CVS Health Corporation filed its annual report describing a large, diversified health solutions company built around insurance, pharmacy services and retail care delivery in the U.S.
As of December 31, 2025, CVS operated about 9,000 retail locations, more than 800 MinuteClinics and roughly 1,000 walk‑in and primary care clinics, and filled or managed up to 1.9 billion prescriptions through its Health Services segment and 1.8 billion prescriptions through Pharmacy & Consumer Wellness.
The company reports four segments: Health Care Benefits (Aetna-branded medical, Medicare, Medicaid and related products), Health Services (PBM, specialty, value‑based care and in‑home evaluations), Pharmacy & Consumer Wellness (retail pharmacy and front store), and Corporate/Other. CVS highlights heavy use of technology and AI, quality accreditations, extensive provider networks, value‑based primary care, and a Healthy 2030 impact strategy focused on people, business, community and planet.
CVS Health reported strong 2025 top-line growth but sharply lower GAAP profit due to large one-time charges. Total revenues rose 7.8% to a record $402.1 billion, with fourth-quarter revenue up 8.2% to $105.7 billion.
Full-year GAAP diluted EPS fell to $1.39 from $3.66, mainly driven by a $5.7 billion goodwill impairment in the Health Services segment and about $1.2 billion of legacy litigation charges. By contrast, adjusted EPS increased to $6.75 from $5.42, reflecting stronger underlying operations, especially in Pharmacy & Consumer Wellness. Cash flow from operations was $10.6 billion. For 2026, CVS reaffirmed GAAP EPS guidance of $5.94–$6.14 and adjusted EPS of $7.00–$7.20, but lowered its operating cash flow outlook to at least $9.0 billion from at least $10.0 billion.
CVS Health executive-related trust reports small share purchase. A trust associated with CVS Health EVP and President, Aetna Steven H. Nelson reported an indirect purchase of 24 shares of CVS common stock on 01/23/2025 at $53.7 per share.
The shares were bought by a broker exercising discretion for a separately managed account in the name of a trust for Nelson’s benefit and were not previously reported due to broker error. They were later transferred to a trust for the benefit of Nelson’s spouse, and Nelson disclaims beneficial ownership of these shares.
CVS Health Corp executive Prem S. Shah, EVP and Group President, reported a routine transaction involving CVS common stock. On 01/01/2026, Shah surrendered 247 shares of CVS Health Corp common stock at $80.13 per share, coded as an "F" transaction, which represents shares withheld to pay taxes due upon the settlement of deferred vested stock units. After this tax-related surrender, Shah beneficially owned 61,509.3235 shares of CVS common stock directly, as well as 2,486.5714 deferred stock units awarded under CVS Health’s 2010 and 2017 Incentive Compensation Plans, which he has elected to defer.
CVS Health Corporation furnished information from its 2025 Investor Day, where it discussed strategic priorities and updated its financial outlook. On December 9, 2025, the company issued a press release that revised its full-year 2025 financial guidance and introduced full-year 2026 financial guidance. The press release is attached as Exhibit 99.1 to this report and is incorporated into the Regulation FD disclosure section by reference.
The company notes that this press release and related information are being furnished, not filed, under securities laws, meaning they are not automatically subject to certain liability provisions or incorporated into other securities filings unless specifically referenced.
CVS Health Corp executive Tilak Mandadi, EVP and Chief Experience & Technology Officer, reported an automatic share disposition related to equity compensation. On 11/30/2025, he disposed of 6,575 shares of CVS common stock at $80.36 per share. The filing explains this was a surrender of shares to pay withholding taxes due upon the vesting and settlement of a restricted stock unit award, which is a common administrative transaction rather than an open‑market sale. After this tax-related transaction, Mandadi beneficially owned 74,085 CVS shares, held directly.
CVS Health director reported an automatic share disposal related to equity compensation. On 11/30/2025, 9,748 shares of CVS Health common stock were surrendered at a price of $80.36 per share under transaction code "F," which indicates shares withheld to cover taxes on a vesting restricted stock unit award.
After this tax-withholding transaction, the reporting person beneficially owned 19,438.4534 CVS Health shares, held directly. This filing reflects administrative handling of equity award taxation rather than an open-market sale initiated for investment reasons.
CVS Health Corp executive Heidi B. Capozzi reported a tax-related share withholding transaction. On 11/30/2025, she surrendered 9,470 shares of CVS Health common stock at $80.36 per share, coded as an "F" transaction, meaning the shares were withheld to cover taxes due on the vesting and settlement of a restricted stock unit award.
After this transaction, she directly owned 11,415 shares of CVS Health common stock as an executive vice president and Chief People Officer. This event reflects administrative handling of equity compensation rather than an open-market sale.
CVS Health Corp (CVS) director Douglas H. Shulman reported a routine equity compensation transaction. On 11/20/2025, he acquired 1,652 shares of common stock at a price of $76.04 per share, recorded as an "A" (acquired) transaction.
These shares were issued as payment of a semi-annual retainer at the market price under the company’s 2017 Incentive Compensation Plan, reflecting standard board compensation rather than an open-market purchase. Following this grant, Shulman beneficially owns 5,929 shares of CVS Health common stock in direct ownership.
CVS Health Corporation director Guy P. Sansone reported receiving common stock as part of his board compensation. On 11/20/2025, he acquired 1,652 shares of CVS common stock at a price of $76.04 per share. The filing explains this stock was issued as payment of a semi-annual retainer at market price under the company’s 2017 Incentive Compensation Plan. Following this grant, Sansone beneficially owns 13,659.355 shares of CVS common stock in direct ownership.