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The company posted adjusted earnings per share (EPS) of $1.09 in the last reported quarter, which surpassed the Zacks Consensus Estimate by 10.1%. CVS Health beat on earnings in each of the trailing four quarters, the average surprise being 20.6%.
Q1 Estimates for CVS
The Zacks Consensus Estimate for the company’s first-quarter revenues is pegged at $94.37 billion, which suggests a 0.2% fall from the year-ago reported figure.
The Zacks Consensus Estimate for earnings is pinned at $2.21 per share, which implies a 1.8% decline from the year-ago recorded actuals.
Estimate Revision Trend Ahead of CVS’ Q1 Earnings
Estimates for first-quarter earnings have increased 1 cent to $2.21 per share in the past 30 days.
Here’s a brief overview of the company’s performance leading up to this announcement.
Factors Likely to Have Shaped CVS Health’s Q1 Performance
Health Care Benefits
The segment’s revenues in the first quarter may have been supported by the government business, reflecting the impact of the Inflation Reduction Act (“IRA”) on the Medicare Part D program. Aetna is likely to have entered the year with significant momentum following leadership changes, culture improvements and strengthened capabilities that have contributed to its leading Stars position among national payers. For 2026, more than 81% of its Medicare Advantage members are in 4-star plans, with more than 63% in a 4.5-star plan.
In February 2026, Aetna launched a fully digital benefits onboarding experience, using Rich Communication Services (“RCS”) enabled text messaging channels to provide members with information, resources and support at the start of the plan year. It also began rolling out an enhanced messaging capability for select members with plans, which has been associated with more than 80% increase in overall member engagement and 26% reduction in opt-out rates for all RCS-supported member engagement.
However, elevated medical cost trends are likely to have persisted in the quarter across all products, weighing on the overall performance. Effective January 2026, CVS Health exited the states in which Aetna operated on the Public Exchanges. The impact of Medicaid pass-through items, updated risk adjustment position and flu-related provisions may have continued to affect the medical cost ratio in the first quarter of 2026.
The Zacks Consensus Estimate for the Health Care Benefits segment's revenues indicates a 4.6% year-over-year decrease.
Health Services
Amid ongoing price improvements for pharmacy clients, revenue growth in the segment may have continued to be supported by pharmacy drug mix and brand inflation.
Within Health Care Delivery, CVS Health made several strategic changes throughout 2025 to manage the persistent utilization levels. This includes a slowdown in the pace of new primary care clinic openings in 2026 and the closing of specific Oak Street Health clinics that are not expected to achieve sustainable margins. We assume these actions have made a positive impact on the segment’s first-quarter performance.
Signify Health is expected to have delivered strong performance from providing increased access to provider-led health evaluations, particularly to members in rural areas or those who may have barriers to office business.
Meanwhile, CVS Health’s pharmacy benefit manager, Caremark, exited 2025 with significant customer wins and strong retention. The business has consistently evolved to adapt to the clients' needs and drive changes in the market, as seen with the TrueCost model in 2023. Through its role as a key pharmacy partner to the TrumpRx website, Caremark may have continued to enable greater access and affordability of fertility medicines. This is also likely to have made a positive impact on CVS Health’s top-line performance.
The Zacks Consensus Estimate for the Health Services segment’s net revenues implies a 13.2% increase year over year.
Pharmacy & Consumer Wellness
This segment is also expected to have delivered a solid performance despite continued pharmacy reimbursement pressure and the impact of recent generic drug introductions. Within this, CVS Pharmacy established a new trajectory of at least flat earnings annually starting in 2026, with a stronger-than-expected performance in 2025. This turnaround reflects CVS Health’s consistent investments in colleagues, technology and the consumer experience. The company completed the transition to a cost-based reimbursement, a major step in creating a more transparent and stable pharmacy market for the long term.
In the first quarter of 2026, revenues are likely to have been driven by the pharmacy drug mix alongside incremental volume resulting from CVS Health’s acquisition of the prescription files of certain Rite Aid pharmacies. The transaction enabled nearly 9 million new patients into CVS stores, allowing the company to serve patients who were left without a community pharmacy while also expanding the company’s coast-to-coast footprint. Same-store pharmacy sales also likely grew, supported by growth in same-store prescription volume on a 30-day equivalent basis.
Going by the Zacks Consensus Estimate, revenues in the Pharmacy & Consumer Wellness segment are expected to increase 9.8% in the first quarter of 2026.
Q1 Earnings Whispers for CVS
Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here.
Earnings ESP: CVS Health has an Earnings ESP of -0.26%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time:
Agenus (AGEN - Free Report) has an Earnings ESP of +7.69% and a Zacks Rank #1. The company is expected to release first-quarter 2026 results soon.
In the trailing four quarters, AGEN delivered an average surprise of 31.42%. The Zacks Consensus Estimate implies that the company’s first-quarter EPS will increase 289.3% from the year-ago quarter’s figure.
OnKure Therapeutics (OKUR - Free Report) has an Earnings ESP of +51.65% and a Zacks Rank #2. The company is expected to release first-quarter 2026 results soon.
OKUR’s earnings beat estimates in each of the trailing four quarters, the average surprise being 10.06%. The Zacks Consensus Estimate suggests that OKUR’s first-quarter EPS will rise 31.9% from the year-ago reported figure.
Solventum Corp. (SOLV - Free Report) has an Earnings ESP of +1.97% and a Zacks Rank #2. The company is slated to release first-quarter fiscal 2026 results on May 5.
SOLV’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 9.68%. The Zacks Consensus Estimate for the company’s first-quarter EPS calls for an increase of 0.8% from the year-ago quarter’s figure.
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CVS Q1 Earnings Preview: Health Services Likely to Lead Performance
Key Takeaways
CVS Health (CVS - Free Report) is scheduled to report first-quarter 2026 results on May 6, before the market opens.
The company posted adjusted earnings per share (EPS) of $1.09 in the last reported quarter, which surpassed the Zacks Consensus Estimate by 10.1%. CVS Health beat on earnings in each of the trailing four quarters, the average surprise being 20.6%.
Q1 Estimates for CVS
The Zacks Consensus Estimate for the company’s first-quarter revenues is pegged at $94.37 billion, which suggests a 0.2% fall from the year-ago reported figure.
The Zacks Consensus Estimate for earnings is pinned at $2.21 per share, which implies a 1.8% decline from the year-ago recorded actuals.
Estimate Revision Trend Ahead of CVS’ Q1 Earnings
Estimates for first-quarter earnings have increased 1 cent to $2.21 per share in the past 30 days.
Here’s a brief overview of the company’s performance leading up to this announcement.
Factors Likely to Have Shaped CVS Health’s Q1 Performance
Health Care Benefits
The segment’s revenues in the first quarter may have been supported by the government business, reflecting the impact of the Inflation Reduction Act (“IRA”) on the Medicare Part D program. Aetna is likely to have entered the year with significant momentum following leadership changes, culture improvements and strengthened capabilities that have contributed to its leading Stars position among national payers. For 2026, more than 81% of its Medicare Advantage members are in 4-star plans, with more than 63% in a 4.5-star plan.
In February 2026, Aetna launched a fully digital benefits onboarding experience, using Rich Communication Services (“RCS”) enabled text messaging channels to provide members with information, resources and support at the start of the plan year. It also began rolling out an enhanced messaging capability for select members with plans, which has been associated with more than 80% increase in overall member engagement and 26% reduction in opt-out rates for all RCS-supported member engagement.
CVS Health Corporation Price and EPS Surprise
CVS Health Corporation price-eps-surprise | CVS Health Corporation Quote
However, elevated medical cost trends are likely to have persisted in the quarter across all products, weighing on the overall performance. Effective January 2026, CVS Health exited the states in which Aetna operated on the Public Exchanges. The impact of Medicaid pass-through items, updated risk adjustment position and flu-related provisions may have continued to affect the medical cost ratio in the first quarter of 2026.
The Zacks Consensus Estimate for the Health Care Benefits segment's revenues indicates a 4.6% year-over-year decrease.
Health Services
Amid ongoing price improvements for pharmacy clients, revenue growth in the segment may have continued to be supported by pharmacy drug mix and brand inflation.
Within Health Care Delivery, CVS Health made several strategic changes throughout 2025 to manage the persistent utilization levels. This includes a slowdown in the pace of new primary care clinic openings in 2026 and the closing of specific Oak Street Health clinics that are not expected to achieve sustainable margins. We assume these actions have made a positive impact on the segment’s first-quarter performance.
Signify Health is expected to have delivered strong performance from providing increased access to provider-led health evaluations, particularly to members in rural areas or those who may have barriers to office business.
Meanwhile, CVS Health’s pharmacy benefit manager, Caremark, exited 2025 with significant customer wins and strong retention. The business has consistently evolved to adapt to the clients' needs and drive changes in the market, as seen with the TrueCost model in 2023. Through its role as a key pharmacy partner to the TrumpRx website, Caremark may have continued to enable greater access and affordability of fertility medicines. This is also likely to have made a positive impact on CVS Health’s top-line performance.
The Zacks Consensus Estimate for the Health Services segment’s net revenues implies a 13.2% increase year over year.
Pharmacy & Consumer Wellness
This segment is also expected to have delivered a solid performance despite continued pharmacy reimbursement pressure and the impact of recent generic drug introductions. Within this, CVS Pharmacy established a new trajectory of at least flat earnings annually starting in 2026, with a stronger-than-expected performance in 2025. This turnaround reflects CVS Health’s consistent investments in colleagues, technology and the consumer experience. The company completed the transition to a cost-based reimbursement, a major step in creating a more transparent and stable pharmacy market for the long term.
In the first quarter of 2026, revenues are likely to have been driven by the pharmacy drug mix alongside incremental volume resulting from CVS Health’s acquisition of the prescription files of certain Rite Aid pharmacies. The transaction enabled nearly 9 million new patients into CVS stores, allowing the company to serve patients who were left without a community pharmacy while also expanding the company’s coast-to-coast footprint. Same-store pharmacy sales also likely grew, supported by growth in same-store prescription volume on a 30-day equivalent basis.
Going by the Zacks Consensus Estimate, revenues in the Pharmacy & Consumer Wellness segment are expected to increase 9.8% in the first quarter of 2026.
Q1 Earnings Whispers for CVS
Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here.
Earnings ESP: CVS Health has an Earnings ESP of -0.26%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks Rank #1 stocks here.
Key MedTech Picks
Here are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time:
Agenus (AGEN - Free Report) has an Earnings ESP of +7.69% and a Zacks Rank #1. The company is expected to release first-quarter 2026 results soon.
In the trailing four quarters, AGEN delivered an average surprise of 31.42%. The Zacks Consensus Estimate implies that the company’s first-quarter EPS will increase 289.3% from the year-ago quarter’s figure.
OnKure Therapeutics (OKUR - Free Report) has an Earnings ESP of +51.65% and a Zacks Rank #2. The company is expected to release first-quarter 2026 results soon.
OKUR’s earnings beat estimates in each of the trailing four quarters, the average surprise being 10.06%. The Zacks Consensus Estimate suggests that OKUR’s first-quarter EPS will rise 31.9% from the year-ago reported figure.
Solventum Corp. (SOLV - Free Report) has an Earnings ESP of +1.97% and a Zacks Rank #2. The company is slated to release first-quarter fiscal 2026 results on May 5.
SOLV’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 9.68%. The Zacks Consensus Estimate for the company’s first-quarter EPS calls for an increase of 0.8% from the year-ago quarter’s figure.