Business/Financial Results (Form 8-K)

Exhibit 99.1

CVS HEALTH CORPORATION REPORTS THIRD QUARTER 2025 RESULTS AND UPDATES FULL-YEAR 2025 GUIDANCE
Financial Highlights
•Third quarter total revenues increased to a record high $102.9 billion, up 7.8% compared to prior year •Third quarter GAAP diluted loss per share of $3.13, inclusive of a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit •Third quarter Adjusted EPS of $1.60 •Generated year-to-date cash flow from operations of $7.2 billion
Operational Highlights
•Aetna® receives industry-leading Medicare Advantage Star Ratings results •Launch of annual vaccination campaign at CVS Pharmacy® and MinuteClinic® locations nationwide •Caremark® closes out another strong selling season with contract wins totaling nearly $6.0 billion and retention in the high nineties, highlighting commitment to providing exceptional value and transparency
2025 Full-Year Guidance
•Updated GAAP diluted earnings (loss) per share guidance range to $(0.34) to $(0.24) from $3.84 to $3.94 •Raised Adjusted EPS guidance range to $6.55 to $6.65 from $6.30 to $6.40 •Updated cash flow from operations guidance to a range of $7.5 billion to $8.0 billion from at least $7.5 billion
CEO Commentary
"CVS Health uniquely delivers what the people we serve want the most: a connected, simpler experience that improves health and simplifies care. Our leadership team has stabilized operations and is focused on businesses and markets where we can succeed. As a result, we are making progress on our journey to be America's most trusted health care company. Our strong Enterprise performance demonstrates the continued focus we have on operational and financial improvement across our businesses." -David Joyner, CVS Health President and CEO

WOONSOCKET, RHODE ISLAND, October 29, 2025 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended September 30, 2025.
Financial Results Summary

			Three Months Ended September 30,
In millions, except per share amounts			2025						2024						Change
Total revenues			$	102,871					$	95,428					$	7,443
Operating income (loss)			(3,207)						832						(4,039)
Adjusted operating income (1)			3,459						2,547						912
Diluted earnings (loss) per share			$	(3.13)					$	0.07					$	(3.20)
Adjusted EPS (2)			$	1.60					$	1.09					$	0.51

Third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC ("Omnicare") in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings. Adjusted EPS of $1.60 increased from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.

The Company's full-year 2025 guidance updates reflect third quarter performance in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decrease in the Health Services segment.

1

Consolidated third quarter results

			Three Months Ended September 30,																		Nine Months Ended September 30,
In millions, except per share amounts			2025						2024						Change						2025						2024						Change
Total revenues			$	102,871					$	95,428					$	7,443					$	296,374					$	275,099					$	21,275
Operating income (loss)			(3,207)						832						(4,039)						2,548						6,148						(3,600)
Adjusted operating income (1)			3,459						2,547						912						11,846						9,248						2,598
Net income (loss)			(3,990)						71						(4,061)						(1,195)						2,963						(4,158)
Diluted earnings (loss) per share			$	(3.13)					$	0.07					$	(3.20)					$	(0.93)					$	2.35					$	(3.28)
Adjusted EPS (2)			$	1.60					$	1.09					$	0.51					$	5.66					$	4.23					$	1.43

For the three months ended September 30, 2025 compared to the prior year:

•Total revenues increased 7.8% driven by revenue growth across all operating segments.

•During the three months ended September 30, 2025, the Company incurred an operating loss of $3.2 billion compared to operating income of $832 million in the prior year. The difference was primarily driven by the $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by the absence of approximately $1.2 billion of restructuring charges recorded in the prior year and the increase in adjusted operating income described below.

•Adjusted operating income increased 35.8% driven by an increase in the Health Care Benefits segment, partially offset by declines in the Health Services and Pharmacy & Consumer Wellness segments. See pages 3 through 5 for additional discussion of the adjusted operating income performance of the Company's segments.

•Interest expense increased $32 million, or 4.3%, due to higher debt in the three months ended September 30, 2025, primarily as a result of long-term debt issued in December of 2024 and August of 2025.

•The effective income tax rate was (14.6)% compared to 32.4% in the prior year primarily due to the $5.7 billion goodwill impairment charge recorded in the three months ended September 30, 2025, which was not deductible for income tax purposes.

Operational Highlights

•More than 81% of Aetna Medicare Advantage members are in 2026 Medicare Advantage Prescription Drug plans that are rated 4 stars or higher (out of 5 stars) by the Centers for Medicare & Medicaid Services. Additionally, more than 63% of Aetna Medicare Advantage members are in a 4.5-star plan for 2026.

•During the third quarter, the Company launched its annual vaccination campaign, with updated flu and COVID-19 vaccines now available at CVS Pharmacy and MinuteClinic locations nationwide.

Goodwill Impairment

During 2025, the Company's Health Care Delivery reporting unit within the Health Services segment has continued to experience challenges which have impacted its ability to grow the business at the rate previously estimated. The Company made a number of changes to its Health Care Delivery management team during 2025 and during the third quarter of 2025, finalized certain strategic changes, including the determination that it would reduce the number of new primary care clinics it would open in 2026 and thereafter. Upon updating its financial projections to reflect these changes, management determined that there were indicators that the Health Care Delivery reporting unit's goodwill may be impaired and, accordingly, an interim goodwill impairment test was performed. The results of the impairment test showed that the fair value of the Health Care Delivery reporting unit was lower than its carrying value, resulting in a $5.7 billion goodwill impairment charge.

2

Health Care Benefits segment

The Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three and nine months ended September 30, 2025 and 2024 were as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
In millions, except percentages			2025						2024						Change						2025						2024						Change
Total revenues			$	35,993					$	32,996					$	2,997					$	107,061					$	97,707					$	9,354
Adjusted operating income (loss) (1)			314						(924)						1,238						3,615						746						2,869
Medical benefit ratio ("MBR") (3)			92.8		%				95.2		%				(2.4)		%				90.0		%				91.7		%				(1.7)		%
Medical membership (4)																					26.7						27.1						(0.4)

•Total revenues increased 9.1% for the three months ended September 30, 2025 compared to the prior year primarily driven by increases in the Government business, largely due to the impact of the Inflation Reduction Act ("IRA") on the Medicare Part D program.

•During the three months ended September 30, 2025, the Health Care Benefits segment had adjusted operating income of $314 million compared to an adjusted operating loss of $924 million in the prior year. The change was primarily driven by the favorable year-over-year impact of premium deficiency reserves, higher favorable prior period development and improved underlying performance in the Government business. These increases were partially offset by changes in the seasonality of the Medicare Part D program due to the impact of the IRA and the impact of higher acuity in the individual exchange product line.

•The MBR decreased to 92.8% in the three months ended September 30, 2025 compared to 95.2% in the prior year driven by the favorable year-over-year impact of premium deficiency reserves recorded as health care costs, higher favorable prior period development and improved underlying performance in the Government business. These decreases were partially offset by changes in the seasonality of the Medicare Part D program due to the impact of the IRA and the impact of higher acuity in the individual exchange product line.

•Medical membership as of September 30, 2025 of 26.7 million remained consistent compared with June 30, 2025.

•Prior years' health care costs payable estimates developed favorably by $1.9 billion during the nine months ended September 30, 2025. This development is reported on a basis consistent with the prior years' development reported in the health care costs payable table in the Company's annual audited financial statements and does not directly correspond to an increase in 2025 operating results.

•Days claims payable were 42.5 days as of September 30, 2025, an increase of 1.6 days compared to June 30, 2025.

See the supplemental information on page 18 for additional information regarding the performance of the Health Care Benefits segment.

3

Health Services segment

The Health Services segment provides a full range of pharmacy benefit management ("PBM") solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. The segment results for the three and nine months ended September 30, 2025 and 2024 were as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
In millions			2025						2024						Change						2025						2024						Change
Total revenues			$	49,266					$	44,129					$	5,137					$	139,181					$	126,585					$	12,596
Adjusted operating income (1)			2,050						2,204						(154)						5,228						5,482						(254)
Pharmacy claims processed (5) (6)			475.6						484.1						(8.5)						1,408.8						1,418.2						(9.4)

•Total revenues increased 11.6% for the three months ended September 30, 2025 compared to the prior year primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.

•Adjusted operating income decreased 7.0% for the three months ended September 30, 2025 compared to the prior year primarily driven by continued pharmacy client price improvements, partially offset by improved purchasing economics.

•Pharmacy claims processed decreased 1.8% on a 30-day equivalent basis for the three months ended September 30, 2025 compared to the prior year.

See the supplemental information on page 19 for additional information regarding the performance of the Health Services segment.

4

Pharmacy & Consumer Wellness segment

The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also provides pharmacy fulfillment services to support the Health Services segment's specialty and mail order pharmacy offerings. The segment results for the three and nine months ended September 30, 2025 and 2024 were as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
In millions			2025						2024						Change						2025						2024						Change
Total revenues			$	36,214					$	32,423					$	3,791					$	101,707					$	90,986					$	10,721
Adjusted operating income (1)			1,478						1,596						(118)						4,129						4,016						113
Prescriptions filled (5) (6)			461.4						431.6						29.8						1,335.0						1,269.6						65.4

•Total revenues increased 11.7% for the three months ended September 30, 2025 compared to the prior year primarily driven by pharmacy drug mix and increased prescription volume, including incremental volume resulting from the Company's Rite Aid prescription file acquisitions, partially offset by continued pharmacy reimbursement pressure.

•Adjusted operating income decreased 7.4% for the three months ended September 30, 2025 compared to the prior year primarily driven by continued pharmacy reimbursement pressure and increased investments in the segment's colleagues and capabilities, partially offset by increased prescription volume.

•Prescriptions filled increased 6.9% on a 30-day equivalent basis for the three months ended September 30, 2025 compared to the prior year primarily driven by increased utilization and incremental volume resulting from the Company's Rite Aid prescription file acquisitions.

•Same store prescription volume(6)(11) increased 8.9% on a 30-day equivalent basis for the three months ended September 30, 2025 compared to the prior year.

See the supplemental information on page 20 for additional information regarding the performance of the Pharmacy & Consumer Wellness segment.

5

Teleconference and webcast

The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its third quarter results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.

Non-GAAP Financial Information

The Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" beginning on page 11 and endnotes beginning on page 24 for explanations of non-GAAP financial measures presented in this press release. See pages 14 through 16 and page 23 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.

About CVS Health

CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of September 30, 2025, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.