CVS Health Corporation reported strong first quarter 2026 results and raised its full-year outlook. Total revenues rose to $100.4 billion, up 6.2% from $94.6 billion a year earlier. GAAP diluted EPS increased to $2.30 from $1.41, while Adjusted EPS grew to $2.57 from $2.25, helped largely by much higher adjusted operating income in the Health Care Benefits segment and the absence of prior-year litigation and divestiture charges.
For 2026, CVS raised its GAAP diluted EPS guidance to a range of $6.24–$6.44 and Adjusted EPS to $7.30–$7.50. The company also increased its cash flow from operations guidance to at least $9.5 billion. Management highlighted improved performance in Health Care Benefits and contributions from its integrated health services model, while noting a continued cautious stance given elevated cost trends and potential macroeconomic headwinds.
Vanguard Capital Management reports beneficial ownership of 95,598,528 shares of CVS Health Corp common stock, representing 7.51% of the class as of 03/31/2026. The filing states sole voting power of 12,948,452 shares and sole dispositive power of 95,598,528 shares. The filing lists Vanguard Capital Management's address in Malvern, PA, and notes that the holdings include shares managed across Vanguard funds and client accounts. The filing is signed by Ashley Grim as Head of Global Fund Administration on 04/29/2026.
CVS Health Corporation is asking stockholders to elect 13 directors and approve key governance and compensation proposals at its virtual 2026 Annual Meeting. Items include director elections, auditor ratification, an advisory say-on-pay vote, and approval of a new 2026 Incentive Compensation Plan.
Management highlights 2025 financial performance, with $402.1 billion in revenue, $10.6 billion in operating cash flow and more than $3.0 billion returned to stockholders. The proxy details board refreshment, leadership changes including J. David Joyner as Chair and CEO, expanded stockholder outreach, and extensive use of AI and technology to improve care, efficiency and member experience.
CVS Health executive Prem S. Shah, EVP and Group President, reported equity compensation and related tax withholding transactions. On March 31, 2026, he received a grant of 161,676 stock options with a $71.82 exercise price, exercisable in three equal annual installments beginning March 31, 2027 and expiring on March 31, 2036. He also received 25,062 shares of restricted common stock, awarded as restricted stock units under the company’s 2017 Incentive Compensation Plan, with restrictions lapsing in three equal installments starting March 31, 2027. On April 1, 2026, 1,484 common shares were surrendered at $72.49 per share to cover withholding taxes due upon vesting and settlement of restricted stock units, rather than sold in the open market. Following these transactions, Shah directly holds 64,356.0985 common shares.
CVS Health EVP and CFO Brian Newman received new equity awards. He was granted stock options for 125,748 shares of common stock at an exercise price of $71.82 per share, which become exercisable in three equal annual installments starting on March 31, 2027.
Newman also received 19,493 restricted stock units of common stock at a reference price of $71.82 per share. These RSUs vest in three equal installments beginning on March 31, 2027. Following the RSU grant, he directly holds 41,354 shares of CVS Health common stock.
CVS Health executive Steven H. Nelson, EVP and President of Aetna, reported routine equity compensation and related tax withholding. He received a stock option grant for 143,712 shares of common stock at $71.82 per share, exercisable in three equal annual installments beginning March 31, 2027 and expiring in 2036. He was also awarded 22,277 restricted shares, with restrictions lapsing in three equal installments starting March 31, 2027. To cover withholding taxes on vesting and settlement of restricted stock units, 2,432 common shares were surrendered, leaving him with 2,900 common shares directly held and 43,606 restricted shares reported after the award.
CVS Health EVP and Chief Experience & Technology Officer Tilak Mandadi reported routine equity compensation moves. He received a grant of 143,712 stock options for Common Stock at an exercise price of $71.82 per share, exercisable in three equal annual installments beginning on 3/31/2027, and expiring on 3/31/2036.
Mandadi was also awarded 22,277 restricted stock units of Common Stock at $71.82 per share under CVS Health’s 2017 Incentive Compensation Plan, with restrictions lapsing in three equal installments starting on 3/31/2027. In a related tax-withholding event, 3,634 shares of Common Stock were surrendered at $72.49 per share to cover taxes due upon the vesting and settlement of restricted stock units. After these transactions, he directly holds 79,684 shares of CVS Health Common Stock.
CVS Health executive Samrat S. Khichi, EVP, CPO and General Counsel, received equity compensation and had shares withheld for taxes. On March 31, 2026, he was granted 80,838 stock options with an exercise price of $71.82 per share, exercisable in three equal annual installments starting March 31, 2027 until expiration on March 31, 2036. He also received 12,531 restricted stock units under the 2017 Incentive Compensation Plan, with restrictions lapsing in three equal installments beginning March 31, 2027. On April 1, 2026, 3,541 shares of common stock at $72.49 per share were surrendered to pay withholding taxes upon RSU vesting, leaving him with 33,421 common shares held directly.
CVS Health President, CEO and Chair J. David Joyner reported routine equity compensation activity. He received 86,326 shares of Common Stock in the form of restricted stock units under the company’s 2017 Incentive Compensation Plan, valued at $71.82 per share. These RSUs vest in three equal installments beginning on March 31, 2027.
In a separate transaction tied to RSU vesting and settlement, Joyner surrendered 8,029 shares of common stock at $72.49 per share to cover withholding tax obligations. After this tax-withholding disposition, he directly holds 70,349 shares of CVS common stock and 160,860 RSUs. These are non‑open‑market, compensation-related transactions rather than discretionary stock purchases or sales.