CVS Health boosted its guidance despite a $4 billion loss. The company documented $103 billion in revenue for third-quarter 2025, according to an Oct. 29 financial report.
Revenue was up 7.8% year over year. The company raised its outlook and projected adjusted earnings per share guidance range to $6.55 to $6.65 from $6.30 to $6.40.
Net income was down from $71 million during the same period in 2024. The company documented a $5.7 billion goodwill impairment charge related to the healthcare delivery reporting unit under its health services segment. Centene also noted an impairment this quarter.
Aetna
The healthcare benefits segment — which encompasses CVS Health’s insurance business, Aetna — produced $36 billion in revenue in the third quarter, up 9% year over year. The medical cost ratio dropped from 95.2% to 92.8%.
Total medical membership was at 26.7 million members, remaining in line with previous membership counts. This past quarter, Aetna had 18.9 million commercial members, 4.3 million Medicare Advantage members, 1.2 million Medicare supplement members and 2.4 million Medicaid members.
Health services segment
Total revenue reached $49.3 billion in the third quarter, up 11.6% over third-quarter 2024.
Adjusted operating income was $2.1 billion, down 7% from third-quarter 2024.
CVS processed 475.6 million pharmacy claims, a drop from 484.1 million claims from third-quarter 2024.
Pharmacy and consumer wellness segment
Total revenue reached $36.2 billion, up 11.7% over third-quarter 2024.
Adjusted operating income dropped from $1.6 billion in third-quarter 2024 to $1.5 billion in third-quarter 2025.
Prescriptions filled increased, reaching 461.4 million in third-quarter 2025 versus 431.6 during the same period last year.
Editor’s note: This story was updated to clarify medical membership.
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