Cvs Health Corp Financials
This page shows Cvs Health Corp (CVS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).
Cash still arrives, but incremental revenue is yielding much less profit as CVS runs on a thin working-capital model.
Between FY2023 and FY2025, revenue climbed by$44.3B while operating income fell by$9.1B , so the core pattern is margin compression overwhelming scale rather than weak top-line activity. At the same time, FY2025 operating cash flow of$10.6B still exceeded net income by$8.9B , showing cash conversion held up better than accounting earnings even as reported profitability thinned.
A persistently sub-1 current ratio, plus cash of
Free cash flow improved year over year to
Financial Health Signals
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 Corp'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.
Cvs Health Corp 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 48/100, indicating healthy but not exceptional operating efficiency. This is down from 2.3% the prior year.
Cvs Health Corp's revenue grew 7.8% year-over-year to $402.1B, a solid pace of expansion. This earns a growth score of 55/100.
Cvs Health Corp 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.
Cvs Health Corp'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.
Cvs Health Corp has a free cash flow margin of 1.9%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.
Cvs Health Corp's ROE of 2.4% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 6.1% the prior year.
Cvs Health Corp scores 2.38, 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.
Cvs Health Corp 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.
For every $1 of reported earnings, Cvs Health Corp 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.
Cvs Health Corp earns $1.5 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
Earnings & Revenue
Cvs Health Corp generated $402.1B in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.
Cvs Health Corp's EBITDA was $9.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.3% from the prior year.
Cvs Health Corp reported $1.8B in net income in fiscal year 2025. This represents a decrease of 61.7% from the prior year.
Cvs Health Corp earned $1.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 62.0% from the prior year.
Cash & Balance Sheet
Cvs Health Corp generated $7.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 23.4% from the prior year.
Cvs Health Corp held $8.5B in cash against $60.5B in long-term debt as of fiscal year 2025.
Cvs Health Corp paid $2.66 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Cvs Health Corp had 1.27B shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Margins & Returns
Cvs Health Corp's operating margin was 1.2% in fiscal year 2025, reflecting core business profitability. This is down 1.1 percentage points from the prior year.
Cvs Health Corp's net profit margin was 0.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.
Cvs Health Corp's ROE was 2.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.8 percentage points from the prior year.
Capital Allocation
Cvs Health Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Cvs Health Corp invested $2.8B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.8% from the prior year.
CVS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $100.4B-5.0% | $105.7B+2.7% | $102.9B+4.0% | $98.9B+4.6% | $94.6B-3.2% | $97.7B+2.4% | $95.4B+4.6% | $91.2B |
| Cost of Revenue | $55.4B-6.1% | $59.1B+3.5% | $57.0B+5.6% | $54.0B+5.8% | $51.1B-7.6% | $55.3B+4.4% | $52.9B+5.9% | $50.0B |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $4.7B+121.6% | $2.1B+165.9% | -$3.2B-234.7% | $2.4B-29.4% | $3.4B+42.5% | $2.4B+184.6% | $832.0M-72.7% | $3.0B |
| Interest Expense | $774.0M-1.7% | $787.0M+0.4% | $784.0M+2.8% | $763.0M-2.8% | $785.0M+3.6% | $758.0M+0.8% | $752.0M+2.7% | $732.0M |
| Income Tax | $981.0M+162.5% | -$1.6B-408.9% | $508.0M-19.9% | $634.0M-24.1% | $835.0M+66.0% | $503.0M+1379.4% | $34.0M-94.0% | $569.0M |
| Net Income | $2.9B0.0% | $2.9B+174.0% | -$4.0B-489.3% | $1.0B-42.6% | $1.8B+8.2% | $1.6B+1789.7% | $87.0M-95.1% | $1.8B |
| EPS (Diluted) | $2.30 | N/A | $-3.13-491.2% | $0.80-43.3% | $1.41 | N/A | $0.07-95.0% | $1.41 |
CVS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $253.0B-0.2% | $253.5B-0.7% | $255.3B-1.2% | $258.3B+1.1% | $255.6B+0.9% | $253.2B+0.3% | $252.4B0.0% | $252.5B |
| Current Assets | $74.8B+0.1% | $74.7B-3.1% | $77.1B+1.9% | $75.6B+3.4% | $73.2B+6.6% | $68.6B+1.9% | $67.3B-3.7% | $70.0B |
| Cash & Equivalents | $9.5B+12.9% | $8.5B-7.1% | $9.1B-22.8% | $11.8B+17.0% | $10.1B+17.4% | $8.6B+24.9% | $6.9B-45.0% | $12.5B |
| Inventory | $17.8B-7.7% | $19.2B+1.5% | $19.0B+8.7% | $17.4B+0.4% | $17.4B-4.0% | $18.1B+2.6% | $17.6B+9.8% | $16.1B |
| Accounts Receivable | $41.0B+3.0% | $39.8B-9.3% | $43.9B+7.9% | $40.7B+2.6% | $39.6B+8.7% | $36.5B+0.8% | $36.2B+11.7% | $32.4B |
| Goodwill | $85.5B0.0% | $85.5B0.0% | $85.5B-6.3% | $91.2B0.0% | $91.2B-0.1% | $91.3B0.0% | $91.3B0.0% | $91.3B |
| Total Liabilities | $175.3B-1.6% | $178.2B-2.2% | $182.2B+0.8% | $180.8B+1.3% | $178.5B+0.6% | $177.5B+0.1% | $177.3B0.0% | $177.4B |
| Current Liabilities | $86.4B-2.6% | $88.7B-4.3% | $92.7B-1.6% | $94.2B+5.8% | $89.0B+5.1% | $84.6B0.0% | $84.6B+4.0% | $81.4B |
| Long-Term Debt | $60.5B0.0% | $60.5B0.0% | $60.5B+5.6% | $57.3B-3.0% | $59.0B-2.5% | $60.5B+1.2% | $59.8B-4.5% | $62.6B |
| Total Equity | $77.5B+3.0% | $75.2B+3.1% | $72.9B-5.8% | $77.4B+0.6% | $76.9B+1.8% | $75.6B+0.8% | $74.9B0.0% | $74.9B |
| Retained Earnings | $63.3B+3.4% | $61.2B+3.5% | $59.1B-7.6% | $63.9B+0.3% | $63.8B+1.5% | $62.8B+1.3% | $62.0B-1.2% | $62.8B |
CVS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.2B+25.3% | $3.4B+325.9% | $796.0M-58.0% | $1.9B-58.4% | $4.6B+144.9% | $1.9B+349.7% | -$745.0M-124.1% | $3.1B |
| Capital Expenditures | $849.0M+8.3% | $784.0M+12.3% | $698.0M+15.0% | $607.0M-18.3% | $743.0M-3.3% | $768.0M+14.6% | $670.0M+5.0% | $638.0M |
| Free Cash Flow | $3.4B+30.5% | $2.6B+2559.2% | $98.0M-92.4% | $1.3B-66.2% | $3.8B+249.2% | $1.1B+177.2% | -$1.4B-157.7% | $2.5B |
| Investing Cash Flow | -$874.0M+56.3% | -$2.0B+4.3% | -$2.1B-103.8% | -$1.0B-34.4% | -$762.0M-39.3% | -$547.0M+83.7% | -$3.3B-106.0% | -$1.6B |
| Financing Cash Flow | -$2.3B-14.1% | -$2.0B-47.0% | -$1.4B-271.5% | $806.0M+134.6% | -$2.3B-641.1% | $431.0M+127.1% | -$1.6B-227.1% | $1.2B |
| Dividends Paid | $847.0M+0.2% | $845.0M-0.1% | $846.0M-2.3% | $866.0M+3.1% | $840.0M+0.2% | $838.0M+0.1% | $837.0M-2.4% | $858.0M |
| Share Buybacks | N/A | $0 | $0 | $0 | $0 | $0+100.0% | -$1.0M+66.7% | -$3.0M |
CVS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 4.7%+2.7pp | 2.0%+5.1pp | -3.1%-5.5pp | 2.4%-1.2pp | 3.6%+1.2pp | 2.4%+1.6pp | 0.9%-2.5pp | 3.3% |
| Net Margin | 2.9%+0.2pp | 2.8%+6.6pp | -3.9%-4.9pp | 1.0%-0.9pp | 1.9%+0.2pp | 1.7%+1.6pp | 0.1%-1.8pp | 1.9% |
| Return on Equity | 3.8%-0.1pp | 3.9%+9.4pp | -5.5%-6.8pp | 1.3%-1.0pp | 2.3%+0.1pp | 2.2%+2.1pp | 0.1%-2.2pp | 2.4% |
| Return on Assets | 1.2%0.0pp | 1.2%+2.7pp | -1.6%-2.0pp | 0.4%-0.3pp | 0.7%+0.1pp | 0.7%+0.6pp | 0.0%-0.7pp | 0.7% |
| Current Ratio | 0.87+0.0 | 0.84+0.0 | 0.83+0.0 | 0.80-0.0 | 0.82+0.0 | 0.81+0.0 | 0.80-0.1 | 0.86 |
| Debt-to-Equity | 0.78-0.0 | 0.80-0.0 | 0.83+0.1 | 0.74-0.0 | 0.77-0.0 | 0.800.0 | 0.80-0.0 | 0.84 |
| FCF Margin | 3.4%+0.9pp | 2.5%+2.4pp | 0.1%-1.2pp | 1.3%-2.7pp | 4.0%+2.9pp | 1.1%+2.6pp | -1.5%-4.2pp | 2.7% |
Note: The current ratio is below 1.0 (0.84), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Cvs Health Corp's annual revenue?
Cvs Health Corp (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 Corp's revenue growing?
Cvs Health Corp (CVS) revenue grew by 7.8% year-over-year, from $372.8B to $402.1B in fiscal year 2025.
Is Cvs Health Corp profitable?
Yes, Cvs Health Corp (CVS) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 0.4%.
What is Cvs Health Corp's EBITDA?
Cvs Health Corp (CVS) had EBITDA of $9.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cvs Health Corp have?
As of fiscal year 2025, Cvs Health Corp (CVS) had $8.5B in cash and equivalents against $60.5B in long-term debt.
What is Cvs Health Corp's operating margin?
Cvs Health Corp (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 Corp's net profit margin?
Cvs Health Corp (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 Corp pay dividends?
Yes, Cvs Health Corp (CVS) paid $2.66 per share in dividends during fiscal year 2025.
What is Cvs Health Corp's return on equity (ROE)?
Cvs Health Corp (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 Corp's free cash flow?
Cvs Health Corp (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 Corp's operating cash flow?
Cvs Health Corp (CVS) generated $10.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cvs Health Corp's total assets?
Cvs Health Corp (CVS) had $253.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cvs Health Corp's capital expenditures?
Cvs Health Corp (CVS) invested $2.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cvs Health Corp's current ratio?
Cvs Health Corp (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 Corp's debt-to-equity ratio?
Cvs Health Corp (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 Corp's return on assets (ROA)?
Cvs Health Corp (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 Corp's Altman Z-Score?
Cvs Health Corp (CVS) has an Altman Z-Score of 2.38, 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 Corp's Piotroski F-Score?
Cvs Health Corp (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 Corp's earnings high quality?
Cvs Health Corp (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 Corp cover its interest payments?
Cvs Health Corp (CVS) has an interest coverage ratio of 1.5x, 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 Corp?
Cvs Health Corp (CVS) scores 36 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.