As of Q4'25, CVS reported an operating income of USD 2.1B, representing a YoY decline of approximately 10.8%. This marks a recovery from the previous quarter’s significant negative operating income of -USD 3.2B in Q3'25. Over the period from Q1'23 to Q4'25, CVS’s operating income exhibited notable volatility, with several quarters of decline and brief rebounds. The most significant downturn occurred in Q3'25, where operating income dropped sharply into negative territory, accompanied by a YoY decrease of nearly 485%. Despite intermittent recoveries, such as the strong YoY growth of 48.6% in Q1'25, the overall trend reflects instability and heightened fluctuations in operational performance through the observed quarters.