CVS HEALTH Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CVS HEALTH Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	177,546	184,786	194,579	256,776	268,706	292,111	322,467	357,776	372,809	402,067
Cost of revenue	148,669	156,220	156,447	158,719	163,981	175,803	196,892	217,098	206,287	221,167
Gross profit	28,857	28,545	38,132	98,057	104,725	116,308	125,575	140,678	166,522	180,900
Operating expenses	18,448	18,809	21,368	33,541
Operating income	10,386	9,538	4,021	11,987	13,911	13,310	7,954	13,743	8,516	4,660
Interest expense	1,078	1,062	2,619	3,035	2,907	2,503	2,287	2,658	2,958	3,119
Interest income	20	21	660	854	781	1,070	1,201	1,696	2,099	2,331
Other non-operating income	-28	-208	4	124	206	182	169	88	99	112
Pre-tax income	8,637	8,268	1,406	8,997	9,770	10,537	5,836	11,173	6,148	2,136
Income tax	3,317	1,637	2,002	2,366	2,569	2,548	1,509	2,805	1,562	408
Income from continuing operations	5,291	6,606	-597	6,629	7,188	7,910	4,149
Net income to minority interests	2	1	-2	-3	13	-12	16	24	-28	-40
Net income	5,317	6,622	-594	6,634	7,179	8,001	4,311	8,344	4,614	1,768
EBITDA	12,861	12,017	6,739	16,358	18,352	17,796	12,178	18,109	13,113	9,266
EPS, basic	4.93	6.47	-0.57	5.10	5.48	6.07	3.29	6.49	3.67	1.40
EPS, diluted	4.90	6.44	-0.57	5.08	5.46	6.02	3.26	6.47	3.66	1.39
Shares, basic (weighted)	1,073	1,020	1,044	1,301	1,309	1,319	1,312	1,285	1,259	1,267
Shares, diluted (weighted)	1,079	1,024	1,044	1,305	1,314	1,329	1,323	1,290	1,262	1,271
Dividend per share	1.70	2.00	2.00	2.00	2.00	2.00	2.20	2.42	2.66	2.66

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,371	1,696	4,059	5,683	7,854	9,408	12,945	8,196	8,586	8,453
Short-term investments	87	111	2,522	2,373	3,000	3,117	2,778	3,259	2,407	2,145
Receivables	12,164	13,181	17,631	19,617	21,742	24,431	27,276	35,227	36,469	39,779
Inventory	14,760	15,296	16,450	17,516	18,496	17,760	19,090	18,025	18,107	19,246
Other current assets	660	945	4,581	5,113	5,277	5,292	2,636	3,151	3,076	5,091
Total current assets	31,042	31,229	45,243	50,302	56,369	60,008	65,633	67,858	68,645	74,714
Property, plant and equipment	10,175	10,292	11,349	12,044	12,606	12,896	12,873	13,183	12,993	13,083
Lease right-of-use assets			0	20,860	20,729	19,122	17,872	17,252	15,944	14,973
Goodwill	38,249	38,451	78,678	79,749	79,552	79,121	78,150	91,272	91,272	85,478
Intangible assets	13,511	13,630	36,524	33,121	31,142	29,026	24,803	29,234	27,323	25,508
Long-term investments		112	15,732	17,314	20,812	23,025	21,096	23,019	28,934	32,669
Other non-current assets	1,485	1,417	5,046	4,600	4,624	4,714	4,620	4,660	4,793	7,113
Total assets	94,462	95,131	196,456	222,449	230,715	232,999	228,275	249,728	253,215	253,538
Accounts payable	7,946	8,863	8,925	10,492	11,138	12,544	14,838	14,897	15,892	17,641
Accrued liabilities	6,937	6,581	10,711	12,133	14,243	17,670	18,745	23,515	20,810	22,387
Deferred revenue		53	67	73	71	87	71	149	144	62
Short-term debt	42	3,545	1,265	3,781	5,440	4,205	1,778	2,772	3,624	4,068
Total current liabilities	26,250	30,648	44,009	53,303	62,017	67,807	69,421	79,189	84,609	88,692
Long-term debt	25,615	22,181	71,444	64,699	59,207	51,971	50,476	58,638	60,527	60,502
Lease liabilities		306	0	18,926	18,757	18,177	16,800	16,034	14,899	13,643
Other non-current liabilities	1,549	1,277	2,780	2,162	2,351	1,904	6,730	6,211	5,431	6,771
Total liabilities	57,628	57,436	137,913	158,279	161,014	157,618	156,506	173,092	177,485	178,156
Total debt	25,700	27,002	73,429	68,480	64,647	56,176	52,257	61,610	66,270	64,570
Paid-in capital	31,618	32,096	45,440	45,972	46,513	47,377	48,193	48,992	49,661	50,402
Retained earnings	38,983	43,556	40,911	45,108	49,640	54,906	56,398	61,604	62,837	61,196
Treasury stock	-33,452	-37,796	-28,228	-28,235	-28,178	-28,173	-31,858	-33,838	-36,818	-36,790
Other comprehensive income	-305	-165	102	1,019	1,414	965	-1,264	-297	-120	406
Shareholders' equity	36,830	37,691	58,225	63,864	69,389	75,075	71,469	76,461	75,560	75,214
Minority interests	4	4	318	306	312	306	300	175	170	168
Total equity	36,834	37,695	58,543	64,170	69,701	74,841	71,769	76,636	75,730	75,382
Total liabilities and equity	94,462	95,131	196,456	222,449	230,715	232,999	228,275	249,728	253,215	253,538
Shares outstanding	1,061	1,014	1,295	1,302	1,310	1,322	1,300	1,288	1,260	1,271

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,319	6,623	-596	6,631	7,192	7,989	4,327	8,368	4,586	1,728
Depreciation and amortization	2,475	2,479	2,718	4,371	4,441	4,486	4,224	4,366	4,597	4,606
Stock-based compensation	222	234	280	453	400	484	447	588	540	535
Deferred income tax	3	-1,421	23	-649	-564	-402	-2,029	-676	-572	102
Change in receivables	-243	-941	-1,139	-2,158	-1,510	-2,703	-2,971	-6,260	-1,301	-3,498
Change in inventory	-742	-514	-1,153	-1,075	-973	735	-1,435	1,233	-102	-1,267
Change in payables	2,189	1,710	2,329	3,550	2,769	2,898	4,260	3,618	2,335	3,855
Cash from operations	10,141	8,007	8,865	12,848	15,865	18,265	16,177	13,426	9,107	10,639
Capital expenditures	-2,224	-1,918	-2,037	-2,457	-2,437	-2,520	-2,727	-3,031	-2,781	-2,832
Acquisitions	-524	-1,181	-42,226	-444	-866	-146	-139	-16,612	-95	-436
Purchases of investments	-80	-137	-692	-7,534	-9,639	-9,963	-7,746	-9,043	-15,191	-15,012
Sales and maturities of investments	91	61	389	4,773	3,913	3,572	4,243	5,031	6,489	8,587
Cash from investing	-2,470	-2,877	-43,285	-3,339	-5,534	-5,261	-5,047	-20,889	-7,613	-5,871
Debt issued	3,455	0	44,343	3,736	9,958	987	0	10,898	7,913	3,969
Debt repaid	-5,943	0	-5,522	-8,336	-15,631	-10,254	-4,211	-3,166	-4,773	-3,629
Stock issued	296	329	242	210	264	549	551	277	361	394
Share buybacks	-4,461	-4,361	0	0	0	0	-3,500	-2,012	-3,023	0
Dividends paid	-1,840	-2,049	-2,038	-2,603	-2,624	-2,625	-2,907	-3,132	-3,373	-3,397
Cash from financing	-6,761	-6,751	36,819	-7,654	-7,696	-11,356	-10,516	2,683	-1,135	-4,940
Exchange rate effect	2	1	-4	0	0
Net change in cash	912	-1,620	2,395	1,855	2,635	1,648	614	-4,780	359	-172
Free cash flow	7,917	6,089	6,828	10,391	13,428	15,745	13,450	10,395	6,326	7,807
Interest paid	1,140	1,072	2,803	2,954	2,904	2,469	2,239	2,418	2,909	2,991
Income taxes paid	3,060	2,909	2,383	2,717	2,929	3,195	4,116	3,524	1,703	2,166

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.13 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.5%	Gross profit / revenue.
Operating margin	2.0%	Operating income / revenue.
EBITDA margin	3.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.4%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
FCF margin	2.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.6%	Cash from operations / revenue.
Effective tax rate	15.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	5.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-45.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-19.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-29.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-61.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-25.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-24.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-62.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-24.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-23.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-16.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-10.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.87x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.2%	Total debt / total assets.
Liabilities / assets	68.5%	Total liabilities / total assets.
Net debt	$47.45B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.70x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.67x	Operating income / interest expense.
Working capital	-$11.70B	Current assets - current liabilities.
Goodwill and intangibles / assets	43.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$30.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.64x	Revenue / average total assets.
Fixed asset turnover	31.5x	Revenue / average property, plant and equipment.
Inventory turnover	13.1x	Cost of revenue / average inventory.
Days inventory	28 days	365 x average inventory / cost of revenue.
Receivables turnover	10.3x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	36 days	Days inventory + days sales outstanding - days payables.
FCF conversion	240.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.80	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$322.52	Revenue / diluted weighted shares.
FCF per share	$9.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.48	Cash from operations / diluted weighted shares.
Book value per share	$62.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.80	Tangible book value / shares outstanding.
Cash per share	$10.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	69.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$113.99B	Share price x shares outstanding.
Enterprise value	$161.45B	Market cap + total debt - cash - short-term investments.
P/E	23.3x	Market cap / net income. Only when net income is positive.
P/S	0.27x	Market cap / revenue.
P/B	1.43x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.70x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.71x	Market cap / cash from operations, when positive.
EV/Sales	0.39x	Enterprise value / revenue.
EV/EBIT	19.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was CVS HEALTH Corp's revenue in fiscal 2025?

CVS HEALTH Corp reported revenue of $402.07B for fiscal 2025, 7.8% higher than the year before.

Was CVS HEALTH Corp profitable in fiscal 2025?

Yes. Net income was $1.77B, a net margin of 0.4%.

How much free cash flow did CVS HEALTH Corp generate in fiscal 2025?

Cash from operations of $10.64B minus capital expenditures of $2.83B left free cash flow of $7.81B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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