CVS Health

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

                    Revenue
                    FY2025
                
$402.1B
                    3y CAGR +7.6%
                    
                    P65
                    
                    +7.8%
                    
                    Net income
                    FY2025
                
$1.8B
                    Net margin +0.4%
                    
                    P10
                    
                    -61.7%
                    
                    Total assets
                    FY2025
                
$253.5B
                    ROA +0.7%
                    
                    P11
                    
                    +0.1%
                    
                    Operating cash flow
                    FY2025
                
$10.6B
                    FCF margin +1.9%
                    
                    P12
                    
                    +16.8%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $253.5B

Total liabilities $178.2B

Shareholders equity $75.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	3.3%	3.4%	3.3%	5.7%	4.0%	3.4%	2.6%	2.1%	1.8%	3.6%
Short Term Investments	0.8%	1.0%	1.3%	1.2%	1.3%	1.3%	1.1%	1.3%	0.1%	0.1%
Accounts Receivable	15.7%	14.4%	14.1%	11.9%	10.5%	9.4%	8.8%	9.0%	13.9%	12.9%
Inventory	7.6%	7.2%	7.2%	8.4%	7.6%	8.0%	7.9%	8.4%	16.1%	15.6%
Other Current Assets	2.0%	1.2%	1.3%	1.6%	2.3%	2.3%	2.3%	2.3%	1.0%	0.7%
Total Current Assets	29.5%	27.1%	27.2%	28.8%	25.8%	24.4%	22.6%	23.0%	32.8%	32.9%
Property,Plant and Equipment	5.2%	5.1%	5.3%	5.6%	5.5%	5.5%	5.4%	11.6%	10.8%	10.8%
Operating Lease Assets	5.9%	6.3%	6.9%	7.8%	8.2%	9.0%	9.4%	10.7%	—	—
Goodwill	33.7%	36.0%	36.5%	34.2%	34.0%	34.5%	35.9%	40.0%	40.4%	40.5%
Intangible Assets	10.1%	10.8%	11.7%	10.9%	12.5%	13.5%	14.9%	18.6%	14.3%	14.3%
Long Term Investments	12.9%	11.4%	9.2%	9.2%	9.9%	9.0%	7.8%	8.0%	0.1%	—
Other Noncurrent Assets	2.8%	3.2%	3.2%	3.4%	4.2%	4.1%	4.1%	4.5%	1.5%	1.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.0%	6.3%	6.0%	6.5%	5.4%	4.8%	4.7%	4.5%	9.3%	8.4%
Accrued Liabilities	8.8%	8.2%	9.4%	12.7%	11.4%	9.6%	8.5%	8.6%	6.9%	7.3%
Current Portion of Long Term Debt	1.6%	2.3%	1.2%	0.8%	1.8%	2.4%	1.7%	1.0%	5.1%	2.0%
Operating Lease Liabilities	0.7%	0.7%	0.7%	0.7%	0.7%	0.7%	0.7%	0.9%	—	—
Other Current Liabilities	16.9%	16.0%	14.4%	9.7%	9.8%	9.4%	8.3%	8.3%	10.9%	10.0%
Total Current Liabilities	35.0%	33.4%	31.7%	30.4%	29.1%	26.9%	24.0%	22.4%	32.2%	27.8%
Long Term Debt	23.9%	23.9%	23.5%	22.1%	22.3%	25.7%	29.1%	36.4%	23.3%	27.1%
Operating Lease Liabilities Noncurrent	5.4%	5.9%	6.4%	7.4%	7.8%	8.1%	8.5%	9.6%	—	—
Deferred Tax Liabilities	1.5%	1.5%	1.7%	1.8%	2.7%	2.9%	3.3%	3.9%	3.1%	4.5%
Other Noncurrent Liabilities	4.5%	5.4%	6.0%	6.9%	5.7%	6.2%	6.3%	7.5%	1.7%	1.6%
Total Liabilities	70.3%	70.1%	69.3%	68.6%	67.6%	69.8%	71.2%	70.2%	60.4%	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Common Stock	19.9%	19.6%	19.6%	21.1%	20.3%	20.2%	20.7%	23.1%	33.7%	0.0%
Retained Earnings	24.1%	24.8%	24.7%	24.7%	23.6%	21.5%	20.3%	20.8%	45.8%	41.3%
Treasury Stock	14.5%	14.5%	13.5%	14.0%	12.1%	12.2%	12.7%	14.4%	39.7%	35.4%
Accumulated Other Comprehensive Income	0.2%	-0.0%	-0.1%	-0.6%	0.4%	0.6%	0.5%	0.1%	-0.2%	-0.3%
Total Stockholders Equity	29.7%	29.8%	30.6%	31.3%	32.2%	30.1%	28.7%	29.6%	39.6%	39.0%
Noncontrolling Interest	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.0%	0.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $402.1B

Operating income $4.7B

Net income $1.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	158.6%	147.2%	143.3%	141.3%	125.4%	116.5%	115.4%	99.0%	194.2%	188.0%
Expenses Cost of Revenue	87.2%	81.5%	86.9%	86.3%	75.5%	71.1%	71.4%	79.6%	161.3%	155.1%
Expenses Restructuring and Asset Impairment	2.3%	0.5%	0.3%	1.1%	0.8%	0.0%	0.1%	3.1%	0.2%	0.0%
Expenses Other Operating Expenses	67.3%	61.9%	50.5%	50.5%	43.5%	39.4%	38.6%	14.2%	3.0%	21.8%
Other Income Expense Operating Income	1.8%	3.4%	5.5%	3.4%	5.7%	6.0%	5.4%	2.0%	10.0%	11.0%
Other Income Expense Interest Expense	1.2%	1.2%	1.1%	1.0%	1.1%	1.3%	1.4%	1.3%	1.1%	1.1%
Other Income Expense Other Income/expense	0.2%	0.2%	0.0%	0.1%	-0.1%	-0.5%	0.0%	0.0%	-0.2%	-0.7%
Other Income Expense Income Before Tax	0.8%	2.4%	4.5%	2.5%	4.5%	4.2%	4.0%	0.7%	8.7%	9.1%
Income Tax Income Tax Expense	0.2%	0.6%	1.1%	0.6%	1.1%	1.1%	1.1%	1.0%	1.7%	3.5%
net Income Other Items Below Tax	0.0%	0.0%	-0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	-0.0%	-0.0%
net Income net Income	0.7%	1.8%	3.3%	1.8%	3.4%	3.1%	3.0%	-0.3%	7.0%	5.6%
net Income Comprehensive Income	0.9%	1.9%	3.7%	0.8%	3.2%	3.3%	3.4%	-0.2%	7.1%	5.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.5%	0.5%	0.6%	0.6%	0.6%	0.6%	0.5%	1.1%	1.1%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $10.6B

Investing cash flow $-5.9B

Financing cash flow $-4.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	0.7%	1.8%	3.4%	1.9%	3.4%	3.1%	3.0%	-0.3%	7.0%	5.6%
Operating Activities Depreciation and Amortization	1.8%	1.8%	1.7%	1.9%	1.9%	1.9%	2.0%	1.4%	2.6%	2.6%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.2%	0.2%
Operating Activities Deferred Income Taxes	0.0%	-0.2%	-0.3%	-0.9%	-0.2%	-0.2%	-0.3%	0.0%	-1.4%	0.0%
Operating Activities Changes In Operating Assets and Liabilities	-148.6%	-136.6%	-131.2%	-125.0%	-110.4%	-104.2%	-103.1%	-88.2%	-173.5%	-165.8%
Operating Activities Other Non Cash Items	154.2%	140.2%	136.9%	136.1%	120.7%	113.0%	109.8%	95.9%	181.9%	178.8%
Operating Activities net Cash From Operating Activities	4.2%	3.6%	5.4%	7.1%	7.8%	6.9%	5.8%	4.5%	8.4%	10.7%
Investing Activities Capital Expenditures	-1.1%	-1.1%	-1.2%	-1.2%	-1.1%	-1.1%	-1.1%	-1.0%	-2.0%	-2.4%
Investing Activities Business Acquisitions	-0.2%	-0.0%	-6.7%	-0.1%	-0.1%	-0.4%	-0.2%	-21.5%	-1.2%	-0.6%
Investing Activities Purchases of Investments	-5.9%	-6.0%	-3.6%	-3.4%	-4.3%	-4.2%	-3.4%	-0.4%	-0.1%	-0.1%
Investing Activities Proceeds From Sale of Investments	4.9%	4.1%	3.1%	2.9%	3.1%	2.8%	3.2%	0.4%	0.1%	0.1%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%	-0.5%	0.1%	0.4%	0.0%	0.4%	0.3%	0.3%
Investing Activities net Cash From Investing Activities	-2.3%	-3.0%	-8.4%	-2.2%	-2.3%	-2.4%	-1.5%	-22.0%	-3.0%	-2.6%
Financing Activities Proceeds From Debt	1.6%	3.1%	6.4%	0.0%	0.4%	4.3%	1.7%	22.6%	0.0%	3.7%
Financing Activities Repayment of Debt	-2.3%	-1.1%	-3.2%	-1.8%	-4.4%	-6.8%	-4.1%	-3.1%	-0.6%	-4.3%
Financing Activities Repurchase of Common Stock	0.0%	-1.2%	-0.8%	-1.5%	0.0%	0.0%	—	—	-4.6%	-4.7%
Financing Activities Dividends Paid	-1.3%	-1.3%	-1.3%	-1.3%	-1.1%	-1.1%	-1.2%	-1.0%	-2.2%	-1.9%
Financing Activities Proceeds From Stock Issuance	0.2%	0.1%	0.1%	0.2%	0.2%	0.1%	0.1%	0.1%	0.3%	0.3%
Financing Activities Tax Withholding On Stock Based Compensation	-0.1%	-0.1%	-0.1%	-0.2%	-0.1%	-0.0%	-0.1%	-0.0%	-0.1%	-0.1%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.1%	-0.0%	0.1%	0.2%	0.1%	0.2%	-0.0%	-0.1%
Financing Activities net Cash From Financing Activities	-1.9%	-0.4%	1.1%	-4.6%	-4.9%	-3.3%	-3.4%	18.7%	-7.1%	-7.2%
Cash Reconciliation net Change In Cash	-0.1%	0.1%	-1.9%	0.3%	0.7%	1.1%	0.8%	1.2%	-1.7%	1.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+45.0%	+44.7%	+39.3%	+38.9%	+39.8%	+39.0%	+38.2%	+19.6%	+17.0%	+17.5%
Operating margin	+1.2%	+2.3%	+3.8%	+2.4%	+4.5%	+5.2%	+4.7%	+2.1%	+5.2%	+5.8%
Net margin	+0.4%	+1.2%	+2.3%	+1.3%	+2.7%	+2.7%	+2.6%	-0.3%	+3.6%	+3.0%
FCF margin	+1.9%	+1.7%	+2.9%	+4.2%	+5.4%	+5.0%	+4.0%	+3.5%	+3.3%	+4.5%
Growth
Revenue CAGR (3y)	+7.6%	+8.5%	+10.0%	+7.9%	+14.5%	+13.3%	+13.1%	+8.3%	+9.9%	+11.9%
Returns
ROE	+2.4%	+6.1%	+10.9%	+5.8%	+10.5%	+10.3%	+10.4%	-1.0%	+17.6%	+14.4%
ROA	+0.7%	+1.8%	+3.3%	+1.8%	+3.4%	+3.1%	+3.0%	-0.3%	+7.0%	+5.6%
ROIC	+2.9%	+4.8%	+7.9%	+5.2%	+8.2%	+8.1%	+7.0%	+0.0%	+12.1%	+10.5%
Liquidity
Current ratio	0.84x	0.81x	0.86x	0.95x	0.88x	0.91x	0.94x	1.03x	1.02x	1.18x
Quick ratio	0.54x	0.53x	0.55x	0.58x	0.50x	0.48x	0.47x	0.49x	0.49x	0.59x
Leverage
D/E	2.37x	2.35x	2.26x	2.19x	2.10x	2.32x	2.48x	2.37x	1.52x	1.56x
Interest coverage	1.49x	2.88x	5.17x	3.39x	5.27x	4.79x	3.95x	1.54x	8.98x	9.63x
Efficiency
Asset turnover	1.59x	1.47x	1.43x	1.41x	1.25x	1.16x	1.15x	0.99x	1.94x	1.88x
Cash conversion cycle	+39d	+40d	+41d	+39d	+41d	+46d	+44d	+51d	+41d	+42d

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CVS Health

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