CVS Health Corporation

Overview (as of December 31, 2025)

CVS Health is a health solutions company focused on simplifying health care and improving outcomes by integrating care across its businesses. Its global footprint and scale include:

• Approximately 9,000 retail locations
• More than 1,000 walk-in and primary care medical clinics
• A leading pharmacy benefits manager with about 87 million plan members
• Expanding specialty pharmacy solutions
• Serves more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including Medicare Advantage and a standalone Medicare Part D prescription drug plan (PDP)

Corporate structure

CVS Health reports results across four segments:

• Health Care Benefits
• Health Services
• Pharmacy & Consumer Wellness
• Corporate/Other

Segment details

Health Care Benefits

• Operates Aetna, one of the nation’s leading diversified health care benefits providers.
• Offers traditional, voluntary and consumer-directed health insurance (medical, pharmacy, dental, behavioral health), medical management, Medicare Advantage, Medicare Supplement, PDPs, and Medicaid management services.
• Has significant business with federal programs; in 2025, Health Care Benefits revenues from the federal government were about 20% of consolidated revenues, with CMS contracts for Medicare-related coverage accounting for about 79% of that federal-government revenue.
• Manages large provider networks and uses accreditation programs (for example, NCQA and URAC) alongside quality and risk management programs.
• Subject to extensive federal and state regulation, including ACA, Medicare and Medicaid rules; Medicare Advantage star ratings affect incentive payments.

Health Services

• Provides PBM solutions through CVS Caremark and delivers health care services in clinics, virtually, and in-home.
• Core services include plan design and administration, formulary management, retail network management, specialty and mail-order pharmacy services, and clinical services such as disease management and medical spend management.
• Operates a group purchasing organization for pharmaceutical rebates and commercializes biosimilars through Cordavis.
• Owns Signify Health (in-home health risk assessments and data-driven insights) and Oak Street Health (value-based primary care for Medicare beneficiaries).
• Scale metrics for 2025: PBM filled or managed 1.9 billion prescriptions (30-day equivalent); Signify Health conducted more than 3.5 million in-home health evaluations (IHEs); Oak Street Health operated 246 primary care centers across 27 states, serving roughly 500,000 patients.

Pharmacy & Consumer Wellness

• Includes retail pharmacy, infusion services, and consumer health and wellness products.
• Retail footprint and reach: over 7,000 retail stores (about 4% owned); roughly 1,870 retail pharmacies within CVS retail chains; about 30 clinics inside Target stores.
• Distribution network includes owned and leased facilities totaling about 10.0 million square feet.
• Private-brand strategy: operates about 4,500 CVS-brand SKUs, which accounted for roughly 20% of front-store revenues in 2025.
• Supports Health Services by providing pharmacy fulfillment and patient management services for specialty and mail-order offerings and receives an administrative service fee for those functions.
• The segment filled 1.8 billion prescriptions (30-day equivalent) in 2025.

Corporate/Other

• Includes corporate management and administrative functions and non-core or divested product lines, such as certain long-term care insurance products and large case pension obligations.
• Contains ventures like Red Oak Sourcing, a 50/50 generic sourcing entity with Cardinal Health that negotiates generic drug supply contracts.

People, footprint, and technology

• Employees: over 300,000 colleagues as of December 31, 2025 (about 73% full-time).
• Store changes in 2025: opened 87 new locations, relocated 5, and closed 243.
• Emphasizes community access and digital channels (MinuteClinic, CVS.com, and related tools) to expand access and patient engagement.
• Uses proprietary platforms such as WeCARE Workflow, Health Engagement Engine, and Canopy, and continues investments in tools to automate and improve operations.
• Operates under an enterprise impact strategy with pillars including Healthy People, Healthy Business, Healthy Community, and Healthy Planet.

Key capabilities and business model

• Integrated model: combines retail pharmacy, PBM, health care delivery (clinics, in-home care, and primary care centers), and insurance to create a connected ecosystem aimed at lowering costs and improving outcomes.
• Substantial involvement in government programs, including Medicare, Medicaid, and FEHB, which affects revenue and regulatory considerations across segments.
• Relies on large provider and payor networks and uses data, analytics, and digital health tools to manage costs, improve outcomes, and drive member engagement.
• Strategic initiatives include investments in value-based care through Oak Street Health and in-home services via Signify Health, commercialization of biosimilars through Cordavis, adoption of advanced operational tools, and expansion of private-brand retail offerings.