CVS HEALTH Corp (CVS)

CVS Health Corporation is a health solutions company that combines retail pharmacy, pharmacy benefit management, health insurance and care delivery. As of December 31, 2025, it had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics, and a pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. It also serves an estimated more than 37 million people through health insurance products and related services. The company says its integrated model lets it expand into personalized, technology-driven care delivery and health services, with the aim of improving access, health outcomes and costs.

The company reports four segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness, and Corporate/Other. Health Care Benefits operates through Aetna and offers commercial medical plans (POS, PPO, HMO, indemnity, HSAs and consumer-directed plans), medical stop loss insurance, dental, behavioral health, vision and employee assistance products, and provider network access. It also offers government products including Medicare Advantage, Medicare Supplement, a national standalone Medicare Part D prescription drug plan, Medicaid and CHIP management services, and plans for members eligible for both Medicare and Medicaid. Plans are offered on an insured basis or an administrative services contract basis. The company exited the individual public exchange states in which Aetna operated effective January 2026. Health Services provides pharmacy benefit management through CVS Caremark, including plan design, formulary management, retail network management, and specialty and mail order pharmacy. It also provides clinical and disease management, medical spend management, services for 340B covered entities, and a group purchasing organization. Its Cordavis subsidiary works with manufacturers on biosimilars, and its care delivery assets include Signify Health (health risk assessments and value-based care) and Oak Street Health (value-based primary care centers for Medicare-eligible patients).

Health Care Benefits members are spread across the U.S., with some outside it, and access products through employer groups, government-sponsored plans or individually. The segment markets to employers, individuals, college students, part-time and hourly workers, health plans, providers, governmental units, labor groups and expatriates. Products are sold through company sales personnel, independent brokers, agents and consultants, and private exchanges. The federal government, mainly through CMS Medicare contracts, is a significant customer: segment revenues from it were about 20% of consolidated revenues in 2025, 2024 and 2023. Outside of CMS, the segment does not depend on any single customer or a few customers.

On the operating side, Health Care Benefits contracts with physicians, hospitals and other providers, and had a network of approximately 2.0 million participating providers at December 31, 2025. It runs its own technology platforms for enrollment, benefit administration and care management, with growing investment in cloud and AI. It seeks NCQA and URAC accreditation and is rated under the CMS star system, and it uses reinsurance with non-affiliated insurers to reduce catastrophic loss risk. Competitors include other large commercial health insurers, Blue Cross and Blue Shield licensees, local and regional plans, health system-owned plans, third party administrators, PBMs and, in Medicare, Original Medicare itself.