CVS Health
CVS · NYSERetail-Drug Stores and Proprietary Stores · Fiscal year ends Dec 31
CVS Health reported revenue of $402B in the fiscal year ended Dec 2025, up 7.8% from the year before. Operating income was $4.7B, an operating margin of 1.2%, and net income was $1.8B. Operating cash flow of $10.6B less capital expenditure of $2.8B left free cash flow of $7.8B. Net debt was $52B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $292B | $322B | $358B | $373B | $402B |
| Cost of revenue | $176B | $197B | $217B | $206B | $221B |
| Gross profit | $116B | $126B | $141B | $167B | $181B |
| Operating income | $13.3B | $8B | $13.7B | $8.5B | $4.7B |
| Interest expense | $2.5B | $2.3B | $2.7B | $3B | $3.1B |
| Pre-tax income | $10.5B | $5.8B | $11.2B | $6.1B | $2.1B |
| Income tax | $2.5B | $1.5B | $2.8B | $1.6B | $408M |
| Net income | $8B | $4.3B | $8.3B | $4.6B | $1.8B |
| Diluted EPS | 6.02 | 3.26 | 6.47 | 3.66 | 1.39 |
| Diluted shares | 1,329M | 1,323M | 1,290M | 1,262M | 1,271M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $9.4B | $12.9B | $8.2B | $8.6B | $8.5B |
| Receivables | $24.4B | $27.3B | $35.2B | $36.5B | $39.8B |
| Inventory | $17.8B | $19.1B | $18B | $18.1B | $19.2B |
| Current assets | $60B | $65.6B | $67.9B | $68.6B | $74.7B |
| Net PP&E | $12.9B | $12.9B | – | – | – |
| Goodwill | $79.1B | $78.2B | $91.3B | $91.3B | $85.5B |
| Total assets | $233B | $228B | $250B | $253B | $254B |
| Deferred revenue | $87M | $71M | $149M | $144M | $62M |
| Current liabilities | $67.8B | $69.4B | $79.2B | $84.6B | $88.7B |
| Short-term debt | – | $0 | $200M | $2.1B | $0 |
| Long-term debt | $52B | $50.5B | $58.6B | $60.5B | $60.5B |
| Total liabilities | $158B | $157B | $173B | $177B | $178B |
| Shareholders' equity | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| Capital expenditure | $2.5B | $2.7B | $3B | $2.8B | $2.8B |
| Free cash flow | $15.7B | $13.5B | $10.4B | $6.3B | $7.8B |
| Depreciation & amortisation | $4.5B | $4.2B | $4.4B | $4.6B | $4.6B |
| Stock-based compensation | $484M | $447M | $588M | $540M | $535M |
| Acquisitions | $146M | $139M | $16.6B | $95M | $436M |
| Share buybacks | $0 | $3.5B | $2B | $3B | $0 |
| Dividends paid | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| Dividend per share | 2.00 | 2.20 | 2.42 | 2.66 | 2.66 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.4% | 10.9% | 4.2% | 7.8% |
| Operating income growth (YoY) | – | −40.2% | 72.8% | −38.0% | −45.3% |
| EPS growth (YoY) | – | −45.8% | 98.5% | −43.4% | −62.0% |
| Gross margin | 39.8% | 38.9% | 39.3% | 44.7% | 45.0% |
| Operating margin | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% |
| Net margin | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% |
| Return on equityBlank when equity is negative | 10.7% | 6.0% | 10.9% | 6.1% | 2.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.1% | 5.0% | 8.1% | 5.1% | 2.8% |
| Free cash flow margin | 5.4% | 4.2% | 2.9% | 1.7% | 1.9% |
| Cash conversion (CFO ÷ net income) | 2.28x | 3.75x | 1.61x | 1.97x | 6.02x |
| Receivable days | 31 | 31 | 36 | 36 | 36 |
| Inventory days | 37 | 35 | 30 | 32 | 32 |
| Interest cover | 5.32x | 3.48x | 5.17x | 2.88x | 1.49x |
| Debt ÷ equity | 0.69x | 0.71x | 0.77x | 0.83x | 0.80x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $42.6B | $37.5B | $50.6B | $54.1B | $52B |
| Current ratio | 0.88x | 0.95x | 0.86x | 0.81x | 0.84x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.