Wednesday 14 October 2026 Export CVS’s income statement to Excel — free account

CVS Health Corporation

CVS Health Corporation’s revenue for fiscal 2025 (year ended December 2025) was $402.1 billion, up 7.85% from fiscal 2024. In the quarter to June 2026, revenue grew 7.26%, EPS grew 187.7%, free cash flow grew 338.3% and total debt fell 7.64%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for ten.

87.65 0.09 −0.10%

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Market cap: $112.2B
P/E: 22.9×
Fwd P/E: 15.4×
Dividend yield: 3.79%
F-score: 7/9
Altman Z: 2.26
Beneish M: −2.64
Dividend safety: 43/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Impairment Oct 29, 2025

All filings →

Insider Decisions trades per month

Total sells 323.70

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	2	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 112,220.00

Revenue 415,086.00

Net Income 4,885.00

Free Cash Flow 11,758.00

Net Debt 47,452.00

Current Ratio 0.87

Debt/Equity 0.77

P/E ratio 22.89

Fwd P/E 15.40

P/S ratio 0.27

P/B ratio 1.40

Past 5Y EPS Growth (23.94%)

This Y EPS Growth 18.85%

Next Y EPS Growth 6.17%

Next Y revenue growth 3.97%

Next 5Y EPS Growth 12.85%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 78.10%

10-year low 10-year high

P/S against its own 10 years 24.91%

10-year low 10-year high

P/B against its own 10 years 47.60%

10-year low 10-year high

EV/Sales against its own 10 years 16.94%

10-year low 10-year high

EV/FCF against its own 10 years 43.69%

10-year low 10-year high

Dividends

Payout Ratio 0.88

Annual Dividend Rate 3.33

Annual Dividend Yield 3.79%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.66	0.67 0.67 0.67 0.67
2025	2.66	0.67 0.67 0.67 0.67
2024	2.66	0.67 0.67 0.67 0.67
2023	2.42	0.61 0.61 0.61 0.61
2022	2.20	0.55 0.55 0.55 0.55
2021	2.00	0.50 0.50 0.50 0.50
2020	2.00	0.50 0.50 0.50 0.50
2019	2.00	0.50 0.50 0.50 0.50
2018	2.00	0.50 0.50 0.50 0.50
2017	2.00	0.50 0.50 0.50 0.50
2016	1.70	0.43 0.43 0.43 0.43

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	11,455	10,993	10,598	13,958
Receivables	35,227	36,469	39,779	40,309
Inventory	18,025	18,107	19,246	17,622
Other	3,151	3,076	5,091	3,457
	67,858	68,645	74,714	75,346

	2023	2024	2025	Q'26
Payables	14,897	15,892	17,641	17,167
ST’ Debt	2,972	5,743	4,068	1,958
Other	1,141	1,183	1,116	1,009
	79,189	84,609	88,692	87,041

Compound Annual Growth %

	10y	5y	3y
Sales	10.12%	8.39%	7.63%
Cash Flow	2.22%	(7.68%)	(13.04%)
Earnings	(10.29%)	(24.44%)	(25.70%)
Book Value	7.32%	1.58%	1.65%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	100,426	106,096	—	—	—
’25	94,588	98,915	102,871	105,693	402,067
’24	88,437	91,234	95,428	97,710	372,809
’23	85,278	88,921	89,764	93,813	357,776
’22	76,826	80,636	81,159	83,846	322,467
’21	69,097	72,616	73,794	76,604	292,111
’20	66,755	65,341	67,056	69,554	268,706

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	4,249	6,345	—	—	—
’25	4,556	1,897	796	3,390	10,639
’24	4,903	3,089	(745)	1,860	9,107
’23	7,438	5,908	2,716	(2,636)	13,426
’22	3,563	5,443	9,123	(1,952)	16,177
’21	2,892	5,847	5,521	4,005	18,265
’20	3,305	7,119	1,874	3,567	15,865

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,400	5,654	—	—	—
’25	3,813	1,290	98	2,606	7,807
’24	4,198	2,451	(1,415)	1,092	6,326
’23	6,454	5,317	2,171	(3,547)	10,395
’22	2,512	5,035	8,543	(2,640)	13,450
’21	2,063	5,361	4,913	3,408	15,745
’20	2,563	6,671	1,340	2,854	13,428

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.30	2.31	—	—	—
’25	1.41	0.80	(3.13)	2.30	1.39
’24	0.88	1.41	0.07	1.30	3.66
’23	1.65	1.48	1.75	1.58	6.47
’22	1.74	2.23	(2.60)	1.75	3.14
’21	1.68	2.10	1.20	0.98	5.95
’20	1.53	2.26	0.93	0.74	5.46

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	69.30	66.45	60.14	51.72	52.04	68.02	86.28	64.41	43.56	44.11	Analyst estimates 2026–2028 Powerpack
	High	106.67	84.72	83.88	77.03	76.44	104.56	111.25	93.41	83.25	85.15
People
People	Employees	250,000	246,000	295,000	290,000	300,000	300,000	300,000	300,000	300,000	300,000
	Revenue/emp, $m	0.71	0.75	0.66	0.89	0.90	0.97	1.07	1.19	1.24	1.34
Income, $m
Income, $m	Revenue	177,546	184,786	194,579	256,776	268,706	292,111	322,467	357,776	372,809	402,067
	Gross margin, %	17.47	16.96	19.60	38.19	38.97	39.82	38.94	39.32	44.67	44.99
	EBT	8,637	8,268	1,406	8,997	9,770	10,537	5,836	11,173	6,148	2,136
	EBT margin, %	4.86	4.47	0.72	3.50	3.64	3.61	1.81	3.12	1.65	0.53
	Net income	5,319	6,623	(596)	6,631	7,192	7,989	4,327	8,368	4,586	1,728
	Depreciation	2,475	2,660	8,867	4,371	4,441	4,917	4,224	4,366	4,597	10,331
Per share, $
Per share, $	Revenue	165.47	181.16	186.38	197.37	205.28	221.46	245.78	278.42	296.12	317.34
	Earnings	4.93	6.47	(0.57)	5.10	5.48	6.00	3.16	6.49	3.67	1.40
	Cash flow	9.45	7.85	8.49	9.88	12.12	13.85	12.33	10.45	7.23	8.40
	Capex	(2.07)	(1.88)	(1.95)	(1.89)	(1.86)	(1.91)	(2.08)	(2.36)	(2.21)	(2.24)
	Free cash flow	7.38	5.97	6.54	7.99	10.26	11.94	10.25	8.09	5.02	6.16
	Book value	34.33	36.96	56.08	49.32	53.25	57.15	54.70	59.64	60.15	59.50
	Shares, m	1,073	1,020	1,044	1,301	1,309	1,319	1,312	1,285	1,259	1,267
Valuation, ×
Valuation, ×	P/E	16.27	11.35	0.00	14.60	12.46	17.19	29.31	12.46	12.23	56.28
	P/S	0.49	0.41	0.35	0.38	0.33	0.47	0.38	0.29	0.15	0.25
	P/B	2.34	1.99	1.17	1.51	1.28	1.81	1.70	1.36	0.75	1.33
	EV/Sales	0.62	0.54	0.70	0.61	0.53	0.62	0.49	0.43	0.30	0.38
	EV/FCF	13.93	16.45	19.81	15.12	10.66	11.41	11.78	14.82	17.67	19.79
Cash, $m
Cash, $m	Operating cash flow	10,141	8,007	8,865	12,848	15,865	18,265	16,177	13,426	9,107	10,639
	Capex	(2,224)	(1,918)	(2,037)	(2,457)	(2,437)	(2,520)	(2,727)	(3,031)	(2,781)	(2,832)
	Free cash flow	7,917	6,089	6,828	10,391	13,428	15,745	13,450	10,395	6,326	7,807
Balance, $m
Balance, $m	Working capital	4,792	581	1,234	(3,001)	(5,648)	(7,799)	(3,788)	(11,331)	(15,964)	(13,978)
	Total debt	27,531	27,002	73,429	68,480	64,647	56,176	52,254	61,610	66,270	64,570
	Net debt	24,073	25,195	66,848	60,424	53,793	43,651	36,531	50,155	55,277	53,972
	Shareholders’ equity	36,834	37,695	58,543	64,170	69,701	75,381	71,769	76,636	75,730	75,382
Returns, %
Returns, %	ROA	5.69	6.99	(0.41)	3.17	3.17	3.45	1.87	3.49	1.83	0.70
	ROIC	10.66	9.48	2.00	6.01	7.04	6.99	4.59	6.77	4.06	2.25
	ROE	14.36	17.77	(1.23)	10.81	10.73	11.03	5.86	11.24	6.06	2.34

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
UNH UnitedHealth Group Incorporated	$339.8B	24.3×	23.3×	+0.37% (above 0%: growing)	+61.50% (above 0%: growing)	+62.69% (above 0%: growing)	20.80%	7.13%	Compare
CVS CVS Health Corporation	$112.2B	22.9×	15.4×	+7.26% (above 0%: growing)	+187.65% (above 0%: growing)	+338.29% (above 0%: growing)	44.52%	4.43%
ELV Elevance Health, Inc.	$91.5B	18.8×	20.3×	+1.40% (above 0%: growing)	−13.08% (below 0%: shrinking)	−9.01% (below 0%: shrinking)	15.77%	4.56%	Compare
CI Cigna Group	$74.9B	11.7×	11.4×	+6.68% (above 0%: growing)	+10.16% (above 0%: growing)	+66.93% (above 0%: growing)	88.24%	3.73%	Compare
HUM Humana Inc.	$52.1B	39.5×	42.9×	+26.18% (above 0%: growing)	+27.88% (above 0%: growing)	+58.51% (above 0%: growing)	13.45%	3.33%	Compare
CNC Centene Corporation	$33.1B	— (loss-making)	24.8×	+9.92% (above 0%: growing)	n/m	+116.61% (above 0%: growing)	8.59%	2.24%	Compare
MOH Molina Healthcare, Inc	$10.7B	— (loss-making)	55.0×	−4.84% (below 0%: shrinking)	−74.95% (below 0%: shrinking)	+5.81% (above 0%: growing)	13.19%	1.33%	Compare
OSCR Oscar Health, Inc.	$10.5B	19.8×	29.7×	+70.40% (above 0%: growing)	n/m	+316.29% (above 0%: growing)	22.25%	7.96%	Compare
CLOV Clover Health Investments, Corp.	$2.5B	— (loss-making)	292×	+55.60% (above 0%: growing)	n/m	+406.43% (above 0%: growing)	20.59%	3.77%	Compare
Median of peers	$42.6B	19.8×	27.3×	+8.30%	+10.16%	+64.81%	18.18%	3.75%

All 12 Healthcare Plans stocks →

CVS Health Corporation (CVS) key facts

Concern: Net income was $1.7 billion, or $1.40 per share (basic), a net margin of 0.44%.
Strength: CVS Health Corporation’s revenue for fiscal 2025 (year ended December 2025) was $402.1 billion, up 7.85% from fiscal 2024.
CVS Health Corporation (CVS) is a Healthcare Plans company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 13, 2026, CVS traded at $87.65, a market capitalization of $112.2 billion.
At that price the stock trades at 22.9× trailing-twelve-month earnings and 0.3× sales; its P/E is higher than 78% of its own readings over the past ten years.
CVS Health Corporation pays an annual dividend of $3.33 per share, a yield of 3.79%, with a payout ratio of 88.0%.
Return on equity was 2.34% and debt-to-equity 0.77.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.26 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

CVS Health reported $402.1 billion of revenue in FY2025, while net income was $1.7 billion and diluted EPS was $1.39 in FY2025. Revenue growth was 7.85% in FY2025 against FY2024, whereas diluted EPS growth was −62.0% over the same period. Operating margin was 1.16% in FY2025.

In Q2 FY2026, revenue was $106.1 billion, operating income was $4.7 billion and diluted EPS was $2.31. Free cash flow reached $5.7 billion in Q2 FY2026, while net debt was $47.5 billion at Q2 FY2026. Management attributed year-over-year operating-income improvement partly to operating performance and the absence of prior-year charges.

Read the full analysis →