CVS Health第三季度营收1084亿美元增5.4%：上调2026全年指引 调整后每股收益至少8.20美元
CVS Health 11月4日在罗得岛州 Woonsocket 发布截至2026年9月30日的第三季度业绩：总营收1,084亿美元（108,399百万美元），同比增长5.4%；按通用会计准则（GAAP）摊薄每股收益1.68美元，调整后每股收益2.09美元；净利润21.71亿美元，上年同期为净亏损39.90亿美元。公司同时上调2026年全年指引。
上调后的全年指引为：GAAP 摊薄每股收益至少6.98美元（原为6.84至7.04美元区间），调整后每股收益至少8.20美元（原为7.90至8.10美元），经营现金流至少155亿美元（原为至少115亿美元），全年总营收预计至少4,200亿美元。今年前九个月，公司经营现金流已达153亿美元。
GAAP 每股收益同比大增，主要因为上年同期录有57亿美元商誉减值费用、本期不再出现；调整后营业利润同比增长21.2%至41.94亿美元，公司称主要来自健康福利板块利润改善、即其利润率修复计划的持续推进。本季度营业利润35.66亿美元，上年同期为营业亏损32.07亿美元。
分板块看，健康福利（Health Care Benefits）第三季度营收368.55亿美元、增2.4%，调整后营业利润9.12亿美元（上年同期3.14亿美元），医疗赔付率（MBR）91.3%、同比下降1.5个百分点，医疗会员2,610万人；增长主要来自政府业务，部分被2026年退出个人交易市场业务的下滑抵消。健康服务（Health Services）营收539.64亿美元、增9.5%，调整后营业利润21.06亿美元、增2.7%，处理药房索赔4.817亿件。药房与消费者健康（Pharmacy & Consumer Wellness）营收354.98亿美元、降2.0%，调整后营业利润16.35亿美元、增10.6%，配药4.70亿张、增1.9%。
运营动态方面，Aetna 的 Medicare Advantage 会员中超过69%已加入获美国医疗保险和医疗补助服务中心（CMS）四星及以上（满分五星）评级的2027年计划，Aetna 在大型上市 Medicare Advantage 机构中排名第二；CVS Pharmacy 供应全部经美国食品药品管理局（FDA）批准的 GLP-1 药物，配套 MinuteClinic 线上减重问诊与门店当日取药服务；其数字健康子公司 Health100 的手机应用获得 DirectTrust 的 CARIN 消费者应用行为准则认证。
董事长兼首席执行官 David Joyner 表示，公司各业务板块本季度都取得强劲业绩，战略推进靠改善消费者体验、降低成本与连接护理。公司同日另行宣布拟分拆为两家上市公司。
关联：CVS Health宣布分拆为两家上市公司：约9000家药房独立为CVS Pharmacy
（来源：CVS Health）
CVS Health Q3 Revenue Rises 5.4% to $108.4 Billion: Full-Year 2026 Guidance Raised, Adjusted EPS Now at Least $8.20
CVS Health reported third quarter results on November 4 in Woonsocket, Rhode Island, for the three months ended September 30, 2026: total revenues rose to $108.4 billion ($108,399 million), up 5.4% year over year; GAAP diluted EPS was $1.68 and Adjusted EPS was $2.09; net income was $2,171 million, against a net loss of $3,990 million a year earlier. The company also raised its full-year 2026 guidance.
The raised guidance is: GAAP diluted EPS of at least $6.98, from a range of $6.84 to $7.04; Adjusted EPS of at least $8.20, from a range of $7.90 to $8.10; and cash flow from operations of at least $15.5 billion, from at least $11.5 billion, with full-year total revenues projected at at least $420.0 billion. Year to date, the company has generated $15.3 billion in cash flow from operations.
The GAAP EPS increase primarily reflects the absence of a $5.7 billion goodwill impairment charge recorded in the third quarter of 2025. Adjusted operating income rose 21.2% to $4,194 million, which the company attributed primarily to improved performance in Health Care Benefits under its margin recovery plan. Third quarter operating income was $3,566 million, against an operating loss of $3,207 million a year earlier.
By segment, Health Care Benefits revenue was $36,855 million, up 2.4%, with adjusted operating income of $912 million versus $314 million a year earlier, a medical benefit ratio of 91.3%, down 1.5 points, and medical membership of 26.1 million; growth came mainly from its Government business, partly offset by the 2026 exit of the individual exchange business. Health Services revenue was $53,964 million, up 9.5%, with adjusted operating income of $2,106 million, up 2.7%, and 481.7 million pharmacy claims processed. Pharmacy & Consumer Wellness revenue was $35,498 million, down 2.0%, with adjusted operating income of $1,635 million, up 10.6%, and 470.0 million prescriptions filled, up 1.9%.
Operationally, more than 69 percent of Aetna Medicare Advantage members are in 2027 plans rated 4 stars or higher by the Centers for Medicare & Medicaid Services (CMS), ranking Aetna second among large, publicly traded Medicare Advantage organizations; CVS Pharmacy offers all FDA-approved GLP-1s with MinuteClinic digital weight loss visits and same-day pickup; and Health100, a CVS Health subsidiary, earned the CARIN Code of Conduct accreditation from DirectTrust for its mobile app.
Chairman and CEO David Joyner credited colleagues for delivering strong results in each business while advancing the company's strategy of improving consumer experience, lowering costs and connecting care. The company separately announced on the same day its intent to separate into two public companies.
Related: CVS Health to Split Into Two Public Companies: About 9,000 Pharmacies to Form CVS Pharmacy
(Source: CVS Health)
来源：CVS Health
发布：GSM·美国（发布链接）
图片来源：图：佐治亚州 Oak Grove 的一家 CVS 药房门店，2026年7月摄。John Phelan 摄，CC BY 4.0，经 Wikimedia Commons。 / Photo: A CVS Pharmacy store in Oak Grove, Georgia, pictured in July 2026. Photo by John Phelan, CC BY 4.0, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
- 2026-11-04 03:43CVS Health宣布分拆为两家上市公司：约9000家药房独立为CVS Pharmacy 预计2028年上半年完成
- 2026-11-04 03:43CVS Health第三季度营收1084亿美元增5.4%：上调2026全年指引 调整后每股收益至少8.20美元本篇
