CVS Health

Interest expense increased $31 million, or 4.2%, due to higher debt in the three months ended June 30, 2025, primarily as a result of long-term debt issued in December of 2024.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Investments Total investments as of June 30, 2026 and December 31, 2025 were as follows: June 30, 2026 December 31, 2025 In millions Current Long-term Total Current Long-term Total Debt securities available for sale $ 2,416 $ 26,933 $ 29,349 $ 1,997 $ 26,721 $ 28,718 Mortgage loans 213 1,315 1,528 148 1,376 1,524 Other investments 4,999 4,999 4,572 4,572 Total investments $ 2,629 $ 33,247 $ 35,876 $ 2,145 $ 32,669 $ 34,814 Debt Securities Debt securities available for sale as of June 30, 2026 and December 31, 2025 were as follows: In millions Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2026 Debt securities: U.

SEC original ↗CVS Health — 10-Q Quarterly report10-QAug 5, 2026

corporate securities 15,947 123 ( 292 ) 15,778 Foreign securities 3,146 51 ( 34 ) 3,163 Residential mortgage-backed securities 1,186 7 ( 34 ) 1,159 Commercial mortgage-backed securities 1,975 7 ( 34 ) 1,948 Other asset-backed securities 4,464 8 ( 8 ) 4,464 Redeemable preferred securities 14 14 Total debt securities (2) $ 29,564 $ 207 $ ( 422 ) $ 29,349 December 31, 2025 Debt securities: U.

SEC original ↗CVS Health — 10-Q Quarterly report10-QAug 5, 2026

corporate securities 14,657 262 ( 231 ) 14,688 Foreign securities 2,981 78 ( 31 ) 3,028 Residential mortgage-backed securities 1,065 14 ( 29 ) 1,050 Commercial mortgage-backed securities 1,974 28 ( 23 ) 1,979 Other asset-backed securities 4,921 25 ( 2 ) 4,944 Redeemable preferred securities 15 15 Total debt securities (2) $ 28,600 $ 449 $ ( 331 ) $ 28,718 _____________________________________________ (1) There was no allowance for expected credit losses recorded on available-for-sale debt securities as of June 30, 2026 or December 31, 2025.

SEC original ↗CVS Health — 10-Q Quarterly report10-QAug 5, 2026

As of June 30, 2026, debt securities with a fair value of $ 444 million, gross unrealized capital gains of $ 7 million and gross unrealized capital losses of $ 17 million, and as of December 31, 2025, debt securities with a fair value of $ 475 million, gross unrealized capital gains of $ 10 million and gross unrealized capital losses of $ 16 million were included in total debt securities, but support experience-rated products.

SEC original ↗CVS Health — 10-Q Quarterly report10-QAug 5, 2026

15 The amortized cost and fair value of debt securities as of June 30, 2026 are shown below by contractual maturity.

SEC original ↗CVS Health — 10-Q Quarterly report10-QAug 5, 2026

As we execute against our strategic priorities, we remain focused on delivering on our financial commitments and advancing initiatives that create long-term value for our stakeholders.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Aetna will support initiatives championed by trade association America s Health Insurance Plans to improve the experience of doctors and patients.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Aetna is also leading the market through a comprehensive strategy to advance advocacy, making it easier to navigate health care reducing reviews, simplifying care site transitions and putting technology to work for health care professionals and their patients.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Financial Results Summary Three Months Ended June 30, In millions, except per share amounts 2025 2024 Change Total revenues $ 98,915 $ 91,234 $ 7,681 Operating income 2,381 3,045 (664) Adjusted operating income (1) 3,808 3,744 64 Diluted earnings per share $ 0.80 $ 1.41 $ (0.61) Adjusted EPS (2) $ 1.81 $ 1.83 $ (0.02) Second quarter GAAP diluted EPS of $0.80 decreased from $1.41 in the prior year, reflecting the impact of two litigation charges associated with the Company s past business practices recorded during three months ended June 30, 2025.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Operating income decreased 21.8% primarily due to $833 million in litigation charges recorded during the three months ended June 30, 2025 related to two court decisions associated with the Company s past business practices, partially offset by a decrease in acquisition-related integration costs compared to the prior year and the increase in adjusted operating income described below.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

The effective income tax rate increased to 38.5% compared to 24.3% primarily due to the impact of non-deductible litigation charges recorded in the three months ended June 30, 2025.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and or quantify.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission ( SEC ) filings, including those set forth in the Risk Factors section and under the heading Cautionary Statement Concerning Forward-Looking Statements in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025 and our Current Reports on Form 8-K.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025

CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

SEC original ↗CVS Health — Earnings release (8-K exhibit)EX-99Jul 31, 2025