CVS raises 2026 revenue target to at least $414 billion

CVS Health raised its 2026 financial projections. The company now expects 2026 revenues of at least $414 billion, up from its earlier forecast of at least $405 billion. It also increased its adjusted earnings guidance to a range between $7.90 and $8.10 per share, compared to the prior target of $7.30 to $7.50.

Despite the higher targets, the company faces headwinds across its government, retail pharmacy and pharmacy benefit manager operations. During the second quarter of 2026, growth in the Pharmacy & Consumer Wellness segment was held back by generic introductions, regulatory price reductions and pharmacy reimbursement cuts. In Health Services, client price improvements limited gains in revenue and adjusted operating income. CVS also views the 2027 Medicare Advantage payment update as insufficient to fully offset underlying medical cost trends.

Macroeconomic factors also pose risks to the outlook. Management continues to monitor inflation, tariffs, interest rates, unemployment and supply-chain friction. Retail consumer demand remains weak, with same-store front-store sales rising 1% year over year in the second quarter as shoppers shift toward grocery, discount and online competitors.

Over the past year, CVS shares have advanced 18.3%, outperforming the industry average gain of 13.2%. The stock trades at a forward one-year price-to-sales ratio of 0.27, compared with an industry average of 0.53, while the consensus estimate for 2026 earnings has recently trended lower.