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CVS Health Corporation provides health solutions in the United States. The company operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPS and Medicaid health care management services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. The Health Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, specialty and mail order pharmacy, clinical, disease management, medical spend management services, pharmacy and other administrative services. It serves employers, insurance companies, unions, government employee groups, health plans, PDPS, Medicaid managed care plans, CMS, plans offered on public health insurance, and other sponsors of health benefit plans. The Pharmacy & Consumer Wellness segment sells prescription and over-the-counter drugs, consumer health and beauty products, personal care products, and other general merchandise products. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. It operates online retail pharmacy websites, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was founded in 1963 and is headquartered in Woonsocket, Rhode Island.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $402.1B | $9.9B | $1.8B | $7.8B | 2.4% | 7.8% | -61.7% |
| 2024 | $372.8B | $13.7B | $4.6B | $6.3B | 6.1% | 4.2% | -44.7% |
| 2023 | $357.8B | $18.2B | $8.3B | $10.4B | 10.9% | 10.9% | 93.6% |
| 2022 | $322.5B | $12.3B | $4.3B | $13.4B | 6.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 322,467 | 357,776 | 372,809 | 402,067 |
| Operating Revenue | - | 322,467 | 357,776 | 372,809 | 402,067 |
| Cost Of Revenue | - | 267,965 | 303,345 | 321,408 | 346,705 |
| Gross Profit | - | 54,502 | 54,431 | 51,401 | 55,362 |
| Operating Expense | - | 38,212 | 39,832 | 41,706 | 44,977 |
| Total Expenses | - | 306,177 | 343,177 | 363,114 | 391,682 |
| Operating Income | - | 16,290 | 14,599 | 9,695 | 10,385 |
| Total Operating Income As Reported | - | 7,954 | 13,743 | 8,516 | 4,660 |
| EBITDA | - | 12,347 | 18,197 | 13,703 | 9,861 |
| Normalized EBITDA | - | 20,683 | 19,053 | 14,391 | 15,103 |
| EBIT | - | 8,123 | 13,831 | 9,106 | 5,255 |
| Interest Expense | - | 2,287 | 2,658 | 2,958 | 3,119 |
| Net Interest Income | - | -2,287 | -2,658 | -2,958 | -3,119 |
| Other Non Operating Income Expenses | - | 169 | 88 | 99 | 112 |
| Other Income Expense | - | -8,167 | -768 | -589 | -5,130 |
| Interest Expense Non Operating | - | 2,287 | 2,658 | 2,958 | 3,119 |
| Net Non Operating Interest Income Expense | - | -2,287 | -2,658 | -2,958 | -3,119 |
| Pretax Income | - | 5,836 | 11,173 | 6,148 | 2,136 |
| Tax Provision | - | 1,509 | 2,805 | 1,562 | 408 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2,159.02 | -214.86 | -174.75 | -1,001.22 |
| Net Income Continuous Operations | - | 4,327 | 8,368 | 4,586 | 1,728 |
| Net Income From Continuing And Discontinued Operation | - | 4,311 | 8,344 | 4,614 | 1,768 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,311 | 8,344 | 4,614 | 1,768 |
| Net Income | - | 4,311 | 8,344 | 4,614 | 1,768 |
| Net Income Common Stockholders | - | 4,311 | 8,344 | 4,614 | 1,768 |
| Net Income Including Noncontrolling Interests | - | 4,327 | 8,368 | 4,586 | 1,728 |
| Normalized Income | - | 10,487.98 | 8,985.14 | 5,127.25 | 6,008.78 |
| Diluted NI Availto Com Stockholders | - | 4,311 | 8,344 | 4,614 | 1,768 |
| Basic Average Shares | - | 1,312 | 1,285 | 1,259 | 1,267 |
| Diluted Average Shares | - | 1,323 | 1,290 | 1,262 | 1,271 |
| Reconciled Depreciation | - | 4,224 | 4,366 | 4,597 | 4,606 |
| Reconciled Cost Of Revenue | - | 267,965 | 303,345 | 321,408 | 346,705 |
| Total Unusual Items | - | -8,336 | -856 | -688 | -5,242 |
| Total Unusual Items Excluding Goodwill | - | -8,336 | -856 | -688 | -5,242 |
| Minority Interests | - | -16 | -24 | 28 | 40 |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Special Income Charges | - | -8,336 | -856 | -688 | -5,242 |
| Gain On Sale Of Business | - | - | 0 | 0 | 483 |
| Other Special Charges | 452 | 5,803 | - | -491 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 0 | 5,725 |
| Restructuring And Mergern Acquisition | - | 0 | 507 | 1,179 | 0 |
| Gain On Sale Of Ppe | - | -2,533 | -349 | 0 | 0 |
| Other Operating Expenses | - | 38,212 | 39,832 | 41,706 | 44,977 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CVS Health Corporationthis co. | CVS | $121.0B | 68.43↑ premium | 1.61 | 2.4% | 19.52 |
| Intuitive Surgical, Inc. | ISRG | $148.3B | 51.94 | 8.32 | 16.0% | 39.33 |
| Pfizer Inc. | PFE | $146.4B | 18.84 | 1.69 | 9.0% | 12.47 |
| Danaher Corporation | DHR | $132.1B | 36.55 | 2.51 | 6.9% | 21.19 |
| Bristol-Myers Squibb Company | BMY | $115.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| 16.39 |
| 6.26 |
| 38.2% |
| 10.01 |
| Stryker Corporation | SYK | $115.5B | 35.57 | 5.15 | 14.5% | 20.16 |
| Vertex Pharmaceuticals Incorporated | VRTX | $112.1B | 28.36 | 6.01 | 21.2% | 22.41 |
| Medtronic plc | MDT | $105.2B | 22.56 | 2.19 | 9.7% | 14.26 |
| McKesson Corporation | MCK | $91.0B | 19.11 | -41.89 | -219.2% | 13.32 |
| Peer Median | - | 25.46 | 3.83 | 12.1% | 17.21 | |