CVS Health vs UnitedHealth: Revenue, Profit and Business Model
CVS Health reported $402.1B of revenue in FY2025 and $1.8B of net income. UnitedHealth reported $447.6B of revenue in FY2026 and $12.1B of net income.
Latest financial snapshot
CVS Health
- Latest revenue
- $402.1B (FY2025)
- Net income
- $1.8B
- Net margin
- 0.4%
- Revenue growth
- +8.3% a year, FY2021–FY2025
UnitedHealth
- Latest revenue
- $447.6B (FY2026)
- Net income
- $12.1B
- Net margin
- 2.7%
- Revenue growth
- +9.2% a year, FY2016–FY2026
Financial summary
CVS Health
CVS Health's revenue grew from $292.1B in 2021 to $402.1B in 2025, an 8.3% compound rate, but profitability moved the other way: adjusted EPS fell from $8.40 to $6.75 as Aetna's Medicare Advantage costs surged in 2024. FY2025 GAAP diluted EPS was just $1.39 because of a $5.7B goodwill impairment in the Health Care Delivery unit and $1.2B in legacy litigation charges, while cash flow from operations was $10.6B. 2026 marks a turnaround: first-half revenue reached $206.5B, Aetna's medical benefit ratio improved to 87.4% in Q2 from 89.9% a year earlier, and full-year guidance was raised to at least $414B in revenue, $7.90-$8.10 adjusted EPS, and at least $11.5B in operating cash flow.
UnitedHealth
UnitedHealth Group grew 2025 revenue 12% to $447.6 billion, yet earnings from operations fell from $32.3 billion in 2024 to $19.0 billion as Medicare Advantage and Optum Health medical costs ran well above pricing. Net margin was 2.7% and operating cash flow was $19.7 billion. 2026 is a repair year: management guided to more than $439 billion in revenue, a slight decline from planned right-sizing of membership, and after a Q2 with $112.0 billion revenue, $8.0 billion operating earnings and an 86.7% adjusted medical care ratio, raised adjusted EPS guidance to $19.50 to $20.00.
Revenue and profit by year
CVS Health
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $402.1B | $1.8B | 0.4% | +7.8% | Source |
| FY2024 | $372.8B | — | 0.0% | +4.2% | Source |
| FY2023 | $357.8B | — | 0.0% | +10.9% | Source |
| FY2022 | $322.5B | — | 0.0% | +10.4% | Source |
| FY2021 | $292.1B | — | 0.0% | — | Source |
UnitedHealth
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $447.6B | $12.1B | 2.7% | +0.0% | |
| FY2025 | $447.6B | $12.1B | 2.7% | +11.8% | Source |
| FY2024 | $400.3B | $14.4B | 3.6% | +7.7% | Source |
| FY2023 | $371.6B | $22.4B | 6.0% | +14.6% | Source |
| FY2022 | $324.2B | $20.1B | 6.2% | +12.7% | Source |
| FY2021 | $287.6B | $17.3B | 6.0% | +11.8% | Source |
| FY2020 | $257.1B | $15.4B | 6.0% | +6.2% | Source |
| FY2019 | $242.2B | $13.8B | 5.7% | +7.0% | Source |
| FY2018 | $226.2B | $12B | 5.3% | +12.5% | Source |
| FY2017 | $201.2B | $10.6B | 5.2% | +8.8% | Source |
| FY2016 | $184.8B | $7B | 3.8% | — | Source |
Where the revenue comes from
CVS Health
- Health Services (CVS Caremark, Oak Street, Signify)~40%
FY2025 revenue of $190.4B before eliminations from pharmacy benefit administration, mail and specialty pharmacy ($79.3B), network claims, and capitated primary care. Q2 2026 revenue rose 11.5% to $51.8B.
- Health Care Benefits (Aetna)~30%
FY2025 revenue of $143.4B from insurance premiums, administrative fees, and investment income across commercial, Medicare, and Medicaid plans. Adjusted operating income recovered to about $2.9B in 2025 from $307M in 2024.
- Pharmacy & Consumer Wellness (CVS Pharmacy)~29%
FY2025 revenue of $139.4B from retail and specialty dispensing, vaccinations, infusion services, and front-store sales. About a third of this revenue is billed to Caremark for fulfilling its members' prescriptions.
- Corporate/Other<1%
About $0.5B of run-off products such as large case pensions and long-term care insurance plus corporate items. Roughly $71.6B of intercompany revenue across segments is eliminated to reach consolidated revenue of $402.1B.
UnitedHealth
- Insurance premiums
- Administrative services fees
- Medicare Advantage
- Medicaid managed care
- Optum Rx pharmacy benefit management
- Optum Health care delivery
- Optum Insight data and technology
Business model and strategy
CVS Health
How it makes money
CVS Health earns money in three connected segments. Health Services (FY2025 revenue $190.4B) is mainly CVS Caremark, which administers pharmacy benefits for employers, health plans, and government clients, runs mail-order and specialty pharmacies, and includes Oak Street Health primary care and Signify Health in-home evaluations.
Growth strategy
Under David Joyner, CVS has shifted from deal-making to execution: repricing and shrinking unprofitable Aetna business (including exiting the individual ACA exchange market in 2026), moving CVS Pharmacy to cost-based reimbursement contracts, buying prescription files from 626 former Rite Aid pharmacies in 2025, exiting the Omnicare long-term care pharmacy business, and expanding GLP-1 access programs across Caremark,…
Competitive advantage
CVS's edge is integration at national scale. About 85% of Americans live within 10 miles of a CVS Pharmacy, Caremark manages roughly 1.9 billion prescriptions a year, and Aetna covers about 26 million medical members.
UnitedHealth
How it makes money
UnitedHealth makes money in two connected ways. UnitedHealthcare collects premiums from employers, individuals and government programs (Medicare Advantage and Medicaid) and earns fees for administering self-funded employer plans; profit depends on keeping medical costs below premiums.
Growth strategy
UnitedHealth is focused on pricing and benefit design, medical cost management, Medicare Advantage discipline, Medicaid and employer offerings, Optum Rx scale, Optum Health care delivery, technology, data analytics, and value-based care capabilities.
Competitive advantage
UnitedHealth's advantage is vertical integration. It combines the largest U.S. health insurer with Optum's pharmacy, care delivery, data, analytics, and services assets, giving it scale in claims, benefits, networks, prescriptions, and care management.
Questions about CVS Health vs UnitedHealth
Which company has higher revenue — CVS Health Corp. or UnitedHealth Group Incorporated?
CVS Health Corp. reported $402.1B (FY2025), while UnitedHealth Group Incorporated reported $447.6B (FY2026). By last reported revenue, UnitedHealth Group Incorporated is the larger business, with CVS Health Corp. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of CVS Health Corp. vs UnitedHealth Group Incorporated?
CVS Health Corp.'s market capitalisation stands at $110.0B, while UnitedHealth Group Incorporated's is $450.0B. UnitedHealth Group Incorporated carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to CVS Health Corp..
Which is more financially efficient — CVS Health Corp. or UnitedHealth Group Incorporated?
CVS Health Corp. generates $1.34M / employee in revenue per employee, while UnitedHealth Group Incorporated generates $1.15M / employee. CVS Health Corp. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do CVS Health Corp. and UnitedHealth Group Incorporated make money?
CVS Health Corp. and UnitedHealth Group Incorporated generate revenue in fundamentally different ways. CVS Health Corp.: CVS Health earns money in three connected segments. UnitedHealth Group Incorporated: UnitedHealth makes money in two connected ways.
Which company is valued higher relative to revenue — CVS Health Corp. or UnitedHealth Group Incorporated?
On a price-to-sales (P/S) basis, CVS Health Corp. trades at 0.3x P/S and UnitedHealth Group Incorporated at 1.0x P/S. UnitedHealth Group Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to CVS Health Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is CVS Health Corp. bigger than UnitedHealth Group Incorporated?
By last reported revenue, UnitedHealth Group Incorporated ($447.6B (FY2026)) is the larger company compared to CVS Health Corp. ($402.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CVS Health vs UnitedHealth overview