Analysts See Multiple Growth Levers for CVS in 2026 – CVS Health (NYSE:CVS)

CVS Health Corp. (NYSE:CVS) reported revenue of $105.69 billion, beating Tuesday’s consensus of $103.59 billion.

Adjusted earnings of $1.09 per share also beat analyst expectations of 99 cents, down from $1.19 last year.

CVS Health reaffirmed its fiscal 2026 adjusted earnings forecast of $7.00-$7.20 per share, compared to the Street consensus of $7.17. The company said the guidance highlights our strong position for 2026.

The company updated its guidance for cash flow from operating activities from a minimum of $10.0 billion to a minimum of $9.0 billion.

CVS expects 2026 revenue of at least $400 billion, versus the consensus of $409.77 billion, with adjusted operating income between $15.07 billion and $15.41 billion.

Analyst view

Given investor fears about Medicare Advantage headwinds in 2027 and increased regulatory scrutiny for pharmacy benefit managers, Bank of America securities (BofA) views the iteration of the guide for 2026 as positive.

Within Pharmacy & Consumer Wellness, Rite Aid purchases are accretive, and industry challenges among peers support flat earnings growth in the near term.

In Health Care Benefits, Medicare Advantage rate renewals represent low-hanging fruit to improve margins and are further supported by margin growth in Individual Medicare Advantage.

Analyst Allen Lutz wrote Wednesday that CVS has multiple levers to offset headwinds from the 2027 preliminary rate announcement, including stock repos for the coming year and additional repricing of Group Medicare Advantage.

Finally, in healthcare, BofA expects continued margin improvement at Oak Street as clinic closures, fewer new openings and growing patient panels support a path to breakeven.

Overall, BofA sees multiple levers to drive CVS’s business growth and remains positive on its long-term strategy. The analyst reiterates the buy rating with a price forecast of $95.

CVS price promotion: CVS Health shares were up 0.87% to $76.36 at time of publication on Wednesday, according to data from Benzinga Pro.

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