C

CVS HEALTH Corp

CVS · CIK 0000064803

19 fiscal years · 70 SEC filings · every number carries its receipt

Revenue (FY)
$402.07B7.8%
FY2025
Net income (FY)
$1.77B61.7%
FY2025
Free cash flow (FY)
$7.81B23.4%
FY2025
Diluted EPS (FY)
$1.3962.0%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$200B$400BFY2007 · Revenue $76.33B · Net income $2.64B · 0001193125-10-043086 · filed 2010-02-26FY07Revenue $76.33BNet income $2.64B0001193125-10-043086 · filed 2010-02-26FY2008 · Revenue $87.47B · Net income $3.20B · 0001193125-11-040351 · filed 2011-02-18FY08Revenue $87.47BNet income $3.20B0001193125-11-040351 · filed 2011-02-18FY2009 · Revenue $98.22B · Net income $3.70B · 0001104659-12-010850 · filed 2012-02-17 · 0001193125-11-040351 · filed 2011-02-18FY09Revenue $98.22BNet income $3.70B0001104659-12-010850 · filed 2012-02-17 · 0001193125-11-040351 · filed 2011-02-18FY2010 · Revenue $95.78B · Net income $3.43B · 0001104659-13-011354 · filed 2013-02-15 · 0001193125-11-040351 · filed 2011-02-18FY10Revenue $95.78BNet income $3.43B0001104659-13-011354 · filed 2013-02-15 · 0001193125-11-040351 · filed 2011-02-18FY2011 · Revenue $107.08B · 0000064803-14-000008 · filed 2014-02-11FY11Revenue $107.08B0000064803-14-000008 · filed 2014-02-11FY2012 · Revenue $123.12B · 0000064803-15-000008 · filed 2015-02-10FY12Revenue $123.12B0000064803-15-000008 · filed 2015-02-10FY2013 · Revenue $126.76B · 0000064803-16-000074 · filed 2016-02-09FY13Revenue $126.76B0000064803-16-000074 · filed 2016-02-09FY2014 · Revenue $139.37B · Net income $4.64B · 0000064803-17-000006 · filed 2017-02-09FY14Revenue $139.37BNet income $4.64B0000064803-17-000006 · filed 2017-02-09FY2015 · Revenue $153.29B · Net income $5.24B · 0001558370-18-000707 · filed 2018-02-14FY15Revenue $153.29BNet income $5.24B0001558370-18-000707 · filed 2018-02-14FY2016 · Revenue $177.53B · Net income $5.32B · 0000064803-19-000013 · filed 2019-02-28FY16Revenue $177.53BNet income $5.32B0000064803-19-000013 · filed 2019-02-28FY2017 · Revenue $184.76B · Net income $6.62B · 0000064803-19-000013 · filed 2019-02-28 · 0000064803-20-000007 · filed 2020-02-18FY17Revenue $184.76BNet income $6.62B0000064803-19-000013 · filed 2019-02-28 · 0000064803-20-000007 · filed 2020-02-18FY2018 · Revenue $193.92B · Net income −$594.0M · 0000064803-19-000013 · filed 2019-02-28 · 0000064803-21-000011 · filed 2021-02-16FY18Revenue $193.92BNet income −$594.0M0000064803-19-000013 · filed 2019-02-28 · 0000064803-21-000011 · filed 2021-02-16FY2019 · Revenue $256.78B · Net income $6.63B · 0000064803-22-000008 · filed 2022-02-09FY19Revenue $256.78BNet income $6.63B0000064803-22-000008 · filed 2022-02-09FY2020 · Revenue $268.71B · Net income $7.18B · 0000064803-23-000009 · filed 2023-02-08FY20Revenue $268.71BNet income $7.18B0000064803-23-000009 · filed 2023-02-08FY2021 · Revenue $292.11B · Net income $8.00B · 0000064803-24-000007 · filed 2024-02-07FY21Revenue $292.11BNet income $8.00B0000064803-24-000007 · filed 2024-02-07FY2022 · Revenue $322.47B · Net income $4.31B · 0000064803-25-000007 · filed 2025-02-12FY22Revenue $322.47BNet income $4.31B0000064803-25-000007 · filed 2025-02-12FY2023 · Revenue $357.78B · Net income $8.34B · 0000064803-26-000010 · filed 2026-02-10FY23Revenue $357.78BNet income $8.34B0000064803-26-000010 · filed 2026-02-10FY2024 · Revenue $372.81B · Net income $4.61B · 0000064803-26-000010 · filed 2026-02-10FY24Revenue $372.81BNet income $4.61B0000064803-26-000010 · filed 2026-02-10FY2025 · Revenue $402.07B · Net income $1.77B · 0000064803-26-000010 · filed 2026-02-10FY25Revenue $402.07BNet income $1.77B0000064803-26-000010 · filed 2026-02-10FY25Revenue $402.07BNet income $1.77B0000064803-26-000010 · filed 2026-02-10FY07FY10FY13FY16FY19FY22FY25

revenue 5.3× since FY2007 · net margin 3.5% → 0.4%

MarginsNet marginFCF margin
0%2%4%FY2007 · Net margin 3.5% · FCF margin 1.9%FY07Net margin 3.5%FCF margin 1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 3.7% · FCF margin 2.0%FY08Net margin 3.7%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 3.8% · FCF margin 1.5%FY09Net margin 3.8%FCF margin 1.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 3.6% · FCF margin 2.9%FY10Net margin 3.6%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · FCF margin 3.7%FY11FCF margin 3.7%derived: (ocf − capex) ÷ revenueFY2012 · FCF margin 3.8%FY12FCF margin 3.8%derived: (ocf − capex) ÷ revenueFY2013 · FCF margin 3.0%FY13FCF margin 3.0%derived: (ocf − capex) ÷ revenueFY2014 · Net margin 3.3% · FCF margin 4.3%FY14Net margin 3.3%FCF margin 4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.4% · FCF margin 4.0%FY15Net margin 3.4%FCF margin 4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.0% · FCF margin 4.5%FY16Net margin 3.0%FCF margin 4.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 3.6% · FCF margin 3.3%FY17Net margin 3.6%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin -0.3% · FCF margin 3.5%FY18Net margin -0.3%FCF margin 3.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 2.6% · FCF margin 4.0%FY19Net margin 2.6%FCF margin 4.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 2.7% · FCF margin 5.0%FY20Net margin 2.7%FCF margin 5.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 2.7% · FCF margin 5.4%FY21Net margin 2.7%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 1.3% · FCF margin 4.2%FY22Net margin 1.3%FCF margin 4.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 2.3% · FCF margin 2.9%FY23Net margin 2.3%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 1.2% · FCF margin 1.7%FY24Net margin 1.2%FCF margin 1.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 0.4% · FCF margin 1.9%FY25Net margin 0.4%FCF margin 1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 0.4%FCF margin 1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 0.4% · free cash flow 1.9% of revenue

Cash engineOperating cash flowFree cash flow
$0$5B$10B$15BFY2007 · OCF $3.23B · FCF $1.43B · 0001193125-10-043086 · filed 2010-02-26FY07OCF $3.23BFCF $1.43B0001193125-10-043086 · filed 2010-02-26FY2008 · OCF $3.95B · FCF $1.77B · 0001193125-11-040351 · filed 2011-02-18FY08OCF $3.95BFCF $1.77B0001193125-11-040351 · filed 2011-02-18FY2009 · OCF $4.04B · FCF $1.49B · 0001104659-12-010850 · filed 2012-02-17FY09OCF $4.04BFCF $1.49B0001104659-12-010850 · filed 2012-02-17FY2010 · OCF $4.78B · FCF $2.77B · 0001104659-13-011354 · filed 2013-02-15FY10OCF $4.78BFCF $2.77B0001104659-13-011354 · filed 2013-02-15FY2011 · OCF $5.86B · FCF $3.98B · 0000064803-14-000008 · filed 2014-02-11FY11OCF $5.86BFCF $3.98B0000064803-14-000008 · filed 2014-02-11FY2012 · OCF $6.67B · FCF $4.64B · 0000064803-15-000008 · filed 2015-02-10FY12OCF $6.67BFCF $4.64B0000064803-15-000008 · filed 2015-02-10FY2013 · OCF $5.78B · FCF $3.80B · 0000064803-16-000074 · filed 2016-02-09FY13OCF $5.78BFCF $3.80B0000064803-16-000074 · filed 2016-02-09FY2014 · OCF $8.14B · FCF $6.00B · 0000064803-17-000006 · filed 2017-02-09FY14OCF $8.14BFCF $6.00B0000064803-17-000006 · filed 2017-02-09FY2015 · OCF $8.54B · FCF $6.17B · 0001558370-18-000707 · filed 2018-02-14FY15OCF $8.54BFCF $6.17B0001558370-18-000707 · filed 2018-02-14FY2016 · OCF $10.14B · FCF $7.92B · 0000064803-19-000013 · filed 2019-02-28FY16OCF $10.14BFCF $7.92B0000064803-19-000013 · filed 2019-02-28FY2017 · OCF $8.01B · FCF $6.09B · 0000064803-20-000007 · filed 2020-02-18FY17OCF $8.01BFCF $6.09B0000064803-20-000007 · filed 2020-02-18FY2018 · OCF $8.87B · FCF $6.83B · 0000064803-21-000011 · filed 2021-02-16FY18OCF $8.87BFCF $6.83B0000064803-21-000011 · filed 2021-02-16FY2019 · OCF $12.85B · FCF $10.39B · 0000064803-22-000008 · filed 2022-02-09FY19OCF $12.85BFCF $10.39B0000064803-22-000008 · filed 2022-02-09FY2020 · OCF $15.87B · FCF $13.43B · 0000064803-23-000009 · filed 2023-02-08FY20OCF $15.87BFCF $13.43B0000064803-23-000009 · filed 2023-02-08FY2021 · OCF $18.27B · FCF $15.74B · 0000064803-24-000007 · filed 2024-02-07FY21OCF $18.27BFCF $15.74B0000064803-24-000007 · filed 2024-02-07FY2022 · OCF $16.18B · FCF $13.45B · 0000064803-25-000007 · filed 2025-02-12FY22OCF $16.18BFCF $13.45B0000064803-25-000007 · filed 2025-02-12FY2023 · OCF $13.43B · FCF $10.39B · 0000064803-26-000010 · filed 2026-02-10FY23OCF $13.43BFCF $10.39B0000064803-26-000010 · filed 2026-02-10FY2024 · OCF $9.11B · FCF $6.33B · 0000064803-26-000010 · filed 2026-02-10FY24OCF $9.11BFCF $6.33B0000064803-26-000010 · filed 2026-02-10FY2025 · OCF $10.64B · FCF $7.81B · 0000064803-26-000010 · filed 2026-02-10FY25OCF $10.64BFCF $7.81B0000064803-26-000010 · filed 2026-02-10FY25OCF $10.64BFCF $7.81B0000064803-26-000010 · filed 2026-02-10’09’13’17’21’25

FY2025: $10.64B operating cash − $2.83B capex = $7.81B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%FY2008 · ROE 9.2% · ROA 5.2%FY08ROE 9.2%ROA 5.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 10.3% · ROA 6.0%FY09ROE 10.3%ROA 6.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 9.1% · ROA 5.5%FY10ROE 9.1%ROA 5.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 12.2% · ROA 6.3%FY14ROE 12.2%ROA 6.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 14.1% · ROA 5.7%FY15ROE 14.1%ROA 5.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 14.4% · ROA 5.6%FY16ROE 14.4%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 17.6% · ROA 7.0%FY17ROE 17.6%ROA 7.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE -1.0% · ROA -0.3%FY18ROE -1.0%ROA -0.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 10.4% · ROA 3.0%FY19ROE 10.4%ROA 3.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 10.3% · ROA 3.1%FY20ROE 10.3%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 10.7% · ROA 3.4%FY21ROE 10.7%ROA 3.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 6.0% · ROA 1.9%FY22ROE 6.0%ROA 1.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 10.9% · ROA 3.3%FY23ROE 10.9%ROA 3.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 6.1% · ROA 1.8%FY24ROE 6.1%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 2.4% · ROA 0.7%FY25ROE 2.4%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 2.4%ROA 0.7%derived: net income ÷ equity · derived: net income ÷ assets’10’16’19’22’25

return on equity 9% (FY2008) → 2% (FY2025) · on assets 0.7%

Balance sheetLiabilitiesEquity
$0$100B$200BFY2017 · Liabilities $57.44B · Equity $37.69BFY17Liabilities $57.44BEquity $37.69B0000064803-19-000013 · filed 2019-02-28FY2018 · Liabilities $157.95B · Equity $58.40BFY18Liabilities $157.95BEquity $58.40B0000064803-20-000007 · filed 2020-02-18FY2019 · Liabilities $158.28B · Equity $63.86BFY19Liabilities $158.28BEquity $63.86B0000064803-21-000011 · filed 2021-02-16FY2020 · Liabilities $161.01B · Equity $69.39BFY20Liabilities $161.01BEquity $69.39B0000064803-22-000008 · filed 2022-02-09FY2021 · Liabilities $157.62B · Equity $75.08BFY21Liabilities $157.62BEquity $75.08B0000064803-23-000009 · filed 2023-02-08FY2022 · Liabilities $156.51B · Equity $71.47BFY22Liabilities $156.51BEquity $71.47B0000064803-24-000007 · filed 2024-02-07FY2023 · Liabilities $173.09B · Equity $76.46BFY23Liabilities $173.09BEquity $76.46B0000064803-25-000007 · filed 2025-02-12FY2024 · Liabilities $177.49B · Equity $75.56BFY24Liabilities $177.49BEquity $75.56B0000064803-26-000010 · filed 2026-02-10FY2025 · Liabilities $178.16B · Equity $75.21BFY25Liabilities $178.16BEquity $75.21B0000064803-26-000010 · filed 2026-02-10FY25Liabilities $178.16BEquity $75.21B0000064803-26-000010 · filed 2026-02-10’17’19’21’23’25

FY2025: $253.54B assets · $178.16B liabilities · $75.21B equity

The receipts