CVS Health ( NYSE: CVS) delivered a solid revenue beat in Q4 2025, though adjusted earnings declined year-over-year despite exceeding Wall Street expectations. The 8.2% revenue increase to $105.69 billion marked the company's strongest quarterly top-line growth of the year. However, adjusted EPS of $1.09 declined from $1.19 in Q4 2024, pressured by Medicare Part D headwinds from Inflation Reduction Act seasonality changes.
Fewer choices may be on the menu again as Medicare patients shop for prescription coverage this fall. The number of available, stand-alone drug plans has fallen for a few years, and that trend will continue for 2026. Most markets will still have several choices, but some options are becoming particularly sparse for shoppers with low-income subsidies. And help may be harder to find because some insurers no longer pay brokers commissions for new business.