CVS Health Corporation (CVS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.85	$2.58	+39.5%	—	—	—
Q3 26	$2.21	$2.57	+16.3%	—	—	—
Q2 26	$1.36	$1.6	+17.6%	—	—	—
Q1 26	$1.46	$1.81	+24.0%	—	—	—
Q4 25	$1.67	$2.25	+34.7%	—	—	—
Q3 25	$0.92	$1.19	+29.3%	—	—	—
Q2 25	$1.46	$1.09	-25.3%	—	—	—
Q1 25	$1.73	$1.83	+5.8%	—	—	—
Q4 24	$1.7	$1.31	-22.9%	—	—	—
Q3 24	$1.99	$2.12	+6.5%	—	—	—
Q2 24	$2.13	$2.21	+3.8%	—	—	—
Q1 24	$2.12	$2.21	+4.2%	—	—	—
Q4 23	$2.09	$2.2	+5.3%	—	—	—
Q3 23	$1.93	$1.99	+3.1%	—	—	—
Q2 23	$1.99	$2.15	+8.0%	—	—	—
Q1 23	$2.18	$2.4	+10.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.4	—	—	$402.1B	—
FY24	—	$3.67	—	—	$372.8B	—
FY23	—	$6.49	—	—	$357.8B	—
FY22	—	$3.29	—	—	$322.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$177.5B	$184.8B	$194.6B	$256.8B	$268.7B	$292.1B	$322.5B	$357.8B	$372.8B	$402.1B
YoY change	+15.8%	+4.08%	+5.3%	+32%	+4.65%	+8.71%	+10.4%	+10.9%	+4.2%	+7.85%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	177.5B	184.8B	194.6B	256.8B	268.7B	292.1B	322.5B	357.8B	372.8B	402.1B
Cost of revenue	148.7B	156.3B	163B	211.2B	219.7B	240B	268B	303.3B	321.4B	346.7B
Gross profit	28.8B	28.5B	31.5B	45.5B	49B	52.1B	54.5B	54.4B	51.4B	55.4B
Gross margin	16.2%	15.4%	16.2%	17.7%	18.3%	17.8%	16.9%	15.2%	13.8%	13.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	18.4B	18.8B	21.4B	33.3B	35.1B	37B	38.2B	39.8B	41.6B	45B
Operating income	10.4B	9.7B	10.2B	12.2B	13.9B	15.1B	16.3B	14.6B	9.8B	10.4B
Operating margin	5.85%	5.26%	5.23%	4.76%	5.18%	5.17%	5.05%	4.08%	2.63%	2.58%
Non-operating income, net	-671M	-389M	-6.1B	-186M	-1.2B	-2.1B	-8.2B	-768M	-689M	-5.1B
Pretax income	8.6B	8.3B	1.4B	9B	9.8B	10.5B	5.8B	11.2B	6.1B	2.1B
Income tax	3.3B	1.6B	2B	2.4B	2.6B	2.5B	1.5B	2.8B	1.6B	408M
Net income	5.3B	6.6B	-596M	6.6B	7.2B	8B	4.3B	8.4B	4.6B	1.7B
Net margin	3%	3.58%	-0.31%	2.58%	2.68%	2.73%	1.34%	2.34%	1.23%	0.43%
EBITDA	12.8B	12B	12.9B	16.7B	18.6B	19.8B	20.7B	19.1B	14.5B	15.1B
EPS	4.93	6.47	-0.57	5.1	5.48	6	3.29	6.49	3.67	1.4
Diluted EPS	4.9	6.44	-0.57	5.08	5.46	5.95	3.26	6.47	3.66	1.39

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	89.8B	93.8B	88.4B	91.2B	95.4B	97.7B	94.6B	98.9B	102.9B	105.7B	100.4B	106.1B
Cost of revenue	76.2B	79.9B	75.9B	77.9B	82.9B	84.8B	80.2B	85.3B	89.1B	92.1B	84.8B	90.3B
Gross profit	13.6B	13.9B	12.6B	13.4B	12.6B	12.9B	14.4B	13.6B	13.8B	13.6B	15.6B	15.7B
Gross margin	15.1%	14.8%	14.2%	14.7%	13.2%	13.2%	15.2%	13.7%	13.4%	12.8%	15.6%	14.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	9.9B	10.5B	10.3B	10.3B	10.6B	10.4B	11B	11.2B	11.3B	11.5B	10.9B	11B
Operating income	3.7B	3.4B	2.3B	3B	2B	2.5B	3.4B	2.4B	2.5B	2.1B	4.7B	4.7B
Operating margin	4.12%	3.6%	2.57%	3.34%	2.1%	2.54%	3.57%	2.41%	2.45%	2%	4.66%	4.43%
Non-operating income, net	11M	22M	25M	24M	-1.1B	406M	28M	29M	-5.2B	29M	32M	31M
Pretax income	3B	2.7B	1.6B	2.3B	105M	2.1B	2.6B	1.6B	-3.5B	1.4B	3.9B	4B
Income tax	754M	658M	456M	569M	34M	503M	835M	634M	508M	-1.6B	981M	982M
Net income	2.3B	2B	1.1B	1.8B	71M	1.6B	1.8B	1B	-4B	2.9B	3B	3B
Net margin	2.52%	2.18%	1.27%	1.94%	0.07%	1.66%	1.88%	1.02%	-3.88%	2.77%	2.94%	2.82%
EBITDA	4.8B	4.5B	3.4B	4.2B	3.2B	3.6B	4.6B	3.6B	3.7B	3.3B	5.8B	5.9B
EPS	1.76	1.59	0.88	1.41	0.07	1.31	1.41	0.81	-3.13	2.32	2.31	2.33
Diluted EPS	1.75	1.58	0.88	1.41	0.07	1.3	1.41	0.8	-3.13	2.3	2.3	2.31

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	84.7B	74B	68.4B	—	89.4B	136.1B	122.3B	101.5B	56.5B	100.5B	112.4B
Enterprise value	108.7B	99.1B	135.3B	—	163.6B	199.5B	177.3B	169.4B	128.4B	169.9B	176.5B
Shares outstanding	1.1B	1B	1B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.9	11.2	—	—	12.4	17	28.3	12.1	12.3	58.2	23.4
P/S	0.48	0.4	0.35	—	0.33	0.47	0.38	0.28	0.15	0.25	0.27
P/B	2.3	1.96	1.17	—	1.28	1.81	1.7	1.32	0.75	1.33	1.42
EV/EBITDA	8.47	8.27	10.5	—	8.82	10.1	8.57	8.89	8.86	11.2	10.6
EV/Sales	0.61	0.54	0.7	—	0.61	0.68	0.55	0.47	0.34	0.42	0.43
Earnings yield	6.28%	8.96%	—	—	8.04%	5.87%	3.54%	8.25%	8.11%	1.72%	4.27%
FCF yield	9.35%	8.23%	9.98%	—	15%	11.6%	11%	10.2%	11.2%	7.76%	7.19%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	16.2%	15.4%	16.2%	17.7%	18.3%	17.8%	16.9%	15.2%	13.8%	13.8%	14.8%
Operating margin	5.85%	5.26%	5.23%	4.76%	5.18%	5.17%	5.05%	4.08%	2.63%	2.58%	3.86%
Net margin	3%	3.58%	-0.31%	2.58%	2.68%	2.73%	1.34%	2.34%	1.23%	0.43%	1.18%
ROE	14.4%	17.6%	-1.02%	10.3%	10.3%	10.6%	6.03%	10.9%	6.06%	2.29%	6.21%
ROA	5.63%	6.96%	-0.3%	2.98%	3.12%	3.43%	1.9%	3.35%	1.81%	0.68%	2.97%
ROIC	10.5%	12.4%	0%	6.21%	7.13%	8.24%	9.53%	7.56%	4.95%	5.8%	8.32%
Return on tangible assets	-58.7%	-73.3%	1.76%	-201.5%	77.1%	47.8%	19.3%	96%	28.6%	5.47%	14.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.18	1.02	1.03	0.94	0.91	0.88	0.95	0.86	0.81	0.84	0.87
Quick ratio	0.62	0.52	0.65	0.62	0.61	0.62	0.67	0.63	0.6	0.63	0.66
Debt / equity	0.75	0.72	1.25	1.39	1.22	1.01	0.99	1.04	1.09	1.06	0.96
Debt / assets	0.29	0.28	0.37	0.4	0.37	0.33	0.31	0.32	0.33	0.32	0.3
Net debt / EBITDA	1.88	2.1	5.19	4.84	4	3.21	2.66	3.57	4.96	4.59	3.34
Interest coverage	9.01	8.79	1.54	3.96	4.36	5.21	3.55	5.2	3.08	1.68	2.87
Effective tax rate	38.4%	19.8%	100%	26.3%	26.3%	24.2%	25.9%	25.1%	25.4%	19.1%	15.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	165.5	181.2	186.4	197.4	205.3	221.5	245.8	278.4	296.1	317.3	324.2
EPS (basic)	4.93	6.47	-0.57	5.1	5.48	6	3.29	6.49	3.67	1.4	1.4
EPS (diluted)	4.9	6.44	-0.57	5.08	5.46	5.95	3.26	6.47	3.66	1.39	3.79
Book value per share	34.3	37	56.1	49.3	53.2	57.2	54.7	59.6	60.2	59.5	62.4
FCF per share	7.38	5.97	6.54	7.99	10.3	11.9	10.3	8.09	5.02	6.16	9.14
Cash per share	3.22	1.77	6.3	6.19	8.29	9.5	12	8.91	8.73	8.36	10.9
Capex per share	1.86	1.62	1.95	1.88	1.78	1.91	2.08	2.36	2.21	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.12%	0.89%	1.05%	0.95%	0.87%	0.86%	0.85%	0.85%	0.75%	—	—
Capex / operating cash flow	21%	22.6%	65.6%	18.2%	13.2%	15.8%	20.8%	23.9%	46.3%	—	—
Payout ratio	34.6%	30.9%	-341.9%	39.3%	36.5%	32.9%	67.2%	37.4%	73.5%	196.6%	70.2%
Dividend yield	2.17%	2.77%	2.98%	—	2.93%	1.93%	2.38%	3.09%	5.97%	3.38%	3.03%

Yield

3.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.665

ex-dividend Jul 23, 2026

Payout ratio

70%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 23, 2026	$0.665
Apr 23, 2026	$0.665
Jan 22, 2026	$0.665

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$89.8B	$93.8B	$88.4B	$91.2B	$95.4B	$97.7B	$94.6B	$98.9B	$102.9B	$105.7B	$100.4B	$106.1B
YoY change	+10.6%	+11.9%	+3.7%	+2.6%	+6.31%	+4.15%	+6.96%	+8.42%	+7.8%	+8.17%	+6.17%	+7.26%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.5B	1.8B	6.6B	8.1B	10.9B	12.5B	15.7B	11.5B	11B	10.6B
Receivables	12.2B	7.9B	8.8B	9.4B	9.7B	10.5B	11.7B	15.6B	14.6B	16.3B
Inventory	14.8B	15.3B	16.4B	17.5B	18.5B	17.8B	19.1B	18B	18.1B	19.2B
Total current assets	31B	31.2B	45.2B	50.3B	56.4B	60B	65.6B	67.9B	68.6B	74.7B
Property, plant & equipment	6.9B	6.9B	7.6B	29.4B	29.4B	27.8B	26.2B	25.9B	24.3B	23.5B
Goodwill & intangibles	103.5B	104.2B	230.4B	225.7B	221.4B	216.3B	205.9B	241B	237.2B	222B
Total assets	94.5B	95.1B	196.5B	222.4B	230.7B	233B	228.3B	249.7B	253.2B	253.5B
Accounts payable	7.9B	8.9B	8.9B	10.5B	11.1B	12.5B	14.8B	14.9B	15.9B	17.6B
Short-term debt	1.9B	4.8B	2B	5.4B	7.1B	5.9B	3.5B	4.7B	7.5B	5.8B
Total current liabilities	26.3B	30.6B	44B	53.3B	62B	67.8B	69.4B	79.2B	84.6B	88.7B
Long-term debt	25.6B	22.2B	71.4B	83.6B	78B	70.1B	67.3B	74.7B	75.4B	74.1B
Total liabilities	57.6B	57.4B	137.9B	158.3B	161B	157.6B	156.5B	173.1B	177.5B	178.2B
Shareholders' equity	36.8B	37.7B	58.5B	64.2B	69.7B	75.4B	71.8B	76.6B	75.7B	75.4B
Total debt	27.5B	27B	73.4B	89B	85B	76B	70.7B	79.4B	82.9B	80B
Net debt	24.2B	25.3B	69.4B	83.3B	77.2B	66.6B	57.8B	71.2B	74.3B	71.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	16.2B	11.5B	13.1B	16.3B	9.7B	11B	12.7B	14.2B	11.2B	10.6B	11.8B	14B
Receivables	13.7B	15.6B	16B	14.2B	13.8B	14.6B	16.7B	16.4B	16.1B	16.3B	20.1B	19.4B
Inventory	18B	18B	16.3B	16.1B	17.6B	18.1B	17.4B	17.4B	19B	19.2B	17.8B	17.6B
Total current assets	70.1B	67.9B	67.5B	70B	67.3B	68.6B	73.2B	75.6B	77.1B	74.7B	74.8B	75.3B
Property, plant & equipment	30.6B	25.9B	30.1B	29.9B	29B	24.3B	28.6B	28.3B	28.1B	23.5B	27.8B	27.6B
Goodwill & intangibles	241.8B	241B	240.1B	239.2B	238.2B	237.2B	235.5B	234.9B	222.9B	222B	221.1B	220.2B
Total assets	251.3B	249.7B	249.7B	252.5B	252.4B	253.2B	255.6B	258.3B	255.3B	253.5B	253B	253.8B
Accounts payable	14.9B	14.9B	13.7B	14.4B	15.7B	15.9B	16.5B	17.3B	17.8B	17.6B	16.9B	17.2B
Short-term debt	3.9B	4.7B	8.4B	5.6B	7.6B	7.5B	7.6B	11.1B	7.2B	5.8B	4.5B	3.9B
Total current liabilities	81.6B	79.2B	83.3B	81.4B	84.6B	84.6B	89B	94.2B	92.7B	88.7B	86.4B	87B
Long-term debt	76.2B	74.7B	73.4B	78.2B	75.1B	75.4B	73.6B	71.6B	74.5B	74.1B	73.9B	72.4B
Total liabilities	176.8B	173.1B	175.6B	177.4B	177.3B	177.5B	178.5B	180.8B	182.2B	178.2B	175.3B	173.9B
Shareholders' equity	74.5B	76.6B	74.2B	75.1B	75.1B	75.7B	77.1B	77.6B	73.1B	75.4B	77.6B	79.9B
Total debt	80.1B	79.4B	81.8B	83.8B	82.7B	82.9B	81.2B	82.7B	81.8B	80B	78.3B	76.3B
Net debt	67.1B	71.2B	72B	71.3B	75.8B	74.3B	71.1B	70.9B	72.7B	71.5B	68.8B	65B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5.3B	6.6B	-596M	6.6B	7.2B	8B	4.3B	8.4B	4.6B	1.7B
Depreciation & amortization	2.5B	2.5B	2.7B	4.4B	4.4B	4.5B	4.2B	4.4B	4.6B	4.6B
Stock-based compensation	222M	234M	280M	453M	400M	484M	447M	588M	540M	535M
Change in working capital	1.3B	-749M	364M	2.7B	6.1B	3.8B	5.8B	-379M	-2.6B	-1.5B
Operating cash flow	9.5B	7.3B	3.1B	13.5B	17.7B	15.9B	13.1B	12.7B	6B	10.6B
Capital expenditure	-2B	-1.7B	-2B	-2.5B	-2.3B	-2.5B	-2.7B	-3B	-2.8B	—
Investing cash flow	-2.5B	-2.9B	-43.3B	-3.3B	-5.5B	-5.3B	-5B	-20.9B	-7.6B	-3B
Dividends paid	-1.8B	-2B	-2B	-2.6B	-2.6B	-2.6B	-2.9B	-3.1B	-3.4B	-3.4B
Share repurchases	-4.5B	-4.4B	0	—	—	0	-3.5B	-2B	-3B	0
Financing cash flow	-7.1B	-7.7B	36B	-8.6B	-8B	-11.9B	-11.1B	-2.6B	-1.5B	-7.5B
Net change in cash	-51M	-3.2B	-4.2B	1.6B	4.2B	-1.2B	-3B	-10.8B	-3.1B	147M
Free cash flow	7.9B	6.1B	6.8B	10.4B	13.4B	15.7B	13.4B	10.4B	6.3B	7.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.3B	2B	1.1B	1.8B	71M	1.6B	1.8B	1B	-4B	2.9B	3B	3B
Depreciation & amortization	1.1B	1.1B	1.1B	1.2B	1.2B	1.1B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B
Stock-based compensation	154M	127M	137M	133M	133M	137M	126M	136M	138M	135M	266M	176M
Change in working capital	-1.1B	-1.8B	468M	833M	-3.7B	-273M	1.1B	89M	-2.3B	-303M	-8M	1.5B
Operating cash flow	2.2B	1.2B	2.6B	3.8B	-2.9B	3B	4B	1.9B	796M	3.4B	4.2B	6.3B
Capital expenditure	-545M	-911M	-705M	-638M	-670M	-768M	-743M	—	—	—	—	—
Investing cash flow	-771M	-1.2B	-2.1B	-1.6B	-3.3B	-547M	-762M	-417M	-1.4B	-1.2B	-25M	-1.2B
Dividends paid	-779M	-779M	-840M	-858M	-837M	-838M	-840M	-866M	-846M	-845M	-847M	-878M
Share repurchases	3M	1M	-3B	3M	1M	0	0	0	0	0	—	—
Financing cash flow	-2.8B	-1B	-1.4B	1B	-1.7B	412M	-2.5B	759M	-2.4B	-3.4B	-2.4B	-2.8B
Net change in cash	-1.4B	-1B	-874M	3.2B	-7.9B	2.8B	718M	2.2B	-3B	-1.2B	1.8B	2.3B
Free cash flow	2.2B	-3.5B	4.2B	2.5B	-1.4B	1.1B	3.8B	1.3B	98M	2.6B	3.4B	5.7B

Date	Ratio
Jun 7, 2005	2:1
Jun 16, 1998	2:1
Mar 15, 1989	2:1
May 3, 1983	2:1

CVS Health Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history