CVS Raises 2025 Outlook, Records $5.7B Oak Street Charge

CVS Health reported third-quarter revenue of $102.9 billion, up 7.8% year-over-year, and adjusted EPS of $1.60, beating analyst estimates. The company raised its full-year 2025 adjusted EPS guidance to $6.55–$6.65 (its third increase this year) and updated cash-flow-from-operations guidance to about $7.5–$8.0 billion. CVS recorded a GAAP net loss of roughly $3.98–$3.99 billion after taking a $5.7 billion goodwill impairment largely tied to its Oak Street senior-clinic acquisition, and said it will close 16 Oak Street locations and pause new openings next year. Management credited improved results at Aetna and a strong selling season at Caremark for the operational beat, while noting Aetna’s medical-loss ratio remains elevated at about 92.8%; CEO David Joyner said the company has stabilized operations and is refocusing on core markets and its TrueCost model.