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CVS Health
CVS Health (CVS) investor relations material
CVS Health Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary9 Dec, 2025
Strategic vision and business transformation
Committed to becoming America's most trusted healthcare company by simplifying care, improving access, affordability, and outcomes for 185 million people served, and transitioning to a consumer-focused health solutions business leveraging technology and digital solutions.
Executed a major leadership overhaul, exited non-core businesses, and invested $20 billion over 10 years in technology to enable growth and integration across business lines.
Established four growth pillars: best-in-class execution in core businesses, transforming consumer experiences, partnering with providers, and leveraging enterprise capabilities through technology.
Announced the launch of an Open Consumer Engagement Platform, aiming to commercialize technology assets and offer 'Engagement as a Service' to the industry by 2026, with active partner discussions.
Emphasized the unique reach of 9,000+ locations, 300,000 colleagues, and 85% of the U.S. population living within 10 miles of a facility.
Financial guidance and performance outlook
Raised 2025 guidance to at least $400 billion in revenue and $6.60–$6.70 adjusted EPS, with 2026 guidance of at least $400 billion in revenue and $7.00–$7.20 adjusted EPS.
Projects mid-teens adjusted EPS CAGR through 2028, driven by diversified businesses, Aetna margin recovery, specialty pharmacy growth, and improved healthcare delivery performance.
2026 adjusted operating income projected at $15.07–$15.41 billion, with all business segments contributing to growth.
Strong cash flow generation expected, with $55–$60 billion deployable cash from 2026 to 2028, prioritizing deleveraging, dividends, and future share repurchases.
Investments for the Open Engagement Platform are included in guidance, but upside from its commercialization is not yet reflected in long-term projections.
Business segment highlights and innovations
Aetna/Health Care Benefits achieved $2.5 billion AOI improvement in 2025, with further $1.7 billion targeted for 2026, focusing on operational excellence, technology, and new care models, and renewed focus on Medicare Advantage and Medicaid.
Healthcare delivery pivoted Oak Street Health from rapid expansion to margin improvement, expanded MinuteClinic primary care to 400+ locations, and enhanced Signify Health offerings.
Caremark retained 98% of customers, won $6 billion in new business, led in transparent pricing with TrueCost, and delivered $1.5 billion in client and member savings through biosimilars.
Specialty pharmacy remains the largest in the U.S., serving 2.2 million patients, leveraging AI and automation to reduce therapy start times by 45%.
Retail pharmacy reset earnings trajectory to at least flat, driven by cost discipline, technology, omnichannel expansion, and market share gains.
Health Care Delivery breakeven timeline
Monetization of new AI engagement platform
Future recurrence of non-GAAP adjustments
How will the Open Engagement Platform be commercialized
Oak Street Health profitability timeline and milestones
What triggers return to strategic capital deployment?
Commercialize 'Engagement as a Service'
Oak Street Health's revised VBC strategy
Impact of TrueCost PBM model on affordability?
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Next CVS Health earnings date
Q4 202510 Feb, 2026
CVS Health
Next CVS Health earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Americas Pharmacy
CVS is a retail pharmacy and healthcare company based in the United States. The company operates a chain of pharmacies and retail stores across the country, offering a wide range of prescription medications, over-the-counter drugs, health and beauty products, and general merchandise. CVS also provides pharmacy benefit management services, mail-order pharmacy services, and operates walk-in healthcare clinics.
The pharmacy side of the business
The pharmacy side of CVS plays a critical role in providing healthcare services to customers. CVS pharmacies offer prescription medications, over-the-counter drugs, and health-related products. Highly trained pharmacists are available to provide guidance, answer questions, and ensure the safe and accurate dispensing of medications. CVS pharmacies also offer additional services like medication counseling and medication adherence programs. They work closely with healthcare providers, insurance companies, and government programs to deliver comprehensive pharmacy services to customers of all ages and health needs.
A retailer and a pharmacy all in one
CVS operates a diverse and expansive retail business, catering to a wide range of customer needs. Their retail stores offer an extensive selection of products, including health and wellness items, personal care products, cosmetics, over-the-counter medications, groceries, household essentials, and seasonal merchandise. The stores are well-organized, making it easy to find desired products, and the stores often feature dedicated sections for specific categories, such as beauty, baby care, and personal wellness. This combination of retail and pharmaceutical services all in one is more or less mirrored in one of their biggest competitors Walgreens.
Healthcare services
In addition to its retail and pharmacy services, CVS offers a range of healthcare offerings to customers. CVS pharmacies provide immunization and vaccination services, including flu shots, vaccines for preventable diseases, and specialized immunizations for specific populations. The suppliers for these vaccines include heavy hitters of the healthcare industry such as Pfizer. They also offer health checks and screenings for various conditions, such as high cholesterol, abnormal blood pressure, and diabetes. CVS's walk-in clinics, known as MinuteClinics, provide accessible and affordable healthcare services for minor illnesses, injuries, vaccinations, and general wellness needs. These services are staffed by qualified healthcare professionals, such as nurse practitioners and physician assistants, who can diagnose, treat, and provide preventive care recommendations to patients.
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