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 revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $253.5B

Total liabilities $178.2B

Shareholders equity $75.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.1%	2.3%	2.3%
Short Term Investments	0.5%	0.6%	0.9%
Accounts Receivable	9.9%	9.8%	9.8%
Inventory	4.8%	4.9%	5.0%
Other Current Assets	1.3%	0.8%	0.9%
Total Current Assets	18.6%	18.4%	19.0%
Property,Plant and Equipment	3.3%	3.5%	3.7%
Operating Lease Assets	3.7%	4.3%	4.8%
Goodwill	21.3%	24.5%	25.5%
Intangible Assets	6.3%	7.3%	8.2%
Long Term Investments	8.1%	7.8%	6.4%
Other Noncurrent Assets	1.8%	2.2%	2.2%
Total Assets	63.1%	67.9%	69.8%
Liabilities
Accounts Payable	4.4%	4.3%	4.2%
Accrued Liabilities	5.6%	5.6%	6.6%
Current Portion of Long Term Debt	1.0%	1.5%	0.8%
Operating Lease Liabilities	0.4%	0.5%	0.5%
Other Current Liabilities	10.7%	10.8%	10.1%
Total Current Liabilities	22.1%	22.7%	22.1%
Long Term Debt	15.0%	16.2%	16.4%
Operating Lease Liabilities Noncurrent	3.4%	4.0%	4.5%
Deferred Tax Liabilities	1.0%	1.0%	1.2%
Other Noncurrent Liabilities	2.9%	3.7%	4.2%
Total Liabilities	44.3%	47.6%	48.4%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	12.5%	13.3%	13.7%
Retained Earnings	15.2%	16.9%	17.2%
Treasury Stock	9.2%	9.9%	9.5%
Accumulated Other Comprehensive Income	0.1%	-0.0%	-0.1%
Total Stockholders Equity	18.7%	20.3%	21.4%
Noncontrolling Interest	0.0%	0.0%	0.0%
Total Liabilitiesand Equity	63.1%	67.9%	69.8%

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $402.1B

Operating income $4.7B

Net income $1.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	55.0%	55.3%	60.7%
Expenses Restructuring and Asset Impairment	1.4%	0.3%	0.2%
Expenses Other Operating Expenses	42.4%	42.1%	35.2%
Other Income Expense Operating Income	1.2%	2.3%	3.8%
Other Income Expense Interest Expense	0.8%	0.8%	0.7%
Other Income Expense Other Income/expense	0.1%	0.2%	0.0%
Other Income Expense Income Before Tax	0.5%	1.6%	3.1%
Income Tax Income Tax Expense	0.1%	0.4%	0.8%
net Income Other Items Below Tax	0.0%	0.0%	-0.0%
net Income net Income	0.4%	1.2%	2.3%
net Income Comprehensive Income	0.6%	1.3%	2.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.3%	0.4%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $10.6B

Investing cash flow $-5.9B

Financing cash flow $-4.9B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	0.4%	1.2%	2.3%
Operating Activities Depreciation and Amortization	1.1%	1.2%	1.2%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.2%
Operating Activities Deferred Income Taxes	0.0%	-0.2%	-0.2%
Operating Activities Changes In Operating Assets and Liabilities	-93.7%	-92.8%	-91.6%
Operating Activities Other Non Cash Items	97.3%	95.2%	95.6%
Operating Activities net Cash From Operating Activities	2.6%	2.4%	3.8%
Investing Activities Capital Expenditures	-0.7%	-0.7%	-0.8%
Investing Activities Business Acquisitions	-0.1%	-0.0%	-4.6%
Investing Activities Purchases of Investments	-3.7%	-4.1%	-2.5%
Investing Activities Proceeds From Sale of Investments	3.1%	2.8%	2.2%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-1.5%	-2.0%	-5.8%
Financing Activities Proceeds From Debt	1.0%	2.1%	4.4%
Financing Activities Repayment of Debt	-1.4%	-0.8%	-2.2%
Financing Activities Repurchase of Common Stock	0.0%	-0.8%	-0.6%
Financing Activities Dividends Paid	-0.8%	-0.9%	-0.9%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.1%
Financing Activities Tax Withholding On Stock Based Compensation	-0.0%	-0.0%	-0.1%
Financing Activities Other Financing Activities	0.0%	0.0%	-0.1%
Financing Activities net Cash From Financing Activities	-1.2%	-0.3%	0.7%
Cash Reconciliation net Change In Cash	-0.0%	0.1%	-1.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+45.0%	+44.7%	+39.3%
Operating margin	+1.2%	+2.3%	+3.8%
Net margin	+0.4%	+1.2%	+2.3%
FCF margin	+1.9%	+1.7%	+2.9%
Growth
Revenue CAGR (3y)	+7.6%	+8.5%	+10.0%
Returns
ROE	+2.4%	+6.1%	+10.9%
ROA	+0.7%	+1.8%	+3.3%
ROIC	+2.9%	+4.8%	+7.9%
Liquidity
Current ratio	0.84x	0.81x	0.86x
Quick ratio	0.54x	0.53x	0.55x
Leverage
D/E	2.37x	2.35x	2.26x
Interest coverage	1.49x	2.88x	5.17x
Efficiency
Asset turnover	1.59x	1.47x	1.43x
Cash conversion cycle	+39d	+40d	+41d

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CVS Health

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