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CVS

CVS Health Corporation

CVS

CVS Health Corporation • NYSE
$80.36 ▲ 0.63% (+0.50)
Market Cap $102.01 B
52w High $85.15
52w Low $43.56
Dividend Yield 2.66%
P/E 211.47
Volume 2.29M
Outstanding Shares 1.27B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $102.871B ▲ $17.013B ▲ $-3.975B ▼ -3.864% ▼ $-3.13 ▼ $-1.564B ▼
Q2-2025 $98.915B ▲ $11.212B ▲ $1.021B ▼ 1.032% ▼ $0.81 ▼ $3.581B ▼
Q1-2025 $94.588B ▼ $11.022B ▲ $1.779B ▲ 1.881% ▲ $1.41 ▲ $4.556B ▲
Q4-2024 $97.71B ▲ $10.531B ▼ $1.644B ▲ 1.683% ▲ $1.31 ▲ $4.027B ▲
Q3-2024 $95.428B $11.726B $87M 0.091% $0.069 $2.018B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.289B ▼ $255.327B ▼ $182.217B ▲ $72.928B ▼
Q2-2025 $14.216B ▲ $258.343B ▲ $180.792B ▲ $77.379B ▲
Q1-2025 $12.654B ▲ $255.585B ▲ $178.475B ▲ $76.929B ▲
Q4-2024 $10.993B ▲ $253.215B ▲ $177.485B ▲ $75.56B ▲
Q3-2024 $9.68B $252.427B $177.321B $74.944B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.8B ▼ $796M ▼ $-2.087B ▼ $-1.382B ▼ $-2.673B ▼ $98M ▼
Q2-2025 $1.021B ▼ $1.897B ▼ $-1.024B ▼ $806M ▲ $1.679B ▲ $1.29B ▼
Q1-2025 $1.779B ▲ $4.556B ▲ $-762M ▼ $-2.332B ▼ $1.462B ▼ $3.813B ▲
Q4-2024 $1.623B ▲ $1.86B ▲ $-547M ▲ $431M ▲ $1.744B ▲ $1.092B ▲
Q3-2024 $71M $-745M $-3.347B $-1.588B $-5.68B $-1.415B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Front Store Revenue
Front Store Revenue
 $5.67Bn ▲$5.24Bn ▼$5.37Bn ▲$5.19Bn ▼
Pharmacy Revenue
Pharmacy Revenue
 $56.24Bn ▲$52.51Bn ▼$55.35Bn ▲$59.55Bn ▲
Premiums
Premiums
 $30.91Bn ▲$32.82Bn ▲$34.20Bn ▲$33.72Bn ▼
Product and Service Other
Product and Service Other
 $4.13Bn ▲$3.50Bn ▼$3.52Bn ▲$1.02Bn ▼
Corporate And Other Segment
Corporate And Other Segment
 $0 ▲$0 ▲$100.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement CVS has grown into a very large healthcare business, with revenue rising steadily over the past five years. However, profit quality has been uneven. Gross profit has not kept pace with sales, which means margins have been under pressure as lower‑margin lines (like insurance and pharmacy benefits) grow faster than higher‑margin retail. Operating profit and net income have been quite volatile: strong results in 2020 and 2021, a clear dip in 2022, a big rebound in 2023, and then a sharp step down in 2024 despite record revenue. This points to rising costs, reimbursement pressure, and likely integration and restructuring expenses weighing on earnings. Overall, CVS looks like a scale and revenue story that is still working to stabilize profitability and restore more consistent margin performance.

Balance Sheet

Balance Sheet The balance sheet shows a very large asset base built through years of acquisitions and integration. Total assets have crept up, and shareholder equity has gradually grown, which is a positive sign of value building over time. At the same time, CVS carries a substantial amount of debt. The debt load has come down from its peak earlier in the decade but remains high enough to matter, especially in a higher interest‑rate world. Cash on hand is modest relative to the size of the business, suggesting the company relies more on ongoing cash generation than on large cash reserves. In short, CVS has the scale and asset base of a major healthcare platform, but it also has a meaningful leverage burden that requires continued disciplined execution and solid cash flows.

Cash Flow

Cash Flow Cash flow is one of CVS’s key strengths, though the trend is not all in one direction. Over the last several years, the company has generated strong cash from operations, comfortably above the level needed to fund its capital spending. Free cash flow has been consistently positive and sizable, which supports debt service, dividends, and strategic investments. However, operating and free cash flow have trended down from their peaks earlier in the period to noticeably lower levels in the most recent year. Capital spending has stayed relatively stable, so the decline is driven mainly by weaker cash earnings and working‑capital dynamics, not by a big investment spike. Net result: CVS still throws off meaningful cash, but the cushion has narrowed, making future cash‑flow stability an important area to watch given the company’s debt and ongoing transformation efforts.

Competitive Edge

Competitive Edge CVS holds a powerful position in U.S. healthcare by combining three major pieces: a large health insurer (Aetna), a leading pharmacy benefit manager (Caremark), and a vast retail and clinic footprint. This vertical integration lets CVS touch the patient journey from insurance coverage, to care delivery, to prescriptions and ongoing condition management. Its strengths include national scale, a brand that is familiar to most consumers, physical locations close to many Americans, and deep relationships with employers, health plans, and government programs. The integration of medical and pharmacy data can create cost advantages and better care coordination that are difficult for smaller players to match. On the other hand, CVS operates in intensely competitive arenas. It faces large, sophisticated rivals in insurance, pharmacy benefits, and retail health, along with new digital and home‑health entrants. Regulatory scrutiny around drug pricing, insurance practices, and vertical integration also remains a persistent risk. Overall, CVS has a strong and differentiated platform, but it is competing on multiple fronts at once, which adds complexity and execution risk.

Innovation and R&D

Innovation and R&D Innovation at CVS is less about traditional lab research and more about reshaping how care is delivered using technology, data, and integrated services. Key initiatives include a more intelligent mobile app with AI‑driven reminders and guidance, a growing virtual care platform for primary care and mental health, and heavy use of data analytics to personalize care and control costs. HealthHUBs and MinuteClinics extend CVS beyond a simple pharmacy into a neighborhood health destination, offering preventive services, chronic disease support, and wellness programs. Recent moves into in‑home care and primary care—through Signify Health and Oak Street Health—push CVS deeper into managing overall patient health, particularly for seniors. Together, these efforts aim to create a connected ecosystem where digital tools, clinics, home visits, and insurance benefits all work together. The opportunity is large, but success depends on flawless integration, user adoption, and demonstrated improvement in outcomes and costs.

Summary

CVS today is a diversified healthcare platform rather than just a drugstore chain. Revenue has grown strongly as the company added insurance, pharmacy benefits, clinics, and home‑health capabilities, but profitability has become bumpier, with the most recent year showing margin strain and weaker earnings. The balance sheet reflects both the upside and the cost of that transformation: a massive, integrated asset base paired with a sizeable debt load. Cash generation remains a relative bright spot, though cash flows have softened from earlier highs and now need to support both leverage and continued investment. Strategically, CVS’s integrated model, broad physical presence, and digital and data capabilities give it meaningful advantages in managing care and costs. Its push into virtual care, home health, and primary care positions it well for an aging population and a shift toward value‑based care. At the same time, competitive intensity, regulatory risk, and the complexity of integrating many moving parts create real execution challenges. Overall, CVS looks like a mature, system‑critical healthcare player in the middle of a long transition: trading some margin stability for greater scale, integration, and long‑term positioning across the full spectrum of U.S. healthcare.

NEWS

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