Media analysis
Media · post-earnings takeaway
The Payer Record · CVS · Q2 2026
CVS Health / Aetna Q2 2026 — the filed record
Why the Results ChangedExact source language · this is not analyst valuation logic
Media analysis
Media · post-earnings takeaway
“By comparison, in the third quarter of 2024 before current CEO David Joyner took the reins, Aetna’s MLR topped 95%, mostly due to higher costs for its MA seniors.”
Media analysis
Media · post-earnings takeaway
“The company now expects adjusted earnings per share of $7.90 to $8.10, up from its previous guidance of between $7.30 and $7.50.”
Management
Management · earnings release
David Joyner · earnings statement
“Our CVS Health colleagues build trust every day in communities across our country by making healthcare easier for millions of customers, patients and members. As our businesses work together to deliver a technology-powered care engagement experience, we continue to deliver strong performance. We uniquely enable what our customers want the most: simple, connected and convenient access to affordable, quality healthcare, where, when, and how they want it.”
Target Changes — Why Not AvailableAction is public · model logic is not
Analyst action
Reported action · explanation unavailable
CVS Health price target raised to $108 from $106 at Barclays
Why the target changed: not public. The linked report does not provide the analyst’s revised forecasts, valuation multiple, or assumptions. The results and guidance above may have informed the action, but the public record does not establish that connection.
Sourced Takeaways5 takeaways · every bullet sourced
- Revenue was $106,096M; versus $98,915M a year earlier.Filed8-K 2026-08-05 · EX-99.1
- Adjusted EPS was $2.58; versus $1.81 a year earlier; FY guide $7.90–$8.10.Filed8-K 2026-08-05 · EX-99.1
- Diluted EPS (GAAP) was $2.31; versus $0.80 a year earlier.Filed8-K 2026-08-05 · EX-99.1
- Benefit expense ratio was 87.4 %; versus 89.9 % a year earlier.Filed8-K 2026-08-05 · EX-99.1
- Medical membership was 26.0M; versus 26.7M a year earlier.Filed8-K 2026-08-05 · EX-99.1
The NumbersReported · published precision · every figure sourced
| Metric | Q2 2026 | Prior yr | YoY | FY Guide |
|---|---|---|---|---|
| Revenue | $106,096M | $98,915M | — | — |
| Adjusted EPS | $2.58 | $1.81 | — | $7.90–$8.10 |
| Diluted EPS (GAAP) | $2.31 | $0.80 | — | — |
| Benefit expense ratio | 87.4 % | 89.9 % | — | — |
| Medical membership | 26.0M | 26.7M | — | — |
| Net income | $2,979M | $1,021M | — | — |
CMS ROWS ARE GROUND TRUTH, INDEPENDENT OF COMPANY REPORTING · PRECISION PER BRAND SPEC
The DocumentsEverything this record is built from
The filing every figure on this page is read from.
8-K 2026-08-05 · EX-99.1