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CVS Health (CVS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

By Zacks Equity Research | July 31, 2025, 9:30 AM

CVS Health (CVS) reported $98.92 billion in revenue for the quarter ended June 2025, representing a year-over-year increase of 8.4%. EPS of $1.81 for the same period compares to $1.83 a year ago.

The reported revenue represents a surprise of +5.54% over the Zacks Consensus Estimate of $93.72 billion. With the consensus EPS estimate being $1.47, the EPS surprise was +23.13%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how CVS Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Medical benefit ratio (MBR): 89.9% versus the seven-analyst average estimate of 90.7%.
  • Medical membership - Total: 26.72 million versus the five-analyst average estimate of 26.79 million.
  • Medical membership - Insured - Medicare Supplement: $1.24 billion versus the four-analyst average estimate of $1.24 billion.
  • Pharmacy claims processed: 469 million compared to the 481.53 million average estimate based on four analysts.
  • Revenue- Pharmacy & Consumer Wellness Segment: $33.58 billion versus the six-analyst average estimate of $32.16 billion. The reported number represents a year-over-year change of +12.5%.
  • Revenue- Health Care Benefits: $36.26 billion versus the six-analyst average estimate of $34.6 billion. The reported number represents a year-over-year change of +11.7%.
  • Net revenue- Health Services segment: $46.45 billion versus the six-analyst average estimate of $43.52 billion. The reported number represents a year-over-year change of +10.2%.
  • Revenue- Pharmacy & Consumer Wellness Segment- Other: $582 million versus $587.04 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +7% change.
  • Revenue- Health Care Benefits Segment- Services: $1.67 billion compared to the $1.67 billion average estimate based on four analysts. The reported number represents a change of +9.6% year over year.
  • Revenue- Health Care Benefits Segment- Net investment income: $407 million compared to the $355.25 million average estimate based on four analysts. The reported number represents a change of +35.7% year over year.
  • Revenue- Health Care Benefits Segment- Premiums: $34.18 billion versus the four-analyst average estimate of $32.52 billion. The reported number represents a year-over-year change of +11.5%.
  • Revenue- Pharmacy & Consumer Wellness Segment- Front store: $5.37 billion compared to the $5.24 billion average estimate based on four analysts. The reported number represents a change of +1.7% year over year.

View all Key Company Metrics for CVS Health here>>>

Shares of CVS Health have returned -6.5% over the past month versus the Zacks S&P 500 composite's +2.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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This article originally published on Zacks Investment Research (zacks.com).

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