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CVS HEALTH vs Pepsico: revenue, profit, margins and growth compared

CVS HEALTH brought in $402.1B of revenue in fiscal 2025, Pepsico $93.9B in fiscal 2025. Revenue changed by +7.8% at CVS HEALTH and +2.3% at Pepsico on the year before, so CVS HEALTH grew faster. CVS HEALTH kept 0.4% of its revenue as net profit, Pepsico 8.8%. Free cash flow was $7.8B at CVS HEALTH and $7.7B at Pepsico.

Side by side, latest fiscal year

CVSPEP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 27, 2025)
Revenue$402.1B$93.9B
Revenue growth+7.8%+2.3%
Net income$1.8B$8.2B
Net margin0.4%8.8%
Free cash flow$7.8B$7.7B
Free cash flow margin1.9%8.2%
Earnings per share (diluted)$1.39$6.00
Cash$8.5B$9.2B
Debt$64.6B$46.4B
Price to earnings64.121.4
Market value$114B$175.6B
Dividend yield2.98%4.37%
Rank by revenue in sector#1 of 93 · Consumer staples#3 of 93 · Consumer staples

Over the years

Revenue
CVS FY2018: $194.6BCVS FY2019: $256.8BCVS FY2020: $268.7BCVS FY2021: $292.1BCVS FY2022: $322.5BCVS FY2023: $357.8BCVS FY2024: $372.8BCVS FY2025: $402.1BPEP FY2018: $64.7BPEP FY2019: $67.2BPEP FY2020: $70.4BPEP FY2021: $79.5BPEP FY2022: $86.4BPEP FY2023: $91.5BPEP FY2024: $91.9BPEP FY2025: $93.9BFY18FY19FY20FY21FY22FY23FY24FY25
CVS $402.1BPEP $93.9B
Net income
CVS FY2018: -$594MCVS FY2019: $6.6BCVS FY2020: $7.2BCVS FY2021: $8BCVS FY2022: $4.3BCVS FY2023: $8.3BCVS FY2024: $4.6BCVS FY2025: $1.8BPEP FY2018: $12.5BPEP FY2019: $7.3BPEP FY2020: $7.1BPEP FY2021: $7.6BPEP FY2022: $8.9BPEP FY2023: $9.1BPEP FY2024: $9.6BPEP FY2025: $8.2BFY18FY19FY20FY21FY22FY23FY24FY25
CVS $1.8BPEP $8.2B
Net margin
CVS FY2018: -0.3%CVS FY2019: 2.6%CVS FY2020: 2.7%CVS FY2021: 2.7%CVS FY2022: 1.3%CVS FY2023: 2.3%CVS FY2024: 1.2%CVS FY2025: 0.4%PEP FY2018: 19.4%PEP FY2019: 10.9%PEP FY2020: 10.1%PEP FY2021: 9.6%PEP FY2022: 10.3%PEP FY2023: 9.9%PEP FY2024: 10.4%PEP FY2025: 8.8%FY18FY19FY20FY21FY22FY23FY24FY25
CVS 0.4%PEP 8.8%
Revenue growth
CVS FY2019: +32.0%CVS FY2020: +4.6%CVS FY2021: +8.7%CVS FY2022: +10.4%CVS FY2023: +10.9%CVS FY2024: +4.2%CVS FY2025: +7.8%PEP FY2019: +3.9%PEP FY2020: +4.8%PEP FY2021: +12.9%PEP FY2022: +8.7%PEP FY2023: +5.9%PEP FY2024: +0.4%PEP FY2025: +2.3%FY19FY20FY21FY22FY23FY24FY25
CVS +7.8%PEP +2.3%
Free cash flow
CVS FY2018: $6.8BCVS FY2019: $10.4BCVS FY2020: $13.4BCVS FY2021: $15.7BCVS FY2022: $13.5BCVS FY2023: $10.4BCVS FY2024: $6.3BCVS FY2025: $7.8BPEP FY2018: $6.1BPEP FY2019: $5.4BPEP FY2020: $6.4BPEP FY2021: $7BPEP FY2022: $5.6BPEP FY2023: $7.9BPEP FY2024: $7.2BPEP FY2025: $7.7BFY18FY19FY20FY21FY22FY23FY24FY25
CVS $7.8BPEP $7.7B

Fiscal years as each company reports them; the two may end in different months.

Questions about CVS HEALTH and Pepsico

Which is bigger by revenue, CVS HEALTH or Pepsico?

CVS HEALTH is bigger by revenue: $402.1B in fiscal 2025, against $93.9B for Pepsico in fiscal 2025.

Which keeps more of its revenue as profit, CVS HEALTH or Pepsico?

CVS HEALTH had a net margin of 0.4% in fiscal 2025; Pepsico had 8.8% in fiscal 2025.

Which grew revenue faster, CVS HEALTH or Pepsico?

In their latest fiscal years revenue changed by +7.8% at CVS HEALTH and +2.3% at Pepsico.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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