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.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 412.64B | 399.83B | 370.66B | 356.62B | 321.63B | 290.91B |
| Cost of Revenue | 356.34B | 346.70B | 321.41B | 303.35B | 267.96B | 239.99B |
| Gross Profit | 56.30B | 53.13B | 49.25B | 53.28B | 53.66B | 50.92B |
| Selling, General & Admin | 44.15B | 43.11B | 41.23B | 39.20B | 37.92B | 36.76B |
| Operating Expenses | 44.15B | 43.11B | 41.23B | 39.20B | 37.92B | 36.76B |
| Operating Income | 12.16B | 10.02B | 8.02B | 14.07B | 15.74B | 14.16B |
| Interest Expense | -3.10B | -3.12B | -2.96B | -2.66B | -2.29B | -2.50B |
| Interest & Investment Income | 2.44B | 2.23B | 2.15B | 1.15B | 838.00M | 1.20B |
| Other Non Operating Income (Expenses) | 1.00M | -5.00M | -5.00M | -6.00M | -4.00M | -4.00M |
| EBT Excluding Unusual Items | 11.50B | 9.13B | 7.21B | 12.56B | 14.29B | 12.85B |
| 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 Assets | 483.00M | 483.00M | -349.00M | -2.53B | ||
| Legal Settlements | -320.00M | -1.54B | -100.00M | -5.80B | ||
| Other Unusual Items | 491.00M | -391.00M | ||||
| Pretax Income | 5.79B | 2.14B | 6.15B | 11.17B | 5.84B | 10.54B |
| Income Tax Expense | 902.00M | 408.00M | 1.56B | 2.81B | 1.51B | 2.55B |
| Earnings From Continuing Operations | 4.88B | 1.73B | 4.59B | 8.37B | 4.33B | 7.99B |
| Net Income to Company | 4.88B | 1.73B | 4.59B | 8.37B | 4.33B | 7.99B |
| Minority Interest in Earnings | 5.00M | 40.00M | 28.00M | -24.00M | -16.00M | 12.00M |
| Net Income | 4.89B | 1.77B | 4.61B | 8.34B | 4.31B | 8.00B |
| Net Income to Common | 4.89B | 1.77B | 4.61B | 8.34B | 4.31B | 8.00B |
| Shares Outstanding (Basic) | 1.27B | 1.27B | 1.26B | 1.28B | 1.31B | 1.32B |
| Shares Outstanding (Diluted) | 1.28B | 1.27B | 1.26B | 1.29B | 1.32B | 1.33B |
| EPS (Basic) | 3.84 | 1.40 | 3.66 | 6.49 | 3.29 | 6.07 |
| EPS (Diluted) | 3.82 | 1.39 | 3.66 | 6.47 | 3.26 | 6.02 |
| Free Cash Flow | 11.76B | 7.81B | 6.33B | 10.39B | 13.45B | 15.74B |
| Free Cash Flow Per Share | 9.19 | 6.14 | 5.01 | 8.06 | 10.17 | 11.85 |
| Dividend Per Share | 2.66 | 2.66 | 2.66 | 2.42 | 2.20 | 2.00 |
| Gross Margin | 13.64% | 13.29% | 13.29% | 14.94% | 16.68% | 17.50% |
| Operating Margin | 2.95% | 2.51% | 2.16% | 3.95% | 4.89% | 4.87% |
| Profit Margin | 1.19% | 0.44% | 1.24% | 2.34% | 1.34% | 2.75% |
| Free Cash Flow Margin | 2.85% | 1.95% | 1.71% | 2.92% | 4.18% | 5.41% |
| EBITDA | 16.68B | 14.62B | 12.62B | 18.44B | 19.97B | 18.64B |
| EBITDA Margin | 4.04% | 3.66% | 3.40% | 5.17% | 6.21% | 6.41% |
| D&A For EBITDA | 4.52B | 4.61B | 4.60B | 4.37B | 4.22B | 4.49B |
| EBIT | 12.16B | 10.02B | 8.02B | 14.07B | 15.74B | 14.16B |
| EBIT Margin | 2.95% | 2.51% | 2.16% | 3.95% | 4.89% | 4.87% |
| Effective Tax Rate | 15.59% | 19.10% | 25.41% | 25.11% | 25.86% | 24.18% |
| Revenue as Reported | 415.09B | 402.07B | 372.81B | 357.78B | 322.47B | 292.11B |
| Advertising Expenses | 970.00M | 989.00M | 985.00M | 745.00M | 707.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.33B | 8.45B | 8.59B | 8.20B | 12.95B | 9.41B |
| Short-Term Investments | 2.63B | 2.15B | 2.41B | 3.26B | 2.78B | 3.12B |
| Cash & Short-Term Investments | 13.96B | 10.60B | 10.99B | 11.46B | 15.72B | 12.53B |
| Accounts Receivable | 19.38B | 16.32B | 14.61B | 15.62B | 27.28B | 21.04B |
| Other Receivables | 20.93B | 23.46B | 21.86B | 19.61B | 3.39B | |
| Receivables | 40.31B | 39.78B | 36.47B | 35.23B | 27.28B | 24.43B |
| Inventory | 17.62B | 19.25B | 18.11B | 18.02B | 19.09B | 17.76B |
| Restricted Cash | 59.00M | 95.00M | 90.00M | 144.00M | 3.06B | |
| Other Current Assets | 3.46B | 5.03B | 2.98B | 3.06B | 3.40B | 2.23B |
| Total Current Assets | 75.35B | 74.71B | 68.64B | 67.86B | 65.63B | 60.01B |
| Property, Plant & Equipment | 27.62B | 28.06B | 28.94B | 30.43B | 30.75B | 32.02B |
| Long-Term Investments | 33.25B | 32.67B | 28.93B | 23.02B | 21.10B | 23.02B |
| Goodwill | 85.48B | 85.48B | 91.27B | 91.27B | 78.15B | 79.12B |
| Other Intangible Assets | 24.64B | 25.51B | 27.32B | 29.23B | 24.80B | 29.03B |
| Other Long-Term Assets | 7.43B | 7.11B | 8.10B | 7.91B | 7.85B | 9.80B |
| Total Assets | 253.77B | 253.54B | 253.22B | 249.73B | 228.28B | 233.00B |
| Accounts Payable | 17.17B | 17.64B | 15.89B | 14.90B | 14.84B | 12.54B |
| Accrued Expenses | 38.79B | 37.72B | 35.73B | 35.41B | 28.82B | 26.39B |
| Short-Term Debt | 2.12B | 200.00M | ||||
| Current Portion of Long-Term Debt | 1.96B | 4.01B | 3.56B | 2.71B | 1.72B | 4.16B |
| Current Portion of Leases | 1.91B | 1.80B | 1.82B | 1.81B | 1.74B | 1.70B |
| Current Unearned Revenue | 62.00M | 144.00M | 149.00M | 71.00M | 87.00M | |
| Other Current Liabilities | 27.21B | 27.46B | 25.35B | 24.02B | 22.24B | 22.93B |
| Total Current Liabilities | 87.04B | 88.69B | 84.61B | 79.19B | 69.42B | 67.81B |
| Long-Term Debt | 59.45B | 59.24B | 59.23B | 57.31B | 49.07B | 50.72B |
| Long-Term Leases | 12.98B | 14.91B | 16.19B | 17.36B | 18.21B | 19.43B |
| Pension & Post-Retirement Benefits | 165.00M | 169.00M | 189.00M | 197.00M | 250.00M | |
| Long-Term Deferred Tax Liabilities | 3.77B | 3.83B | 3.81B | 4.31B | 4.02B | 6.27B |
| Other Long-Term Liabilities | 10.63B | 11.32B | 13.47B | 14.73B | 15.60B | 13.14B |
| Total Liabilities | 173.87B | 178.16B | 177.49B | 173.09B | 156.51B | 157.62B |
| Common Stock | 18.00M | 18.00M | 18.00M | 18.00M | 18.00M | 17.00M |
| Additional Paid-In Capital | 50.95B | 50.38B | 49.64B | 48.97B | 48.17B | 47.36B |
| Retained Earnings | 65.40B | 61.20B | 62.84B | 61.60B | 56.40B | 54.91B |
| Treasury Stock | -36.85B | -36.79B | -36.82B | -33.84B | -31.83B | -28.14B |
| Comprehensive Income & Other | 188.00M | 406.00M | -120.00M | -297.00M | -1.29B | 936.00M |
| Total Common Equity | 79.70B | 75.21B | 75.56B | 76.46B | 71.47B | 75.08B |
| Minority Interest | 197.00M | 168.00M | 170.00M | 175.00M | 300.00M | 306.00M |
| Shareholders' Equity | 79.90B | 75.38B | 75.73B | 76.64B | 71.77B | 75.38B |
| Total Liabilities & Equity | 253.77B | 253.54B | 253.22B | 249.73B | 228.28B | 233.00B |
| Total Debt | 76.31B | 79.95B | 82.92B | 79.39B | 70.73B | 76.00B |
| 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 Outstanding | 1.28B | 1.27B | 1.26B | 1.26B | 1.28B | 1.31B |
| Total Common Shares Outstanding | 1.28B | 1.27B | 1.26B | 1.29B | 1.30B | 1.32B |
| Working Capital | -11.70B | -13.98B | -15.96B | -11.33B | -3.79B | -7.80B |
| Book Value Per Share | 62.36 | 59.18 | 59.97 | 59.36 | 54.98 | 56.79 |
| 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 |
| Land | 1.81B | 1.85B | 1.96B | 2.00B | 2.04B | |
| Buildings | 4.59B | 4.63B | 4.57B | 4.54B | 4.22B | |
| Machinery | 11.74B | 11.72B | 11.02B | 12.73B | 13.62B | |
| Leasehold Improvements | 6.81B | 6.72B | 6.51B | 6.24B | 6.24B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.89B | 1.77B | 4.61B | 8.34B | 4.31B | 8.00B |
| Depreciation & Amortization | 4.52B | 4.61B | 4.60B | 4.37B | 4.22B | 4.49B |
| Loss (Gain) From Sale of Assets | -483.00M | -247.00M | 349.00M | 2.06B | ||
| Asset Writedown & Restructuring Costs | 5.72B | 5.72B | 840.00M | 152.00M | 1.79B | |
| Stock-Based Compensation | 715.00M | 535.00M | 540.00M | 588.00M | 447.00M | 484.00M |
| Other Operating Activities | -197.00M | -274.00M | -1.59B | -388.00M | -1.68B | -352.00M |
| Change in Accounts Receivable | 108.00M | -3.50B | -1.30B | -6.26B | -2.97B | -2.70B |
| Change in Inventory | -314.00M | -1.27B | -102.00M | 1.23B | -1.44B | 735.00M |
| Change in Accounts Payable | -320.00M | 3.85B | 2.33B | 3.62B | 4.26B | 2.90B |
| Change in Other Net Operating Assets | 134.00M | -564.00M | -823.00M | 1.42B | 6.96B | 2.93B |
| Operating Cash Flow | 14.78B | 10.64B | 9.11B | 13.43B | 16.18B | 18.27B |
| 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 Activities | 15.00M | 26.00M | 101.00M | 68.00M | 85.00M | 122.00M |
| Investing Cash Flow | -6.84B | -5.87B | -7.61B | -20.89B | -5.05B | -5.26B |
| Short-Term Debt Issued | 1.92B | 5.20B | ||||
| Long-Term Debt Issued | 3.97B | 7.91B | 10.90B | 987.00M | ||
| Total Debt Issued | 3.05B | 3.97B | 9.83B | 16.10B | 987.00M | |
| 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 | -1.78B | 5.06B | 7.93B | -4.21B | -9.27B |
| Issuance of Common Stock | 420.00M | 394.00M | 361.00M | 277.00M | 551.00M | 549.00M |
| 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 | -17.00M | 26.00M | -201.00M | -79.00M | 155.00M | |
| Financing Cash Flow | -8.43B | -4.94B | -1.14B | 2.68B | -10.52B | -11.36B |
| Net Cash Flow | -488.00M | -172.00M | 359.00M | -4.78B | 614.00M | 1.65B |
| Free Cash Flow | 11.76B | 7.81B | 6.33B | 10.39B | 13.45B | 15.74B |
| Free Cash Flow Margin | 2.85% | 1.95% | 1.71% | 2.92% | 4.18% | 5.41% |
| Free Cash Flow Per Share | 9.19 | 6.14 | 5.01 | 8.06 | 10.17 | 11.85 |
| Levered Free Cash Flow | 8.08B | 5.93B | 6.91B | 11.08B | 11.94B | 14.78B |
| Unlevered Free Cash Flow | 10.01B | 7.88B | 8.76B | 12.74B | 13.36B | 16.35B |
| Cash Interest Paid | 3.06B | 2.99B | 2.91B | 2.42B | 2.24B | 2.47B |
| Cash Income Tax Paid | 1.34B | 2.17B | 1.70B | 3.52B | 4.12B | 3.19B |
| Change in Working Capital | -392.00M | -1.47B | 109.00M | 15.00M | 6.82B | 3.86B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 115.43B | 100.74B | 56.49B | 101.61B | 122.45B | 136.27B |
| Enterprise Value | 177.78B | 171.44B | 129.68B | 165.69B | 173.86B | 202.40B |
| Last Close Price | 90.25 | 77.00 | 41.77 | 70.52 | 80.62 | 87.28 |
| PE Ratio | 23.65 | 56.98 | 12.24 | 12.18 | 28.40 | 17.03 |
| Forward PE | 11.11 | 11.54 | 7.77 | 9.38 | 10.66 | 12.88 |
| PS Ratio | 0.28 | 0.25 | 0.15 | 0.28 | 0.38 | 0.47 |
| PB Ratio | 1.45 | 1.34 | 0.75 | 1.33 | 1.71 | 1.81 |
| P/FCF Ratio | 9.82 | 12.90 | 8.93 | 9.78 | 9.10 | 8.65 |
| P/OCF Ratio | 7.81 | 9.47 | 6.20 | 7.57 | 7.57 | 7.46 |
| PEG Ratio | 0.94 | 0.76 | 0.61 | 1.92 | 2.05 | 2.15 |
| EV/Sales Ratio | 0.43 | 0.43 | 0.35 | 0.47 | 0.54 | 0.70 |
| EV/EBITDA Ratio | 10.66 | 11.72 | 10.28 | 8.99 | 8.71 | 10.86 |
| EV/EBIT Ratio | 14.62 | 17.11 | 16.17 | 11.77 | 11.04 | 14.30 |
| EV/FCF Ratio | 15.12 | 21.96 | 20.50 | 15.94 | 12.93 | 12.86 |
| Debt / Equity Ratio | 0.95 | 1.06 | 1.09 | 1.04 | 0.99 | 1.01 |
| Debt / EBITDA Ratio | 3.87 | 4.53 | 5.30 | 3.68 | 3.06 | 3.48 |
| Debt / FCF Ratio | 6.49 | 10.24 | 13.11 | 7.64 | 5.26 | 4.83 |
| Net Debt / Equity Ratio | 0.78 | 0.92 | 0.95 | 0.89 | 0.77 | 0.84 |
| Net Debt / EBITDA Ratio | 3.74 | 4.74 | 5.70 | 3.68 | 2.75 | 3.40 |
| Net Debt / FCF Ratio | 5.30 | 8.88 | 11.37 | 6.54 | 4.09 | 4.03 |
| Asset Turnover | 1.61 | 1.58 | 1.47 | 1.49 | 1.40 | 1.25 |
| Inventory Turnover | 20.32 | 18.56 | 17.79 | 16.35 | 14.54 | 13.24 |
| Quick Ratio | 0.62 | 0.57 | 0.56 | 0.59 | 0.62 | 0.55 |
| Current Ratio | 0.87 | 0.84 | 0.81 | 0.86 | 0.94 | 0.89 |
| 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 Yield | 4.23% | 1.75% | 8.17% | 8.21% | 3.52% | 5.87% |
| FCF Yield | 10.19% | 7.75% | 11.20% | 10.23% | 10.98% | 11.55% |
| Dividend Yield | 2.95% | 3.36% | 5.93% | 3.07% | 2.34% | 1.94% |
| Payout Ratio | 69.70% | 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 Return | 1.76% | 2.64% | 8.10% | 5.56% | 2.79% | 0.80% |