CVS Health Corp. (NYSE:CVS) stock is surging on Wednesday after upbeat first-quarter earnings and 2026 guidance.

The health solutions company reported adjusted earnings of $2.57 per share, surpassing analyst estimates of $2.20.

Sales reached $100.43 billion, up 6.2% year over year, beating the consensus of $95.09 billion.

Adjusted operating income increased 12.5% to $5.15 billion, primarily driven by an increase in the Health Care Benefits segment.

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Segment Performance Shows Diverging Trends

Revenues in the Health Care Benefits segment increased 3.3% to $35.97 billion, primarily driven by an increase in the Government business, partially offset by a decline as a result of the company’s exit from the individual exchange business in 2026.

Health Services segment (offering pharmacy benefit management) sales increased 11% to $48.24 billion, primarily driven by pharmacy drug mix and brand inflation, partially offset by continued pharmacy client price improvements.

The Pharmacy & Consumer Wellness segment’s sales remained flat at $31.99 billion, ...