NYSE : CVS

CVS Health Corporation — Financial statements

Healthcare · Healthcare Plans · United States

Last price 90.33 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 115.53B

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Financial statements

CVS Health Corporation (CVS) reported revenue of 412.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue412.64B399.83B370.66B356.62B321.63B290.91B
Cost of Revenue356.34B346.70B321.41B303.35B267.96B239.99B
Gross Profit56.30B53.13B49.25B53.28B53.66B50.92B
Selling, General & Admin44.15B43.11B41.23B39.20B37.92B36.76B
Operating Expenses44.15B43.11B41.23B39.20B37.92B36.76B
Operating Income12.16B10.02B8.02B14.07B15.74B14.16B
Interest Expense-3.10B-3.12B-2.96B-2.66B-2.29B-2.50B
Interest & Investment Income2.44B2.23B2.15B1.15B838.00M1.20B
Other Non Operating Income (Expenses)1.00M-5.00M-5.00M-6.00M-4.00M-4.00M
EBT Excluding Unusual Items11.50B9.13B7.21B12.56B14.29B12.85B
Merger & Restructuring Charges-149.00M-210.00M-1.45B-1.04B-117.00M-1.49B
Impairment of Goodwill-5.72B-5.72B-431.00M
Gain (Loss) on Sale of Assets483.00M483.00M-349.00M-2.53B
Legal Settlements-320.00M-1.54B-100.00M-5.80B
Other Unusual Items491.00M-391.00M
Pretax Income5.79B2.14B6.15B11.17B5.84B10.54B
Income Tax Expense902.00M408.00M1.56B2.81B1.51B2.55B
Earnings From Continuing Operations4.88B1.73B4.59B8.37B4.33B7.99B
Net Income to Company4.88B1.73B4.59B8.37B4.33B7.99B
Minority Interest in Earnings5.00M40.00M28.00M-24.00M-16.00M12.00M
Net Income4.89B1.77B4.61B8.34B4.31B8.00B
Net Income to Common4.89B1.77B4.61B8.34B4.31B8.00B
Shares Outstanding (Basic)1.27B1.27B1.26B1.28B1.31B1.32B
Shares Outstanding (Diluted)1.28B1.27B1.26B1.29B1.32B1.33B
EPS (Basic)3.841.403.666.493.296.07
EPS (Diluted)3.821.393.666.473.266.02
Free Cash Flow11.76B7.81B6.33B10.39B13.45B15.74B
Free Cash Flow Per Share9.196.145.018.0610.1711.85
Dividend Per Share2.662.662.662.422.202.00
Gross Margin13.64%13.29%13.29%14.94%16.68%17.50%
Operating Margin2.95%2.51%2.16%3.95%4.89%4.87%
Profit Margin1.19%0.44%1.24%2.34%1.34%2.75%
Free Cash Flow Margin2.85%1.95%1.71%2.92%4.18%5.41%
EBITDA16.68B14.62B12.62B18.44B19.97B18.64B
EBITDA Margin4.04%3.66%3.40%5.17%6.21%6.41%
D&A For EBITDA4.52B4.61B4.60B4.37B4.22B4.49B
EBIT12.16B10.02B8.02B14.07B15.74B14.16B
EBIT Margin2.95%2.51%2.16%3.95%4.89%4.87%
Effective Tax Rate15.59%19.10%25.41%25.11%25.86%24.18%
Revenue as Reported415.09B402.07B372.81B357.78B322.47B292.11B
Advertising Expenses970.00M989.00M985.00M745.00M707.00M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents11.33B8.45B8.59B8.20B12.95B9.41B
Short-Term Investments2.63B2.15B2.41B3.26B2.78B3.12B
Cash & Short-Term Investments13.96B10.60B10.99B11.46B15.72B12.53B
Accounts Receivable19.38B16.32B14.61B15.62B27.28B21.04B
Other Receivables20.93B23.46B21.86B19.61B3.39B
Receivables40.31B39.78B36.47B35.23B27.28B24.43B
Inventory17.62B19.25B18.11B18.02B19.09B17.76B
Restricted Cash59.00M95.00M90.00M144.00M3.06B
Other Current Assets3.46B5.03B2.98B3.06B3.40B2.23B
Total Current Assets75.35B74.71B68.64B67.86B65.63B60.01B
Property, Plant & Equipment27.62B28.06B28.94B30.43B30.75B32.02B
Long-Term Investments33.25B32.67B28.93B23.02B21.10B23.02B
Goodwill85.48B85.48B91.27B91.27B78.15B79.12B
Other Intangible Assets24.64B25.51B27.32B29.23B24.80B29.03B
Other Long-Term Assets7.43B7.11B8.10B7.91B7.85B9.80B
Total Assets253.77B253.54B253.22B249.73B228.28B233.00B
Accounts Payable17.17B17.64B15.89B14.90B14.84B12.54B
Accrued Expenses38.79B37.72B35.73B35.41B28.82B26.39B
Short-Term Debt2.12B200.00M
Current Portion of Long-Term Debt1.96B4.01B3.56B2.71B1.72B4.16B
Current Portion of Leases1.91B1.80B1.82B1.81B1.74B1.70B
Current Unearned Revenue62.00M144.00M149.00M71.00M87.00M
Other Current Liabilities27.21B27.46B25.35B24.02B22.24B22.93B
Total Current Liabilities87.04B88.69B84.61B79.19B69.42B67.81B
Long-Term Debt59.45B59.24B59.23B57.31B49.07B50.72B
Long-Term Leases12.98B14.91B16.19B17.36B18.21B19.43B
Pension & Post-Retirement Benefits165.00M169.00M189.00M197.00M250.00M
Long-Term Deferred Tax Liabilities3.77B3.83B3.81B4.31B4.02B6.27B
Other Long-Term Liabilities10.63B11.32B13.47B14.73B15.60B13.14B
Total Liabilities173.87B178.16B177.49B173.09B156.51B157.62B
Common Stock18.00M18.00M18.00M18.00M18.00M17.00M
Additional Paid-In Capital50.95B50.38B49.64B48.97B48.17B47.36B
Retained Earnings65.40B61.20B62.84B61.60B56.40B54.91B
Treasury Stock-36.85B-36.79B-36.82B-33.84B-31.83B-28.14B
Comprehensive Income & Other188.00M406.00M-120.00M-297.00M-1.29B936.00M
Total Common Equity79.70B75.21B75.56B76.46B71.47B75.08B
Minority Interest197.00M168.00M170.00M175.00M300.00M306.00M
Shareholders' Equity79.90B75.38B75.73B76.64B71.77B75.38B
Total Liabilities & Equity253.77B253.54B253.22B249.73B228.28B233.00B
Total Debt76.31B79.95B82.92B79.39B70.73B76.00B
Net Cash (Debt)-62.35B-69.35B-71.93B-67.93B-55.01B-63.47B
Net Cash Per Share-48.75-54.56-56.99-52.66-41.58-47.76
Filing Date Shares Outstanding1.28B1.27B1.26B1.26B1.28B1.31B
Total Common Shares Outstanding1.28B1.27B1.26B1.29B1.30B1.32B
Working Capital-11.70B-13.98B-15.96B-11.33B-3.79B-7.80B
Book Value Per Share62.3659.1859.9759.3654.9856.79
Tangible Book Value-30.42B-35.77B-43.03B-44.05B-31.48B-33.07B
Tangible Book Value Per Share-23.80-28.14-34.15-34.20-24.22-25.02
Land1.81B1.85B1.96B2.00B2.04B
Buildings4.59B4.63B4.57B4.54B4.22B
Machinery11.74B11.72B11.02B12.73B13.62B
Leasehold Improvements6.81B6.72B6.51B6.24B6.24B

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income4.89B1.77B4.61B8.34B4.31B8.00B
Depreciation & Amortization4.52B4.61B4.60B4.37B4.22B4.49B
Loss (Gain) From Sale of Assets-483.00M-247.00M349.00M2.06B
Asset Writedown & Restructuring Costs5.72B5.72B840.00M152.00M1.79B
Stock-Based Compensation715.00M535.00M540.00M588.00M447.00M484.00M
Other Operating Activities-197.00M-274.00M-1.59B-388.00M-1.68B-352.00M
Change in Accounts Receivable108.00M-3.50B-1.30B-6.26B-2.97B-2.70B
Change in Inventory-314.00M-1.27B-102.00M1.23B-1.44B735.00M
Change in Accounts Payable-320.00M3.85B2.33B3.62B4.26B2.90B
Change in Other Net Operating Assets134.00M-564.00M-823.00M1.42B6.96B2.93B
Operating Cash Flow14.78B10.64B9.11B13.43B16.18B18.27B
Capital Expenditures-3.02B-2.83B-2.78B-3.03B-2.73B-2.52B
Cash Acquisitions-306.00M-436.00M-95.00M-16.61B-139.00M-146.00M
Divestitures-1.25B
Investment in Securities-3.53B-2.63B-4.84B-1.31B-1.02B-2.72B
Other Investing Activities15.00M26.00M101.00M68.00M85.00M122.00M
Investing Cash Flow-6.84B-5.87B-7.61B-20.89B-5.05B-5.26B
Short-Term Debt Issued1.92B5.20B
Long-Term Debt Issued3.97B7.91B10.90B987.00M
Total Debt Issued3.05B3.97B9.83B16.10B987.00M
Short-Term Debt Repaid-2.12B-5.00B
Long-Term Debt Repaid-3.63B-4.77B-3.17B-4.21B-10.25B
Total Debt Repaid-8.27B-5.75B-4.77B-8.17B-4.21B-10.25B
Net Debt Issued (Repaid)-5.22B-1.78B5.06B7.93B-4.21B-9.27B
Issuance of Common Stock420.00M394.00M361.00M277.00M551.00M549.00M
Repurchase of Common Stock-187.00M-158.00M-3.21B-2.19B-3.87B-168.00M
Common Dividends Paid-3.42B-3.40B-3.37B-3.13B-2.91B-2.62B
Other Financing Activities-17.00M26.00M-201.00M-79.00M155.00M
Financing Cash Flow-8.43B-4.94B-1.14B2.68B-10.52B-11.36B
Net Cash Flow-488.00M-172.00M359.00M-4.78B614.00M1.65B
Free Cash Flow11.76B7.81B6.33B10.39B13.45B15.74B
Free Cash Flow Margin2.85%1.95%1.71%2.92%4.18%5.41%
Free Cash Flow Per Share9.196.145.018.0610.1711.85
Levered Free Cash Flow8.08B5.93B6.91B11.08B11.94B14.78B
Unlevered Free Cash Flow10.01B7.88B8.76B12.74B13.36B16.35B
Cash Interest Paid3.06B2.99B2.91B2.42B2.24B2.47B
Cash Income Tax Paid1.34B2.17B1.70B3.52B4.12B3.19B
Change in Working Capital-392.00M-1.47B109.00M15.00M6.82B3.86B

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization115.43B100.74B56.49B101.61B122.45B136.27B
Enterprise Value177.78B171.44B129.68B165.69B173.86B202.40B
Last Close Price90.2577.0041.7770.5280.6287.28
PE Ratio23.6556.9812.2412.1828.4017.03
Forward PE11.1111.547.779.3810.6612.88
PS Ratio0.280.250.150.280.380.47
PB Ratio1.451.340.751.331.711.81
P/FCF Ratio9.8212.908.939.789.108.65
P/OCF Ratio7.819.476.207.577.577.46
PEG Ratio0.940.760.611.922.052.15
EV/Sales Ratio0.430.430.350.470.540.70
EV/EBITDA Ratio10.6611.7210.288.998.7110.86
EV/EBIT Ratio14.6217.1116.1711.7711.0414.30
EV/FCF Ratio15.1221.9620.5015.9412.9312.86
Debt / Equity Ratio0.951.061.091.040.991.01
Debt / EBITDA Ratio3.874.535.303.683.063.48
Debt / FCF Ratio6.4910.2413.117.645.264.83
Net Debt / Equity Ratio0.780.920.950.890.770.84
Net Debt / EBITDA Ratio3.744.745.703.682.753.40
Net Debt / FCF Ratio5.308.8811.376.544.094.03
Asset Turnover1.611.581.471.491.401.25
Inventory Turnover20.3218.5617.7916.3514.5413.24
Quick Ratio0.620.570.560.590.620.55
Current Ratio0.870.840.810.860.940.89
Return on Equity (ROE)6.21%2.29%6.02%11.28%5.88%11.01%
Return on Assets (ROA)2.97%2.47%1.99%3.68%4.27%3.82%
Return on Invested Capital (ROIC)7.17%5.54%4.09%7.77%8.79%7.59%
Return on Capital Employed (ROCE)7.30%6.10%4.80%8.30%9.90%8.60%
Earnings Yield4.23%1.75%8.17%8.21%3.52%5.87%
FCF Yield10.19%7.75%11.20%10.23%10.98%11.55%
Dividend Yield2.95%3.36%5.93%3.07%2.34%1.94%
Payout Ratio69.70%192.14%73.10%37.54%67.43%32.81%
Buyback Yield / Dilution-1.19%-0.71%2.17%2.49%0.45%-1.14%
Total Shareholder Return1.76%2.64%8.10%5.56%2.79%0.80%