financial statements

The full income statement, balance sheet, and cash-flow statement for CVS Health Corporation (CVS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	402B YoY+7.8%	373B YoY+4.2%	358B YoY+10.9%	322B YoY+10.4%	292B YoY+8.7%
Cost of revenue	221B YoY+7.2%	206B YoY-5.0%	217B YoY+10.3%	197B YoY+12.0%	176B YoY+7.2%
Amortization of intangibles	1.98B YoY-2.4%	2.02B YoY+6.3%	1.91B YoY+6.7%	1.78B YoY-20.1%	2.23B YoY-4.6%
Operating income	4.66B YoY-45.3%	8.52B YoY-38.0%	13.7B YoY+72.8%	7.95B YoY-40.2%	13.3B YoY-4.3%
Interest expense	3.12B YoY+5.4%	2.96B YoY+11.3%	2.66B YoY+16.2%	2.29B YoY-8.6%	2.50B YoY-13.9%
Other non-operating income	112M YoY+13.1%	99.0M YoY+12.5%	88.0M YoY-47.9%	169M YoY-7.1%	182M YoY-11.7%
Pre-tax income	2.14B YoY-65.3%	6.15B YoY-45.0%	11.2B YoY+91.4%	5.84B YoY-44.6%	10.5B YoY+7.9%
Income tax	408M YoY-73.9%	1.56B YoY-44.3%	2.81B YoY+85.9%	1.51B YoY-40.8%	2.55B YoY-0.8%
	1.77B YoY-61.7%	4.61B YoY-44.7%	8.34B YoY+93.6%	4.31B YoY-46.1%	8.00B YoY+11.5%
Income from continuing operations	—	—	—	4.31B YoY-46.1%	8.00B YoY+11.3%
Discontinued operations	—	—	—	0.00	0.00 YoY+100.0%
Net income to non-controlling interest	-40.0M YoY-42.9%	-28.0M YoY-216.7%	24.0M YoY+50.0%	16.0M YoY+233.3%	-12.0M YoY-192.3%
Net income to common	1.77B YoY-61.7%	4.61B YoY-44.7%	8.34B YoY+93.6%	4.31B YoY-46.1%	8.00B
	$1.39 YoY-62.0%	$3.66 YoY-43.4%	$6.47 YoY+98.5%	$3.26 YoY-45.8%	$6.02 YoY+10.3%
EPS (basic)	$1.40 YoY-61.9%	$3.67 YoY-43.5%	$6.49 YoY+97.3%	$3.29 YoY-45.8%	$6.07 YoY+10.8%
Weighted-avg shares (basic)	1.27B YoY+0.6%	1.26B YoY-2.0%	1.28B YoY-2.1%	1.31B YoY-0.5%	1.32B YoY+0.8%
Weighted-avg shares (diluted)	1.27B YoY+0.7%	1.26B YoY-2.2%	1.29B YoY-2.5%	1.32B YoY-0.5%	1.33B YoY+1.1%
Dividends per share	$2.66 YoY+0.0%	$2.66 YoY+9.9%	$2.42 YoY+10.0%	$2.20 YoY+10.0%	$2.00 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	74.7B YoY+8.8%	68.6B YoY+1.2%	67.9B YoY+3.4%	65.6B YoY+9.3%	60.0B YoY+6.5%
Cash & equivalents	8.45B YoY-1.5%	8.59B YoY+4.8%	8.20B YoY-36.7%	12.9B YoY+37.6%	9.41B YoY+19.8%
Short-term investments	2.15B YoY-10.9%	2.41B YoY-26.1%	3.26B YoY+17.3%	2.78B YoY-10.9%	3.12B YoY+3.9%
Accounts receivable	39.8B YoY+9.1%	36.5B YoY+3.5%	35.2B YoY+29.2%	27.3B YoY+11.6%	24.4B YoY+12.4%
Inventory	19.2B YoY+6.3%	18.1B YoY+0.5%	18.0B YoY-5.6%	19.1B YoY+7.5%	17.8B YoY-4.0%
Other current assets	5.09B YoY+65.5%	3.08B YoY-2.4%	3.15B YoY+19.5%	2.64B YoY-50.4%	5.32B YoY+0.8%
	254B YoY+0.1%	253B YoY+1.4%	250B YoY+9.4%	228B YoY-2.0%	233B YoY+1.0%
Property, plant & equipment	13.0B YoY+0.0%	13.0B YoY+0.0%	13.0B YoY+1.2%	12.9B YoY-0.2%	12.9B YoY+2.3%
Operating lease right-of-use	15.0B YoY-6.1%	15.9B YoY-7.6%	17.3B YoY-3.5%	17.9B YoY-6.5%	19.1B YoY-7.8%
Goodwill	85.5B YoY-6.3%	91.3B YoY+0.0%	91.3B YoY+16.8%	78.2B YoY-1.2%	79.1B YoY-0.5%
Intangible assets	25.5B YoY-6.6%	27.3B YoY-6.5%	29.2B YoY+17.9%	24.8B YoY-14.6%	29.1B YoY-6.7%
Long-term investments	32.7B YoY+12.9%	28.9B YoY+25.7%	23.0B YoY+9.1%	21.1B YoY-8.4%	23.0B YoY+10.6%
Deferred tax assets	0.00	0.00	0.00	0.00	0.00
Other non-current assets	7.11B YoY+48.4%	4.79B YoY+2.9%	4.66B YoY+0.9%	4.62B YoY-2.0%	4.71B YoY+1.9%
	88.7B YoY+4.8%	84.6B YoY+6.8%	79.2B YoY+14.1%	69.4B YoY+2.5%	67.7B YoY+9.2%
Accounts payable	17.6B YoY+11.0%	15.9B YoY+6.7%	14.9B YoY+0.4%	14.8B YoY+18.3%	12.5B YoY+12.6%
Accrued liabilities	22.4B YoY+7.6%	20.8B YoY-11.5%	23.5B YoY+25.4%	18.7B YoY+6.1%	17.7B YoY+24.1%
Deferred revenue	62.0M YoY-56.9%	144M YoY-3.4%	149M YoY+109.9%	71.0M YoY-18.4%	87.0M YoY+22.5%
Short-term & current debt	0.00 YoY-100.0%	2.12B YoY+959.5%	200M	0.00 YoY-100.0%	252M
Current lease liability	1.74B YoY-0.8%	1.75B YoY+0.6%	1.74B YoY+3.8%	1.68B YoY+1.9%	1.65B YoY+0.5%
	178B YoY+0.4%	177B YoY+2.5%	173B YoY+10.6%	157B YoY-1.1%	158B YoY-1.7%
Long-term debt	63.5B YoY+0.0%	63.5B YoY+0.0%	63.5B YoY+0.0%	63.5B YoY+0.0%	63.5B YoY+0.0%
Non-current lease liability	13.6B YoY-8.4%	14.9B YoY-7.1%	16.0B YoY-4.6%	16.8B YoY-7.6%	18.2B YoY-3.1%
Deferred tax liabilities	3.83B YoY+0.7%	3.81B YoY-11.7%	4.31B YoY+7.3%	4.02B YoY-34.3%	6.12B YoY-10.0%
Other non-current liabilities	6.77B YoY+24.7%	5.43B YoY-12.6%	6.21B YoY-7.7%	6.73B YoY+252.9%	1.91B YoY-18.9%
	75.2B YoY-0.5%	75.6B YoY-1.2%	76.5B YoY+7.0%	71.5B YoY-4.1%	74.5B YoY+7.4%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	18.0M YoY+0.0%	18.0M YoY+0.0%	18.0M YoY+0.0%	18.0M YoY+5.9%	17.0M YoY+0.0%
Additional paid-in capital	32.4B YoY+0.0%	32.4B YoY+0.0%	32.4B YoY+0.0%	32.4B YoY+0.0%	32.4B YoY+0.0%
Retained earnings	61.2B YoY-2.6%	62.8B YoY+2.0%	61.6B YoY+9.2%	56.4B YoY+2.5%	55.0B YoY+10.8%
Treasury stock	36.8B YoY-0.1%	36.8B YoY+8.8%	33.8B YoY+6.2%	31.9B YoY+13.1%	28.2B YoY-0.0%
Accumulated other comprehensive income	406M YoY+438.3%	-120M YoY+59.6%	-297M YoY+76.5%	-1.26B YoY-478.4%	334M YoY-76.4%
Non-controlling interest	168M YoY-1.2%	170M YoY-2.9%	175M YoY-41.7%	300M YoY-2.0%	306M YoY-1.9%
Total equity incl. non-controlling	75.4B YoY-0.5%	75.7B YoY-1.2%	76.6B YoY+6.8%	71.8B YoY-4.1%	74.8B YoY+7.4%
Total liabilities & equity	254B YoY+0.1%	253B YoY+1.4%	250B YoY+9.4%	228B YoY-2.0%	233B YoY+1.0%
Common shares issued	1.79B YoY+0.5%	1.78B YoY+0.6%	1.77B YoY+0.6%	1.76B YoY+0.8%	1.74B YoY+0.6%
Common shares outstanding	1.27B YoY+0.9%	1.26B YoY-2.2%	1.29B YoY-0.9%	1.30B YoY-1.7%	1.32B YoY+0.9%
Shares outstanding (cover)	1.27B YoY+0.9%	1.26B YoY-2.2%	1.29B YoY-2.1%	1.31B YoY-0.5%	1.32B YoY+0.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.6B YoY+16.8%	9.11B YoY-32.2%	13.4B YoY-17.0%	16.2B YoY-11.4%	18.3B YoY+15.1%
Depreciation & amortization	4.61B YoY+0.2%	4.60B YoY+5.3%	4.37B YoY+3.4%	4.22B YoY-5.8%	4.49B YoY+1.0%
Share-based compensation	535M YoY-0.9%	540M YoY-8.2%	588M YoY+31.5%	447M YoY-7.6%	484M YoY+21.0%
Deferred income taxes	102M YoY+117.8%	-572M YoY+15.4%	-676M YoY+66.7%	-2.03B YoY-404.7%	-402M YoY+28.7%
Change in receivables	3.50B YoY+168.9%	1.30B YoY-79.2%	6.26B YoY+110.7%	2.97B YoY+9.9%	2.70B YoY+79.0%
Change in inventory	1.27B YoY+1142.2%	102M YoY+108.3%	-1.23B YoY-185.9%	1.44B YoY+295.2%	-735M YoY-175.5%
Change in payables	3.85B YoY+65.1%	2.33B YoY-35.5%	3.62B YoY-15.1%	4.26B YoY+47.0%	2.90B YoY+4.7%
	-5.87B YoY+22.9%	-7.61B YoY+63.6%	-20.9B YoY-313.9%	-5.05B YoY+4.1%	-5.26B YoY+4.9%
Capital expenditure	2.83B YoY+1.8%	2.78B YoY-8.2%	3.03B YoY+11.1%	2.73B YoY+8.2%	2.52B YoY+3.4%
Acquisitions	436M YoY+358.9%	95.0M YoY-99.4%	16.6B YoY+11851.1%	139M YoY-4.8%	146M YoY-83.1%
Purchases of investments	15.0B YoY-1.2%	15.2B YoY+68.0%	9.04B YoY+16.7%	7.75B YoY-22.3%	9.96B YoY+3.4%
Other investing activities	-26.0M YoY+74.3%	-101M YoY-48.5%	-68.0M YoY+20.0%	-85.0M YoY+30.3%	-122M
	-4.94B YoY-335.2%	-1.14B YoY-142.3%	2.68B YoY+125.5%	-10.5B YoY+7.4%	-11.4B YoY-47.6%
Long-term debt issued	3.97B YoY-49.8%	7.91B YoY-27.4%	10.9B	0.00 YoY-100.0%	987M YoY-90.1%
Long-term debt repaid	3.63B YoY-24.0%	4.77B YoY+50.8%	3.17B YoY-24.8%	4.21B YoY-58.9%	10.3B YoY-34.4%
Net short-term debt	—	—	—	—	0.00
Common stock repurchased	0.00 YoY-100.0%	3.02B YoY+50.2%	2.01B YoY-42.5%	3.50B	0.00
Dividends paid	3.40B YoY+0.7%	3.37B YoY+7.7%	3.13B YoY+7.7%	2.91B YoY+10.7%	2.63B YoY+0.0%
Other financing activities	0.00 YoY-100.0%	26.0M YoY+112.9%	-201M YoY-154.4%	-79.0M YoY-151.0%	155M YoY-64.1%
Net change in cash	-172M YoY-147.9%	359M YoY+107.5%	-4.78B YoY-878.5%	614M YoY-62.7%	1.65B YoY-37.5%
Interest paid	2.99B YoY+2.8%	2.91B YoY+20.3%	2.42B YoY+8.0%	2.24B YoY-9.3%	2.47B YoY-15.0%
Income taxes paid	2.17B YoY+27.2%	1.70B YoY-51.7%	3.52B YoY-14.4%	4.12B YoY+28.8%	3.19B YoY+9.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	101B YoY+78.3%	56.5B YoY-44.4%	102B YoY-17.0%	122B YoY-10.1%	136B YoY+52.3%
P/E	57.0× YoY+365.4%	12.2× YoY+4.2%	11.7× YoY-67.6%	36.3× YoY+113.0%	17.0× YoY+36.7%
P/S	0.3× YoY+65.4%	0.2× YoY-48.0%	0.3× YoY-24.9%	0.4× YoY-16.7%	0.5× YoY+40.1%
P/B	1.3× YoY+79.2%	0.7× YoY-45.2%	1.4× YoY-21.2%	1.7× YoY-5.3%	1.8× YoY+41.8%
P/FCF	12.9× YoY+44.5%	8.9× YoY-0.5%	9.0× YoY+43.0%	6.3× YoY-27.5%	8.6× YoY+29.9%
Earnings yield	1.8% YoY-78.5%	8.2% YoY-4.0%	8.5% YoY+208.6%	2.8% YoY-53.1%	5.9% YoY-26.8%
FCF yield	7.7% YoY-30.8%	11.2% YoY+0.5%	11.1% YoY-30.1%	15.9% YoY+37.8%	11.6% YoY-23.0%
Dividend yield	3.4% YoY-43.4%	5.9% YoY+93.3%	3.1% YoY+29.8%	2.4% YoY+21.8%	1.9% YoY-33.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CVS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CVS filings on SEC EDGAR → Not investment advice.

CVS▼ financial statements

About this data

financial statements