CVS revenue hits record $402B as Aetna turnaround offsets $7B in charges

CVS Health (NYSE:CVS) reported on Tuesday, February 10, 2026, that it has become the first pure-play healthcare company to surpass $400 billion in annual revenue, even as a series of heavy one-time charges masked the underlying strength of its Aetna and Caremark units.

For the full year 2025, the Woonsocket, Rhode Island-based giant posted record revenue of $402.1 billion, up 7.8% year-over-year, driven by increased medical membership and a surge in high-cost specialty drug claims.

The headline GAAP results were significantly impacted by $6.9 billion in pre-tax charges, including a $5.7 billion goodwill impairment in its Health Care Delivery segment and $1.2 billion in legacy litigation charges.

These costs pulled full-year GAAP earnings down to $1.39 per share.

However, on an adjusted basis—which strips out these non-recurring items—CVS delivered a fourth-quarter profit of $1.09 per share, beating the $1.00 analyst consensus.

Full-year adjusted EPS landed at $6.75, reflecting a stabilized Medical Benefit Ratio (MBR) at Aetna as the company successfully re-priced its Medicare Advantage plans to account for rising utilization.

A major operational milestone in the quarter was the completion of CVS Pharmacy’s transition to its new "CostVantage" model.

This shift to cost-based reimbursement across commercial and government businesses aims to bring transparency to drug pricing and stabilize retail margins that have been under pressure for years.