CVS HEALTH Corp

Company facts

Industry

Retail-Drug Stores and Proprietary Stores

Headquarters

Woonsocket, Rhode Island

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 64803

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 0 positive, 8 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Notes carry material litigation, a contingent guarantee, and a planned split.
  Notable

  • A $15M premium deficiency reserve was recorded in Q2 2026 for one state's Medicaid line.
  • No share repurchases in the nine months ended September 30, 2026; $11.5B remains authorized.
  • CVS plans to split into two public companies by H1 2028, tax-free to shareholders.
  Negative

  • A $542M penalty against Omnicare was awarded; CVS is jointly liable for $165M, on appeal.
  • CVS recorded a $193M contingent guarantee for Omnicare's bankruptcy in Q3 2026.

• Management's Discussion (Item 2)

  Major restructuring announced, segment results, cash flow swing, and litigation reserve.
  Notable

  • CVS will split into a healthcare solutions company and a retail pharmacy company, expected by H1 2028.
  • Utilization remained elevated in Q3 2026; further increases could pressure Health Care Benefits and Health Services.
  • Moody's changed outlook to Positive in August 2026; Fitch outlook is Negative.
  • No share repurchases in nine months 2026 or 2025; $10B authorization remains unused.
  Negative

  • Medicare Advantage star ratings dropped: 69% of members in 4+ star plans for 2027 vs 81% for 2026.

• Risk Factors (Item 1A)

  New risk factor: planned split into two public companies, with execution and timeline risks.
  Notable

  • Planned split into two public companies announced Nov 4, 2026; expected completion first half 2028.
  Negative

  • Separation may not be completed on announced terms or timeline, if at all; could be more costly than expected.
  • Executing separation will require significant management time and attention, disrupting ongoing business.

What changed: Sep 2026 vs. Jun 2026

About 7% of CVS's Sep 2026 10-Q is new information. 30 paragraphs were added, 166 changed, and 22 removed. Below are the most important lines SECSift identified.

• Item 2 78
• Item 1 68
• Item 1A 4
• Item 6 4
• Item 4 2
• Item 5 1