CVS Health combines Aetna health insurance, Caremark pharmacy benefit management, retail and specialty pharmacy, and care delivery through businesses including Oak Street Health and Signify Health.
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A snapshot of what CVS HEALTH Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000064803-24-000007 | Feb 7, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000064803-25-000007 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000064803-26-000010 | Feb 10, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
CVS's insurance recovery is improving earnings, but its scale does not guarantee strong margins. In 2025, revenue reached $402.067 billion while GAAP operating income fell to $4.660 billion, principally reflecting care-delivery impairment and litigation charges. Non-GAAP adjusted operating income recovered, although it remained below 2023. First-half 2026 results showed further insurance improvement and lower debt, but comparisons benefited from absent prior-year litigation and premium-deficiency charges. In its 2025 annual report filed February 10, 2026 and its June 2026 quarterly report filed August 5, 2026, CVS attributed the respective year-over-year operating-cash-flow increases primarily to payment-and-receipt timing and improved Health Care Benefits operating performance. Separately, cash income taxes paid in the six months ended June 30, 2026 were $37 million versus $863 million in the comparable 2025 period; the decline alone does not establish refunds, deferrals, settlements or a specific tax-payment timing mechanism, and the selected disclosures do not establish settlement-specific cash-flow causality. Pharmacy revenue remains sensitive to drug prices and mix, while client concessions and reimbursement pressure constrain retained earnings. The latest supplied outlook, issued August 5, 2026, was raised but remains conditional. Omnicare and FTC developments are described at their disclosed dates; subsequent effectiveness, payments and final implementation are not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
CVS earns insurance premiums, pharmacy revenue and service fees, but these businesses have different economics. Aetna assumes medical-cost risk for insured customers; administrative-services customers generally retain that risk themselves. Caremark manages formularies, pharmacy networks and pharmaceutical purchasing, while CVS pharmacies dispense prescriptions and sell consumer merchandise. Oak Street receives capitated payments and assumes responsibility for broader patient medical costs, including care delivered elsewhere. Signify provides in-home evaluations. These activities connect distribution and care, but also concentrate exposure to medical utilization, reimbursement and government policy.
At June 30, 2026, CVS reported approximately 9,000 retail locations and 87 million PBM members. Its customer populations overlap. PBM revenue generally includes the full prescription value when CVS acts as principal, rather than only its retained fee or spread. Internal transactions are eliminated from consolidated revenue, and PBM claims cannot be added to retail prescriptions as independent demand.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The 2025 annual report, filed February 10, 2026, showed revenue of $402.067 billion, GAAP operating income of $4.660 billion and parent-attributable net income of $1.768 billion. A $5.725 billion care-delivery goodwill impairment and $1.220 billion of legacy litigation charges depressed operating results. Non-GAAP adjusted operating income instead recovered to $14.443 billion from $11.976 billion, but remained below 2023's $17.534 billion. Its exclusions do not erase economic losses or payment obligations.
Insurance adjusted operating income recovered to $2.939 billion from just $307 million in 2024. CVS attributed the recovery to Government-business performance and favorable prior-year claims development. Meanwhile, Health Services revenue grew despite fewer PBM claims, reflecting drug mix and brand inflation; adjusted profit declined as client concessions and care-delivery costs outweighed offsets. Retail pharmacy increased prescriptions and adjusted profit, helped by acquired Rite Aid files, but its adjusted margin narrowed. Growth was therefore neither uniformly volume-led nor uniformly profitable.
Sources: 10-K · 2025-12-31
Operating cash flow was $10.639 billion in 2025, versus $9.107 billion in 2024 and $13.426 billion in 2023. CVS cited payment timing and improved insurance performance. The noncash impairment explains part of the large difference between cash flow and profit. CVS spent $2.832 billion on property and equipment and $3.397 billion on dividends, with no share repurchases. Debt carrying value declined to $64.570 billion, although interest expense increased.
By June 30, 2026, debt carrying value had fallen to $61.410 billion and cash and equivalents had risen to $11.329 billion. Only approximately $2.7 billion of that cash was held by the parent or nonrestricted subsidiaries. Insurance capital and dividend restrictions limit transfers. Three undrawn $2.5 billion revolvers provide borrowing capacity, not cash. CVS reported covenant compliance at June 30; that disclosure does not establish numerical headroom or unconditional availability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The June 2026 quarterly report, filed August 5, reported first-half revenue of $206.522 billion, GAAP operating income of $9.383 billion and parent-attributable income of $5.922 billion. Adjusted operating income increased to $10.307 billion from $8.387 billion. Insurance supplied most of the improvement. However, the comparison benefited from absent 2025 litigation, Accountable Care exit losses and insurance premium-deficiency charges. Higher diluted shares restrained, rather than generated, EPS growth.
On August 5, CVS raised 2026 guidance to GAAP EPS of $6.84–$7.04, adjusted EPS of $7.90–$8.10, operating cash flow of at least $11.5 billion and revenue of at least $414.0 billion. These are forecasts, not annual results. Elevated medical utilization, PBM concessions, reimbursement pressure and conditional legal resolutions remain material constraints. First-half earnings and cash flow should not simply be doubled.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
USD 402.067 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 402.067 bn | 7.8% |
| 2024 | USD 372.809 bn | 4.2% |
| 2023 | USD 357.776 bn | — |
Consolidated product, premium, service and net investment revenue after intersegment eliminations.
Sources: 10-K · 2025-12-31
USD 1.768 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.768 bn | -61.7% |
| 2024 | USD 4.614 bn | -44.7% |
| 2023 | USD 8.344 bn | — |
Consolidated net income attributable to CVS Health shareholders, after noncontrolling-interest attribution.
Sources: 10-K · 2025-12-31
USD 10.639 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 10.639 bn | 16.8% |
| 2024 | USD 9.107 bn | -32.2% |
| 2023 | USD 13.426 bn | — |
GAAP consolidated operating cash flow, including working-capital movements.
Sources: 10-K · 2025-12-31
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