Subtext

CVS Health Corporation CVS

SectorHealth Care
Transcripts78
Date range2006-02-06 – 2025-05-01
Calls charted78

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-21-11+0+11+212005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22005 Q4 · Overall: +3.82006 Q1 · Overall: +8.22006 Q2 · Overall: +12.02006 Q3 · Overall: +16.32006 Q4 · Overall: +11.92007 Q1 · Overall: +8.32007 Q2 · Overall: +7.92007 Q3 · Overall: +10.42007 Q4 · Overall: +7.32008 Q1 · Overall: +6.22008 Q2 · Overall: +8.82008 Q3 · Overall: +2.82008 Q4 · Overall: +9.52009 Q1 · Overall: +2.22009 Q2 · Overall: +7.82009 Q3 · Overall: +1.92009 Q4 · Overall: +12.72010 Q1 · Overall: +6.82010 Q2 · Overall: +5.22010 Q3 · Overall: +8.92010 Q4 · Overall: +7.22011 Q1 · Overall: +11.02011 Q2 · Overall: +9.52011 Q3 · Overall: +11.22011 Q4 · Overall: +8.92012 Q1 · Overall: +7.42012 Q2 · Overall: +9.22012 Q3 · Overall: +11.02012 Q4 · Overall: +7.92013 Q1 · Overall: +7.32013 Q2 · Overall: +8.22013 Q3 · Overall: +9.22013 Q4 · Overall: +10.02014 Q1 · Overall: +9.42014 Q2 · Overall: +9.32014 Q3 · Overall: +9.92014 Q4 · Overall: +6.92015 Q1 · Overall: +9.32015 Q2 · Overall: +7.92015 Q3 · Overall: +7.92015 Q4 · Overall: +8.32016 Q1 · Overall: +9.42016 Q2 · Overall: +12.12016 Q3 · Overall: +5.72016 Q4 · Overall: +5.52017 Q1 · Overall: +5.42017 Q2 · Overall: +6.52017 Q3 · Overall: +4.72017 Q4 · Overall: +8.62018 Q1 · Overall: +8.52018 Q2 · Overall: +8.22018 Q3 · Overall: +10.42018 Q4 · Overall: +11.32019 Q1 · Overall: +8.12019 Q2 · Overall: +12.82019 Q3 · Overall: +12.72019 Q4 · Overall: +7.22020 Q1 · Overall: -5.62020 Q2 · Overall: +1.72020 Q3 · Overall: +8.22020 Q4 · Overall: +13.52021 Q1 · Overall: +11.02021 Q2 · Overall: +12.62021 Q3 · Overall: +14.52021 Q4 · Overall: +12.32022 Q1 · Overall: +9.52022 Q2 · Overall: +14.32022 Q3 · Overall: +9.82022 Q4 · Overall: +15.32023 Q1 · Overall: +17.02023 Q2 · Overall: +10.42023 Q3 · Overall: +11.92023 Q4 · Overall: +12.92024 Q1 · Overall: +1.12024 Q2 · Overall: +11.52024 Q3 · Overall: +14.12024 Q4 · Overall: +18.52025 Q1 · Overall: +15.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-18+0+18+372005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22005 Q4 · CEO: +5.62006 Q4 · CEO: +8.12007 Q1 · CEO: +12.72007 Q2 · CEO: +9.82007 Q3 · CEO: +12.32007 Q4 · CEO: +10.72008 Q3 · CEO: +5.62008 Q4 · CEO: +17.22009 Q1 · CEO: +5.42009 Q2 · CEO: +12.12009 Q3 · CEO: +5.82009 Q4 · CEO: +20.72010 Q1 · CEO: +10.62010 Q2 · CEO: +6.52010 Q3 · CEO: +18.12010 Q4 · CEO: +22.72011 Q1 · CEO: +15.52011 Q2 · CEO: +15.82011 Q3 · CEO: +18.22011 Q4 · CEO: +9.32012 Q1 · CEO: +11.82012 Q2 · CEO: +20.32012 Q3 · CEO: +15.22012 Q4 · CEO: +13.42013 Q1 · CEO: +15.32013 Q2 · CEO: +9.82013 Q3 · CEO: +12.12013 Q4 · CEO: +12.52014 Q1 · CEO: +14.02014 Q2 · CEO: +13.02014 Q3 · CEO: +12.72014 Q4 · CEO: +12.62015 Q1 · CEO: +14.52015 Q2 · CEO: +10.82015 Q3 · CEO: +15.42015 Q4 · CEO: +15.92016 Q1 · CEO: +10.72016 Q2 · CEO: +17.82016 Q3 · CEO: +8.32016 Q4 · CEO: +9.52017 Q1 · CEO: +13.32017 Q2 · CEO: +12.92017 Q3 · CEO: +8.52017 Q4 · CEO: +18.32018 Q1 · CEO: +13.52018 Q2 · CEO: +10.12018 Q3 · CEO: +14.22018 Q4 · CEO: +22.42019 Q1 · CEO: +15.42019 Q2 · CEO: +14.32019 Q3 · CEO: +13.82019 Q4 · CEO: +8.02020 Q2 · CEO: +3.12020 Q3 · CEO: +3.02020 Q4 · CEO: +26.42021 Q1 · CEO: +10.32021 Q2 · CEO: +17.92021 Q3 · CEO: +25.52021 Q4 · CEO: +20.22022 Q1 · CEO: +18.22022 Q2 · CEO: +29.52022 Q3 · CEO: +17.32022 Q4 · CEO: +27.52023 Q1 · CEO: +32.02023 Q2 · CEO: +22.42023 Q3 · CEO: +23.22023 Q4 · CEO: +27.52024 Q1 · CEO: +29.52024 Q2 · CEO: +22.92024 Q3 · CEO: +29.12024 Q4 · CEO: +22.12025 Q1 · CEO: +15.62005 Q4 · CFO: +4.02006 Q1 · CFO: +8.82006 Q2 · CFO: +17.82006 Q3 · CFO: +18.12006 Q4 · CFO: +20.22007 Q1 · CFO: +8.82007 Q2 · CFO: +8.42007 Q3 · CFO: +10.22007 Q4 · CFO: +5.32008 Q1 · CFO: +8.42008 Q2 · CFO: +10.82008 Q3 · CFO: +4.32008 Q4 · CFO: +8.12009 Q1 · CFO: +0.42009 Q2 · CFO: +3.82009 Q3 · CFO: +2.22009 Q4 · CFO: +6.62010 Q1 · CFO: +4.02010 Q2 · CFO: -1.82010 Q3 · CFO: +1.32010 Q4 · CFO: +5.52011 Q1 · CFO: +16.22011 Q2 · CFO: +13.92011 Q3 · CFO: +14.02011 Q4 · CFO: +17.12012 Q1 · CFO: +9.02012 Q2 · CFO: +7.22012 Q3 · CFO: +13.62012 Q4 · CFO: +21.12013 Q1 · CFO: +6.62013 Q2 · CFO: +9.82013 Q3 · CFO: +11.22013 Q4 · CFO: +7.82014 Q1 · CFO: +14.82014 Q2 · CFO: +11.72014 Q3 · CFO: +8.92014 Q4 · CFO: +21.72015 Q1 · CFO: +4.82015 Q2 · CFO: +0.02015 Q3 · CFO: +10.62015 Q4 · CFO: +9.52016 Q1 · CFO: +10.82016 Q2 · CFO: +9.32016 Q3 · CFO: +8.42016 Q4 · CFO: +0.72017 Q1 · CFO: -1.62017 Q2 · CFO: +4.52017 Q3 · CFO: +3.82017 Q4 · CFO: +8.42018 Q1 · CFO: +14.92018 Q2 · CFO: +13.02018 Q4 · CFO: +9.42019 Q1 · CFO: +14.32019 Q2 · CFO: +17.22019 Q3 · CFO: +15.62019 Q4 · CFO: +13.92020 Q1 · CFO: +2.42020 Q2 · CFO: +7.52020 Q3 · CFO: +6.42020 Q4 · CFO: +7.32021 Q1 · CFO: +14.92021 Q2 · CFO: +9.62021 Q3 · CFO: +11.12021 Q4 · CFO: +11.02022 Q1 · CFO: +8.72022 Q2 · CFO: +9.42022 Q3 · CFO: +7.72022 Q4 · CFO: +11.22023 Q1 · CFO: +8.92023 Q2 · CFO: +5.22023 Q3 · CFO: +8.92023 Q4 · CFO: +14.12024 Q1 · CFO: -7.42024 Q2 · CFO: +11.72024 Q3 · CFO: +2.12024 Q4 · CFO: +12.12025 Q1 · CFO: +17.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-61-30+0+30+612005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22005 Q4 · Prepared remarks: +6.92006 Q1 · Prepared remarks: +10.62006 Q2 · Prepared remarks: +13.72006 Q3 · Prepared remarks: +16.52006 Q4 · Prepared remarks: +13.62007 Q1 · Prepared remarks: +11.22007 Q2 · Prepared remarks: +9.52007 Q3 · Prepared remarks: +14.02007 Q4 · Prepared remarks: +8.72008 Q1 · Prepared remarks: +10.52008 Q2 · Prepared remarks: +11.52008 Q3 · Prepared remarks: +2.12008 Q4 · Prepared remarks: +14.52009 Q1 · Prepared remarks: +1.92009 Q2 · Prepared remarks: +8.02009 Q3 · Prepared remarks: +10.12009 Q4 · Prepared remarks: +16.12010 Q1 · Prepared remarks: +9.02010 Q2 · Prepared remarks: +1.72010 Q3 · Prepared remarks: +13.42010 Q4 · Prepared remarks: +11.32011 Q1 · Prepared remarks: +14.92011 Q2 · Prepared remarks: +16.72011 Q3 · Prepared remarks: +17.82011 Q4 · Prepared remarks: +14.62012 Q1 · Prepared remarks: +12.02012 Q2 · Prepared remarks: +15.02012 Q3 · Prepared remarks: +14.02012 Q4 · Prepared remarks: +17.62013 Q1 · Prepared remarks: +15.12013 Q2 · Prepared remarks: +10.92013 Q3 · Prepared remarks: +12.22013 Q4 · Prepared remarks: +14.02014 Q1 · Prepared remarks: +16.22014 Q2 · Prepared remarks: +13.42014 Q3 · Prepared remarks: +10.52014 Q4 · Prepared remarks: +26.52015 Q1 · Prepared remarks: +33.92015 Q2 · Prepared remarks: +39.32015 Q3 · Prepared remarks: +10.42015 Q4 · Prepared remarks: +19.72016 Q1 · Prepared remarks: +15.22016 Q2 · Prepared remarks: +17.92016 Q3 · Prepared remarks: +5.22016 Q4 · Prepared remarks: +6.52017 Q1 · Prepared remarks: +4.92017 Q2 · Prepared remarks: +7.52017 Q3 · Prepared remarks: +1.82017 Q4 · Prepared remarks: +13.02018 Q1 · Prepared remarks: +15.62018 Q2 · Prepared remarks: +12.12018 Q3 · Prepared remarks: +13.32018 Q4 · Prepared remarks: +21.02019 Q1 · Prepared remarks: +22.52019 Q2 · Prepared remarks: +15.52019 Q3 · Prepared remarks: +19.32019 Q4 · Prepared remarks: +6.92020 Q1 · Prepared remarks: -4.82020 Q2 · Prepared remarks: +8.82020 Q3 · Prepared remarks: +8.52020 Q4 · Prepared remarks: +15.02021 Q1 · Prepared remarks: +11.42021 Q2 · Prepared remarks: +17.62021 Q3 · Prepared remarks: +17.52021 Q4 · Prepared remarks: +16.72022 Q1 · Prepared remarks: +13.42022 Q2 · Prepared remarks: +17.82022 Q3 · Prepared remarks: +15.82022 Q4 · Prepared remarks: +21.42023 Q1 · Prepared remarks: +19.82023 Q2 · Prepared remarks: +18.42023 Q3 · Prepared remarks: +15.82023 Q4 · Prepared remarks: +23.92024 Q1 · Prepared remarks: +20.82024 Q2 · Prepared remarks: +16.12024 Q3 · Prepared remarks: +17.42024 Q4 · Prepared remarks: +17.52025 Q1 · Prepared remarks: +21.12005 Q4 · Q&A responses: +0.02006 Q1 · Q&A responses: -0.62006 Q2 · Q&A responses: +20.92006 Q4 · Q&A responses: +12.72007 Q1 · Q&A responses: +9.22007 Q2 · Q&A responses: +7.22007 Q3 · Q&A responses: +9.12007 Q4 · Q&A responses: +6.72008 Q1 · Q&A responses: +3.42008 Q2 · Q&A responses: +11.82008 Q3 · Q&A responses: +8.02008 Q4 · Q&A responses: +12.12009 Q1 · Q&A responses: +5.42009 Q2 · Q&A responses: +10.72009 Q3 · Q&A responses: -3.62009 Q4 · Q&A responses: +13.82010 Q1 · Q&A responses: +10.42010 Q2 · Q&A responses: +12.82010 Q3 · Q&A responses: +8.02010 Q4 · Q&A responses: +9.32011 Q1 · Q&A responses: +13.42011 Q2 · Q&A responses: +9.22011 Q3 · Q&A responses: +10.12011 Q4 · Q&A responses: +7.52012 Q1 · Q&A responses: +7.72012 Q2 · Q&A responses: +5.52012 Q3 · Q&A responses: +10.72012 Q4 · Q&A responses: +9.02013 Q1 · Q&A responses: +9.02013 Q2 · Q&A responses: +8.62013 Q3 · Q&A responses: +12.42013 Q4 · Q&A responses: +7.42014 Q1 · Q&A responses: +10.42014 Q2 · Q&A responses: +9.22014 Q3 · Q&A responses: +13.62014 Q4 · Q&A responses: +13.82015 Q1 · Q&A responses: +14.22015 Q2 · Q&A responses: +10.22015 Q3 · Q&A responses: +15.72015 Q4 · Q&A responses: +8.72016 Q1 · Q&A responses: +8.42016 Q2 · Q&A responses: +12.32016 Q3 · Q&A responses: +9.92016 Q4 · Q&A responses: +5.82017 Q1 · Q&A responses: +11.12017 Q2 · Q&A responses: +7.62017 Q3 · Q&A responses: +12.22017 Q4 · Q&A responses: +11.72018 Q1 · Q&A responses: +7.52018 Q2 · Q&A responses: +9.52018 Q3 · Q&A responses: +11.62018 Q4 · Q&A responses: +9.92019 Q1 · Q&A responses: +10.22019 Q2 · Q&A responses: +15.72019 Q3 · Q&A responses: +14.72019 Q4 · Q&A responses: +12.12020 Q1 · Q&A responses: -2.82020 Q2 · Q&A responses: +0.42020 Q4 · Q&A responses: +52.62021 Q1 · Q&A responses: +11.82021 Q2 · Q&A responses: +9.42021 Q3 · Q&A responses: +14.12021 Q4 · Q&A responses: +13.62022 Q1 · Q&A responses: +8.42022 Q2 · Q&A responses: +14.52022 Q3 · Q&A responses: +8.82022 Q4 · Q&A responses: +12.82023 Q1 · Q&A responses: +19.52023 Q2 · Q&A responses: +6.72023 Q3 · Q&A responses: +11.52023 Q4 · Q&A responses: +10.72024 Q1 · Q&A responses: +3.92024 Q2 · Q&A responses: +13.22024 Q3 · Q&A responses: +11.92024 Q4 · Q&A responses: +20.22025 Q1 · Q&A responses: +12.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.26$6.77$9.282005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22014 Q1: $4.612014 Q2: $4.752014 Q3: $4.922014 Q4: $5.142015 Q1: $5.332015 Q2: $5.532015 Q3: $5.792015 Q4: $5.822016 Q1: $6.002016 Q2: $6.202016 Q3: $6.392016 Q4: $5.872017 Q1: $5.992017 Q2: $6.122017 Q3: $6.232017 Q4: $6.322018 Q1: $6.382018 Q2: $7.122018 Q3: $7.252018 Q4: $7.562019 Q1: $6.972019 Q2: $7.002019 Q3: $7.152019 Q4: $7.132020 Q1: $7.262020 Q2: $7.332020 Q3: $7.462020 Q4: $7.542021 Q1: $7.652021 Q2: $7.962021 Q3: $8.122021 Q4: $8.262022 Q1: $8.462022 Q2: $8.662022 Q3: $8.932022 Q4: $8.852023 Q1: $8.902023 Q2: $8.732023 Q3: $8.602023 Q4: $8.522024 Q1: $8.542024 Q2: $7.452024 Q3: $7.12

Forward P/E

6.6913.5220.342005 Q42008 Q22010 Q42013 Q22015 Q42018 Q22020 Q42023 Q22014 Q1: 15.962014 Q2: 16.302014 Q3: 16.722014 Q4: 18.322015 Q1: 19.402015 Q2: 18.792015 Q3: 17.522015 Q4: 16.762016 Q1: 16.822016 Q2: 15.502016 Q3: 13.992016 Q4: 13.452017 Q1: 13.312017 Q2: 13.202017 Q3: 13.332017 Q4: 11.332018 Q1: 10.512018 Q2: 9.612018 Q3: 10.892018 Q4: 9.072019 Q1: 8.112019 Q2: 7.842019 Q3: 8.842019 Q4: 10.282020 Q1: 7.872020 Q2: 8.872020 Q3: 7.712020 Q4: 9.192021 Q1: 9.672021 Q2: 10.652021 Q3: 10.542021 Q4: 12.172022 Q1: 12.672022 Q2: 10.552022 Q3: 11.312022 Q4: 11.382023 Q1: 8.472023 Q2: 7.632023 Q3: 8.172023 Q4: 8.842024 Q1: 8.802024 Q2: 8.192024 Q3: 8.20

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -3.0 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -6.4 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -12.8 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -2.6 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -2.2 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -2.8 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -4.5 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↑ +10.4 fwd EPS ↓ -1.09 Tone rose while the forward EPS estimate was cut.
  • 2024 Q3 tone ↑ +2.6 fwd EPS ↓ -0.32 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+15.9——View →
2024 Q42025-02-12+18.5——View →
2024 Q32024-11-06+14.1$7.128.2View →
2024 Q22024-08-07+11.5$7.458.2View →
2024 Q12024-05-01+1.1$8.548.8View →
2023 Q42024-02-07+12.9$8.528.8View →
2023 Q32023-11-01+11.9$8.608.2View →
2023 Q22023-08-02+10.4$8.737.6View →