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CVS Health (CVS) Financials

CVS Health logo
$73.17 +1.03 (+1.42%)
Closing price 03:59 PM Eastern
Extended Trading
$73.18 +0.02 (+0.03%)
As of 05:37 PM Eastern
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Annual Income Statements for CVS Health

Annual Income Statements for CVS Health

This table shows CVS Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 4,644 5,237 5,317 6,622 -594 6,634 7,179 8,001 4,311 8,344 4,614
Consolidated Net Income / (Loss)		 4,644 5,239 5,319 6,623 -596 6,631 7,192 7,989 4,327 8,368 4,586
Net Income / (Loss) Continuing Operations		 4,645 5,230 5,320 6,631 -596 6,631 7,201 7,989 4,327 8,368 4,586
Total Pre-Tax Income 		7,678 8,616 8,637 8,268 1,406 8,997 9,770 10,537 5,836 11,173 6,148
Total Operating Income		 8,799 9,475 10,386 9,538 4,021 11,987 13,911 13,310 7,954 13,743 8,516
Total Gross Profit		 25,367 26,528 31,013 28,528 31,538 45,528 49,046 52,120 125,575 140,678 166,522
Total Revenue		 139,367 153,290 177,546 184,786 194,579 256,776 268,706 292,111 322,467 357,776 372,809
Operating Revenue		 139,367 153,290 177,546 184,786 194,579 256,776 268,706 292,111 322,467 357,776 372,809
Total Cost of Revenue		 114,000 126,762 146,533 156,258 163,041 211,248 219,660 239,991 196,892 217,098 206,287
Operating Cost of Revenue		 114,000 126,762 146,533 156,258 163,041 211,248 219,660 239,991 196,892 217,098 206,287
Total Operating Expenses		 16,568 17,053 20,627 18,990 27,517 33,541 35,135 38,810 117,621 126,935 158,006
Selling, General & Admin Expense		 16,568 - 18,448 18,809 - 33,310 35,135 37,021 38,212 39,832 41,606
Other Operating Expenses / (Income)		 - 17,053 2,179 - 21,368 - - - 71,073 86,247 115,121
Impairment Charge		 - - 0.00 181 6,149 231 0.00 1,789 2,533 349 0.00
Restructuring Charge		 - - - - - - - 0.00 0.00 507 1,179
Other Special Charges / (Income)		 - - - - - - 0.00 0.00 5,803 0.00 100
Total Other Income / (Expense), net		 -1,121 -859 -1,749 -1,270 -2,615 -2,990 -4,141 -2,773 -2,118 -2,570 -2,368
Interest Expense		 1,121 838 1,721 1,062 2,619 3,114 4,347 2,955 2,287 2,658 2,467
Other Income / (Expense), net		 - -21 -28 -208 4.00 124 206 182 169 88 99
Income Tax Expense		 3,033 3,386 3,317 1,637 2,002 2,366 2,569 2,548 1,509 2,805 1,562
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 2.00 2.00 1.00 -2.00 -3.00 13 -12 16 24 -28
Basic Earnings per Share		 $3.98 $4.66 $4.93 $6.47 ($0.57) $5.10 $5.48 $6.07 $3.29 $6.49 $3.67
Weighted Average Basic Shares Outstanding		 1.16B 1.12B 1.07B 1.02B 1.04B 1.30B 1.31B 1.32B 1.31B 1.29B 1.26B
Diluted Earnings per Share		 $3.96 $4.63 $4.90 $6.44 ($0.57) $5.08 $5.46 $6.02 $3.26 $6.47 $3.66
Weighted Average Diluted Shares Outstanding		 1.17B 1.13B 1.08B 1.02B 1.04B 1.31B 1.31B 1.33B 1.32B 1.29B 1.26B
Weighted Average Basic & Diluted Shares Outstanding		 1.17B 1.12B 1.08B 1.02B 1.04B 1.30B 1.31B 1.31B 1.28B 1.26B 1.26B
Cash Dividends to Common per Share		 $1.10 $1.40 $1.70 $2.00 $2.00 $2.00 $2.00 $2.00 $2.20 $2.42 $2.66

Quarterly Income Statements for CVS Health

This table shows CVS Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 2,334 2,136 1,901 2,261 2,046 1,113 1,770 87 1,644 1,779 1,021
Consolidated Net Income / (Loss)		 2,332 2,142 1,914 2,265 2,047 1,124 1,768 71 1,623 1,782 1,013
Net Income / (Loss) Continuing Operations		 2,332 2,142 1,914 2,265 2,047 1,124 1,768 71 1,623 1,782 1,013
Total Pre-Tax Income 		3,150 2,879 2,570 3,019 2,705 1,580 2,337 105 2,126 2,617 1,647
Total Operating Income		 3,659 3,446 3,234 3,690 3,373 2,271 3,045 832 2,368 3,374 2,381
Total Gross Profit		 84,932 13,375 35,385 35,076 56,842 40,364 41,236 42,480 70,245 43,531 44,910
Total Revenue		 83,846 85,278 88,921 89,764 93,813 88,437 91,234 95,428 97,710 94,588 98,915
Operating Revenue		 83,846 85,278 88,921 89,764 93,813 88,437 91,234 95,428 97,710 94,588 98,915
Total Cost of Revenue		 -1,086 71,903 53,536 54,688 36,971 48,073 49,998 52,948 27,465 51,057 54,005
Operating Cost of Revenue		 -1,086 71,903 53,536 54,688 36,971 48,073 49,998 52,948 27,465 51,057 54,005
Total Operating Expenses		 81,273 9,929 32,151 31,386 53,469 38,093 38,191 41,648 67,877 40,157 42,529
Selling, General & Admin Expense		 10,089 9,580 9,873 9,876 10,503 10,290 10,338 10,557 10,421 11,022 11,212
Other Operating Expenses / (Income)		 - - 21,782 21,499 - 27,803 27,853 29,922 - 29,135 31,317
Total Other Income / (Expense), net		 -509 -567 -664 -671 -668 -691 -708 -727 -242 -757 -734
Interest Expense		 552 589 686 693 690 716 732 752 267 785 763
Other Income / (Expense), net		 43 22 22 22 22 25 24 25 25 28 29
Income Tax Expense		 818 737 656 754 658 456 569 34 503 835 634
Net Income / (Loss) Attributable to Noncontrolling Interest		 -2.00 6.00 13 4.00 1.00 11 -2.00 -16 -21 3.00 -8.00
Basic Earnings per Share		 $1.78 $1.66 $1.48 $1.76 $1.59 $0.88 $1.41 $0.07 $1.31 $1.41 $0.81
Weighted Average Basic Shares Outstanding		 1.31B 1.28B 1.28B 1.29B 1.29B 1.26B 1.26B 1.26B 1.26B 1.26B 1.27B
Diluted Earnings per Share		 $1.79 $1.65 $1.48 $1.75 $1.59 $0.88 $1.41 $0.07 $1.30 $1.41 $0.80
Weighted Average Diluted Shares Outstanding		 1.32B 1.29B 1.29B 1.29B 1.29B 1.27B 1.26B 1.26B 1.26B 1.26B 1.27B
Weighted Average Basic & Diluted Shares Outstanding		 1.28B 1.28B 1.28B 1.29B 1.26B 1.26B 1.26B 1.26B 1.26B 1.27B 1.27B
Cash Dividends to Common per Share		 - $0.61 $0.61 $0.61 - $0.67 $0.67 $0.67 - - $0.67

Annual Cash Flow Statements for CVS Health

This table details how cash moves in and out of CVS Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -1,608 -22 912 -1,621 2,399 1,855 2,635 1,648 614 -4,780 359
Net Cash From Operating Activities		 8,137 8,539 10,141 8,007 8,865 12,848 15,865 18,265 16,177 13,426 9,107
Net Cash From Continuing Operating Activities		 8,137 8,539 7,942 8,007 8,865 12,848 15,865 18,265 16,177 13,426 9,107
Net Income / (Loss) Continuing Operations		 4,644 5,239 5,319 6,623 -596 6,631 7,192 7,989 4,327 8,368 4,586
Consolidated Net Income / (Loss)		 4,644 5,239 5,319 6,623 -596 6,631 7,192 7,989 4,327 8,368 4,586
Depreciation Expense		 1,931 2,092 2,475 2,479 2,718 4,371 4,441 4,486 4,224 4,366 4,597
Non-Cash Adjustments To Reconcile Net Income		 686 216 -1,199 655 6,768 1,001 1,643 2,335 2,837 1,353 387
Changes in Operating Assets and Liabilities, net		 876 992 1,347 -1,750 -25 845 2,589 3,455 4,789 -661 -463
Net Cash From Investing Activities		 -4,045 -13,420 -2,470 -2,877 -43,285 -3,339 -5,534 -5,261 -5,047 -20,889 -7,613
Net Cash From Continuing Investing Activities		 -4,045 -13,420 -2,470 -2,877 -43,285 -3,339 -5,534 -5,261 -5,047 -20,889 -7,613
Purchase of Property, Plant & Equipment		 -2,136 -2,367 -2,224 -1,918 -2,037 -2,457 -2,437 -2,520 -2,727 -3,031 -2,781
Acquisitions		 -2,439 -11,475 -524 -1,181 -42,226 -444 -866 -146 -139 -16,612 -95
Purchase of Investments		 -157 -267 -80 -137 -692 -7,534 -9,639 -9,963 -7,746 -9,043 -15,191
Divestitures		 - - 0.00 0.00 832 0.00 840 0.00 -1,249 0.00 0.00
Sale and/or Maturity of Investments		 676 654 321 326 817 7,049 6,467 7,246 6,729 7,729 10,353
Other Investing Activities, net		 - - 37 33 21 47 101 122 85 68 101
Net Cash From Financing Activities		 -5,694 4,879 -6,761 -6,751 36,819 -7,654 -7,696 -11,356 -10,516 2,683 -1,135
Net Cash From Continuing Financing Activities		 -5,694 4,879 -6,761 -6,751 36,819 -7,654 -7,696 -11,356 -10,516 2,683 -1,135
Repayment of Debt		 -2,415 -3,590 -4,074 -599 -6,078 -8,860 -15,199 -10,099 -4,290 -8,167 -2,828
Repurchase of Common Equity		 -4,001 -5,001 -4,461 -4,361 - - 0.00 0.00 -3,500 -2,012 -3,023
Payment of Dividends		 -1,288 -1,576 -1,879 -2,049 -2,038 -2,603 -2,624 -2,625 -2,907 -3,132 -3,373
Issuance of Debt		 1,483 14,805 3,455 0.00 44,344 3,736 9,958 987 0.00 15,898 7,913
Other Financing Activities, net		 527 241 198 258 591 73 169 381 181 96 176
Cash Interest Paid		 647 629 1,140 -1,072 2,803 2,954 2,904 2,469 2,239 2,418 2,909
Cash Income Taxes Paid		 2,931 3,274 3,060 -2,909 2,383 2,717 2,929 3,195 4,116 3,524 1,703

Quarterly Cash Flow Statements for CVS Health

This table details how cash moves in and out of CVS Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -4,258 1,650 -828 -752 -4,850 1,582 2,713 -5,680 1,744 1,462 1,679
Net Cash From Operating Activities		 -1,952 7,438 5,908 2,716 -2,636 4,903 3,089 -745 1,860 4,556 1,897
Net Cash From Continuing Operating Activities		 -1,952 7,438 5,821 2,803 -2,636 4,903 3,430 -1,086 1,860 4,556 1,897
Net Income / (Loss) Continuing Operations		 2,332 2,142 1,914 2,265 2,047 1,124 1,768 71 1,623 1,782 1,013
Consolidated Net Income / (Loss)		 2,332 2,142 1,914 2,265 2,047 1,124 1,768 71 1,623 1,782 1,013
Depreciation Expense		 1,043 1,001 1,104 1,127 1,134 1,138 1,151 1,161 1,147 1,154 1,171
Non-Cash Adjustments To Reconcile Net Income		 200 103 204 306 740 137 133 973 -856 362 136
Changes in Operating Assets and Liabilities, net		 -5,527 4,192 2,599 -895 -6,557 2,504 378 -3,291 -54 1,258 -423
Net Cash From Investing Activities		 -119 -8,514 -10,362 -771 -1,242 -2,094 -1,625 -3,347 -547 -762 -1,024
Net Cash From Continuing Investing Activities		 -119 -8,514 -10,362 -771 -1,242 -2,094 -1,625 -3,347 -547 -762 -1,024
Purchase of Property, Plant & Equipment		 -688 -984 -591 -545 -911 -705 -638 -670 -768 -743 -607
Acquisitions		 -8.00 -7,094 -9,380 -18 -120 -25 -48 -12 -10 -20 -119
Purchase of Investments		 -1,307 -2,358 -2,141 -2,126 -2,418 -3,545 -3,236 -5,896 -2,514 -3,552 -3,634
Sale and/or Maturity of Investments		 1,194 1,891 1,749 1,907 2,182 2,153 2,265 3,216 2,719 3,534 3,332
Other Investing Activities, net		 11 31 1.00 11 25 28 32 15 26 19 4.00
Net Cash From Financing Activities		 -2,187 2,726 3,626 -2,697 -972 -1,227 1,249 -1,588 431 -2,332 806
Net Cash From Continuing Financing Activities		 -2,187 2,726 3,626 -2,697 -972 -1,227 1,249 -1,588 431 -2,332 806
Repayment of Debt		 24 -490 -6,418 -1,036 -223 2,468 -16 -1,061 -1,700 -1,625 1,739
Payment of Dividends		 -719 -779 -795 -779 -779 -840 -858 -837 -838 -840 -866
Other Financing Activities, net		 8.00 62 -110 115 29 172 -120 109 15 133 -67
Cash Interest Paid		 303 773 358 918 369 1,043 349 999 518 1,012 472
Cash Income Taxes Paid		 1,046 75 1,704 837 908 63 666 700 274 138 725

Annual Balance Sheets for CVS Health

This table presents CVS Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 74,187 92,437 94,462 95,131 196,456 222,449 230,715 232,999 228,275 249,728 253,215
Total Current Assets		 25,983 29,158 31,042 31,229 45,243 50,302 56,369 60,008 65,633 67,858 68,645
Cash & Equivalents		 2,481 2,459 3,371 1,696 4,059 5,683 7,854 9,408 12,945 8,196 8,586
Short-Term Investments		 34 88 87 111 2,522 2,373 3,000 3,117 2,778 3,259 2,407
Accounts Receivable		 9,687 11,888 12,164 13,181 17,631 19,617 21,742 24,431 27,276 35,227 36,469
Inventories, net		 11,930 14,001 14,760 15,296 16,450 17,516 18,496 17,760 19,090 18,025 18,107
Other Current Assets		 866 722 660 945 4,581 5,113 5,277 5,292 2,636 3,151 3,076
Plant, Property, & Equipment, net		 8,843 9,855 10,175 10,292 11,349 12,044 12,606 12,896 0.00 13,183 12,993
Total Noncurrent Assets		 39,361 53,424 53,245 53,610 139,864 160,103 161,740 160,095 162,642 168,687 171,577
Long-Term Investments		 - - - 112 15,732 17,314 20,812 23,025 21,096 23,019 28,934
Goodwill		 28,142 38,106 38,249 38,451 78,678 79,749 79,552 79,121 78,150 91,272 91,272
Intangible Assets		 9,774 13,878 13,511 13,630 36,524 33,121 31,142 29,026 24,803 29,234 27,323
Other Noncurrent Operating Assets		 1,445 1,440 1,485 1,417 8,930 29,919 30,234 28,923 38,593 25,162 24,048
Total Liabilities & Shareholders' Equity		 74,187 92,437 94,462 95,131 196,456 222,449 230,715 232,999 228,275 249,728 253,215
Total Liabilities		 36,224 55,195 57,628 57,436 137,913 158,279 161,014 157,618 156,506 173,092 177,485
Total Current Liabilities		 19,027 23,169 26,250 30,648 44,009 53,303 62,017 67,807 69,421 79,189 84,609
Short-Term Debt		 1,260 1,197 1,916 4,821 1,985 3,781 5,440 4,205 1,778 2,972 5,743
Accounts Payable		 6,547 7,490 7,946 8,863 8,925 10,492 11,138 12,544 14,838 14,897 15,892
Accrued Expenses		 5,816 6,829 6,937 6,581 10,711 12,133 14,243 17,670 18,745 23,515 20,810
Other Current Liabilities		 5,404 7,653 9,451 10,383 22,388 26,897 31,196 33,388 33,832 37,805 42,164
Total Noncurrent Liabilities		 17,197 32,026 31,378 26,788 93,904 104,976 98,997 89,811 87,085 93,903 92,876
Long-Term Debt		 11,630 26,267 25,615 22,181 71,444 64,699 59,207 51,971 50,476 58,638 60,527
Capital Lease Obligations		 - - - - - - 18,757 18,177 16,800 16,034 14,899
Noncurrent Deferred & Payable Income Tax Liabilities		 4,036 4,217 4,214 2,996 7,677 7,294 6,794 6,270 4,016 4,311 3,806
Other Noncurrent Operating Liabilities		 1,531 1,542 1,549 1,611 14,783 32,983 14,239 13,393 15,793 14,920 13,644
Total Equity & Noncontrolling Interests		 37,963 37,203 36,834 37,695 58,543 64,170 69,701 75,381 71,769 76,636 75,730
Total Preferred & Common Equity		 37,958 37,196 36,830 37,691 58,225 63,864 69,389 75,075 71,469 76,461 75,560
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 37,958 37,196 36,830 37,691 58,225 63,864 69,389 75,075 71,469 76,461 75,560
Common Stock		 30,435 30,965 31,635 32,096 45,440 45,972 46,513 47,377 48,193 48,992 49,661
Retained Earnings		 31,849 35,506 38,983 43,556 40,911 45,108 49,640 54,906 56,398 61,604 62,837
Treasury Stock		 -24,078 -28,886 -33,452 -37,796 -28,228 -28,235 -28,178 -28,173 -31,858 -33,838 -36,818
Accumulated Other Comprehensive Income / (Loss)		 -217 -358 -305 -165 102 1,019 1,414 965 -1,264 -297 -120
Noncontrolling Interest		 5.00 7.00 4.00 4.00 318 306 312 306 300 175 170

Quarterly Balance Sheets for CVS Health

This table presents CVS Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 228,275 239,330 250,071 251,306 249,728 249,743 252,481 252,427 253,215 255,585 258,343
Total Current Assets		 65,633 68,706 67,756 70,143 67,858 67,473 69,952 67,343 68,645 73,191 75,649
Cash & Equivalents		 12,945 14,618 13,807 13,043 8,196 9,801 12,507 6,875 8,586 10,076 11,787
Short-Term Investments		 2,778 3,102 3,080 3,145 3,259 3,288 3,755 2,805 2,407 2,578 2,386
Accounts Receivable		 27,276 28,331 29,546 32,927 35,227 32,217 32,385 36,179 36,469 39,625 40,651
Inventories, net		 19,090 18,263 17,291 17,954 18,025 16,346 16,068 17,649 18,107 17,385 17,447
Other Current Assets		 2,636 3,767 3,412 3,074 3,151 5,821 5,237 3,835 3,076 3,527 3,378
Plant, Property, & Equipment, net		 0.00 12,872 13,001 13,022 13,183 13,037 13,032 12,728 12,993 12,856 12,825
Total Noncurrent Assets		 162,642 157,752 169,314 168,141 168,687 169,233 169,497 172,356 171,577 169,538 169,869
Long-Term Investments		 21,096 21,612 22,114 21,667 23,019 24,074 25,028 28,939 28,934 28,906 29,858
Goodwill		 78,150 84,057 91,260 91,261 91,272 91,272 91,272 91,272 91,272 91,203 91,203
Intangible Assets		 24,803 26,368 30,118 29,624 29,234 28,770 28,311 27,817 27,323 26,570 26,224
Other Noncurrent Operating Assets		 38,593 25,715 25,822 25,589 25,162 25,117 24,886 24,328 24,048 22,859 22,584
Total Liabilities & Shareholders' Equity		 228,275 239,330 250,071 251,306 249,728 249,743 252,481 252,427 253,215 255,585 258,343
Total Liabilities		 156,506 167,750 177,069 176,796 173,092 175,593 177,370 177,321 177,485 178,475 180,792
Total Current Liabilities		 69,421 75,054 79,206 81,553 79,189 83,319 81,386 84,627 84,609 88,961 94,162
Short-Term Debt		 1,778 1,778 2,402 2,132 2,972 6,450 3,731 5,710 5,743 5,670 9,200
Accounts Payable		 14,838 12,527 13,367 14,874 14,897 13,717 14,416 15,713 15,892 16,534 17,258
Accrued Expenses		 18,745 21,515 22,831 22,571 23,515 22,350 21,163 20,174 20,810 22,369 23,101
Other Current Liabilities		 33,832 39,021 40,398 41,976 37,805 40,802 42,076 43,030 42,164 44,388 44,603
Total Noncurrent Liabilities		 87,085 92,696 97,863 95,243 93,903 92,274 95,984 92,694 92,876 89,514 86,630
Long-Term Debt		 50,476 56,450 61,419 59,782 58,638 57,694 62,643 59,824 60,527 59,040 57,290
Capital Lease Obligations		 16,800 16,571 16,609 16,441 16,034 - 15,537 15,258 14,899 14,594 14,328
Noncurrent Deferred & Payable Income Tax Liabilities		 4,016 4,095 4,588 4,250 4,311 4,184 4,052 3,632 3,806 3,664 3,603
Other Noncurrent Operating Liabilities		 15,793 15,580 15,247 14,770 14,920 30,396 13,752 13,980 13,644 12,216 11,409
Total Equity & Noncontrolling Interests		 71,769 71,580 73,002 74,510 76,636 74,150 75,111 75,106 75,730 77,110 77,551
Total Preferred & Common Equity		 71,469 71,382 72,726 74,337 76,461 73,968 74,930 74,944 75,560 76,929 77,379
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 71,469 71,382 72,726 74,337 76,461 73,968 74,930 74,944 75,560 76,929 77,379
Common Stock		 48,193 48,306 48,649 48,829 48,992 49,209 49,371 49,510 49,661 49,837 50,020
Retained Earnings		 56,398 57,753 58,868 60,343 61,604 61,873 62,797 62,038 62,837 63,768 63,936
Treasury Stock		 -31,858 -33,802 -33,933 -33,831 -33,838 -36,773 -36,919 -36,813 -36,818 -36,735 -36,849
Accumulated Other Comprehensive Income / (Loss)		 -1,264 -875 -858 -1,004 -297 -341 -319 209 -120 59 272
Noncontrolling Interest		 300 198 276 173 175 182 181 162 170 181 172

Annual Metrics And Ratios for CVS Health

This table displays calculated financial ratios and metrics derived from CVS Health's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.94% 9.99% 15.82% 4.08% 5.30% 31.96% 4.65% 8.71% 10.39% 10.95% 4.20%
EBITDA Growth		 8.31% 7.60% 11.15% -7.98% -42.90% 144.43% 12.60% -3.13% -31.32% 47.38% -27.39%
EBIT Growth		 9.48% 7.44% 9.56% -9.92% -56.86% 200.89% 16.56% -4.43% -39.79% 70.27% -37.71%
NOPAT Growth		 8.39% 8.04% 11.23% 19.57% -122.28% 618.32% 16.06% -1.58% -41.56% 74.53% -38.28%
Net Income Growth		 1.13% 12.81% 1.53% 24.52% -109.00% 1,212.58% 8.46% 11.08% -45.84% 93.39% -45.20%
EPS Growth		 5.88% 16.92% 5.83% 31.43% -108.85% 991.23% 7.48% 10.26% -45.85% 98.47% -43.43%
Operating Cash Flow Growth		 40.71% 4.94% 18.76% -21.04% 10.72% 44.93% 23.48% 15.13% -11.43% -17.01% -32.17%
Free Cash Flow Firm Growth		 7.77% -294.53% 194.79% -24.46% -940.79% 123.08% -134.83% 544.11% -3.40% -136.93% 248.43%
Invested Capital Growth		 2.49% 28.59% -2.01% 3.07% 74.68% -2.17% 13.20% -5.97% -9.51% 15.95% -2.37%
Revenue Q/Q Growth		 3.13% 2.74% 2.81% 1.32% 3.19% 5.10% 1.00% 2.47% 2.30% 2.87% 1.06%
EBITDA Q/Q Growth		 1.27% 4.54% 2.30% 0.91% -23.86% 18.12% -2.36% -1.33% 11.49% -1.17% -6.96%
EBIT Q/Q Growth		 1.20% 4.51% 2.39% 1.22% -36.34% 22.68% -3.36% -1.41% 19.37% -2.17% -10.42%
NOPAT Q/Q Growth		 0.99% 5.14% 3.10% 31.90% -135.60% 36.95% -2.86% -0.63% 14.82% -1.49% -10.41%
Net Income Q/Q Growth		 1.22% 3.52% 4.07% 31.33% -119.15% 48.48% -9.66% 5.44% 27.94% -3.29% -8.46%
EPS Q/Q Growth		 2.59% 4.28% 5.15% 33.61% -118.94% 51.19% -9.75% 5.24% 29.88% -3.00% -7.34%
Operating Cash Flow Q/Q Growth		 30.15% 3.33% -13.46% -21.99% 41.84% 1.22% 6.25% 2.46% -26.91% -4.85% 97.51%
Free Cash Flow Firm Q/Q Growth		 69.87% -35.27% 6.66% -28.89% -1,058.49% 118.18% -111.95% 7.34% 290.07% -4.52% 90.52%
Invested Capital Q/Q Growth		 -3.24% 1.25% 0.80% 8.06% 89.67% -14.82% 16.99% 16.75% 4.75% 4.17% -0.26%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.20% 17.31% 17.47% 15.44% 16.21% 17.73% 18.25% 17.84% 38.94% 39.32% 44.67%
EBITDA Margin		 7.70% 7.53% 7.23% 6.39% 3.47% 6.42% 6.91% 6.15% 3.83% 5.09% 3.54%
Operating Margin		 6.31% 6.18% 5.85% 5.16% 2.07% 4.67% 5.18% 4.56% 2.47% 3.84% 2.28%
EBIT Margin		 6.31% 6.17% 5.83% 5.05% 2.07% 4.72% 5.25% 4.62% 2.52% 3.87% 2.31%
Profit (Net Income) Margin		 3.33% 3.42% 3.00% 3.58% -0.31% 2.58% 2.68% 2.73% 1.34% 2.34% 1.23%
Tax Burden Percent		 60.48% 60.81% 61.58% 80.10% -42.39% 73.70% 73.61% 75.82% 74.14% 74.89% 74.59%
Interest Burden Percent		 87.26% 91.14% 83.38% 88.62% 34.93% 74.29% 69.21% 78.10% 71.85% 80.78% 71.36%
Effective Tax Rate		 39.50% 39.30% 38.40% 19.80% 142.39% 26.30% 26.29% 24.18% 25.86% 25.11% 25.41%
Return on Invested Capital (ROIC)		 11.15% 10.41% 10.40% 12.37% -1.98% 8.14% 8.97% 8.57% 5.42% 9.23% 5.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.22% 7.51% 5.99% 8.19% 0.93% 3.47% 2.51% 3.92% 0.96% 4.07% 1.18%
Return on Net Nonoperating Assets (RNNOA)		 1.09% 3.52% 3.96% 5.40% 0.74% 2.66% 1.78% 2.45% 0.46% 2.05% 0.65%
Return on Equity (ROE)		 12.24% 13.93% 14.36% 17.77% -1.24% 10.81% 10.74% 11.01% 5.88% 11.28% 6.02%
Cash Return on Invested Capital (CROIC)		 8.69% -14.61% 12.43% 9.34% -56.35% 10.34% -3.42% 14.72% 15.41% -5.55% 7.76%
Operating Return on Assets (OROA)		 12.08% 11.35% 11.08% 9.84% 2.76% 5.78% 6.23% 5.82% 3.52% 5.79% 3.43%
Return on Assets (ROA)		 6.37% 6.29% 5.69% 6.99% -0.41% 3.17% 3.17% 3.45% 1.88% 3.50% 1.82%
Return on Common Equity (ROCE)		 12.24% 13.92% 14.35% 17.77% -1.23% 10.75% 10.70% 10.97% 5.86% 11.24% 6.01%
Return on Equity Simple (ROE_SIMPLE)		 12.23% 14.08% 14.44% 17.57% -1.02% 10.38% 10.36% 10.64% 6.05% 10.94% 6.07%
Net Operating Profit after Tax (NOPAT)		 5,323 5,751 6,397 7,650 -1,704 8,835 10,253 10,091 5,897 10,293 6,352
NOPAT Margin		 3.82% 3.75% 3.60% 4.14% -0.88% 3.44% 3.82% 3.45% 1.83% 2.88% 1.70%
Net Nonoperating Expense Percent (NNEP)		 6.93% 2.90% 4.40% 4.18% -2.91% 4.68% 6.45% 4.64% 4.46% 5.15% 4.19%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 4.19% 6.67% 4.05%
Cost of Revenue to Revenue		 81.80% 82.69% 82.53% 84.56% 83.79% 82.27% 81.75% 82.16% 61.06% 60.68% 55.33%
SG&A Expenses to Revenue		 11.89% 0.00% 10.39% 10.18% 0.00% 12.97% 13.08% 12.67% 11.85% 11.13% 11.16%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 11.89% 11.12% 11.62% 10.28% 14.14% 13.06% 13.08% 13.29% 36.48% 35.48% 42.38%
Earnings before Interest and Taxes (EBIT)		 8,799 9,454 10,358 9,330 4,025 12,111 14,117 13,492 8,123 13,831 8,615
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 10,730 11,546 12,833 11,809 6,743 16,482 18,558 17,978 12,347 18,197 13,212
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.24 2.28 1.82 1.59 0.96 1.32 1.16 1.67 1.57 1.26 0.74
Price to Tangible Book Value (P/TBV)		 2,028.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.61 0.55 0.38 0.32 0.29 0.33 0.30 0.43 0.35 0.27 0.15
Price to Earnings (P/E)		 18.35 16.17 12.60 9.06 0.00 12.66 11.17 15.65 26.08 11.54 12.09
Dividend Yield		 1.48% 1.83% 2.71% 3.38% 3.63% 3.10% 3.27% 2.11% 2.57% 3.23% 6.00%
Earnings Yield		 5.45% 6.18% 7.93% 11.04% 0.00% 7.90% 8.96% 6.39% 3.83% 8.66% 8.27%
Enterprise Value to Invested Capital (EV/IC)		 1.98 1.76 1.50 1.36 0.98 1.19 1.09 1.44 1.40 1.17 0.83
Enterprise Value to Revenue (EV/Rev)		 0.69 0.72 0.51 0.46 0.55 0.50 0.49 0.56 0.45 0.39 0.26
Enterprise Value to EBITDA (EV/EBITDA)		 8.91 9.50 7.10 7.21 15.95 7.73 7.12 9.14 11.74 7.67 7.36
Enterprise Value to EBIT (EV/EBIT)		 10.86 11.60 8.79 9.12 26.72 10.52 9.37 12.18 17.85 10.10 11.28
Enterprise Value to NOPAT (EV/NOPAT)		 17.96 19.06 14.24 11.12 0.00 14.42 12.90 16.28 24.58 13.57 15.30
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.75 12.84 8.98 10.63 12.13 9.92 8.33 9.00 8.96 10.40 10.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 23.04 0.00 11.91 14.72 0.00 11.36 0.00 9.47 8.65 0.00 10.58
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.34 0.74 0.75 0.72 1.25 1.07 1.20 0.99 0.96 1.01 1.07
Long-Term Debt to Equity		 0.31 0.71 0.70 0.59 1.22 1.01 1.12 0.93 0.94 0.97 1.00
Financial Leverage		 0.26 0.47 0.66 0.66 0.79 0.77 0.71 0.62 0.48 0.50 0.55
Leverage Ratio		 1.92 2.22 2.52 2.54 3.03 3.41 3.39 3.20 3.13 3.22 3.30
Compound Leverage Factor		 1.68 2.02 2.10 2.25 1.06 2.54 2.34 2.50 2.25 2.60 2.36
Debt to Total Capital		 25.35% 42.44% 42.77% 41.74% 55.64% 51.62% 54.48% 49.66% 49.04% 50.33% 51.73%
Short-Term Debt to Total Capital		 2.48% 1.85% 2.98% 7.45% 1.50% 2.85% 3.55% 2.81% 1.26% 1.93% 3.66%
Long-Term Debt to Total Capital		 22.87% 40.59% 39.80% 34.28% 54.14% 48.77% 50.92% 46.85% 47.77% 48.40% 48.07%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.01% 0.07% 0.01% 0.01% 0.24% 0.23% 0.20% 0.20% 0.21% 0.11% 0.11%
Common Equity to Total Capital		 74.64% 57.48% 57.22% 58.26% 44.12% 48.14% 45.32% 50.14% 50.75% 49.56% 48.16%
Debt to EBITDA		 1.20 2.38 2.15 2.29 10.89 4.15 4.49 4.14 5.59 4.27 6.14
Net Debt to EBITDA		 0.97 2.16 1.88 2.12 7.58 2.62 2.79 2.16 2.61 2.37 3.12
Long-Term Debt to EBITDA		 1.08 2.28 2.00 1.88 10.60 3.93 4.20 3.90 5.45 4.10 5.71
Debt to NOPAT		 2.42 4.78 4.30 3.53 -43.08 7.75 8.13 7.37 11.71 7.54 12.78
Net Debt to NOPAT		 1.95 4.33 3.76 3.28 -29.99 4.88 5.05 3.85 5.47 4.19 6.49
Long-Term Debt to NOPAT		 2.18 4.57 4.00 2.90 -41.92 7.32 7.60 6.95 11.41 7.25 11.87
Altman Z-Score		 4.39 3.53 3.58 3.54 1.60 1.92 1.94 2.21 2.29 2.24 2.04
Noncontrolling Interest Sharing Ratio		 0.01% 0.07% 0.07% 0.01% 0.33% 0.51% 0.46% 0.43% 0.41% 0.32% 0.23%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.37 1.26 1.18 1.02 1.03 0.94 0.91 0.89 0.95 0.86 0.81
Quick Ratio		 0.64 0.62 0.60 0.49 0.55 0.52 0.53 0.55 0.62 0.59 0.56
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 4,148 -8,070 7,649 5,779 -48,585 11,214 -3,906 17,346 16,757 -6,189 9,186
Operating Cash Flow to CapEx		 382.92% 366.17% 455.98% 417.47% 435.20% 522.91% 651.01% 724.80% 593.22% 442.96% 327.47%
Free Cash Flow to Firm to Interest Expense		 3.70 -9.63 4.44 5.44 -18.55 3.60 -0.90 5.87 7.33 -2.33 3.72
Operating Cash Flow to Interest Expense		 7.26 10.19 5.89 7.54 3.38 4.13 3.65 6.18 7.07 5.05 3.69
Operating Cash Flow Less CapEx to Interest Expense		 5.36 7.41 4.60 5.73 2.61 3.34 3.09 5.33 5.88 3.91 2.56
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.91 1.84 1.90 1.95 1.33 1.23 1.19 1.26 1.40 1.50 1.48
Accounts Receivable Turnover		 15.14 14.21 14.76 14.58 12.63 13.79 12.99 12.65 12.47 11.45 10.40
Inventory Turnover		 9.92 9.78 10.19 10.40 10.27 12.44 12.20 13.24 10.69 11.70 11.42
Fixed Asset Turnover		 15.97 16.40 17.73 18.06 17.98 21.95 21.80 22.91 0.00 0.00 28.48
Accounts Payable Turnover		 18.85 18.06 18.99 18.59 18.33 21.76 20.31 20.27 14.38 14.60 13.40
Days Sales Outstanding (DSO)		 24.12 25.69 24.72 25.03 28.90 26.47 28.09 28.85 29.26 31.88 35.10
Days Inventory Outstanding (DIO)		 36.78 37.33 35.82 35.10 35.53 29.34 29.92 27.57 34.16 31.20 31.97
Days Payable Outstanding (DPO)		 19.36 20.21 19.22 19.63 19.91 16.77 17.97 18.01 25.38 25.00 27.24
Cash Conversion Cycle (CCC)		 41.53 42.81 41.32 40.50 44.52 39.04 40.04 38.41 38.04 38.09 39.82
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 48,338 62,159 60,907 62,778 109,659 107,280 121,439 114,184 103,324 119,806 116,972
Invested Capital Turnover		 2.92 2.77 2.89 2.99 2.26 2.37 2.35 2.48 2.97 3.21 3.15
Increase / (Decrease) in Invested Capital		 1,175 13,821 -1,252 1,871 46,881 -2,379 14,159 -7,255 -10,860 16,482 -2,834
Enterprise Value (EV)		 95,582 109,650 91,095 85,084 107,529 127,411 132,214 164,315 144,961 139,654 97,193
Market Capitalization		 85,202 84,687 67,018 59,997 56,095 83,995 80,164 125,206 112,426 96,309 55,781
Book Value per Share		 $33.11 $33.59 $34.54 $37.21 $57.15 $49.09 $53.01 $56.87 $54.39 $59.42 $60.04
Tangible Book Value per Share		 $0.04 ($13.35) ($14.00) ($14.21) ($55.93) ($37.67) ($31.56) ($25.05) ($23.96) ($34.23) ($34.20)
Total Capital		 50,853 64,706 64,365 64,697 131,972 132,650 153,105 149,734 140,823 154,280 156,899
Total Debt		 12,890 27,464 27,531 27,002 73,429 68,480 83,404 74,353 69,054 77,644 81,169
Total Long-Term Debt		 11,630 26,267 25,615 22,181 71,444 64,699 77,964 70,148 67,276 74,672 75,426
Net Debt		 10,375 24,917 24,073 25,083 51,116 43,110 51,738 38,803 32,235 43,170 41,242
Capital Expenditures (CapEx)		 2,125 2,332 2,224 1,918 2,037 2,457 2,437 2,520 2,727 3,031 2,781
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 5,701 4,639 3,250 3,595 -3,362 -7,276 -11,062 -16,119 -17,733 -19,814 -21,214
Debt-free Net Working Capital (DFNWC)		 8,216 7,186 6,708 5,402 3,219 780 -208 -3,594 -2,010 -8,359 -10,221
Net Working Capital (NWC)		 6,956 5,989 4,792 581 1,234 -3,001 -5,648 -7,799 -3,788 -11,331 -15,964
Net Nonoperating Expense (NNE)		 679 512 1,078 1,027 -1,108 2,204 3,061 2,102 1,570 1,925 1,766
Net Nonoperating Obligations (NNO)		 10,375 24,917 24,073 25,083 51,116 43,110 51,738 38,803 31,555 43,170 41,242
Total Depreciation and Amortization (D&A)		 1,931 2,092 2,475 2,479 2,718 4,371 4,441 4,486 4,224 4,366 4,597
Debt-free, Cash-free Net Working Capital to Revenue		 4.09% 3.03% 1.83% 1.95% -1.73% -2.83% -4.12% -5.52% -5.50% -5.54% -5.69%
Debt-free Net Working Capital to Revenue		 5.90% 4.69% 3.78% 2.92% 1.65% 0.30% -0.08% -1.23% -0.62% -2.34% -2.74%
Net Working Capital to Revenue		 4.99% 3.91% 2.70% 0.31% 0.63% -1.17% -2.10% -2.67% -1.17% -3.17% -4.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 ($0.57) $5.10 $5.48 $6.00 $3.16 $6.49 $3.67
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 1.04B 1.30B 1.31B 1.32B 1.31B 1.29B 1.26B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 ($0.57) $5.08 $5.46 $5.95 $3.14 $6.47 $3.66
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 1.04B 1.31B 1.31B 1.33B 1.32B 1.29B 1.26B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 1.30B 1.30B 1.31B 1.31B 1.28B 1.26B 1.26B
Normalized Net Operating Profit after Tax (NOPAT)		 5,323 5,751 6,397 7,795 7,119 9,005 10,253 11,448 12,078 10,934 7,306
Normalized NOPAT Margin		 3.82% 3.75% 3.60% 4.22% 3.66% 3.51% 3.82% 3.92% 3.75% 3.06% 1.96%
Pre Tax Income Margin		 5.51% 5.62% 4.86% 4.47% 0.72% 3.50% 3.64% 3.61% 1.81% 3.12% 1.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 7.85 11.28 6.02 8.79 1.54 3.89 3.25 4.57 3.55 5.20 3.49
NOPAT to Interest Expense		 4.75 6.86 3.72 7.20 -0.65 2.84 2.36 3.42 2.58 3.87 2.57
EBIT Less CapEx to Interest Expense		 5.95 8.50 4.73 6.98 0.76 3.10 2.69 3.71 2.36 4.06 2.36
NOPAT Less CapEx to Interest Expense		 2.85 4.08 2.42 5.40 -1.43 2.05 1.80 2.56 1.39 2.73 1.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 27.73% 30.08% 35.33% 30.94% -341.95% 39.26% 36.49% 32.86% 67.18% 37.43% 73.55%
Augmented Payout Ratio		 113.89% 125.54% 119.20% 96.78% -341.95% 39.26% 36.49% 32.86% 148.07% 61.47% 139.47%

Quarterly Metrics And Ratios for CVS Health

This table displays calculated financial ratios and metrics derived from CVS Health's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.45% 11.00% 10.27% 10.60% 11.89% 3.70% 2.60% 6.31% 4.15% 6.96% 8.42%
EBITDA Growth		 36.63% -3.60% -24.75% 271.11% -4.55% -23.16% -3.21% -58.30% -21.84% 32.67% -15.14%
EBIT Growth		 55.29% -3.32% -30.90% 195.72% -8.29% -33.79% -5.74% -76.91% -29.51% 48.17% -21.47%
NOPAT Growth		 40.44% -7.84% -29.91% 200.92% -5.77% -36.99% -4.36% -79.68% -29.18% 42.21% -36.43%
Net Income Growth		 68.13% -9.04% -37.02% 166.64% -12.22% -47.53% -7.63% -96.87% -20.71% 58.54% -42.70%
EPS Growth		 72.12% -6.78% -35.37% 167.57% -11.17% -46.67% -4.73% -96.00% -18.24% 60.23% -43.26%
Operating Cash Flow Growth		 -148.74% 108.76% 8.54% -70.23% -35.04% -34.08% -47.72% -127.43% 170.56% -7.08% -38.59%
Free Cash Flow Firm Growth		 47.75% 224.48% 101.27% -279.58% -202.66% -30.19% 511.97% 87.45% 133.32% -260.48% 383.97%
Invested Capital Growth		 -9.51% -6.68% 2.07% 16.60% 15.95% -5.16% 1.50% 1.97% -2.37% 13.57% -1.20%
Revenue Q/Q Growth		 3.31% 1.71% 4.27% 0.95% 4.51% -5.73% 3.16% 4.60% 2.39% -3.20% 4.57%
EBITDA Q/Q Growth		 267.79% -5.82% -2.44% 10.99% -6.41% -24.18% 22.89% -52.18% 75.42% 28.70% -21.40%
EBIT Q/Q Growth		 195.46% -6.32% -6.11% 14.00% -8.54% -32.37% 33.67% -72.08% 179.23% 42.16% -29.16%
NOPAT Q/Q Growth		 198.74% -5.35% -6.06% 14.94% -7.80% -36.71% 42.59% -75.58% 221.33% 27.09% -36.26%
Net Income Q/Q Growth		 168.61% -8.15% -10.64% 18.34% -9.62% -45.09% 57.30% -95.98% 2,185.92% 9.80% -43.15%
EPS Q/Q Growth		 169.11% -7.82% -10.30% 18.24% -9.14% -44.65% 60.23% -95.04% 1,757.14% 8.46% -43.26%
Operating Cash Flow Q/Q Growth		 -121.40% 481.05% -20.57% -54.03% -197.05% 286.00% -37.00% -124.12% 349.66% 144.95% -58.36%
Free Cash Flow Firm Q/Q Growth		 478.67% -24.84% -99.05% -14,193.14% -2.41% 151.11% -91.70% -388.92% 372.02% -346.15% 125.02%
Invested Capital Q/Q Growth		 4.75% 3.20% 6.92% 0.87% 4.17% -15.59% 14.44% 1.34% -0.26% -1.81% -0.45%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 101.30% 15.68% 39.79% 39.08% 60.59% 14.20% 45.20% 44.52% 71.89% 46.02% 45.40%
EBITDA Margin		 5.66% 5.24% 4.90% 5.39% 4.83% 3.88% 4.63% 2.11% 3.62% 4.82% 3.62%
Operating Margin		 4.36% 4.04% 3.64% 4.11% 3.60% 2.57% 3.34% 0.87% 2.42% 3.57% 2.41%
EBIT Margin		 4.42% 4.07% 3.66% 4.14% 3.62% 2.60% 3.36% 0.90% 2.45% 3.60% 2.44%
Profit (Net Income) Margin		 2.78% 2.51% 2.15% 2.52% 2.18% 1.27% 1.94% 0.07% 1.66% 1.88% 1.02%
Tax Burden Percent		 74.03% 74.40% 74.47% 75.02% 75.67% 71.14% 75.65% 67.62% 76.34% 68.09% 61.51%
Interest Burden Percent		 85.09% 83.02% 78.93% 81.33% 79.68% 68.82% 76.15% 12.25% 88.84% 76.93% 68.34%
Effective Tax Rate		 25.97% 25.60% 25.53% 24.98% 24.33% 28.86% 24.35% 32.38% 23.66% 31.91% 38.49%
Return on Invested Capital (ROIC)		 9.58% 9.01% 8.14% 10.04% 8.73% 6.35% 7.98% 1.87% 5.83% 8.52% 4.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.51% 7.89% 6.86% 8.56% 7.37% 4.76% 6.67% 0.68% 5.39% 6.93% 3.81%
Return on Net Nonoperating Assets (RNNOA)		 4.07% 4.07% 3.57% 4.01% 3.71% 2.03% 3.68% 0.38% 2.99% 2.97% 1.93%
Return on Equity (ROE)		 13.65% 13.08% 11.71% 14.05% 12.44% 8.37% 11.66% 2.25% 8.81% 11.49% 6.91%
Cash Return on Invested Capital (CROIC)		 15.41% 12.03% 2.04% -5.54% -5.55% 14.30% 6.56% 4.15% 7.76% -6.21% 6.59%
Operating Return on Assets (OROA)		 6.17% 5.70% 5.17% 5.96% 5.42% 3.83% 4.86% 1.32% 3.63% 5.39% 3.69%
Return on Assets (ROA)		 3.89% 3.52% 3.04% 3.64% 3.27% 1.88% 2.80% 0.11% 2.46% 2.83% 1.55%
Return on Common Equity (ROCE)		 13.59% 13.03% 11.66% 14.00% 12.40% 8.35% 11.63% 2.25% 8.79% 11.46% 6.89%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.76% 4.11% 11.64% 0.00% 9.94% 9.61% 6.69% 0.00% 6.82% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,709 2,564 2,409 2,768 2,553 1,616 2,304 563 1,808 2,297 1,464
NOPAT Margin		 3.23% 3.01% 2.71% 3.08% 2.72% 1.83% 2.53% 0.59% 1.85% 2.43% 1.48%
Net Nonoperating Expense Percent (NNEP)		 1.07% 1.12% 1.28% 1.48% 1.35% 1.58% 1.31% 1.19% 0.44% 1.59% 1.17%
Return On Investment Capital (ROIC_SIMPLE)		 1.92% - - - 1.65% - - - 1.15% 1.47% 0.92%
Cost of Revenue to Revenue		 -1.30% 84.32% 60.21% 60.92% 39.41% 85.80% 54.80% 55.48% 28.11% 53.98% 54.60%
SG&A Expenses to Revenue		 12.03% 11.23% 11.10% 11.00% 11.20% 11.64% 11.33% 11.06% 10.67% 11.65% 11.34%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 96.93% 11.64% 36.16% 34.97% 57.00% 11.64% 41.86% 43.64% 69.47% 42.45% 43.00%
Earnings before Interest and Taxes (EBIT)		 3,702 3,468 3,256 3,712 3,395 2,296 3,069 857 2,393 3,402 2,410
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,745 4,469 4,360 4,839 4,529 3,434 4,220 2,018 3,540 4,556 3,581
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.57 1.27 1.16 1.15 1.26 1.36 0.98 1.04 0.74 1.10 1.12
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.35 0.27 0.25 0.25 0.27 0.28 0.20 0.21 0.15 0.22 0.22
Price to Earnings (P/E)		 26.08 22.07 28.53 9.89 11.54 13.73 10.20 15.60 12.09 16.01 19.05
Dividend Yield		 2.57% 3.21% 3.50% 3.56% 3.23% 3.17% 4.35% 4.18% 6.00% 3.97% 3.90%
Earnings Yield		 3.83% 4.53% 3.51% 10.11% 8.66% 7.28% 9.81% 6.41% 8.27% 6.25% 5.25%
Enterprise Value to Invested Capital (EV/IC)		 1.40 1.18 1.11 1.10 1.17 1.26 0.99 1.03 0.83 1.07 1.08
Enterprise Value to Revenue (EV/Rev)		 0.45 0.38 0.37 0.36 0.39 0.35 0.31 0.33 0.26 0.32 0.32
Enterprise Value to EBITDA (EV/EBITDA)		 11.74 10.34 11.75 6.84 7.67 7.44 6.70 8.49 7.36 8.54 9.00
Enterprise Value to EBIT (EV/EBIT)		 17.85 15.74 19.29 8.91 10.10 10.09 9.15 12.54 11.28 12.60 13.60
Enterprise Value to NOPAT (EV/NOPAT)		 24.58 22.28 27.35 12.06 13.57 13.65 12.34 17.00 15.30 17.45 19.92
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.96 6.28 6.16 8.93 10.40 11.72 14.14 26.15 10.67 13.98 16.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 8.65 9.48 54.76 0.00 0.00 8.59 15.14 25.00 10.58 0.00 16.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.96 1.05 1.10 1.05 1.01 0.87 1.09 1.08 1.07 1.03 1.04
Long-Term Debt to Equity		 0.94 1.02 1.07 1.02 0.97 0.78 1.04 1.00 1.00 0.95 0.92
Financial Leverage		 0.48 0.52 0.52 0.47 0.50 0.43 0.55 0.55 0.55 0.43 0.51
Leverage Ratio		 3.13 3.24 3.23 3.32 3.22 3.36 3.39 3.37 3.30 3.34 3.35
Compound Leverage Factor		 2.67 2.69 2.55 2.70 2.57 2.31 2.58 0.41 2.93 2.57 2.29
Debt to Total Capital		 49.04% 51.10% 52.42% 51.26% 50.33% 46.38% 52.17% 51.82% 51.73% 50.70% 51.03%
Short-Term Debt to Total Capital		 1.26% 1.21% 1.57% 1.39% 1.93% 4.66% 2.38% 3.66% 3.66% 3.63% 5.81%
Long-Term Debt to Total Capital		 47.77% 49.88% 50.86% 49.86% 48.40% 41.72% 49.79% 48.16% 48.07% 47.08% 45.22%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.21% 0.14% 0.18% 0.11% 0.11% 0.13% 0.12% 0.10% 0.11% 0.12% 0.11%
Common Equity to Total Capital		 50.75% 48.77% 47.40% 48.63% 49.56% 53.49% 47.72% 48.07% 48.16% 49.18% 48.86%
Debt to EBITDA		 5.59 6.14 7.48 4.26 4.27 3.74 4.81 5.69 6.14 5.53 5.90
Net Debt to EBITDA		 2.61 2.91 3.86 2.20 2.37 1.57 2.39 2.97 3.12 2.63 2.69
Long-Term Debt to EBITDA		 5.45 6.00 7.26 4.14 4.10 3.36 4.59 5.29 5.71 5.14 5.23
Debt to NOPAT		 11.71 13.23 17.42 7.50 7.54 6.86 8.86 11.39 12.78 11.30 13.06
Net Debt to NOPAT		 5.47 6.27 8.97 3.88 4.19 2.88 4.39 5.95 6.49 5.38 5.94
Long-Term Debt to NOPAT		 11.41 12.91 16.90 7.30 7.25 6.17 8.45 10.59 11.87 10.49 11.57
Altman Z-Score		 2.22 2.06 1.96 2.00 2.10 2.09 2.02 2.00 1.96 2.09 2.07
Noncontrolling Interest Sharing Ratio		 0.41% 0.35% 0.40% 0.34% 0.32% 0.26% 0.31% 0.22% 0.23% 0.24% 0.23%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.95 0.92 0.86 0.86 0.86 0.81 0.86 0.80 0.81 0.82 0.80
Quick Ratio		 0.62 0.61 0.59 0.60 0.59 0.54 0.60 0.54 0.56 0.59 0.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 13,569 10,198 97 -13,602 -13,929 7,120 591 -1,706 4,642 -11,426 2,858
Operating Cash Flow to CapEx		 -283.72% 755.89% 999.66% 498.35% -289.35% 695.46% 484.17% -111.19% 242.19% 613.19% 312.52%
Free Cash Flow to Firm to Interest Expense		 24.58 17.31 0.14 -19.63 -20.19 9.94 0.81 -2.27 17.38 -14.55 3.75
Operating Cash Flow to Interest Expense		 -3.54 12.63 8.61 3.92 -3.82 6.85 4.22 -0.99 6.97 5.80 2.49
Operating Cash Flow Less CapEx to Interest Expense		 -4.78 10.96 7.75 3.13 -5.14 5.86 3.35 -1.88 4.09 4.86 1.69
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.40 1.40 1.41 1.44 1.50 1.48 1.45 1.46 1.48 1.50 1.51
Accounts Receivable Turnover		 12.47 12.08 11.95 11.74 11.45 11.92 11.73 10.68 10.40 10.55 10.59
Inventory Turnover		 10.69 15.18 15.18 13.89 11.70 17.76 18.21 16.97 11.42 12.41 12.73
Fixed Asset Turnover		 0.00 25.74 26.33 27.12 0.00 27.86 27.91 28.65 28.48 29.27 29.91
Accounts Payable Turnover		 14.38 21.88 19.79 17.37 14.60 23.42 21.87 19.75 13.40 13.84 13.47
Days Sales Outstanding (DSO)		 29.26 30.21 30.55 31.09 31.88 30.62 31.11 34.19 35.10 34.60 34.47
Days Inventory Outstanding (DIO)		 34.16 24.05 24.04 26.28 31.20 20.55 20.04 21.51 31.97 29.42 28.68
Days Payable Outstanding (DPO)		 25.38 16.68 18.45 21.01 25.00 15.58 16.69 18.48 27.24 26.38 27.10
Cash Conversion Cycle (CCC)		 38.04 37.58 36.14 36.35 38.09 35.58 34.46 37.22 39.82 37.63 36.05
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 103,324 106,635 114,019 115,010 119,806 101,131 115,732 117,279 116,972 114,854 114,338
Invested Capital Turnover		 2.97 3.00 3.01 3.26 3.21 3.47 3.16 3.18 3.15 3.51 3.36
Increase / (Decrease) in Invested Capital		 -10,860 -7,634 2,312 16,370 16,482 -5,504 1,713 2,269 -2,834 13,723 -1,394
Enterprise Value (EV)		 144,961 125,999 126,295 126,017 139,654 127,687 114,117 120,565 97,193 122,472 123,279
Market Capitalization		 112,426 90,334 84,590 85,344 96,309 100,524 73,315 78,230 55,781 84,547 86,320
Book Value per Share		 $54.39 $55.59 $56.73 $57.88 $59.42 $58.70 $59.69 $59.57 $60.04 $61.02 $61.17
Tangible Book Value per Share		 ($23.96) ($30.40) ($37.95) ($36.24) ($34.23) ($36.57) ($35.57) ($35.09) ($34.20) ($32.40) ($31.66)
Total Capital		 140,823 146,379 153,432 152,865 154,280 138,294 157,022 155,898 156,899 156,414 158,369
Total Debt		 69,054 74,799 80,430 78,355 77,644 64,144 81,911 80,792 81,169 79,304 80,818
Total Long-Term Debt		 67,276 73,021 78,028 76,223 74,672 57,694 78,180 75,082 75,426 73,634 71,618
Net Debt		 32,235 35,467 41,429 40,500 43,170 26,981 40,621 42,173 41,242 37,744 36,787
Capital Expenditures (CapEx)		 688 984 591 545 911 705 638 670 768 743 607
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -17,733 -22,290 -25,935 -25,466 -19,814 -22,485 -23,965 -21,254 -21,214 -22,754 -23,486
Debt-free Net Working Capital (DFNWC)		 -2,010 -4,570 -9,048 -9,278 -8,359 -9,396 -7,703 -11,574 -10,221 -10,100 -9,313
Net Working Capital (NWC)		 -3,788 -6,348 -11,450 -11,410 -11,331 -15,846 -11,434 -17,284 -15,964 -15,770 -18,513
Net Nonoperating Expense (NNE)		 377 422 495 503 506 492 536 492 185 515 451
Net Nonoperating Obligations (NNO)		 31,555 35,055 41,017 40,500 43,170 26,981 40,621 42,173 41,242 37,744 36,787
Total Depreciation and Amortization (D&A)		 1,043 1,001 1,104 1,127 1,134 1,138 1,151 1,161 1,147 1,154 1,171
Debt-free, Cash-free Net Working Capital to Revenue		 -5.50% -6.74% -7.65% -7.32% -5.54% -6.23% -6.60% -5.76% -5.69% -6.00% -6.07%
Debt-free Net Working Capital to Revenue		 -0.62% -1.38% -2.67% -2.67% -2.34% -2.60% -2.12% -3.14% -2.74% -2.67% -2.41%
Net Working Capital to Revenue		 -1.17% -1.92% -3.38% -3.28% -3.17% -4.39% -3.15% -4.69% -4.28% -4.16% -4.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.78 $1.66 $1.48 $1.76 $1.59 $0.88 $1.41 $0.07 $1.31 $1.41 $0.81
Adjusted Weighted Average Basic Shares Outstanding		 1.31B 1.28B 1.28B 1.29B 1.29B 1.26B 1.26B 1.26B 1.26B 1.26B 1.27B
Adjusted Diluted Earnings per Share		 $1.79 $1.65 $1.48 $1.75 $1.59 $0.88 $1.41 $0.07 $1.30 $1.41 $0.80
Adjusted Weighted Average Diluted Shares Outstanding		 1.32B 1.29B 1.29B 1.29B 1.29B 1.27B 1.26B 1.26B 1.26B 1.26B 1.27B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.28B 1.28B 1.28B 1.29B 1.26B 1.26B 1.26B 1.26B 1.26B 1.27B 1.27B
Normalized Net Operating Profit after Tax (NOPAT)		 2,791 2,824 2,778 2,777 2,553 1,616 2,304 1,353 1,808 2,297 1,464
Normalized NOPAT Margin		 3.33% 3.31% 3.12% 3.09% 2.72% 1.83% 2.53% 1.42% 1.85% 2.43% 1.48%
Pre Tax Income Margin		 3.76% 3.38% 2.89% 3.36% 2.88% 1.79% 2.56% 0.11% 2.18% 2.77% 1.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.71 5.89 4.75 5.36 4.92 3.21 4.19 1.14 8.96 4.33 3.16
NOPAT to Interest Expense		 4.91 4.35 3.51 3.99 3.70 2.26 3.15 0.75 6.77 2.93 1.92
EBIT Less CapEx to Interest Expense		 5.46 4.22 3.88 4.57 3.60 2.22 3.32 0.25 6.09 3.39 2.36
NOPAT Less CapEx to Interest Expense		 3.66 2.68 2.65 3.21 2.38 1.27 2.28 -0.14 3.89 1.98 1.12
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 67.18% 72.05% 101.00% 35.50% 37.43% 43.44% 45.20% 66.15% 73.55% 64.32% 75.32%
Augmented Payout Ratio		 148.07% 157.56% 218.64% 76.10% 61.47% 84.54% 87.12% 126.47% 139.47% 64.24% 75.30%

Key Financial Trends

CVS Health (NYSE: CVS) has demonstrated steady financial growth over the past four years based on its quarterly financial statements. Here are the key trends and takeaways from the recent data:

  • Consistent Revenue Growth: Operating revenues have increased from about $81.2 billion in Q3 2022 to nearly $98.9 billion in Q2 2025, indicating healthy top-line expansion.
  • Profitability Stability: Net income has remained positive and generally grown from negative territory in 2022 to over $1 billion per quarter in 2025, with Q2 2025 reporting $1.01 billion net income continuing operations. Earnings per share moved from negative values around Q3 2022 to $0.80+ in recent quarters.
  • Strong Operating Cash Flow: Net cash from operating activities has been robust, with Q2 2025 at about $1.9 billion and historically showing high cash generation ability, supporting business operations and investments.
  • Healthy Balance Sheet: Total assets grew from roughly $231 billion in Q3 2022 to $258 billion by Q2 2025. Equity increased accordingly, maintaining a solid capital structure.
  • Significant Investment in PPE and Intangibles: Investments in property, plant, equipment, and acquisitions reflect ongoing commitment to business growth and capacity expansion.
  • Rising Long-term Debt: Long-term debt increased from about $50.8 billion in 2022 to $57.3 billion in Q2 2025, which may indicate increased leverage or financing for expansion but warrants monitoring.
  • Dividend Payments: CVS is steadily paying dividends, approximately $0.60-$0.66 per share quarterly, which benefits income-seeking investors but also uses cash resources.
  • Fluctuating Operating Expenses: S,G&A expenses and other operating expenses have increased over time, reflecting growth in scale but also potential cost pressures.
  • Volatility in Other Operating Expenses: Other operating expenses have been sizable and growing, reaching $31.3 billion in Q2 2025, which compresses operating income margins.
  • Negative Free Cash Flow in Investing Activities Recently: A significant net cash outflow in investing activities (over $1 billion in Q2 2025) driven by acquisitions and property investments, possibly highlighting heavy capital expenditure or strategic purchases, reducing short-term liquidity.

Summary: CVS Health has maintained strong revenue growth and profitability improvement over the last four years with solid cash flow from operations and a robust asset base. While the company is investing significantly in assets and acquisitions, it is managing debt levels while consistently returning value through dividends. Investors should monitor operating expense trends and leverage levels to assess margin sustainability and financial risk over time.

08/29/25 04:27 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About CVS Health's Financials

When does CVS Health's fiscal year end?

According to the most recent income statement we have on file, CVS Health's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has CVS Health's net income changed over the last 10 years?

CVS Health's net income appears to be on an upward trend, with a most recent value of $4.59 billion in 2024, falling from $4.64 billion in 2014. The previous period was $8.37 billion in 2023. See where experts think CVS Health is headed by visiting CVS Health's forecast page.

What is CVS Health's operating income?
CVS Health's total operating income in 2024 was $8.52 billion, based on the following breakdown:
  • Total Gross Profit: $166.52 billion
  • Total Operating Expenses: $158.01 billion
How has CVS Health's revenue changed over the last 10 years?

Over the last 10 years, CVS Health's total revenue changed from $139.37 billion in 2014 to $372.81 billion in 2024, a change of 167.5%.

How much debt does CVS Health have?

CVS Health's total liabilities were at $177.49 billion at the end of 2024, a 2.5% increase from 2023, and a 390.0% increase since 2014.

How much cash does CVS Health have?

In the past 10 years, CVS Health's cash and equivalents has ranged from $1.70 billion in 2017 to $12.95 billion in 2022, and is currently $8.59 billion as of their latest financial filing in 2024.

How has CVS Health's book value per share changed over the last 10 years?

Over the last 10 years, CVS Health's book value per share changed from 33.11 in 2014 to 60.04 in 2024, a change of 81.3%.


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This page (NYSE:CVS) was last updated on 8/29/2025 by MarketBeat.com Staff
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