MAAT INDEX

CLAIM #18583 · CVS Health Corp (CVS) · 2025Q3 earnings call · Oct 29, 2025 · due Dec 31, 2026

We continue to meaningfully improve our leverage ratio, supported by our strong year-to-date performance and expect to make further improvement next year as we grow enterprise earnings driven by margin recovery in our Aetna business.

Brian O. Newman · CFO

PENDING
graded after results covering Dec 31, 2026 are reported

How to check this claim

Look at: Company-reported leverage ratio (debt-to-adjusted-EBITDA or similar, as disclosed by CVS)

It came true if: Full-year 2026 leverage ratio lower than the full-year 2025 reported leverage ratio

Where: CVS Health quarterly/annual earnings releases and investor presentations (leverage ratio disclosure)

In context

ase in same-store prescription volumes. Same-store front store sales increased 150 basis points versus the prior year quarter. Adjusted operating income decreased approximately 7% from the prior year to approximately $1.5 billion. This decrease was primarily driven by continued pharmacy reimbursement pressure and increased investments in colleagues and capabilities. These items were partially offset by increased prescription volume. Shifting now to cash flow and the balance sheet. We generated cash flows from operations of approximately $7.2 billion year-to-date through the third quarter. We have distributed approximately $2.6 billion in dividends to our shareholders year-to-date, and we ended the quarter with approximately $2.3 billion of cash at the parent and unrestricted subsidiaries. We continue to meaningfully improve our leverage ratio, supported by our strong year-to-date performance and expect to make further improvement next year as we grow enterprise earnings driven by margin recovery in our Aetna business. Shifting now to our revised outlook for 2025. We are increasing our full year 2025 guidance for adjusted EPS to a range of $6.55 to $6.65, an increase of $0.25. This update reflects our third quarter performance and our revised expectations for the remainder of the year, which continue to maintain a prudent outlook on medical cost trends and macro factors. We now expect full year total revenues of at least $397 billion, an increase of nearly $6 billion driven by increases across all segments. In our Health Care Benefits segment, we now expect full year adjusted operating income of approximately $2.72 billion at the low end of our guidance range, an increase of approximately $300 million reflecting our performance in the third quarter and improved expectations for the remainder of the year

Verify independently

SEC filings for CVS · Claim quote is verbatim from the 2025Q3 earnings call.