Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
One quarter out-earned all of last year
Fiscal 2025 carried a quarter with an operating loss, so this quarter measures recovery from a depressed base as much as growth.
For investorsWhat has to hold for Aetna's margin recovery to last
For foundersEarning at several steps of one transaction
Medical costs barely moved while premiums rose, and on $35.1B of premiums a small ratio shift is a large profit swing.
Interest cost did not grow with profit, and last year's non-deductible charges are gone, so more of each operating dollar reached shareholders.
Operating cash was twice net income, but the filing credits the timing of payments and receipts, so one quarter may overstate the pattern.
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Business Lens describes CVS Health from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
