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Second quarter 2026 August 5 , 2026 CVS Health Earnings Conference Call J. David Joyner Chairman and Chief Executive Officer Brian O. Newman Executive Vice President and Chief Financial Officer
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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 most recent Quarterly Report on Form 10-Q, our recent Current Reports on Form 8-K and this morning’s 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 this morning’s press release as well as in our non-GAAP reconciliation document, which is available on the Investor Relations portion of our website. Cautionary statement regarding forward-looking statements 2 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
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Second Quarter 2026 Financial Results Full Year 2026 Company Guidance 7.3% consolidated revenue growth $2.58 adjusted EPS $2.31 GAAP EPS $10.6B year-to-date cash flow from operations At least $414.0B consolidated revenue $16.58 to $16.92B consolidated adjusted operating income $7.90 to $8.10 adjusted EPS At least $11.5B cash flow from operations Delivering better experiences that build trust Distinguishing CVS Health as the destination of choice for consumers seeking GLP-1s, regardless of how they choose to access these therapies, by improving affordability, expanding access and enhancing the consumer experience Strengthening our operations to drive simplicity and remove friction, including the launch of our new AI-enabled Claims Assist Manager, which will reduce processing time by over 20% and accelerate payments Enhancing our Health100 platform with tools that simplify the health care experience and improve consumer engagement, including through Haio , our AI-powered health assistant Delivered consolidated revenue growth of 7.3% and adjusted EPS of $2.58 in the second quarter of 2026. Raising 2026 adjusted EPS guidance to a range of $7.90 to $8.10, highlighting strong execution across CVS Health. 3 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. 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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Consolidated results QUARTER RESULTS In billions, except per share amounts 2Q 2026 2Q 2025 Total revenues $106.1 $98.9 Adjusted operating income $5.16 $3.81 GAAP earnings per share $2.31 $0.80 Adjusted earnings per share $2.58 $1.81 Cash flow from operations $6.3 $1.9 Key highlights Reported strong second quarter results and exceeded expectations driven by intentional execution and deliberate actions across CVS Health. We are continuing to build positive momentum as we work to become America’s most trusted health care company. Generated cash flow from operations of approximately $6.3 billion. Returned nearly $880 million in dividends to shareholders in the quarter. 5 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
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Raising 2026 adjusted EPS guidance to a range of $7.90 to $8.10, highlighting strong execution across CVS Health. Our updated earnings guidance reflects increases in both the Health Care Benefits and Pharmacy and Consumer Wellness segments. Our guidance continues to reflect the core principles of our guidance philosophy: credible targets, disciplined execution and clear opportunities for outperformance. 6 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Key highlights Consolidated guidance Additional details can be found on the Consolidated Guidance Summary posted to the Investor Relations portion of our website. 2026 GUIDANCE In billions, except per share amounts 2Q 2026 CALL August 5, 2026 1Q 2026 CALL May 6, 2026 Total revenues At least $414.0 At least $405.0 Adjusted operating income $16.58 to $16.92 $15.53 to $15.87 GAAP earnings per share $6.84 to $7 .04 $6.24 to $6.44 Adjusted earnings per share $7 .90 to $8.10 $7 .30 to $7 .50 Cash flow from operations At least $11.5 At least $9.5
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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 Our strategic imperatives 7 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
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2Q 2026 2Q 2025 Total revenues $37 .5 $36.3 Adjusted operating income $2.43 $1.31 Medical membership 26.0M 26.7M Medical benefit ratio (MBR) 87 .4% 89.9% 2Q 2026 CALL August 5, 2026 1Q 2026 CALL May 6, 2026 At least $144.0 At least $142.0 $5.03 to $5.37 $4.00 to $4.34 ~26.0M ~26.0M 89.75% ±25 bps 90.5% ±50 bps QUARTER RESULTS 2026 GUIDANCE In billions, except MBR and membership 8 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Second quarter adjusted operating income increased by over $1 billion year over year, primarily driven by improved underlying performance in our Government business. Second quarter MBR exceeded expectations, driven by $500 million of changes in prior year estimates, including Individual Exchange risk adjustment and favorable development, as well as continued pockets of core outperformance, primarily in Medicare, due to strong medical cost management and disciplined pricing. Updated 2026 adjusted operating income guidance of $5.03 to $5.37 billion reflects favorable prior year items and a portion of the first half core outperformance while maintaining a respectful and prudent view on trends. Health Care Benefits Key business highlights
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2Q 2026 2Q 2025 Total revenues $51.8 $46.5 Adjusted operating income $1.73 $1.58 Pharmacy claims processed1 473.0M 469.0M 2Q 2026 CALL August 5, 2026 1Q 2026 CALL May 6, 2026 At least $203.6 At least $196.6 At least $7 .25 At least $7 .25 At least 1.905B At least 1.840B QUARTER RESULTS 2026 GUIDANCE Key business highlights In billions, except quarterly pharmacy claims 9 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Second quarter adjusted operating income increased from the prior year, primarily driven by improved purchasing economics, pharmacy drug mix and modest improvement in Health Care Delivery, partially offset by pharmacy client price improvements. Second quarter results reflect pressure in our 340B business and a pull-forward of value previously expected to occur in the second half. After adjusting for the pull-forward, underlying results were in line with expectations driven by broader Caremark outperformance. Reaffirmed 2026 adjusted operating income guidance of at least $7.25 billion reflects continued strong performance across Pharmacy Services, offset by our updated view of 340B. Health Services
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2Q 2026 2Q 2025 Total revenues $33.8 $33.6 Adjusted operating income $1.48 $1.34 Prescriptions filled1 457 .0M 438.1M 2Q 2026 CALL August 5, 2026 1Q 2026 CALL May 6, 2026 At least $137 .5 At least $136.5 At least $6.40 At least $6.18 At least 1.865B At least 1.865B QUARTER RESULTS 2026 GUIDANCE Second quarter adjusted operating income increased year over year, primarily driven by core pharmacy strength and contributions from the Rite Aid asset acquisitions, partially offset by continued business investments and the impact of consumer dynamics. Strengthening our omnichannel and consumer engagement capabilities to create a more seamless experience across our stores and digital platforms. Updated 2026 adjusted operating income guidance of at least $6.40 billion reflects strong performance in the quarter and improved pharmacy performance for the remainder of the year. In billions, except quarterly prescriptions filled 10 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary. Pharmacy & Consumer Wellness Key business highlights
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11 ©2025 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 11 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.
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1. Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. Endnotes 12 ©2026 CVS Health and/or one of its affiliates. Confidential and proprietary.