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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
Repositioned as a technology-driven healthcare leader, focusing on trust, simplification, and consumer engagement across pharmacy, insurance, and care delivery segments.
Transitioned from a traditional health insurance organization to a consumer-focused health solutions business, leveraging technology, digital solutions, and AI-driven innovation.
Launched an Open Consumer Engagement Platform, aiming to unify digital and in-person experiences, commercialize technology assets, and offer "Engagement as a Service" by 2026.
Emphasized operational excellence, best-in-class execution, and a culture shift toward innovation and streamlined clinical operations.
Leveraged omnichannel reach, with 85% of the U.S. population within 10 miles of a location, and connections to 185 million consumers, to drive engagement and brand trust.
Financial guidance and performance outlook
Raised 2025 revenue guidance to at least $400B and adjusted EPS to $6.60–$6.70, with 2026 guidance at $7.00–$7.20 EPS and at least $400B in revenues.
Projects mid-teens adjusted EPS CAGR through 2028, driven by diversified businesses, margin recovery, and innovation.
2026 adjusted operating income projected at $15.07–$15.41B, with strong cash flow generation ($10B+ in 2026) and $55–$60B cumulative deployable cash from 2026 to 2028.
Short-term focus on deleveraging and maintaining dividends, with long-term plans for share repurchases and strategic acquisitions.
Investments for the open platform launch are included in guidance, but upside from its commercialization is not yet reflected.
Business segment highlights and innovations
Aetna/Health Care Benefits achieved $2.5B AOI improvement in 2025, with further $1.7B targeted for 2026, focusing on margin recovery, technology, and care model innovation.
Caremark retained 98% of customers, won $6B in new business, leads in specialty pharmacy and biosimilar adoption, and targets 85% of PBM customers on net cost models by 2026.
Retail pharmacy reset earnings trajectory to at least flat, driven by operational improvements, technology, and market share gains.
Health Care Delivery (Oak Street, Signify, MinuteClinic) shifted focus from clinic growth to margin improvement, technology-driven efficiency, and expanded primary care, targeting break-even and profitability.
AI and digital tools are embedded across operations, generating over $1B in operating efficiencies and enabling cost savings, better outcomes, and scalable growth.
Health Care Delivery breakeven timeline
Monetization of new AI engagement platform
Future recurrence of non-GAAP adjustments
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 20254 Feb, 2026
Next CVS Health earnings date
Q4 20254 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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