United States Ex Rel. Behnke v. CVS Caremark Corporation, Et Al.        
Loss Contingencies [Line Items]        
Damages awarded     $ 291  
Settlement Framework        
Loss Contingencies [Line Items]        
Number of states that elected to join the settlement | state       45
Number of states under separate settlement agreements | state       4
Litigation accrual/ reserve       $ 4,000
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp.        
Loss Contingencies [Line Items]        
Litigation accrual/ reserve       $ 165
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. | Omnicare, Inc.        
Loss Contingencies [Line Items]        
Damages awarded   $ 136    
Damages awarded per statute   $ 407    
Penalties awarded $ 542      
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. | Omnicare, Inc and CVS Health Corporation        
Loss Contingencies [Line Items]        
Penalties awarded $ 165      
Stockholder Matters, Class Action Complaints        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Derivative Litigation        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Stockholder Derivative Litigation        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Stockholder Derivative Litigation and Davidow v. Lynch, et al.        
Loss Contingencies [Line Items]        
Number of claims filed | claim       3
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.26.1
Segment Reporting - Reconciliation of Financial Measures of Segments to Consolidated Totals (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenues from external customers $ 99,852 $ 94,068
Net investment income 574 520
Total revenues 100,426 94,588
Less: Net realized capital gains (losses) (16) (21)
Cost of products sold 55,444 51,057
Health care costs 29,358 29,135
Reconciliation of principal measure of segment performance to consolidated operating income:    
Amortization of intangible assets 442 499
Net realized capital losses 16 21
Acquisition-related transaction and integration costs 12 45
Litigation charges   387
Loss on Accountable Care assets   247
Office real estate optimization charges   6
Operating income 4,680 3,374
Interest expense (774) (785)
Other income 32 28
Income before income tax provision 3,938 2,617
Depreciation and amortization 1,115 1,154
Health Care Benefits    
Segment Reporting Information [Line Items]    
Revenues from external customers 35,477 34,405
Net investment income 462 387
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 340 405
Health Services    
Segment Reporting Information [Line Items]    
Revenues from external customers 42,609 38,096
Net investment income 0 14
Reconciliation of principal measure of segment performance to consolidated operating income:    
Loss on Accountable Care assets   247
Depreciation and amortization 258 261
Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Revenues from external customers 21,752 21,553
Net investment income 0 0
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 406 384
Corporate/ Other    
Segment Reporting Information [Line Items]    
Revenues from external customers 14 14
Net investment income 112 119
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 111 104
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Net investment income 0 0
Total revenues (15,897) (15,729)
Intersegment Eliminations | Health Care Benefits    
Segment Reporting Information [Line Items]    
Total revenues (32) (18)
Intersegment Eliminations | Health Services    
Segment Reporting Information [Line Items]    
Total revenues (5,628) (5,352)
Intersegment Eliminations | Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Total revenues (10,237) (10,359)
Operating Segments and Corporate/ Other    
Segment Reporting Information [Line Items]    
Total revenues 116,323 110,317
Adjusted operating income (loss) 5,150 4,579
Operating Segments | Health Care Benefits    
Segment Reporting Information [Line Items]    
Net investment income 462 387
Total revenues 35,971 34,810
Less: Net realized capital gains (losses) 1 (21)
Cost of products sold 0 0
Health care costs 28,579 28,637
Operating expenses, excluding other segment items 4,350 4,201
Adjusted operating income (loss) 3,041 1,993
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses (1) 21
Operating Segments | Health Services    
Segment Reporting Information [Line Items]    
Net investment income 0 14
Total revenues 48,237 43,462
Less: Net realized capital gains (losses) 0 15
Cost of products sold 44,719 40,115
Health care costs 1,302 1,047
Operating expenses, excluding other segment items 727 682
Adjusted operating income (loss) 1,489 1,603
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses 0 (15)
Co-payments 3,800 3,700
Operating Segments | Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Net investment income 0 0
Total revenues 31,989 31,912
Less: Net realized capital gains (losses) 0 0
Cost of products sold 25,790 25,804
Health care costs 0 0
Operating expenses, excluding other segment items 5,002 4,795
Adjusted operating income (loss) 1,197 1,313
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses 0 0
Corporate/ Other | Corporate/ Other    
Segment Reporting Information [Line Items]    
Net investment income 112 119
Total revenues 126 133
Less: Net realized capital gains (losses) (17) (15)
Cost of products sold 0 0
Health care costs 46 46
Operating expenses, excluding other segment items 674 432
Adjusted operating income (loss) (577) (330)
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses $ 17 $ 15