What is CVS Health's latest dividend and current dividend yield?

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What were the key takeaways from CVS Health’s earnings call?

Did CVS Health beat or miss consensus estimates last quarter?

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What is the market's earnings forecast for CVS Health next quarter?

- **Q3 Strong Performance**: Adjusted EPS of $1.60, 8% revenue growth, and 240bps MBR improvement in Aetna. Full year EPS guidance raised to $6.55-$6.65.
- **Strategic Adjustments**: $5.7B goodwill impairment in Health Care Delivery, exit of individual exchange business, and $6B new PBM wins.
- **2026 Outlook**: Mid-teens EPS growth driven by Aetna margin recovery, PBM contract recontracting, and 3% script growth in retail pharmacy.
- **Key Risks**: PBM market basket contract pressures ($240M impact), Oak Street clinic closures, and Medicare Advantage enrollment trends.
- **Innovation**: TrueCost model adoption, IVF therapy partnership with admin, and CostVantage front-store growth (2.7% trips YoY).

**【CEO Summary Section】**
- **Q3 Financial Highlights**: Adjusted operating income of $3.5 billion, adjusted EPS of $1.60, and total revenue of $103 billion (8% YoY growth). Full year 2025 EPS guidance raised to $6.55-$6.65.
- **Segment Performance**: 
  - **Aetna**: 81% of Medicare Advantage members in 4+ star plans, 63% in 4.5-star plans. Medical benefit ratio improved to 92.8% (down 240bps YoY).
  - **Health Care Delivery**: $5.7 billion goodwill impairment due to Oak Street clinic growth slowdown. Focus on closing underperforming clinics and renegotiating payer contracts.
  - **Pharmacy & Consumer Wellness**: 28.9% script share, 17% same-store pharmacy sales growth, and 150bps front-store sales increase.
- **Strategic Moves**: Acquisition of Rite Aid assets, exit of individual exchange business, and launch of TrueCost model for PBM transparency.
- **Future Outlook**: 2026 adjusted EPS expected to reflect mid-teens growth, driven by Aetna margin recovery and PBM contract recontracting.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income $420 million, non-GAAP EPS $1.60 (vs. $1.35 prior guidance). Year-to-date cash flow $7.2 billion.
- **Segment Adjustments**: 
  - **Health Care Benefits**: $2.72 billion adjusted operating income (up $300 million YoY). 
  - **Health Services**: $7.1 billion adjusted operating income (down $240 million YoY due to PBM contract pressures). 
  - **Pharmacy & Consumer Wellness**: $5.95 billion adjusted operating income (up $270 million YoY). 
- **2026 Outlook**: Low single-digit growth in Health Services, mid-teens EPS growth driven by Aetna margin expansion and PBM model transition.

**【Q&A Key Highlights】**
- **PBM Headwinds**: $240 million impact from market basket-based contract guarantees. Transition to TrueCost model expected to mitigate long-term risks. 2026 PBM growth outlook revised to modestly lower due to recontracting.
- **Retail Pharmacy Growth**: 3% Q4 script growth guidance, driven by Rite Aid integration and CostVantage adoption. Front-store comps improving with 2.6% customer base growth.
- **Medicare Advantage Margins**: 2026 target for MA margin expansion, with 81% of members in 4+ star plans and disciplined plan design.
- **Oak Street Health**: Pretax operating losses not disclosed, but focus on closing underperforming clinics and renegotiating payer contracts for 2026.


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