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1 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Fourth Quarter 2025 February 10, 2026 J. David Joyner Chair and Chief Executive Officer Brian O. Newman Executive Vice President and Chief Financial Officer Earnings Conference Call
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2 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Cautionary Statement concerning forward-looking statements This presentation includes forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation (“CVS Health”). By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may also differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the heading “Cautionary Statement Concerning Forward-Looking Statements” in our most recent Annual Report on Form 10-K, our recent Current Reports on Form 8-K and this morning’s earnings press release. This presentation includes non-GAAP financial measures that we use to describe our company’s performance. In accordance with SEC regulations, you can find the definitions of these non-GAAP measures, as well as reconciliations to the most directly comparable GAAP measures, in our press release we issued in connection with the release of our results for the fourth quarter of 2025 and our non-GAAP reconciliation document, which are both available on the Investor Relations portion of our website.
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3 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Delivered consolidated revenue growth of 8.2% and adjusted EPS of $1.09 in the fourth quarter of 2025. Reaffirmed 2026 adjusted EPS guidance of $7.00 to $7.20, highlighting our strong position for 2026. 8.2% consolidated revenue growth $1.09 adjusted EPS $2.30 GAAP EPS $7.00 – $7.20 adjusted EPS At least $400.0B consolidated revenue $15.07 – $15.41B consolidated adjusted operating income At least $9.0B cash flow from operations Build Trust Delivering better experiences that Financial Results Fourth Quarter 2025 Company Guidance Full Year 2026 $10.6B year-to-date cash flow from operations Improving health care experiences and outcomes for Aetna members using our unique collection of enterprise capabilities Leading the evolution of the PBM model with a focus on delivering lowest net cost and improving consumer transparency Investing in colleagues, technology and consumer experiences to ensure we maintain our position as a trusted provider in the communities we serve Enterprise Highlights
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4 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. To be America’s most trusted health care company OUR AMBITION
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5 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Strategic Imperatives Become best-in-class across the enterprise Transform the consumer experience Be the partner of choice Be the employer of choice Create distinct and durable enterprise value
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6 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Business highlights Reported a fourth consecutive quarter of strong results driven by the strength of our diversified businesses. We are continuing to build positive momentum across CVS Health as we work to become America’s most trusted health care company. Returned over $3.0 billion in dividends to shareholders during 2025, including $845 million in the fourth quarter. Full-year 2025 adjusted earnings per share of $6.75 exceeded our initial expectations by ~15%. We are encouraged by the progress and positioning across our businesses as we work to unlock the earnings power of our diversified enterprise. Consolidated Results 4Q 2025 4Q 2024 Total Revenues $105.7 $97.7 Adjusted Operating Income $2.60 $2.73 GAAP Earnings per Share $2.30 $1.30 Adjusted Earnings per Share $1.09 $1.19 Cash Flow from Operations $3.4 $1.9 In billions, except per share amounts Quarter Results
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7 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Consolidated Guidance Business highlights Reaffirmed our 2026 adjusted EPS guidance range of $7.00 to $7.20, highlighting our strong position as we start 2026. Our 2026 guidance continues to reflect our focus on building trust by setting expectations that are appropriate and achievable with opportunities for outperformance. Revised cash flow from operations guidance of at least $9.0 billion reflects early receipt of certain payments at the end of 2025 and a continued focus on working capital efficiencies. When combined with higher cash flow delivered in 2025, our cumulative cash flow expectation across 2025 and 2026 has increased by over $1.5 billion. 4Q 2025 Call February 10, 2026 Investor Day December 9, 2025 Total Revenues At least $400.0 At least $400.0 Adjusted Operating Income $15.07 to $15.41 $15.07 to $15.41 GAAP Earnings per Share $5.94 to $6.14 $5.94 to $6.14 Adjusted Earnings per Share $7.00 to $7.20 $7.00 to $7.20 Cash Flow from Operations at least $9.0 at least $10.0 Interest Expense ~$3.13 ~$3.13 Capital Expenditures $3.0 to $3.2 $3.0 to $3.2 Adjusted Effective Tax Rate ~25.3% ~25.3% Weighted Average Diluted Share Count ~1.285 ~1.285 In billions, except per share amounts and tax rate Full Year 2026 Guidance
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8 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. To simplify health care one person, one family and one community at a time OUR PURPOSE
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9 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. 4Q 2025 Call February 10, 2026 Investor Day December 9, 2025 Total Revenues At least $137.0 At least $137.0 Adjusted Operating Income $3.58 to $3.92 $3.58 to $3.92 Total Medical Membership (millions) ~25.6 ~25.4 Medical Benefit Ratio (MBR) 90.5% ±50 bps 90.5% ±50 bps 4Q 2025 4Q 2024 Total Revenues $36.3 $33.0 Adjusted Operating Income (Loss) ($0.68) ($0.44) Total Medical Membership (millions) 26.6 27.1 Commercial 18.8 18.9 Government 7.8 8.2 Medical Benefit Ratio (MBR) 94.8% 94.8% In billions, except MBR and membership Quarter Results Business highlights Fourth quarter adjusted operating loss increased modestly year over year, primarily driven by changes in seasonality of the Medicare Part D program and several one-time items, partially offset by improved underlying performance in our Government business. Our fourth quarter Medical Benefit Ratio of 94.8% was impacted by several one- time items. Medical cost trends remained elevated across all products but were broadly in line with our expectations. Full year 2025 adjusted operating income increased by over $2.6 billion year over year, reflecting disciplined execution on the first year of our margin recovery. Reaffirmed 2026 adjusted operating income guidance of $3.58 billion, at the low end, which continues to reflect a prudent view of medical cost trends. Health Care Benefits In billions, except MBR and membership Full Year 2026 Guidance
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10 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. 4Q 2025 Call February 10, 2026 Investor Day December 9, 2025 Total Revenues At least $196.6 At least $196.6 Adjusted Operating Income At least $7.25 At least $7.25 Pharmacy Claims Processed1 At least 1.84 At least 1.84 4Q 2025 4Q 2024 Total Revenues $51.2 $47.0 Adjusted Operating Income $1.92 $1.76 Pharmacy Claims Processed1 (millions) 491.9 499.4 In billions, except pharmacy claims Quarter Results Business highlights Fourth quarter adjusted operating income increased by 9.2% year over year, driven by improved purchasing economics, partially offset by continued pharmacy client price improvements. Health Care Delivery performance in the fourth quarter was broadly in line with our latest expectations. Full year 2025 adjusted operating income decreased by 1.3% year over year. We are focused on improving financial performance in Health Care Delivery, including taking actions to enhance our Oak Street operations, and leading the PBM market to a model of the future, while maintaining attractive margins. Reaffirmed 2026 adjusted operating income guidance of at least $7.25 billion. Health Services In billions Full Year 2026 Guidance
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11 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. 4Q 2025 Call February 10, 2026 Investor Day December 9, 2025 Total Revenues At least $136.5 At least $136.5 Adjusted Operating Income At least $6.09 At least $6.09 Prescriptions Filled1 At least 1.86 At least 1.86 4Q 2025 4Q 2024 Total Revenues $37.7 $33.5 Adjusted Operating Income $1.91 $1.76 Prescriptions Filled1 (millions) 473.8 445.9 In billions, except prescriptions filled Quarter Results Business highlights Fourth quarter adjusted operating income increased by 8.7% year over year, driven by increased prescription volume and favorable drug mix, partially offset by continued pharmacy reimbursement pressure and increased investments. Same store pharmacy sales and same store prescription volumes increased by ~19.3%2 and ~9.7%2, respectively, over the prior year quarter. Continued growth in retail pharmacy script share, exceeding 29%. Full year 2025 adjusted operating income increased 4.6% year over year, reflecting the impact of our deliberate investments and highlighting our position as the best run national pharmacy. Reaffirmed 2026 adjusted operating income guidance of at least $6.09 billion. Pharmacy & Consumer Wellness In billions Full Year 2026 Guidance
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12 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Footnotes Fourth Quarter 2025 1. Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. 2. Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company’s retail pharmacy stores that have been operating for greater than one year and digital sales initiated online or through mobile applications and fulfilled through the Company’s distribution centers, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. Same store metrics exclude revenues and prescriptions from infusion service s operations and long-term care pharmacies. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Same-store metrics provide management and investors with information useful in understanding the portion of current revenues and prescriptions resulting from organic growth in existing locations versus the portion resulting from opening new stores.