Key Points
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UnitedHealth generates higher overall revenue, though CVS Health has occasionally narrowed the gap between the two companies.
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Both companies experienced steady quarter-over-quarter revenue expansion through late 2025 before posting slight sequential declines in early 2026.
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Investors should watch whether these recent revenue contractions represent temporary fluctuations or the beginning of a longer stabilization trend for both companies.
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CVS Health: Managing Services and Revenue Shifts
CVS Health (NYSE:CVS) primarily generates revenue by offering health insurance, managing pharmacy benefit programs, and operating retail pharmacies across the country.
It received court approval to sell its Omnicare business to GenieRx, while it reported an approximately 3% net income margin for the quarter ended March 31, 2026.
UnitedHealth: Steady Scale and Operational Adjustments
UnitedHealth (NYSE:UNH) provides health benefit plans for employers and individuals while delivering direct medical care and pharmacy management services.
It announced a phased reduction of prior authorization requirements for rural providers, and it generated an approximately 6% net income margin for the quarter ended March 31, 2026.
Why Revenue Matters for Retail Investors
Revenue serves as a straightforward measure of total sales volume before any expenses are deducted. This metric helps investors measure a company’s overall size, market footprint, and long-term trajectory.
Quarterly Revenue for CVS Health and UnitedHealth
Quarter (Period End)CVS Health RevenueUnitedHealth RevenueQ2 2024 (June 2024)$91.2 billion$98.9 billionQ3 2024 (Sept. 2024)$95.4 billion$100.8 billionQ4 2024 (Dec. 2024)$97.7 billion$100.8 billionQ1 2025 (March 2025)$94.6 billion$109.6 billionQ2 2025 (June 2025)$98.9 billion$111.6 billionQ3 2025 (Sept. 2025)$102.9 billion$113.2 billionQ4 2025 (Dec. 2025)$105.7 billion$113.2 billionQ1 2026 (March 2026)$100.4 billion$111.7 billion
Foolish Take
In comparing the revenue trends for CVS and UnitedHealth, it’s important to note that, while they operate in the healthcare sector, their business models are different. CVS relies substantially on retail sales through its 9,000 pharmacy locations. This segment produced $32 billion of the company’s $100.4 billion in first-quarter revenue. As is common for the retail sector, CVS sees its largest sales in the fourth quarter.
UnitedHealth concentrates on its health system comprised of clinics and health insurance coverage. It is exiting its non-U.S. businesses to focus on its core operations. Its year-over-year revenue growth is not as strong as CVS. In Q1, UnitedHealth’s $111.7 billion was a 2% increase over 2025.
CVS boasts the more robust sales growth. Its Q1 revenue represented a 6% year-over-year jump. It raised its full-year guidance, and UnitedHealth did as well, indicating both are anticipating a strong year ahead, and making them promising investments in the healthcare industry.
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Robert Izquierdo has positions in CVS Health and UnitedHealth Group. The Motley Fool recommends CVS Health and UnitedHealth Group. The Motley Fool has a disclosure policy.
