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CVS CVS HEALTH Corp

NYSEConsumer staplesRetail-Drug Stores and Proprietary StoresWoonsocket, RIFY ends December 31

Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 10, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$402BYoYup 7.85%ended Dec 31, 2025
Net income
$1.77B0.4% margin
Diluted EPS
$1.39YoYdown 62.02%
Free cash flow
$7.81B1.9% margin
Cash
$8.45BNet debt $56.1B
Total debt
$64.6BD/E 0.86×
About CVS HEALTH Corp

Overview

CVS HEALTH Corp (CVS) is listed on NYSE; the SEC classifies it under "Retail-Drug Stores and Proprietary Stores".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $402.07B, up 7.8% from fiscal 2024.

Net income was $1.77B, a net margin of 0.4%.

At fiscal year end it had total assets of $253.54B and stockholders' equity of $75.21B (29.7% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 10, 2026
Latest filing
8-KAug 17, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$178B$5.32B3.0%
FY2017$185B$6.62B3.6%
FY2018$195B-$594M-0.3%
FY2019$257B$6.63B2.6%
FY2020$269B$7.18B2.7%
FY2021$292B$7.91B2.7%
FY2022$322B$4.15B1.3%
FY2023$358B$8.34B2.3%
FY2024$373B$4.61B1.2%
FY2025$402B$1.77B0.4%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY201616.3%5.8%3.0%
FY201715.4%5.2%3.6%
FY201819.6%2.1%-0.3%
FY201938.2%4.7%2.6%
FY202039.0%5.2%2.7%
FY202139.8%4.5%2.7%
FY202238.9%2.4%1.3%
FY202339.3%3.8%2.3%
FY202444.7%2.3%1.2%
FY202545.0%1.2%0.4%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$4.90
FY2017$6.44
FY2018-$0.57
FY2019$5.08
FY2020$5.46
FY2021$5.95
FY2022$3.14
FY2023$6.47
FY2024$3.66
FY2025$1.39

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016$7.85B$5.32B
FY2017$6.09B$6.62B
FY2018$6.83B-$594M
FY2019$10.4B$6.63B
FY2020$13.4B$7.18B
FY2021$15.7B$7.91B
FY2022$13.5B$4.15B
FY2023$10.4B$8.34B
FY2024$6.33B$4.61B
FY2025$7.81B$1.77B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY20161.08B
FY20171.02B
FY20181.04B
FY20191.31B
FY20201.31B
FY20211.33B
FY20221.32B
FY20231.29B
FY20241.26B
FY20251.27B

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$3.37B$27.5B
FY2017$1.7B$27B
FY2018$4.06B$73.4B
FY2019$5.68B$68.5B
FY2020$7.85B$64.6B
FY2021$9.41B$56.2B
FY2022$12.9B$52.3B
FY2023$8.2B$61.6B
FY2024$8.59B$66.3B
FY2025$8.45B$64.6B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
45.0%
Operating margin
1.2%
Net margin
0.4%
FCF margin
1.9%
Return on equity
2.3%
Return on assets
0.7%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 7.85%up 7.63%up 8.39%up 9.51%
EPS (diluted)down 62.02%down 23.79%down 23.94%down 13.06%
Free cash flowup 23.41%down 16.58%down 10.28%down 0.05%
Change in share count
+0.71%

Financial strength

Current ratio
0.84×
Debt / equity
0.86×
Liabilities / assets
70.3%
Net debt
$56.1B
Interest coverage
1.49×
Equity / assets
29.7%

Shareholder returns

Dividends per share
$2.66
Dividends paid
$3.4B
Buybacks
$0
Payout ratio
192.1%
Stock comp. / revenue
0.1%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

7 of 9 checks passed

FY2025 vs FY2024

  • PassPositive return on assets0.7%
  • PassPositive operating cash flow$10.6B
  • FailReturn on assets improved0.7% vs 1.8%
  • PassOperating cash flow above net income4.2% vs 0.7%
  • PassLong-term debt / assets fell23.9% vs 23.9%
  • PassCurrent ratio improved0.84× vs 0.81×
  • FailNo increase in share count1.27B vs 1.26B
  • PassGross margin improved45.0% vs 44.7%
  • PassAsset turnover improved1.59× vs 1.49×

Altman Z''-Score

Distress zone (below 1.10)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets-0.055×6.56-0.36
Retained earnings / assets0.241×3.260.79
Operating income / assets0.018×6.720.12
Equity / liabilities0.422×1.050.44
Z''0.99

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue402,067372,809357,776322,467292,111268,706256,776194,579184,765177,526
YoY (Revenue)+7.85%+4.20%+10.95%+10.39%+8.71%+4.65%+31.96%+5.31%+4.08%—
Gross profit180,900166,522140,678125,575116,308104,72598,05738,13228,54528,857
Operating income4,6608,51613,7437,74613,19313,91111,9874,0219,51710,338
Interest expense3,1192,9582,6582,2872,5032,9073,0352,6191,0621,078
Pretax income2,1366,14811,1735,62810,4209,7708,9971,4068,2688,637
Income tax4081,5622,8051,4632,5222,5692,3662,0021,6373,317
Net income1,7684,6148,3444,1497,9107,1796,634-5946,6225,317
YoY (Net income)-61.68%-44.70%+101.11%-47.55%+10.18%+8.22%—-108.97%+24.54%—
EPS (basic)1.403.676.493.166.005.485.10-0.576.474.93
EPS (diluted)1.393.666.473.145.955.465.08-0.576.444.90
YoY (EPS (diluted))-62.02%-43.43%+106.05%-47.23%+8.97%+7.48%—-108.85%+31.43%—
Diluted shares (weighted)1,2711,2621,2901,3231,3291,3141,3051,0441,0241,079

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents8,4538,5868,19612,9459,4087,8545,6834,0591,6963,371
Receivables39,77936,46935,22727,27624,43121,74219,61717,63113,18112,164
Inventory19,24618,10718,02519,09017,76018,49617,51616,45015,29614,760
Current assets74,71468,64567,85865,68260,00856,36950,30245,24331,22931,042
Goodwill85,47891,27291,27278,15079,12179,55279,74978,67838,45138,249
Intangible assets25,50827,32329,23424,75429,02631,14233,12136,52413,63013,511
Total assets253,538253,215249,728228,275232,999230,715222,449196,45695,13194,462
Current liabilities88,69284,60979,18969,73667,80762,01753,30344,00930,64826,250
Short-term debt4,0685,7432,9721,7784,2055,4403,7811,9854,8211,916
Long-term debt60,50260,52758,63850,47651,97159,20764,69971,44422,18125,615
Total liabilities178,156177,485173,092156,960157,618161,014158,279137,913——
Retained earnings61,19662,83761,60456,14554,90649,64045,10840,91143,55638,983
Stockholders' equity75,21475,56076,46171,01575,07569,38963,86458,22537,69136,830
Shares outstanding1,2711,2601,2881,3001,3221,3101,3021,2951,0141,061

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow10,6399,10713,42616,17718,26515,86512,8488,8658,00710,069
Capital expenditures2,8322,7813,0312,7272,5202,4372,4572,0371,9182,224
Free cash flow7,8076,32610,39513,45015,74513,42810,3916,8286,0897,845
YoY (Free cash flow)+23.41%-39.14%-22.71%-14.58%+17.25%+29.23%+52.18%+12.14%-22.38%—
Depreciation & amortization4,6064,5974,3664,2474,5124,4414,3712,7182,4792,475
Stock-based compensation535540588447484400453280234222
Share repurchases03,0232,0123,500——004,3614,461
Dividends paid3,3973,3733,1322,9072,6252,6242,6032,0382,0491,840
Dividends per share2.662.662.422.202.002.002.002.002.001.70
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$1.39
Revenue per share
$316.34
FCF per share
$6.14
Book value per share
$59.18
Tangible book per share
-$28.14
Cash per share
$6.65
Dividends per share
$2.66
Public floatas of Jun 30, 2025
$86.4B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
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P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
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P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-K
    Current report· Aug 13, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Aug 5, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· May 14, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
  5. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  6. 8-K
    Current report· May 6, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  7. DEF 14A
    Proxy statement· May 14, 2026(SEC EDGAR)
  8. 8-K
    Current report· Mar 18, 2026(SEC EDGAR)
    • 5.02Officer or director changes
  9. 10-K
    Annual report· Dec 31, 2025(SEC EDGAR)
  10. 8-K
    Current report· Feb 10, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR

Frequently asked questions

What does CVS HEALTH Corp do?

The SEC classifies CVS HEALTH Corp under Standard Industrial Classification (SIC) code 5912, "Retail-Drug Stores and Proprietary Stores". It is headquartered in Woonsocket, RI. It is incorporated in DE. In fiscal 2025 it reported revenue of $402.07B and net income of $1.77B in its annual 10-K report.

What was CVS HEALTH Corp's revenue in 2025?

CVS HEALTH Corp reported revenue of $402.07B for fiscal 2025, which ended Dec 31, 2025, up 7.8% from $372.81B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 10, 2026.

What was CVS HEALTH Corp's net income in 2025?

CVS HEALTH Corp reported net income of $1.77B for fiscal 2025, a net margin of 0.4% of revenue.

Where is CVS HEALTH Corp listed?

According to the SEC, CVS HEALTH Corp's ticker CVS is listed on NYSE.

When does CVS HEALTH Corp's fiscal year end?

According to the SEC, CVS HEALTH Corp's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.