How did CVS's expenses change in the last quarter?

CVS Health's expenses in the latest report period, Fiscal 2024 Q4, are not available. However, the company reported its financial results for the quarter, including an increase in total revenues and a decrease in adjusted EPS due to higher medical costs and increased utilization.

1. **Total Revenues Increase**: CVS's total revenues for Q4 2024 were $97.7 billion, up 4.2% compared to the prior year. This growth was driven by strong sales in the Pharmacy and Consumer Wellness segments, with same-store prescription volume increasing by 5.9%.
2. **Adjusted EPS Decrease**: The adjusted EPS for Q4 2024 was $1.19, down from $2.12 in the previous year, primarily due to challenges in the Health Care Benefits segment. This segment experienced increased utilization and the impact of lower Medicare Advantage star ratings, which adversely affected its operating results.
3. **Medical Benefit Ratio**: The medical benefit ratio, which measures the percentage of premiums spent on medical care, was 88.5% in Q4 2024, up from 85.8% in the prior year. This indicates that CVS Health's insurance unit has effectively managed rising healthcare costs, contributing to the company's positive quarterly performance.
4. **Cash Flow from Operations**: CVS Health generated $9.1 billion in cash flow from operations for the full year 2024. For 2025, the company guided cash flow from operations to be approximately $6.5 billion.

In summary, while CVS Health experienced an increase in total revenues, there was a corresponding rise in expenses, particularly in the Health Care Benefits segment, which impacted the adjusted EPS. The company's effective management of medical benefit ratios and cash flow from operations suggests a resilient financial position despite these challenges.