What is CVS Health Corporation's earnings per share (EPS)?

CVS Health Corporation (CVS) reported diluted earnings per share of $1.39 for fiscal year 2025. This represents a -62.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CVS Health Corporation (CVS) Financials

CVS

Trailing 12 months to June 30, 2026

Revenue $415.1B +7.4% YoY

Net Income $4.9B +7.9% YoY

EPS (Diluted) $3.80 +5.8% YoY

Free Cash Flow $11.8B +146.0% YoY

Market Cap $121.9B as of Sep 11, 2026

Price / Sales 0.3x on $415.1B revenue, trailing 12 months to June 30, 2026

Price / Earnings 24.9x on $4.9B net income, trailing 12 months to June 30, 2026

Price / Book 1.5x on $79.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CVS SEC filings page.

CVS Health Corporation (CVS) reported $415.1B in revenue over the twelve months to Jun 30, 2026, up 7.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CVS FY2025 2026-08-29

Revenue scale is expanding, but margin compression and heavier balance-sheet funding are weakening the earnings yield of growth.

Revenue climbed from $357.8B in FY2023 to $402.1B in FY2025, yet operating profit did not keep pace. Operating margin narrowed from 3.8% to 1.2% over the same span, showing that added scale was accompanied by weaker cost absorption rather than automatic operating leverage.

Balance-sheet flexibility is tightening: debt-to-equity rose from 0.7x in FY2021 to 0.8x in FY2025, while current liabilities remained above current assets, indicating less short-term cushion despite broadly stable long-term leverage.

Cash generation is more resilient than accounting profit: FY2025 operating cash flow was $10.6B versus net income of $1.8B. Free cash flow was $7.8B, showing that reinvestment absorbed part of internally generated cash even when earnings were weak.

Financial Health Signals

Financial Health Score 35/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of CVS Health Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

CVS Health Corporation has an operating margin of 1.2%, meaning the company retains $1 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is down from 2.3% the prior year.

Growth

CVS Health Corporation's revenue grew 7.8% year-over-year to $402.1B, a solid pace of expansion. This earns a growth score of 54/100.

Leverage

CVS Health Corporation has elevated debt relative to equity (D/E of 0.80), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 10/100, reflecting increased financial risk.

Liquidity

CVS Health Corporation's current ratio of 0.84 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

CVS Health Corporation has a free cash flow margin of 1.9%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

CVS Health Corporation's ROE of 2.4% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 6.1% the prior year.

Altman Z-Score Grey Zone

2.33

CVS Health Corporation scores 2.33, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

CVS Health Corporation passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.02x

For every $1 of reported earnings, CVS Health Corporation generates $6.02 in operating cash flow ($10.6B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.49x

CVS Health Corporation earns $1.49 in operating income for every $1 of interest expense ($4.7B vs $3.1B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$106.1B

YoY+7.3%

QoQ+5.6%

5Y CAGR+7.9%

10Y CAGR+9.3%

CVS Health Corporation generated $106.1B in revenue in Q2 2026. This represents an increase of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 5.6%.

EBITDA

$5.8B

YoY+64.1%

QoQ+0.6%

5Y CAGR+1.3%

CVS Health Corporation's EBITDA was $5.8B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.1% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.

Net Income

$3.0B

YoY+191.8%

QoQ+1.2%

5Y CAGR+1.4%

10Y CAGR+12.4%

CVS Health Corporation reported $3.0B in net income in Q2 2026. This represents an increase of 191.8% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.

EPS (Diluted)

$2.31

YoY+188.8%

QoQ+0.4%

5Y CAGR+1.9%

10Y CAGR+10.4%

CVS Health Corporation earned $2.31 per diluted share (EPS) in Q2 2026. This represents an increase of 188.8% from the same quarter a year earlier. Against the prior quarter it is up 0.4%.

Cash & Balance Sheet

Free Cash Flow

$5.7B

YoY+338.3%

QoQ+66.3%

5Y CAGR+1.1%

10Y CAGR+17.3%

CVS Health Corporation generated $5.7B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 338.3% from the same quarter a year earlier. Against the prior quarter it is up 66.3%.

Cash & Debt

$11.3B

YoY-3.9%

QoQ+18.7%

5Y CAGR+9.7%

10Y CAGR+26.0%

CVS Health Corporation held $11.3B in cash against $59.5B in long-term debt as of Q2 2026.

Dividends Per Share

$0.67

YoY0.0%

QoQ0.0%

5Y CAGR+5.9%

10Y CAGR+4.6%

CVS Health Corporation paid $0.67 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

1.28B

YoY+0.8%

QoQ+0.2%

5Y CAGR-0.6%

10Y CAGR+1.8%

CVS Health Corporation had 1.28B shares outstanding in Q2 2026. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.2%.

Margins & Returns

Operating Margin

4.4%

YoY+2.0pp

QoQ-0.2pp

5Y change-1.5pp

10Y change-1.0pp

CVS Health Corporation's operating margin was 4.4% in Q2 2026, reflecting core business profitability. This is up 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.

Net Margin

2.8%

YoY+1.8pp

QoQ-0.1pp

5Y change-1.0pp

10Y change+0.7pp

CVS Health Corporation's net profit margin was 2.8% in Q2 2026, showing the share of revenue converted to profit. This is up 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Return on Equity

3.7%

YoY+2.4pp

QoQ-0.1pp

5Y change-0.1pp

10Y change+1.1pp

CVS Health Corporation's ROE was 3.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$691.0M

YoY+13.8%

QoQ-18.6%

5Y CAGR+7.3%

10Y CAGR+3.2%

CVS Health Corporation invested $691.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 13.8% from the same quarter a year earlier. Against the prior quarter it is down 18.6%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

CVS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CVS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$415.1B	$402.1B+7.8%	$372.8B+4.2%	$357.8B+10.9%	$322.5B+10.4%	$292.1B+8.7%	$268.7B+4.6%	$256.8B+32.0%	$194.6B+5.3%	$184.8B+4.1%	$177.5B+15.8%	$153.3B+10.0%	$139.4B+9.9%	$126.8B+3.0%	$123.1B+15.0%	$107.1B
Cost of Revenue	$230.4B	$221.2B+7.2%	$206.3B-5.0%	$217.1B+10.3%	$196.9B+12.0%	$175.8B+7.2%	$164.0B+3.3%	$158.7B+1.5%	$156.4B+2.0%	$153.4B+4.7%	$146.5B+15.6%	$126.8B+11.2%	$114.0B+10.7%	$103.0B+2.3%	$100.6B+16.3%	$86.5B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$28.5B-1.1%	$28.9B+8.8%	$26.5B+4.6%	$25.4B+6.7%	$23.8B+5.8%	$22.5B+9.4%	$20.6B
Operating Income	$8.3B	$4.7B-45.3%	$8.5B-38.0%	$13.7B+72.8%	$8.0B-40.2%	$13.3B-4.3%	$13.9B+16.1%	$12.0B+198.1%	$4.0B-57.8%	$9.5B-8.2%	$10.4B+9.6%	$9.5B+7.7%	$8.8B+9.5%	$8.0B+11.5%	$7.2B+13.9%	$6.3B
EBITDA	N/A	$9.3B-29.3%	$13.1B-27.6%	$18.1B+48.7%	$12.2B-31.6%	$17.8B-3.0%	$18.4B+12.2%	$16.4B+142.7%	$6.7B-43.9%	$12.0B-6.6%	$12.9B+11.2%	$11.6B+7.8%	$10.7B+8.3%	$9.9B+10.5%	$9.0B+13.5%	$7.9B
Interest Expense	$3.1B	$3.1B+5.4%	$3.0B+11.3%	$2.7B+16.2%	$2.3B-8.6%	$2.5B-13.9%	$2.9B-4.2%	$3.0B+15.9%	$2.6B+146.6%	$1.1B-1.5%	$1.1B+25.5%	$859.0M+39.7%	$615.0M+19.0%	$517.0M-7.8%	$561.0M-4.6%	$588.0M
Income Tax	$902.0M	$408.0M-73.9%	$1.6B-44.3%	$2.8B+85.9%	$1.5B-40.8%	$2.5B-0.8%	$2.6B+8.6%	$2.4B+18.2%	$2.0B+22.3%	$1.6B-50.6%	$3.3B-2.0%	$3.4B+11.6%	$3.0B+3.6%	$2.9B+20.2%	$2.4B+7.9%	$2.3B
Net Income	$4.9B	$1.8B-61.7%	$4.6B-44.7%	$8.3B+93.6%	$4.3B-46.1%	$8.0B+11.5%	$7.2B+8.2%	$6.6B+1216.8%	-$594.0M-109.0%	$6.6B+24.5%	$5.3B+1.5%	$5.2B+12.8%	$4.6B+1.1%	$4.6B+18.9%	$3.9B+11.7%	$3.5B
EPS (Basic)	N/A	$1.40-61.9%	$3.67-43.5%	$6.49+97.3%	$3.29-45.8%	$6.07+10.8%	$5.48+7.5%	$5.10+994.7%	-$0.57-108.8%	$6.47+31.2%	$4.93+5.8%	$4.66+17.1%	$3.98+5.6%	$3.77+24.0%	$3.04+17.4%	$2.59
EPS (Diluted)	$3.80	$1.39-62.0%	$3.66-43.4%	$6.47+98.5%	$3.26-45.8%	$6.02+10.3%	$5.46+7.5%	$5.08+991.2%	-$0.57-108.9%	$6.44+31.4%	$4.90+5.8%	$4.63+16.9%	$3.96+5.9%	$3.74+23.8%	$3.02+17.5%	$2.57
Diluted Shares (Avg)	N/A	1.27B+0.7%	1.26B-2.2%	1.29B-2.5%	1.32B-0.5%	1.33B+1.1%	1.31B+0.7%	1.30B+25.0%	1.04B+2.0%	1.02B-5.1%	1.08B-4.2%	1.13B-3.7%	1.17B-4.6%	1.23B-4.2%	1.28B-5.0%	1.35B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$106.1B+7.3%	$100.4B+6.2%	$105.7B+8.2%	$102.9B+7.8%	$98.9B+8.4%	$94.6B+7.0%	$97.7B+4.2%	$95.4B+6.3%
Cost of Revenue	$58.9B+9.0%	$55.4B+8.6%	$59.1B+6.9%	$57.0B+7.7%	$54.0B+8.0%	$51.1B+6.2%	$55.3B-3.7%	$52.9B-3.2%
Operating Income	$4.7B+97.5%	$4.7B+38.7%	$2.1B-10.8%	-$3.2B-485.5%	$2.4B-21.8%	$3.4B+48.6%	$2.4B-29.8%	$832.0M-77.5%
EBITDA	$5.8B+64.1%	$5.8B+28.0%	$3.3B-7.3%	-$2.1B-204.0%	$3.6B-15.3%	$4.5B+32.8%	$3.5B-22.0%	$2.0B-58.6%
Interest Expense	$757.0M-0.8%	$774.0M-1.4%	$787.0M+3.8%	$784.0M+4.3%	$763.0M+4.2%	$785.0M+9.6%	$758.0M+9.9%	$752.0M+8.5%
Income Tax	$982.0M+54.9%	$981.0M+17.5%	-$1.6B-411.9%	$508.0M+1394.1%	$634.0M+11.4%	$835.0M+83.1%	$503.0M-23.6%	$34.0M-95.5%
Net Income	$3.0B+191.8%	$2.9B+65.4%	$2.9B+79.0%	-$4.0B-4669.0%	$1.0B-42.3%	$1.8B+59.8%	$1.6B-19.6%	$87.0M-96.2%
EPS (Basic)	$2.33+187.7%	$2.31+63.8%	$2.33+77.9%	-$3.13-4571.4%	$0.81-42.6%	$1.41+60.2%	$1.31-17.6%	$0.07-96.0%
EPS (Diluted)	$2.31+188.8%	$2.30+63.1%	$2.32+77.1%	-$3.13-4571.4%	$0.80-43.3%	$1.41+60.2%	$1.31-17.6%	$0.07-96.0%
Diluted Shares (Avg)	1.29B+1.3%	1.28B+1.2%	N/A	1.27B+0.8%	1.27B+0.9%	1.26B-0.2%	N/A	1.26B-2.4%

Not reported in any period shown, so not listed: Gross Profit, R&D Expenses, SG&A Expenses.

CVS Balance Sheet

CVS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$253.5B+0.1%	$253.2B+1.4%	$249.7B+9.4%	$228.3B-2.0%	$233.1B+1.0%	$230.7B+3.7%	$222.4B+13.2%	$196.5B+106.5%	$95.1B+0.7%	$94.5B+2.2%	$92.4B+24.6%	$74.2B+3.7%	$71.5B+8.0%	$66.2B+2.1%	$64.9B
Current Assets	$74.7B+8.8%	$68.6B+1.2%	$67.9B+3.4%	$65.6B+9.3%	$60.0B+6.5%	$56.4B+12.1%	$50.3B+11.2%	$45.2B+44.9%	$31.2B+0.6%	$31.0B+6.5%	$29.2B+12.2%	$26.0B+2.6%	$25.3B+25.6%	$20.2B+8.4%	$18.6B
Cash & Equivalents	$8.5B-1.5%	$8.6B+4.8%	$8.2B-36.7%	$12.9B+37.6%	$9.4B+19.8%	$7.9B+38.2%	$5.7B+40.0%	$4.1B+139.3%	$1.7B-49.7%	$3.4B+37.1%	$2.5B-0.9%	$2.5B-39.3%	$4.1B+197.4%	$1.4B-2.7%	$1.4B
Short-Term Investments	$2.1B-10.9%	$2.4B-26.1%	$3.3B+17.3%	$2.8B-10.9%	$3.1B+3.9%	$3.0B+26.4%	$2.4B-5.9%	$2.5B+2172.1%	$111.0M+27.6%	$87.0M-1.1%	$88.0M+158.8%	$34.0M-61.4%	$88.0M+1660.0%	$5.0M0.0%	$5.0M
Inventory	$19.2B+6.3%	$18.1B+0.5%	$18.0B-5.6%	$19.1B+7.5%	$17.8B-4.0%	$18.5B+5.6%	$17.5B+6.5%	$16.4B+7.5%	$15.3B+3.6%	$14.8B+5.4%	$14.0B+17.4%	$11.9B+8.0%	$11.0B+0.1%	$11.0B+9.8%	$10.0B
Accounts Receivable	$39.8B+9.1%	$36.5B+3.5%	$35.2B+29.2%	$27.3B+11.6%	$24.4B+12.4%	$21.7B+10.8%	$19.6B+11.3%	$17.6B+33.8%	$13.2B+8.4%	$12.2B+2.3%	$11.9B+22.7%	$9.7B+11.0%	$8.7B+34.7%	$6.5B+7.1%	$6.0B
Long-Term Investments	$32.7B+12.9%	$28.9B+25.7%	$23.0B+9.1%	$21.1B-8.4%	$23.0B+10.6%	$20.8B+20.2%	$17.3B+34.3%	$12.9B+11414.3%	$112.0M	$0	$0-100.0%	$51.0M	$0	$0	$0
Goodwill	$85.5B-6.3%	$91.3B0.0%	$91.3B+16.8%	$78.2B-1.2%	$79.1B-0.5%	$79.6B-0.2%	$79.7B+1.4%	$78.7B+104.6%	$38.5B+0.5%	$38.2B+0.4%	$38.1B+35.4%	$28.1B+6.0%	$26.5B+0.6%	$26.4B-0.2%	$26.5B
Total Liabilities	$178.2B+0.4%	$177.5B+2.5%	$173.1B+10.6%	$156.5B-1.1%	$158.2B-1.7%	$161.0B+1.7%	$158.3B+14.8%	$137.9B+140.1%	$57.4B-0.3%	$57.6B+4.3%	$55.2B+52.5%	$36.2B+7.9%	$33.6B+17.6%	$28.6B+6.4%	$26.8B
Current Liabilities	$88.7B+4.8%	$84.6B+6.8%	$79.2B+14.1%	$69.4B+2.5%	$67.7B+9.2%	$62.0B+16.3%	$53.3B+21.1%	$44.0B+43.6%	$30.6B+16.8%	$26.3B+13.3%	$23.2B+21.8%	$19.0B+23.4%	$15.4B+9.0%	$14.2B+18.4%	$12.0B
Non-Current Liabilities	$89.5B-3.7%	$92.9B-1.1%	$93.9B+7.8%	$87.1B-3.8%	$90.5B-8.6%	$99.0B-5.7%	$105.0B+11.8%	$93.9B+250.5%	$26.8B-14.6%	$31.4B-2.2%	$32.1B+86.4%	$17.2B-5.3%	$18.2B+26.0%	$14.4B-3.1%	$14.9B
Long-Term Debt	$60.5B0.0%	$60.5B+3.2%	$58.6B+16.2%	$50.5B-2.9%	$52.0B-12.2%	$59.2B-8.5%	$64.7B-9.4%	$71.4B+222.1%	$22.2B-13.4%	$25.6B-2.5%	$26.3B+125.9%	$11.6B-9.4%	$12.8B+40.6%	$9.1B-0.8%	$9.2B
Total Equity	$75.2B-0.5%	$75.6B-1.2%	$76.5B+7.0%	$71.5B-4.1%	$74.5B+7.4%	$69.4B+8.7%	$63.9B+9.7%	$58.2B+54.5%	$37.7B+2.3%	$36.8B-1.0%	$37.2B-2.0%	$38.0B+0.1%	$37.9B+0.8%	$37.7B-0.9%	$38.0B
Retained Earnings	$61.2B-2.6%	$62.8B+2.0%	$61.6B+9.2%	$56.4B+2.5%	$55.0B+10.8%	$49.6B+10.0%	$45.1B+10.3%	$40.9B-6.1%	$43.6B+11.7%	$39.0B+9.8%	$35.5B+11.5%	$31.8B+11.8%	$28.5B+14.0%	$25.0B+13.2%	$22.1B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$253.8B-1.8%	$253.0B-1.0%	$253.5B+0.1%	$255.3B+1.1%	$258.3B+2.3%	$255.6B+2.3%	$253.2B+1.4%	$252.4B+0.4%
Current Assets	$75.3B-0.4%	$74.8B+2.2%	$74.7B+8.8%	$77.1B+14.5%	$75.6B+8.1%	$73.2B+8.5%	$68.6B+1.2%	$67.3B-4.0%
Cash & Equivalents	$11.3B-3.9%	$9.5B-5.3%	$8.5B-1.5%	$9.1B+32.3%	$11.8B-5.8%	$10.1B+2.8%	$8.6B+4.8%	$6.9B-47.3%
Short-Term Investments	$2.6B+10.2%	$2.3B-12.3%	$2.1B-10.9%	$2.1B-23.9%	$2.4B-36.5%	$2.6B-21.6%	$2.4B-26.1%	$2.8B-10.8%
Inventory	$17.6B+1.0%	$17.8B+2.2%	$19.2B+6.3%	$19.0B+7.4%	$17.4B+8.6%	$17.4B+6.4%	$18.1B+0.5%	$17.6B-1.7%
Accounts Receivable	$40.3B-0.8%	$41.0B+3.4%	$39.8B+9.1%	$43.9B+21.2%	$40.7B+25.5%	$39.6B+23.0%	$36.5B+3.5%	$36.2B+9.9%
Long-Term Investments	$33.2B+11.4%	$32.4B+12.1%	$32.7B+12.9%	$31.6B+9.0%	$29.9B+19.3%	$28.9B+20.1%	$28.9B+25.7%	$28.9B+33.6%
Goodwill	$85.5B-6.3%	$85.5B-6.3%	$85.5B-6.3%	$85.5B-6.3%	$91.2B-0.1%	$91.2B-0.1%	$91.3B0.0%	$91.3B0.0%
Total Liabilities	$173.9B-3.8%	$175.3B-1.8%	$178.2B+0.4%	$182.2B+2.8%	$180.8B+1.9%	$178.5B+1.6%	$177.5B+2.5%	$177.3B+0.3%
Current Liabilities	$87.0B-7.6%	$86.4B-2.9%	$88.7B+4.8%	$92.7B+9.5%	$94.2B+15.7%	$89.0B+6.8%	$84.6B+6.8%	$84.6B+3.8%
Non-Current Liabilities	$86.8B+0.2%	$88.9B-0.7%	$89.5B-3.7%	$89.5B-3.4%	$86.6B-9.7%	$89.5B-3.0%	$92.9B-1.1%	$92.7B-2.7%
Long-Term Debt	$59.5B+3.8%	$60.5B+2.5%	$60.5B0.0%	$60.5B+1.1%	$57.3B-8.5%	$59.0B+2.3%	$60.5B+3.2%	$59.8B+0.1%
Total Equity	$79.7B+3.0%	$77.5B+0.7%	$75.2B-0.5%	$72.9B-2.7%	$77.4B+3.3%	$76.9B+4.0%	$75.6B-1.2%	$74.9B+0.8%
Retained Earnings	$65.4B+2.3%	$63.3B-0.8%	$61.2B-2.6%	$59.1B-4.7%	$63.9B+1.8%	$63.8B+3.1%	$62.8B+2.0%	$62.0B+2.8%

CVS Cash Flow Statement

CVS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$14.8B	$10.6B+16.8%	$9.1B-32.2%	$13.4B-17.0%	$16.2B-11.4%	$18.3B+15.1%	$15.9B+23.5%	$12.8B+44.9%	$8.9B+10.7%	$8.0B-21.0%	$10.1B+18.8%	$8.5B+4.9%	$8.1B+40.7%	$5.8B-13.3%	$6.7B+13.9%	$5.9B
Depreciation & Amortization	N/A	$4.6B+0.2%	$4.6B+5.3%	$4.4B+3.4%	$4.2B-5.8%	$4.5B+1.0%	$4.4B+1.6%	$4.4B+60.8%	$2.7B+9.6%	$2.5B+0.2%	$2.5B+18.3%	$2.1B+8.3%	$1.9B+3.3%	$1.9B+6.7%	$1.8B+11.8%	$1.6B
Stock-Based Compensation	N/A	$535.0M-0.9%	$540.0M-8.2%	$588.0M+31.5%	$447.0M-7.6%	$484.0M+21.0%	$400.0M-11.7%	$453.0M+61.8%	$280.0M+19.7%	$234.0M+5.4%	$222.0M-3.5%	$230.0M+39.4%	$165.0M+17.0%	$141.0M+6.8%	$132.0M-2.2%	$135.0M
Capital Expenditures	$3.0B	$2.8B+1.8%	$2.8B-8.2%	$3.0B+11.1%	$2.7B+8.2%	$2.5B+3.4%	$2.4B-0.8%	$2.5B+20.6%	$2.0B+6.2%	$1.9B-13.8%	$2.2B-6.0%	$2.4B+10.8%	$2.1B+7.7%	$2.0B-2.3%	$2.0B+8.4%	$1.9B
Free Cash Flow	$11.8B	$7.8B+23.4%	$6.3B-39.1%	$10.4B-22.7%	$13.4B-14.6%	$15.7B+17.3%	$13.4B+29.2%	$10.4B+52.2%	$6.8B+12.1%	$6.1B-23.1%	$7.9B+28.3%	$6.2B+2.8%	$6.0B+58.0%	$3.8B-18.1%	$4.6B+16.5%	$4.0B
Investing Cash Flow	-$6.8B	-$5.9B+22.9%	-$7.6B+63.6%	-$20.9B-313.9%	-$5.0B+4.1%	-$5.3B+4.9%	-$5.5B-65.7%	-$3.3B+92.3%	-$43.3B-1404.5%	-$2.9B-16.5%	-$2.5B+81.6%	-$13.4B-231.8%	-$4.0B-120.4%	-$1.8B+0.8%	-$1.8B+23.3%	-$2.4B
Financing Cash Flow	-$8.4B	-$4.9B-335.2%	-$1.1B-142.3%	$2.7B+125.5%	-$10.5B+7.4%	-$11.4B-47.6%	-$7.7B-0.5%	-$7.7B-120.8%	$36.8B+645.4%	-$6.8B+0.1%	-$6.8B-238.6%	$4.9B+185.7%	-$5.7B-360.3%	-$1.2B+74.5%	-$4.9B-40.5%	-$3.5B
Dividends Paid	$3.4B	$3.4B+0.7%	$3.4B+7.7%	$3.1B+7.7%	$2.9B+10.7%	$2.6B0.0%	$2.6B+0.8%	$2.6B+27.7%	$2.0B-0.5%	$2.0B+11.4%	$1.8B+16.8%	$1.6B+22.4%	$1.3B+17.4%	$1.1B+32.3%	$829.0M+23.0%	$674.0M
Share Buybacks	N/A	$0-100.0%	$3.0B+50.2%	$2.0B-42.5%	$3.5B	$0	$0	$0	$0-100.0%	$4.4B-2.2%	$4.5B-10.8%	$5.0B+25.0%	$4.0B+0.6%	$4.0B-8.2%	$4.3B+44.3%	$3.0B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$6.3B+234.5%	$4.2B-6.7%	$3.4B+82.3%	$796.0M+206.8%	$1.9B-38.6%	$4.6B-7.1%	$1.9B+170.6%	-$745.0M-127.4%
Depreciation & Amortization	$1.1B-3.8%	$1.1B-3.4%	$1.1B0.0%	$1.1B-2.3%	$1.2B+1.7%	$1.2B+1.4%	$1.1B+1.1%	$1.2B+3.0%
Stock-Based Compensation	N/A	$266.0M+111.1%	N/A	N/A	N/A	$126.0M-8.0%	N/A	N/A
Capital Expenditures	$691.0M+13.8%	$849.0M+14.3%	$784.0M+2.1%	$698.0M+4.2%	$607.0M-4.9%	$743.0M+5.4%	$768.0M-15.7%	$670.0M+22.9%
Free Cash Flow	$5.7B+338.3%	$3.4B-10.8%	$2.6B+138.6%	$98.0M+106.9%	$1.3B-47.4%	$3.8B-9.2%	$1.1B+130.8%	-$1.4B-165.2%
Investing Cash Flow	-$1.9B-84.0%	-$874.0M-14.7%	-$2.0B-265.3%	-$2.1B+37.6%	-$1.0B+37.0%	-$762.0M+63.6%	-$547.0M+56.0%	-$3.3B-334.1%
Financing Cash Flow	-$2.7B-434.1%	-$2.3B+0.6%	-$2.0B-571.5%	-$1.4B+13.0%	$806.0M-35.5%	-$2.3B-90.1%	$431.0M+144.3%	-$1.6B+41.1%
Dividends Paid	$878.0M+1.4%	$847.0M+0.8%	$845.0M+0.8%	$846.0M+1.1%	$866.0M+0.9%	$840.0M0.0%	$838.0M+7.6%	$837.0M+7.4%
Share Buybacks	N/A	N/A	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	-$1.0M-66.7%

CVS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CVS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	15.4%-0.8pp	16.3%-1.1pp	17.3%-0.9pp	18.2%-0.6pp	18.8%+0.5pp	18.3%-0.9pp	19.2%
Operating Margin	1.2%-1.1pp	2.3%-1.6pp	3.8%+1.4pp	2.5%-2.1pp	4.6%-0.6pp	5.2%+0.5pp	4.7%+2.6pp	2.1%-3.1pp	5.2%-0.7pp	5.9%-0.3pp	6.2%-0.1pp	6.3%0.0pp	6.3%+0.5pp	5.9%-0.1pp	5.9%
Net Margin	0.4%-0.8pp	1.2%-1.1pp	2.3%+1.0pp	1.3%-1.4pp	2.7%+0.1pp	2.7%+0.1pp	2.6%+2.9pp	-0.3%-3.9pp	3.6%+0.6pp	3.0%-0.4pp	3.4%+0.1pp	3.3%-0.3pp	3.6%+0.5pp	3.1%-0.1pp	3.2%
Return on Equity	2.4%-3.8pp	6.1%-4.8pp	10.9%+4.9pp	6.0%-4.7pp	10.7%+0.4pp	10.3%0.0pp	10.4%+11.4pp	-1.0%-18.6pp	17.6%+3.1pp	14.4%+0.4pp	14.1%+1.9pp	12.2%+0.1pp	12.1%+1.8pp	10.3%+1.2pp	9.1%
Return on Assets	0.7%-1.1pp	1.8%-1.5pp	3.3%+1.4pp	1.9%-1.5pp	3.4%+0.3pp	3.1%+0.1pp	3.0%+3.3pp	-0.3%-7.3pp	7.0%+1.3pp	5.6%0.0pp	5.7%-0.6pp	6.3%-0.2pp	6.4%+0.6pp	5.8%+0.5pp	5.3%
Current Ratio	0.840.0x	0.810.0x	0.86-0.1x	0.95+0.1x	0.890.0x	0.910.0x	0.94-0.1x	1.030.0x	1.02-0.2x	1.18-0.1x	1.26-0.1x	1.37-0.3x	1.64+0.2x	1.42-0.1x	1.56
Debt-to-Equity	0.800.0x	0.800.0x	0.77+0.1x	0.710.0x	0.70-0.2x	0.85-0.2x	1.01-0.2x	1.23+0.6x	0.59-0.1x	0.700.0x	0.71+0.4x	0.310.0x	0.34+0.1x	0.240.0x	0.24
Asset Turnover	1.59+0.1x	1.470.0x	1.430.0x	1.41+0.2x	1.25+0.1x	1.160.0x	1.15+0.2x	0.99-1.0x	1.94+0.1x	1.88+0.2x	1.66-0.2x	1.88+0.1x	1.77-0.1x	1.86+0.2x	1.65
FCF Margin	1.9%+0.2pp	1.7%-1.2pp	2.9%-1.3pp	4.2%-1.2pp	5.4%+0.4pp	5.0%+1.0pp	4.0%+0.5pp	3.5%+0.2pp	3.3%-1.2pp	4.5%+0.4pp	4.0%-0.3pp	4.3%+1.3pp	3.0%-0.8pp	3.8%+0.1pp	3.7%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	4.4%+2.0pp	4.7%+1.1pp	2.0%-0.4pp	-3.1%-4.0pp	2.4%-0.9pp	3.6%+1.0pp	2.4%-1.2pp	0.9%-3.2pp
Net Margin	2.8%+1.8pp	2.9%+1.0pp	2.8%+1.1pp	-3.9%-4.0pp	1.0%-0.9pp	1.9%+0.6pp	1.7%-0.5pp	0.1%-2.4pp
Return on Equity	3.7%+2.4pp	3.8%+1.5pp	3.9%+1.7pp	-5.5%-5.6pp	1.3%-1.0pp	2.3%+0.8pp	2.2%-0.5pp	0.1%-2.9pp
Return on Assets	1.2%+0.8pp	1.2%+0.5pp	1.2%+0.5pp	-1.6%-1.6pp	0.4%-0.3pp	0.7%+0.3pp	0.7%-0.2pp	0.0%-0.9pp
Current Ratio	0.87+0.1x	0.870.0x	0.840.0x	0.830.0x	0.80-0.1x	0.820.0x	0.810.0x	0.80-0.1x
Debt-to-Equity	0.750.0x	0.780.0x	0.800.0x	0.830.0x	0.74-0.1x	0.770.0x	0.800.0x	0.800.0x
Asset Turnover	0.420.0x	0.400.0x	0.420.0x	0.400.0x	0.380.0x	0.370.0x	0.390.0x	0.380.0x
FCF Margin	5.3%+4.0pp	3.4%-0.6pp	2.5%+1.4pp	0.1%+1.6pp	1.3%-1.4pp	4.0%-0.7pp	1.1%+4.9pp	-1.5%-3.9pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.84), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
CVS Health Corporation CVS	FY2025	$402.1B	$1.8B	0.4%	$121.9B	35/100
Cigna Group CI	FY2025	$274.9B	$6.0B	2.2%	$73.5B	43/100
Elevance Health Inc ELV	FY2025	$199.1B	$5.7B	2.8%	$86.1B	49/100
Humana HUM	FY2025	$129.7B	$1.2B	0.9%	$48.0B	50/100
Centene Corp Del CNC	FY2025	$194.8B	-$6.7B	-3.4%	$31.6B	36/100
Molina Hlthcare MOH	FY2025	$45.4B	$472.0M	1.0%	$10.1B	63/100

Where CVS Health Corporation Ranks

Frequently Asked Questions

What is CVS Health Corporation's annual revenue?

CVS Health Corporation (CVS) reported $402.1B in total revenue for fiscal year 2025. This represents a 7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is CVS Health Corporation's revenue growing?

CVS Health Corporation (CVS) revenue grew by 7.8% year-over-year, from $372.8B to $402.1B in fiscal year 2025.

Is CVS Health Corporation profitable?

Yes, CVS Health Corporation (CVS) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 0.4%.

What is CVS Health Corporation's EBITDA?

CVS Health Corporation (CVS) had EBITDA of $9.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CVS Health Corporation have?

As of fiscal year 2025, CVS Health Corporation (CVS) had $8.5B in cash and equivalents against $60.5B in long-term debt.

What is CVS Health Corporation's operating margin?

CVS Health Corporation (CVS) had an operating margin of 1.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is CVS Health Corporation's net profit margin?

CVS Health Corporation (CVS) had a net profit margin of 0.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does CVS Health Corporation pay dividends?

Yes, CVS Health Corporation (CVS) paid $2.66 per share in dividends during fiscal year 2025.

What is CVS Health Corporation's return on equity (ROE)?

CVS Health Corporation (CVS) has a return on equity of 2.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is CVS Health Corporation's free cash flow?

CVS Health Corporation (CVS) generated $7.8B in free cash flow during fiscal year 2025. This represents a 23.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CVS Health Corporation's operating cash flow?

CVS Health Corporation (CVS) generated $10.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CVS Health Corporation's total assets?

CVS Health Corporation (CVS) had $253.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are CVS Health Corporation's capital expenditures?

CVS Health Corporation (CVS) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does CVS Health Corporation have outstanding?

CVS Health Corporation (CVS) had 1.27B shares outstanding as of fiscal year 2025.

What is CVS Health Corporation's current ratio?

CVS Health Corporation (CVS) had a current ratio of 0.84 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is CVS Health Corporation's debt-to-equity ratio?

CVS Health Corporation (CVS) had a debt-to-equity ratio of 0.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CVS Health Corporation's return on assets (ROA)?

CVS Health Corporation (CVS) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CVS Health Corporation's P/E ratio?

CVS Health Corporation (CVS) trades at 24.9x earnings, its market capitalization divided by net income of $4.9B net income, trailing 12 months to June 30, 2026. The market capitalization is $121.9B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CVS Health Corporation's price-to-sales ratio?

CVS Health Corporation (CVS) trades at 0.3x sales, its market capitalization divided by revenue of $415.1B revenue, trailing 12 months to June 30, 2026. The market capitalization is $121.9B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is CVS Health Corporation's Altman Z-Score?

CVS Health Corporation (CVS) has an Altman Z-Score of 2.33, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is CVS Health Corporation's Piotroski F-Score?

CVS Health Corporation (CVS) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CVS Health Corporation's earnings high quality?

CVS Health Corporation (CVS) has an earnings quality ratio of 6.02x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CVS Health Corporation cover its interest payments?

CVS Health Corporation (CVS) has an interest coverage ratio of 1.49x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is CVS Health Corporation?

CVS Health Corporation (CVS) scores 35 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.