NYSE$CVS
CVS Health Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Announced operating results, revealing a revenue increase driven by growth across all segments, alongside strategic acquisitions and a restructuring plan aimed at streamlining operations.
CVS Health reported a 10.3% increase in total revenues to $88.9 billion for Q2 2023, driven by growth across all segments. GAAP diluted EPS was $1.48, and adjusted EPS was $2.21. The company is executing its strategy to expand access to health services and strengthen consumer engagement.
- Total revenues increased by 10.3% to $88.9 billion compared to the prior year, driven by growth across all segments.
- GAAP diluted EPS was reported at $1.48, and adjusted EPS was $2.21.
- Operating income decreased by 30.7%, primarily due to a decrease in adjusted operating income, a restructuring charge, and acquisition-related costs.
- The company completed the acquisition of Oak Street Health and launched Caremark® Cost SaverTM to lower pharmacy out-of-pocket drug costs.
Headline financials
Revenue & EPS history
CVS Health · Revenue · Quarterly
$88.9B
Revenue by segment
CVS Health · $102B total across 3 segments · Q2 2023
- Health Services$46.2B+7.9%45.4%
- Pharmacy & Consumer Wellness$28.8B+9.5%28.3%
- Health Care Benefits$26.7B+17.5%26.3%
Forward guidance
The Company revised its full-year 2023 GAAP diluted EPS guidance range to $6.53 to $6.75 from $6.90 to $7.12 and confirmed its full-year 2023 Adjusted EPS guidance range of $8.50 to $8.70. The Company also confirmed its full-year 2023 cash flow from operations guidance range of $12.5 billion to $13.5 billion.
Tailwinds
- Confirmed Adjusted EPS guidance range of $8.50 to $8.70.
- Confirmed cash flow from operations guidance range of $12.5 billion to $13.5 billion.
- Focus on expanding access to health services.
- Focus on strengthening engagement with consumers.
- Streamline and simplify the organization, improve efficiency and reduce costs.
Headwinds
- Revised GAAP diluted EPS guidance range to $6.53 to $6.75 from $6.90 to $7.12
- Operating income decreased 30.7%
- Adjusted operating income decreased 10.4%
- Increased outpatient utilization in Medicare Advantage
- Continued pharmacy reimbursement pressure, decreased COVID-19 vaccinations and diagnostic testing
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.1%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+1.3%
Avg return
30 days after
56%
41 / 73 earnings
Positive
+14.9%
Q4 2024
Best reaction
-18.5%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.2% | +14.3% | +19.1% | |
| Q4 2025 | -0.1% | +3.6% | +0.4% | |
| Q3 2025 | -1.9% | -4.6% | -2.2% | |
| Q2 2025 | -0.3% | +1.8% | +17.4% | |
| Q1 2025 | +4.1% | -0.7% | -4.0% | |
| Q4 2024 | +14.9% | +19.7% | +19.4% | |
| Q3 2024 | +3.1% | +0.8% | -0.1% | |
| Q2 2024 | -0.8% | -4.3% | -1.0% | |
| Q1 2024 | -18.5% | -17.3% | -12.0% | |
| Q4 2023 | +1.8% | +4.8% | +1.8% | |
| Q3 2023 | +0.9% | +3.0% | -0.8% | |
| Q2 2023 | +0.5% | -0.1% | -11.2% | |
| Q1 2023 | -5.5% | -4.2% | -3.8% | |
| Q4 2022 | +4.8% | +4.5% | -10.3% | |
| Q3 2022 | +3.4% | +6.9% | +8.4% | |
| Q2 2022 | +6.8% | +7.0% | +4.3% | |
| Q1 2022 | +1.8% | +3.0% | -1.1% | |
| Q4 2021 | -5.0% | -7.1% | -6.6% | |
| Q3 2021 | +3.7% | +2.9% | -0.3% | |
| Q2 2021 | -4.7% | -2.8% | +4.1% | |
| Q1 2021 | +6.9% | +9.6% | +12.1% | |
| Q4 2020 | -2.0% | -5.1% | +0.4% | |
| Q3 2020 | +10.0% | +13.2% | +21.3% | |
| Q2 2020 | -1.3% | +1.1% | -7.3% | |
| Q1 2020 | +0.4% | +4.3% | +11.7% | |
| Q4 2019 | -2.5% | -3.4% | -19.2% | |
| Q3 2019 | +6.6% | +6.6% | +11.9% | |
| Q2 2019 | +9.2% | +8.6% | +15.0% | |
| Q1 2019 | +4.3% | +4.1% | -3.7% | |
| Q4 2018 | -10.8% | -12.4% | -19.8% | |
| Q3 2018 | +6.9% | +8.3% | +3.9% | |
| Q2 2018 | +4.8% | +6.2% | +18.1% | |
| Q1 2018 | -8.4% | -9.2% | -5.8% | |
| Q4 2017 | -6.7% | -5.7% | -6.8% | |
| Q3 2017 | -0.4% | +2.5% | +3.1% | |
| Q2 2017 | +0.4% | +0.4% | +1.6% | |
| Q1 2017 | -2.8% | -1.1% | -4.5% | |
| Q4 2016 | +1.9% | +2.1% | +4.4% | |
| Q3 2016 | -8.2% | -10.0% | -6.3% | |
| Q2 2016 | +4.2% | +4.2% | -0.1% | |
| Q1 2016 | +2.4% | — | — | |
| Q4 2015 | +3.9% | — | — | |
| Q3 2015 | -3.3% | — | — | |
| Q2 2015 | -1.4% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | +1.6% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | +2.6% | — | — | |
| Q4 2013 | +2.4% | — | — | |
| Q3 2013 | +3.0% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +1.3% | — | — | |
| Q4 2012 | -1.0% | — | — | |
| Q3 2012 | +0.1% | — | — | |
| Q2 2012 | +1.5% | — | — | |
| Q1 2012 | +2.9% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q3 2011 | +6.3% | — | — | |
| Q2 2011 | -5.7% | — | — | |
| Q1 2011 | +3.9% | — | — | |
| Q4 2010 | -0.2% | — | — | |
| Q4 2007 | -0.2% | — | — | |
| Q3 2010 | +3.2% | — | — | |
| Q2 2010 | -2.7% | — | — | |
| Q1 2009 | -2.8% | — | — | |
| Q1 2010 | -2.2% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q3 2008 | -17.6% | — | — | |
| Q3 2009 | -17.6% | — | — | |
| Q4 2008 | +1.1% | — | — | |
| Q2 2008 | +1.1% | — | — | |
| Q2 2009 | +1.1% | — | — |
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