CVS HEALTH Corp
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CVS Q4 2025 request
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/api/financials?ticker=CVS&year=2025&quarter=4
Pick an endpoint and run the request.Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue (Q) | — | — | — |
Show Product Lines breakouts |
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| Product | 67,042 | 61,911 | +8.3% |
| Service | 4,040 | 4,131 | -2.2% |
| Premiums Earned Net | 34,017 | 30,913 | +10.0% |
| Net Investment Income | 594 | 755 | -21.3% |
Show Business Segments breakouts |
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| Corporate/ Other | 109 | 70 | +55.7% |
| Corporate/ Other · Corporate/ Other | 109 | 70 | +55.7% |
| Health Care Benefits | 475 | 397 | +19.6% |
| Health Care Benefits · Operating Segments | 475 | 397 | +19.6% |
| Health Services | 10 | 288 | -96.5% |
| Health Services · Operating Segments | 10 | 288 | -96.5% |
| Revenue | 105,693 | 97,710 | +8.2% |
Show Business Segments breakouts |
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| Corporate/ Other · Corporate/ Other | 122 | 83 | +47.0% |
| Health Care Benefits · Intersegment Elimination | -31 | -18 | -72.2% |
| Health Care Benefits · Operating Segments | 36,293 | 32,958 | +10.1% |
| Health Services · Intersegment Elimination | -7,199 | -4,670 | -54.2% |
| Health Services · Operating Segments | 2,383 | 2,780 | -14.3% |
| Health Services · Operating Segments | 21,263 | 18,750 | +13.4% |
| Health Services · Operating Segments | 27,588 | 25,202 | +9.5% |
| Health Services · Operating Segments | 51,244 | 47,020 | +9.0% |
| Pharmacy & Consumer Wellness · Intersegment Elimination | -12,396 | -11,177 | -10.9% |
| Pharmacy & Consumer Wellness · Operating Segments | 37,660 | 33,514 | +12.4% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -19,626 | -15,865 | -23.7% |
| Operating Segments and Corporate Non-Segment | 125,319 | 113,575 | +10.3% |
| Cost of Revenue | 59,060 | 55,268 | +6.9% |
Show Business Segments breakouts |
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| Health Services · Operating Segments | 47,209 | 43,358 | +8.9% |
| Pharmacy & Consumer Wellness · Operating Segments | 30,578 | 26,710 | +14.5% |
| Policyholder Benefits And Claims Incurred Net | 33,066 | 29,543 | +11.9% |
Show Business Segments breakouts |
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| Corporate/ Other · Corporate/ Other | 44 | 45 | -2.2% |
| Health Care Benefits · Operating Segments | 32,253 | 29,300 | +10.1% |
| Health Services · Operating Segments | 1,395 | 979 | +42.5% |
| Other Cost And Expense Operating | 11,455 | 10,521 | +8.9% |
| Total Costs & Expenses | 103,581 | 95,342 | +8.6% |
| Operating Income | 2,112 | 2,368 | -10.8% |
| Interest Expense | -787 | -758 | -3.8% |
| Other Non-Operating Income (Expense) | 29 | 25 | +16.0% |
| Income Before Taxes | 1,354 | 2,126 | -36.3% |
| Income Tax Expense (Benefit) | -1,569 | 503 | -411.9% |
| Net Income | 2,923 | 1,623 | +80.1% |
| Net Income Loss Attributable To Noncontrolling Interest | 20 | 21 | -4.8% |
| Net Income | 2,943 | 1,644 | +79.0% |
| EPS (Basic) | 2.33 | 1.31 | +77.9% |
| EPS (Diluted) | 2.32 | 1.31 | +77.1% |
| Wtd Avg Shares (Basic) | 1 | 1 | 0.0% |
| Wtd Avg Shares (Diluted) | 5 | 0 | — |
| Comprehensive Income | 2,933 | 1,315 | +123.0% |
| Net Income Loss Available To Common Stockholders Basic | 2,943 | 1,644 | +79.0% |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 33,704 | 30,131 | +11.9% |
Balance Sheet
| Metric | Q4 2025 | Q4 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Proceeds From Customers | 105,750 | 93,457 | +13.2% |
| Payments For Inventory And Prescriptions Dispensed By Retail Network Pharmacies | -58,644 | -52,257 | -12.2% |
| Payments For Insurance Benefits | -32,469 | -29,107 | -11.6% |
| Payments To Suppliers And Employees | -10,262 | -9,888 | -3.8% |
| Proceeds From Interest And Dividends Received | 475 | 447 | +6.3% |
| Interest Paid | -462 | -518 | +10.8% |
| Income Taxes Paid | -998 | -274 | -264.2% |
| Net Cash from Operations | 3,390 | 1,860 | +82.3% |
| Depreciation & Amortization | 1,147 | 1,147 | 0.0% |
Show Business Segments breakouts |
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| Corporate/ Other | 105 | 98 | +7.1% |
| Health Care Benefits | 380 | 403 | -5.7% |
| Health Services | 258 | 267 | -3.4% |
| Pharmacy & Consumer Wellness | 404 | 379 | +6.6% |
| Stock-Based Compensation | 135 | 137 | -1.5% |
| Investing Activities | |||
| Proceeds From Sale And Maturity Of Marketable Securities | 2,743 | 2,719 | +0.9% |
| Payments To Acquire Investments | -3,967 | -2,514 | -57.8% |
| Capital Expenditures | -784 | -768 | -2.1% |
| Payments To Acquire Businesses Net Of Cash Acquired | -7 | -10 | +30.0% |
| Other Investing Activities | 17 | 26 | -34.6% |
| Net Cash from Investing | -1,998 | -547 | -265.3% |
| Financing Activities | |||
| Proceeds From Repayments Of Commercial Paper | -1,247 | 1,319 | -194.5% |
| Proceeds From Issuance Of Long Term Debt | 0 | 2,954 | -100.0% |
| Repayments Of Long Term Debt | -20 | -3,067 | +99.3% |
| Payments Of Dividends | -845 | -838 | -0.8% |
| Proceeds From Stock Options Exercised | 86 | 19 | +352.6% |
| Tax Withholding for Share Compensation | -13 | -4 | -225.0% |
| Net Cash from Financing | -2,032 | 431 | -571.5% |
| Supplemental | |||
| Change in Accounts Receivable | 4,039 | -315 | +1382.2% |
| Change in Inventory | -285 | -457 | +37.6% |
| Increase Decrease In Other Operating Assets | -2,005 | 812 | -346.9% |
| Change in Accounts Payable | -1,197 | 166 | -821.1% |
| Increase Decrease In Insurance Liabilities | -718 | -121 | -493.4% |
| Increase Decrease In Other Operating Liabilities | -855 | -479 | -78.5% |
| Other Cash Flow | |||
| Net Change in Cash | -640 | 1,744 | -136.7% |
| 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.