CVS HEALTH Corp

CVS 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue (FY) — — —
Show Product Lines breakouts
Product 249,908 231,521 +7.9%
Service 15,175 16,239 -6.6%
Premiums Earned Net 134,751 122,896 +9.6%
Net Investment Income 2,233 2,153 +3.7%
Show Business Segments breakouts
Corporate/ Other 431 395 +9.1%
Corporate/ Other · Corporate/ Other 431 395 +9.1%
Health Care Benefits 1,782 1,473 +21.0%
Health Care Benefits · Operating Segments 1,782 1,473 +21.0%
Health Services 20 285 -93.0%
Health Services · Operating Segments 20 285 -93.0%
Revenue 402,067 372,809 +7.8%
Show Business Segments breakouts
Corporate/ Other · Corporate/ Other 484 451 +7.3%
Health Care Benefits · Intersegment Elimination -118 -72 -63.9%
Health Care Benefits · Operating Segments 143,354 130,665 +9.7%
Health Services · Intersegment Elimination -25,802 -15,304 -68.6%
Health Services · Operating Segments 9,296 10,793 -13.9%
Health Services · Operating Segments 79,334 70,877 +11.9%
Health Services · Operating Segments 101,775 91,650 +11.0%
Health Services · Operating Segments 190,425 173,605 +9.7%
Pharmacy & Consumer Wellness · Intersegment Elimination -45,643 -41,036 -11.2%
Pharmacy & Consumer Wellness · Operating Segments 139,367 124,500 +11.9%
Show Consolidation Items breakouts
Intersegment Elimination -71,563 -56,412 -26.9%
Operating Segments and Corporate Non-Segment 473,630 429,221 +10.3%
Cost of Revenue 221,167 206,287 +7.2%
Show Business Segments breakouts
Health Services · Operating Segments 175,634 160,036 +9.7%
Pharmacy & Consumer Wellness · Operating Segments 113,583 99,337 +14.3%
Policyholder Benefits And Claims Incurred Net 125,538 115,121 +9.0%
Show Business Segments breakouts
Corporate/ Other · Corporate/ Other 177 187 -5.3%
Health Care Benefits · Operating Segments 122,949 113,659 +8.2%
Health Services · Operating Segments 4,834 3,407 +41.9%
Other Cost And Expense Operating 44,977 41,706 +7.8%
Goodwill Impairment Loss 5,725 — —
Show Business Segments breakouts
Health Services 5,725 — —
Total Costs & Expenses 397,407 364,293 +9.1%
Operating Income 4,660 8,516 -45.3%
Interest Expense -3,119 -2,958 -5.4%
Deconsolidation Gain Or Loss Amount 483 — —
Other Non-Operating Income (Expense) 112 99 +13.1%
Income Before Taxes 2,136 6,148 -65.3%
Income Tax Expense (Benefit) 408 1,562 -73.9%
Net Income 1,728 4,586 -62.3%
Show Equity Components breakouts
Noncontrolling Interest -40 -28 -42.9%
Parent 1,768 4,614 -61.7%
Retained Earnings 1,768 4,614 -61.7%
Net Income Loss Attributable To Noncontrolling Interest 40 28 +42.9%
Net Income 1,768 4,614 -61.7%
EPS (Basic) 1.4 3.67 -61.9%
EPS (Diluted) 1.39 3.66 -62.0%
Wtd Avg Shares (Basic) 1,267 1,259 +0.6%
Wtd Avg Shares (Diluted) 1,271 1,262 +0.7%
Comprehensive Income 2,294 4,791 -52.1%
Net Income Loss Available To Common Stockholders Basic 1,768 4,614 -61.7%
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 125,274 114,827 +9.1%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 8,453 8,586 -1.5%
Short-Term Investments 2,145 2,407 -10.9%
Show Total Investments [Axis] breakouts
Debt securities available for sale 1,997 2,256 -11.5%
Mortgage loans 148 151 -2.0%
Accounts Receivable 39,779 36,469 +9.1%
Inventory 19,246 18,107 +6.3%
Other Assets Current 5,091 3,076 +65.5%
Total Current Assets 74,714 68,645 +8.8%
Non-Current Assets
Long Term Investments 32,669 28,934 +12.9%
Show Total Investments [Axis] breakouts
Debt securities available for sale 26,721 23,777 +12.4%
Mortgage loans 1,376 1,354 +1.6%
Other Investments 4,572 3,803 +20.2%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 3,169 2,618 +21.0%
Variable Interest Entity Not Primary Beneficiary · Hedge Funds 1,684 1,246 +35.2%
Variable Interest Entity Not Primary Beneficiary · Private Equity Funds 905 934 -3.1%
Variable Interest Entity Not Primary Beneficiary · Real Estate Funds 580 438 +32.4%
Operating Lease Right-of-Use Assets 14,973 15,944 -6.1%
Goodwill 85,478 91,272 -6.3%
Show Business Segments breakouts
Health Care Benefits 46,644 46,644 0.0%
Health Services 28,272 34,066 -17.0%
Pharmacy & Consumer Wellness 10,562 10,562 0.0%
Show Reporting Unit breakouts
Health Care Delivery Reporting Unit 4.2 — —
Other Non-Current Assets 5,119 4,793 +6.8%
Total Assets 253,538 253,215 +0.1%
Show Consolidated Entities breakouts
Variable Interest Entity, Primary Beneficiary, Physicians Groups 2,975 2,144 +38.8%
Intangible Assets (Q) — — —
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Related Intangible Assets 11,573 13,015 -11.1%
Other Intangible Assets 371 444 -16.4%
Provider networks 2,711 2,921 -7.2%
Technology Based Intangible Assets 20 83 -75.9%
Value of Business Acquired 335 362 -7.5%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 13,083 12,993 +0.7%
Intangible Assets Net Excluding Goodwill 25,508 27,323 -6.6%
Separate Account Assets 1,994 3,311 -39.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Cash And Cash Equivalents 1 1 0.0%
Fair Value Inputs Level1 · Debt Securities 30 186 -83.9%
Fair Value Inputs Level1 · Total 31 187 -83.4%
Fair Value Inputs Level2 · Cash And Cash Equivalents 155 164 -5.5%
Fair Value Inputs Level2 · Common/collective trusts 1,445 2,478 -41.7%
Fair Value Inputs Level2 · Debt Securities 361 669 -46.0%
Fair Value Inputs Level2 · Total 1,961 3,311 -40.8%
Fair Value Inputs Level3 · Debt Securities 2 1 +100.0%
Fair Value Inputs Level3 · Total 2 1 +100.0%
Show Financial Instrument breakouts
Commercial Mortgage Backed Securities · Separate Account Mortgage Backed Security 3 3 0.0%
Domestic Corporate Debt Securities · Separate Account Debt Security 291 524 -44.5%
Foreign Corporate Debt Securities · Separate Account Debt Security 39 51 -23.5%
Residential Mortgage Backed Securities · Separate Account Mortgage Backed Security 8 71 -88.7%
US Government Agencies Debt Securities · Separate Account Debt Security 36 186 -80.6%
US States And Political Subdivisions · Separate Account Debt Security 11 14 -21.4%
Show Separate Account Asset Category breakouts
Cash And Cash Equivalents 156 165 -5.5%
Common/collective trusts 1,445 2,478 -41.7%
Debt Securities 393 856 -54.1%
Other asset-backed securities 5 7 -28.6%
Separate Account Cash And Cash Equivalents 156 165 -5.5%
Separate Account Debt Security 393 856 -54.1%
Total 1,994 3,499 -43.0%
Current Liabilities
Accounts Payable Trade Current 17,641 15,892 +11.0%
Pharmacy Claims And Discounts Payable Current 26,344 24,166 +9.0%
Accrued Liabilities 22,387 20,810 +7.6%
Other Insurance Liabilities Current 1,116 1,183 -5.7%
Operating Lease Liability Current 1,737 1,751 -0.8%
Long Term Debt And Capital Lease Obligations Current 4,068 3,624 +12.3%
Total Current Liabilities 88,692 84,609 +4.8%
Deferred Revenue (Current) 62 144 -56.9%
Non-Current Liabilities
Operating Lease Liabilities 13,643 14,899 -8.4%
Deferred Tax Liabilities 3,832 3,806 +0.7%
Other Insurance Liabilities Noncurrent 4,716 4,902 -3.8%
Other Non-Current Liabilities 4,777 5,431 -12.0%
Total Liabilities 178,156 177,485 +0.4%
Show Consolidated Entities breakouts
Variable Interest Entity, Primary Beneficiary, Physicians Groups 3,170 2,104 +50.7%
Other Liabilities
Liability For Claims And Claims Adjustment Expense And Health Care Organization Accounts Payable To Third Party Payor 15,399 15,064 +2.2%
Long Term Debt And Capital Lease Obligations 60,502 60,527 -0.0%
Separate Accounts Liability 1,994 3,311 -39.8%
Stockholders' Equity
Common Stocks Including Additional Paid In Capital 50,402 49,661 +1.5%
Treasury Stock Common Value -36,790 -36,818 +0.1%
Retained Earnings 61,196 62,837 -2.6%
Accumulated Other Comprehensive Income 406 -120 +438.3%
Total Stockholders' Equity 75,214 75,560 -0.5%
Minority Interest 168 170 -1.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 75,382 75,730 -0.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment Net Gain Loss Including Portion Attributable To Noncontrolling Interest -238 -211 -12.8%
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest 7 -4 +275.0%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest 216 229 -5.7%
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest 206 -399 +151.6%
Accumulated Other Comprehensive Income 406 -120 +438.3%
Aoci Including Portion Attributable To Noncontrolling Interest 406 -120 +438.3%
Change in discount rate on long-duration insurance reserves 215 265 -18.9%
Common Stock 18 18 0.0%
Common Stock Including Additional Paid In Capital 50,402 49,661 +1.5%
Noncontrolling Interest 168 170 -1.2%
Parent 75,214 75,560 -0.5%
Retained Earnings 61,196 62,837 -2.6%
Treasury Stock Common -36,790 -36,818 +0.1%
Total Liabilities & Equity 253,538 253,215 +0.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Proceeds From Customers 389,128 357,995 +8.7%
Payments For Inventory And Prescriptions Dispensed By Retail Network Pharmacies -216,493 -197,726 -9.5%
Payments For Insurance Benefits -121,238 -109,464 -10.8%
Payments To Suppliers And Employees -37,570 -38,821 +3.2%
Proceeds From Interest And Dividends Received 1,969 1,735 +13.5%
Interest Paid -2,991 -2,909 -2.8%
Income Taxes Paid -2,166 -1,703 -27.2%
Net Cash from Operations 10,639 9,107 +16.8%
Depreciation & Amortization 4,606 4,597 +0.2%
Show Business Segments breakouts
Corporate/ Other 415 396 +4.8%
Health Care Benefits 1,579 1,599 -1.3%
Health Services 1,039 1,059 -1.9%
Pharmacy & Consumer Wellness 1,573 1,543 +1.9%
Stock-Based Compensation 535 540 -0.9%
Gain Loss On Sale Of Business 236 — —
Show Business Segments breakouts
Health Services · Disposal Group Disposed Of By Sale Not Discontinued Operations 236 — —
Deferred Income Taxes And Tax Credits 102 -572 +117.8%
Other Non-Cash Items -336 -502 +33.1%
Deferred Income Taxes 102 -572 +117.8%
Investing Activities
Proceeds From Sale And Maturity Of Marketable Securities 12,383 10,353 +19.6%
Payments To Acquire Investments -15,012 -15,191 +1.2%
Capital Expenditures -2,832 -2,781 -1.8%
Payments To Acquire Businesses Net Of Cash Acquired -436 -95 -358.9%
Other Investing Activities 26 101 -74.3%
Net Cash from Investing -5,871 -7,613 +22.9%
Financing Activities
Proceeds From Repayments Of Commercial Paper -2,119 1,919 -210.4%
Proceeds From Issuance Of Long Term Debt 3,969 7,913 -49.8%
Repayments Of Long Term Debt -3,629 -4,773 +24.0%
Payments Of Dividends -3,397 -3,373 -0.7%
Proceeds From Stock Options Exercised 394 361 +9.1%
Show Award Type breakouts
Stock options and SARs 394 361 +9.1%
Tax Withholding for Share Compensation -158 -185 +14.6%
Show Award Type breakouts
Stock options and SARs -158 -185 +14.6%
Net Cash from Financing -4,940 -1,135 -335.2%
Supplemental
Change in Accounts Receivable -3,498 -1,301 -168.9%
Change in Inventory -1,267 -102 -1142.2%
Increase Decrease In Other Operating Assets -2,593 -38 -6723.7%
Change in Accounts Payable 3,855 2,335 +65.1%
Increase Decrease In Insurance Liabilities 16 2,757 -99.4%
Increase Decrease In Other Operating Liabilities 2,013 -3,542 +156.8%
Other Cash Flow
Net Change in Cash -172 359 -147.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 8,712 8,884 -1.9%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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