CVS Health

Health Care Health Care Services Woonsocket, Rhode Island Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$402.1B
                    3y CAGR +7.6%
                    
                    P63
                    
                    +7.8%
                    
                    Net income
                    FY2025
                
$1.8B
                    Net margin +0.4%
                    
                    P10
                    
                    -61.7%
                    
                    Total assets
                    FY2025
                
$253.5B
                    ROA +0.7%
                    
                    P10
                    
                    +0.1%
                    
                    Operating cash flow
                    FY2025
                
$10.6B
                    FCF margin +1.9%
                    
                    P18
                    
                    +16.8%

20 yrs · FY1989–FY2025 17 gaps (2006–1990) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $253.5B

Total liabilities $178.2B

Shareholders equity $75.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$8.5B -1.5%	$8.6B 4.8%	$8.2B -36.7%	$12.9B 37.6%	$9.4B
Short Term Investments	$2.1B -10.9%	$2.4B -26.1%	$3.3B 17.3%	$2.8B -10.9%	$3.1B
Accounts Receivable	$39.8B 9.1%	$36.5B 3.5%	$35.2B 29.2%	$27.3B 11.6%	$24.4B
Inventory	$19.2B 6.3%	$18.1B 0.5%	$18.0B -5.6%	$19.1B 7.5%	$17.8B
Prepaid Expenses	$5.1B 65.5%	$3.1B -2.4%	$3.2B 17.4%	$2.7B -49.3%	$5.3B
Other Current Assets	$5.1B 65.5%	$3.1B -2.4%	$3.2B 17.4%	$2.7B -49.3%	$5.3B
Total Current Assets	$74.7B 8.8%	$68.6B 1.2%	$67.9B 3.3%	$65.7B 9.5%	$60.0B
Property,Plant and Equipment	$13.1B 0.7%	$13.0B -1.4%	$13.2B 2.4%	$12.9B -0.2%	$12.9B
Operating Lease Assets	$15.0B -6.1%	$15.9B -7.6%	$17.3B -3.5%	$17.9B -6.5%	$19.1B
Goodwill	$85.5B -6.3%	$91.3B 0.0%	$91.3B 16.8%	$78.2B -1.2%	$79.1B
Intangible Assets	$25.5B -6.6%	$27.3B -6.5%	$29.2B 18.1%	$24.8B -14.7%	$29.0B
Long Term Investments	$34.8B 11.1%	$31.3B 19.3%	$26.3B 10.0%	$23.9B -8.6%	$26.1B
Other Noncurrent Assets	$5.1B 6.8%	$4.8B 2.9%	$4.7B 0.9%	$4.6B -2.0%	$4.7B
Total Assets	$253.5B 0.1%	$253.2B 1.4%	$249.7B 9.4%	$228.3B -2.0%	$233.0B
Liabilities
Accounts Payable	$17.6B 11.0%	$15.9B 6.7%	$14.9B 0.4%	$14.8B 18.3%	$12.5B
Accrued Liabilities	$22.4B 7.6%	$20.8B -6.2%	$22.2B 18.4%	$18.7B 6.1%	$17.7B
Operating Lease Liabilities	$1.7B -0.8%	$1.8B 0.6%	$1.7B 3.8%	$1.7B 1.9%	$1.6B
Other Current Liabilities	$4.8B -12.0%	$5.4B -12.6%	$6.2B -7.7%	$6.7B 253.6%	$1.9B
Total Current Liabilities	$88.7B 4.8%	$84.6B 6.8%	$79.2B 13.6%	$69.7B 2.8%	$67.8B
Operating Lease Liabilities Noncurrent	$13.6B -8.4%	$14.9B -7.1%	$16.0B -4.6%	$16.8B -7.6%	$18.2B
Deferred Tax Liabilities	$3.8B 0.7%	$3.8B -11.7%	$4.3B 11.1%	$3.9B -38.1%	$6.3B
Other Noncurrent Liabilities	$4.8B -12.0%	$5.4B -12.6%	$6.2B -7.7%	$6.7B 253.6%	$1.9B
Total Liabilities	$178.2B 0.4%	$177.5B 2.5%	$173.1B 10.3%	$157.0B -0.4%	$157.6B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$6.3B 34666.7%	$18.0M 0.0%	$18.0M 0.0%	$18.0M 5.9%	$17.0M
Additional Paid In Capital	$50.4B 1.5%	$49.7B 1.4%	$49.0B 1.7%	$48.2B 1.7%	$47.4B
Retained Earnings	$61.2B -2.6%	$62.8B 2.0%	$61.6B 9.7%	$56.1B 2.3%	$54.9B
Treasury Stock	$36.8B -0.1%	$36.8B 8.8%	$33.8B 6.2%	$31.9B 13.1%	$28.2B
Accumulated Other Comprehensive Income	$406.0M 438.3%	$-120.0M 59.6%	$-297.0M 79.7%	$-1.5B -251.8%	$965.0M
Noncontrolling Interest	$168.0M -1.2%	$170.0M -2.9%	$175.0M -41.7%	$300.0M -2.0%	$306.0M
Total Stockholders Equity	$75.2B -0.5%	$75.6B -1.2%	$76.5B 7.7%	$71.0B -5.4%	$75.1B
Total Liabilitiesand Equity	$253.5B 0.1%	$253.2B 1.4%	$249.7B 9.4%	$228.3B -2.0%	$233.0B

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $402.1B

Operating income $4.7B

Net income $1.8B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$402.1B 7.8%	$372.8B 4.2%	$357.8B 10.9%	$322.5B 10.4%	$292.1B
Expenses Cost of Revenue	$221.2B 7.2%	$206.3B -5.0%	$217.1B 10.3%	$196.9B 12.0%	$175.8B
Expenses Depreciation and Amortization	$4.6B 0.2%	$4.6B 5.3%	$4.4B 3.4%	$4.2B -5.8%	$4.5B
Expenses Share Based Compensation	$535.0M -0.9%	$540.0M -8.2%	$588.0M 31.5%	$447.0M -7.6%	$484.0M
Expenses Restructuring and Asset Impairment	$0 -100.0%	$1.2B 132.5%	$507.0M	$0	$0
Expenses Operating Expenses	$397.4B 9.1%	$364.3B 5.9%	$344.0B 9.4%	$314.5B 12.8%	$278.8B
Other Income Expense Operating Income	$4.7B -45.3%	$8.5B -38.0%	$13.7B 72.8%	$8.0B -40.2%	$13.3B
Other Income Expense Interest Income	$2.2B 3.7%	$2.2B 86.7%	$1.2B 37.6%	$838.0M -30.1%	$1.2B
Other Income Expense Interest Expense	$3.1B 5.4%	$3.0B 11.3%	$2.7B 16.2%	$2.3B -8.6%	$2.5B
Other Income Expense Other Income/expense	$112.0M 13.1%	$99.0M 12.5%	$88.0M -47.9%	$169.0M -7.1%	$182.0M
Other Income Expense Income Before Tax	$2.1B -65.3%	$6.1B -45.0%	$11.2B 91.4%	$5.8B -44.6%	$10.5B
Income Tax Income Tax Expense	$408.0M -73.9%	$1.6B -44.3%	$2.8B 85.9%	$1.5B -40.8%	$2.5B
net Income net Income	$1.8B -61.7%	$4.6B -44.7%	$8.3B 93.6%	$4.3B -46.1%	$8.0B
net Income Comprehensive Income	$2.3B -52.1%	$4.8B -48.5%	$9.3B 243.2%	$2.7B -64.7%	$7.7B
Earnings Per Share Basic Eps	$1 -61.9%	$4 -43.5%	$6 97.3%	$3 -45.8%	$6
Earnings Per Share Diluted Eps	$1 -62.0%	$4 -43.4%	$6 98.5%	$3 -45.8%	$6
Earnings Per Share Weighted Average Shares Basic	$1.3B 0.6%	$1.3B -2.0%	$1.3B -2.1%	$1.3B -0.5%	$1.3B
Earnings Per Share Weighted Average Shares Diluted	$1.3B 0.7%	$1.3B -2.2%	$1.3B -2.5%	$1.3B -0.5%	$1.3B

Cash Flow Statement

Operating, investing, and financing flows

24 accounts · 5 years

Operating cash flow $10.6B

Investing cash flow $-5.9B

Financing cash flow $-4.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.8B -61.7%	$4.6B -44.7%	$8.3B 93.6%	$4.3B -46.1%	$8.0B
Operating Activities Depreciation and Amortization	$4.6B 0.2%	$4.6B 5.3%	$4.4B 3.4%	$4.2B -5.8%	$4.5B
Operating Activities Stock Based Compensation	$535.0M -0.9%	$540.0M -8.2%	$588.0M 31.5%	$447.0M -7.6%	$484.0M
Operating Activities Deferred Income Taxes	$102.0M 117.8%	$-572.0M 15.4%	$-676.0M 66.7%	$-2.0B -404.7%	$-402.0M
Operating Activities Changes In Operating Assets and Liabilities	$8.6B 130.6%	$3.7B -56.8%	$8.6B -0.2%	$8.7B 78.1%	$4.9B
Operating Activities Other Non Cash Items	$2.0B 156.8%	$-3.5B -330.0%	$1.5B -76.2%	$6.5B 126.3%	$2.9B
Operating Activities net Cash From Operating Activities	$10.6B 16.8%	$9.1B -32.2%	$13.4B -17.0%	$16.2B -11.4%	$18.3B
Investing Activities Capital Expenditures	$2.8B 1.8%	$2.8B -8.2%	$3.0B 11.1%	$2.7B 8.2%	$2.5B
Investing Activities Business Acquisitions	$436.0M 358.9%	$95.0M -99.4%	$16.6B 11851.1%	$139.0M -4.8%	$146.0M
Investing Activities Purchases of Investments	$15.0B -1.2%	$15.2B 68.0%	$9.0B 16.7%	$7.7B -22.3%	$10.0B
Investing Activities Proceeds From Sale of Investments	$12.4B 19.6%	$10.4B 34.0%	$7.7B 14.9%	$6.7B -7.1%	$7.2B
Investing Activities Other Investing Activities	$-26.0M 74.3%	$-101.0M -48.5%	$-68.0M 20.0%	$-85.0M 30.3%	$-122.0M
Investing Activities net Cash From Investing Activities	$-5.9B 22.9%	$-7.6B 63.6%	$-20.9B -313.9%	$-5.0B 4.1%	$-5.3B
Financing Activities Proceeds From Debt	$4.0B -49.8%	$7.9B -27.4%	$10.9B	$0 -100.0%	$987.0M
Financing Activities Repayment of Debt	$3.6B -24.0%	$4.8B 50.8%	$3.2B -24.8%	$4.2B -58.9%	$10.3B
Financing Activities Repurchase of Common Stock	$0 -100.0%	$3.0B 50.2%	$2.0B -42.5%	$3.5B	$0
Financing Activities Dividends Paid	$3.4B 0.7%	$3.4B 7.7%	$3.1B 7.7%	$2.9B 10.7%	$2.6B
Financing Activities Proceeds From Stock Issuance	$394.0M 9.1%	$361.0M 30.3%	$277.0M -49.7%	$551.0M 0.4%	$549.0M
Financing Activities Tax Withholding On Stock Based Compensation	$158.0M -14.6%	$185.0M 2.2%	$181.0M -51.1%	$370.0M 120.2%	$168.0M
Financing Activities Other Financing Activities	$0 -100.0%	$26.0M 112.9%	$-201.0M -154.4%	$-79.0M -151.0%	$155.0M
Financing Activities net Cash From Financing Activities	$-4.9B -335.2%	$-1.1B -142.3%	$2.7B 125.5%	$-10.5B 7.4%	$-11.4B
Cash Reconciliation net Change In Cash	$-172.0M -147.9%	$359.0M 107.5%	$-4.8B -878.5%	$614.0M -62.7%	$1.6B
Cash Reconciliation Cash At Beginning of Period	$8.7B -1.9%	$8.9B 4.2%	$8.5B -35.9%	$13.3B 4.8%	$12.7B
Cash Reconciliation Cash At End of Period	$8.7B -1.9%	$8.9B 4.2%	$8.5B -35.9%	$13.3B 4.8%	$12.7B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+45.0%	+44.7%	+39.3%	+38.9%	+39.8%
Operating margin	+1.2%	+2.3%	+3.8%	+2.5%	+4.6%
Net margin	+0.4%	+1.2%	+2.3%	+1.3%	+2.7%
FCF margin	+1.9%	+1.7%	+2.9%	+4.2%	+5.4%
Growth
Revenue CAGR (3y)	+7.6%	+8.5%	+10.0%	+7.9%	+14.6%
Returns
ROE	+2.4%	+6.1%	+10.9%	+6.1%	+10.7%
ROA	+0.7%	+1.8%	+3.3%	+1.9%	+3.4%
ROIC	—	+4.7%	+7.9%	—	—
Liquidity
Current ratio	0.84x	0.81x	0.86x	0.94x	0.88x
Quick ratio	0.54x	0.53x	0.55x	0.58x	0.50x
Leverage
D/E	2.37x	2.35x	2.26x	2.21x	2.10x
Interest coverage	1.49x	2.88x	5.17x	3.48x	5.32x
Efficiency
Asset turnover	1.59x	1.47x	1.43x	1.41x	1.25x
Cash conversion cycle	+39d	+40d	+41d	+39d	+41d

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CVS Health

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