CVS Health (CVS) financial statements
CVS Health reported revenue of $402.1B in fiscal 2025, up 9.5% a year over 9 years.
Net income was $1.8B and the operating margin 1.2%, against 5.9% in 2016.
Free cash flow was $7.8B, and the company returned $3.4B in dividends.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CVS Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $177.5B | $184.8B | $193.9B | $256.8B | $268.7B | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| Cost of revenue | $148.7B | $156.2B | $156.4B | $158.7B | $164.0B | $175.8B | $196.9B | $217.1B | $206.3B | $221.2B |
| Gross profit | $28.9B | $28.5B | $37.5B | $98.1B | $104.7B | $116.3B | $125.6B | $140.7B | $166.5B | $180.9B |
| Operating income | $10.4B | $9.5B | $4.0B | $12.0B | $13.9B | $13.3B | $8.0B | $13.7B | $8.5B | $4.7B |
| Interest expense | $1.1B | $1.1B | $2.6B | $3.0B | $2.9B | $2.5B | $2.3B | $2.7B | $3.0B | $3.1B |
| Pre-tax income | $8.6B | $8.3B | $1.4B | $9.0B | $9.8B | $10.5B | $5.8B | $11.2B | $6.1B | $2.1B |
| Income tax | $3.3B | $1.6B | $2.0B | $2.4B | $2.6B | $2.5B | $1.5B | $2.8B | $1.6B | $408M |
| Net income | $5.3B | $6.6B | -$594M | $6.6B | $7.2B | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| EPS (diluted) | $4.90 | $6.44 | -$0.57 | $5.08 | $5.46 | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 |
| Diluted shares | 1.08B | 1.02B | 1.04B | 1.30B | 1.31B | 1.33B | 1.32B | 1.29B | 1.26B | 1.27B |
| Gross margin | 16.3% | 15.4% | 19.3% | 38.2% | 39.0% | 39.8% | 38.9% | 39.3% | 44.7% | 45.0% |
| Operating margin | 5.9% | 5.2% | 2.1% | 4.7% | 5.2% | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% |
| Net margin | 3.0% | 3.6% | -0.3% | 2.6% | 2.7% | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% |
Balance sheet
Fiscal years, from CVS Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.5B | $1.8B | $6.6B | $8.1B | $10.9B | $12.5B | $15.7B | $11.5B | $11.0B | $10.6B |
| Receivables | $12.2B | $13.2B | $17.6B | $19.6B | $21.7B | $24.4B | $27.3B | $35.2B | $36.5B | $39.8B |
| Inventory | $14.8B | $15.3B | $16.4B | $17.5B | $18.5B | $17.8B | $19.1B | $18.0B | $18.1B | $19.2B |
| Total current assets | $31.0B | $31.2B | $45.2B | $50.3B | $56.4B | $60.0B | $65.6B | $67.9B | $68.6B | $74.7B |
| Property, plant and equipment | $10.2B | $10.3B | $11.3B | $12.0B | $12.6B | $12.9B | $12.9B | $13.2B | $13.0B | $13.1B |
| Goodwill | $38.2B | $38.5B | $78.7B | $79.7B | $79.6B | $79.1B | $78.2B | $91.3B | $91.3B | $85.5B |
| Total assets | $94.5B | $95.1B | $196.5B | $222.4B | $230.7B | $233.0B | $228.3B | $249.7B | $253.2B | $253.5B |
| Total current liabilities | $26.2B | $30.6B | $44.0B | $53.3B | $62.0B | $67.8B | $69.4B | $79.2B | $84.6B | $88.7B |
| Long-term debt | $25.6B | $22.2B | $71.4B | $64.7B | $59.2B | $52.0B | $50.5B | $58.6B | $60.5B | $60.5B |
| Total liabilities | $57.6B | $57.4B | $137.9B | $158.3B | $161.0B | $157.6B | $156.5B | $173.1B | $177.5B | $178.2B |
| Shareholders' equity | $36.8B | $37.7B | $58.2B | $63.9B | $69.4B | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
| Net debt | $22.3B | $24.0B | $68.7B | $62.8B | $51.4B | $42.6B | $37.5B | $50.4B | $51.9B | $52.0B |
Cash flow
Fiscal years, from CVS Health's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.1B | $8.0B | $8.9B | $12.8B | $15.9B | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| Capital spending | $2.2B | $1.9B | $2.0B | $2.5B | $2.4B | $2.5B | $2.7B | $3.0B | $2.8B | $2.8B |
| Free cash flow | $7.9B | $6.1B | $6.8B | $10.4B | $13.4B | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |
| Stock-based compensation | $222M | $234M | $280M | $453M | $400M | $484M | $447M | $588M | $540M | $535M |
| Dividends paid | $1.8B | $2.0B | $2.0B | $2.6B | $2.6B | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| Share buybacks (net) | -$4.5B | -$4.4B | $0 | $0 | $0 | $0 | -$3.5B | -$2.0B | -$3.0B | $0 |
| Net borrowing | -$614M | -$598M | $38.3B | -$5.3B | -$5.7B | -$9.3B | -$4.2B | $7.9B | $5.1B | -$1.8B |
| Free cash flow margin | 4.5% | 3.3% | 3.5% | 4.0% | 5.0% | 5.4% | 4.2% | 2.9% | 1.7% | 1.9% |
| Dividends per share | $1.71 | $2.00 | $1.95 | $1.99 | $2.00 | $1.98 | $2.20 | $2.43 | $2.67 | $2.67 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CVS.
Open CVS in InvestinglyQuestions
What was CVS Health's revenue in 2025?
$402.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does CVS Health generate?
$7.8B in fiscal 2025 (operating cash flow minus capital spending).
From CVS Health's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.