CVS Health Corp. (CVS) financial statements: income statement, balance sheet and cash flow

CVS Health Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CVS Health Corp. reported revenue of $402.1B (+7.8% year on year) and net income of $1.8B (-61.7% year on year).

Income statement

CVS Health Corp. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues	$265.1B	$247.8B	$257.4B	$236.3B
Premiums	$134.8B	$122.9B	$99.2B	$85.3B
Net investment income	$2.2B	$2.2B	$1.2B	$838.0M
Total revenues	$402.1B	$372.8B	$357.8B	$322.5B
Cost of products sold	$221.2B	$206.3B	$217.1B	$196.9B
Health care costs	$125.5B	$115.1B	$86.2B	—
Operating expenses	$45.0B	$41.6B	$39.8B	$38.2B
Goodwill impairment	$5.7B	—	$0	$0
Restructuring charges	$0	$1.2B	$507.0M	—
Loss on assets held for sale	$0	$0	$349.0M	$2.5B
Total operating costs	$397.4B	$364.3B	$344.0B	$314.7B
Operating income	$4.7B	$8.5B	$13.7B	$7.7B
Interest expense	($3.1B)	$3.0B	$2.7B	$2.3B
Gain on early extinguishment of debt	$0	($491.0M)	$0	$0
Gain on deconsolidation of subsidiary	$483.0M	—	—	—
Other income	$112.0M	($99.0M)	($88.0M)	($169.0M)
Income before income tax provision	$2.1B	$6.1B	$11.2B	$5.6B
Income tax provision	$408.0M	$1.6B	$2.8B	$1.5B
Net income	$1.7B	$4.6B	$8.4B	$4.2B
Net (income) loss attributable to noncontrolling interests	$40.0M	$28.0M	($24.0M)	($16.0M)
Net income attributable to CVS Health	$1.8B	$4.6B	$8.3B	$4.1B
Basic (in dollars per share)	$1.40	$3.67	$6.49	$3.16
Diluted (in dollars per share)	$1.39	$3.66	$6.47	$3.14
Basic (in shares)	1.3B	1.3B	1.3B	1.3B
Diluted (in shares)	1.3B	1.3B	1.3B	1.3B

CVS Health Corp. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues	$70.3B	$66.1B	$68.5B	$64.2B
Premiums	$35.1B	$33.8B	$33.7B	$34.2B
Net investment income	$641.0M	$574.0M	$632.0M	$487.0M
Total revenues	$106.1B	$100.4B	$102.9B	$98.9B
Cost of products sold	$58.9B	$55.4B	$57.0B	$54.0B
Health care costs	$31.5B	$29.4B	$32.0B	$31.3B
Operating expenses	$11.0B	$10.9B	$11.3B	$11.2B
Total operating costs	$101.4B	$95.7B	$106.1B	$96.5B
Operating income	$4.7B	$4.7B	($3.2B)	$2.4B
Interest expense	($757.0M)	($774.0M)	($784.0M)	$763.0M
Other income	$31.0M	$32.0M	$26.0M	($29.0M)
Income before income tax provision	$4.0B	$3.9B	($3.5B)	$1.6B
Income tax provision	$982.0M	$981.0M	$508.0M	$634.0M
Net income	$3.0B	$3.0B	($4.0B)	$1.0B
Net (income) loss attributable to noncontrolling interests	($16.0M)	($14.0M)	$15.0M	$8.0M
Net income attributable to CVS Health	$3.0B	$2.9B	($4.0B)	$1.0B
Basic (in dollars per share)	$2.33	$2.31	-$3.13	$0.81
Diluted (in dollars per share)	$2.31	$2.30	-$3.13	$0.80
Basic (in shares)	1.3B	1.3B	1.3B	1.3B
Diluted (in shares)	1.3B	1.3B	1.3B	1.3B

Balance sheet

CVS Health Corp. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$8.5B	$8.6B	$8.2B	$12.9B
Investments	$2.1B	$2.4B	$3.3B	$2.8B
Accounts receivable, net	$39.8B	$36.5B	$35.2B	$27.3B
Inventories	$19.2B	$18.1B	$18.0B	$19.1B
Other current assets	$5.1B	$3.1B	$3.2B	$2.7B
Total current assets	$74.7B	$68.6B	$67.9B	$65.7B
Long-term investments	$32.7B	$28.9B	$23.0B	$21.1B
Property and equipment, net	$13.1B	$13.0B	$13.2B	$12.9B
Operating lease right-of-use assets	$15.0B	$15.9B	$17.3B	$17.9B
Goodwill	$85.5B	$91.3B	$91.3B	$78.2B
Intangible assets, net	$25.5B	$27.3B	$29.2B	$24.8B
Separate accounts assets	$2.0B	$3.3B	$3.3B	$3.2B
Other assets	$5.1B	$4.8B	$4.7B	$4.6B
Total assets	$253.5B	$253.2B	$249.7B	$228.3B
Accounts payable	$17.6B	$15.9B	$14.9B	$14.8B
Pharmacy claims and discounts payable	$26.3B	$24.2B	$22.9B	$19.4B
Health care costs payable	$15.4B	$15.1B	$12.0B	$10.4B
Accrued expenses and other current liabilities	$22.4B	$20.8B	$22.2B	$18.7B
Other insurance liabilities	$1.1B	$1.2B	$1.1B	$1.1B
Current portion of operating lease liabilities	$1.7B	$1.8B	$1.7B	$1.7B
Short-term debt	$0	$2.1B	$200.0M	—
Current portion of long-term debt	$4.1B	$3.6B	$2.8B	$1.8B
Total current liabilities	$88.7B	$84.6B	$79.2B	$69.7B
Long-term operating lease liabilities	$13.6B	$14.9B	$16.0B	$16.8B
Long-term debt	$60.5B	$60.5B	$58.6B	$50.5B
Deferred income taxes	$3.8B	$3.8B	$4.3B	$3.9B
Separate accounts liabilities	$2.0B	$3.3B	$3.3B	$3.2B
Other long-term insurance liabilities	$4.7B	$4.9B	$5.5B	$6.1B
Other long-term liabilities	$4.8B	$5.4B	$6.2B	$6.7B
Total liabilities	$178.2B	$177.5B	$173.1B	$157.0B
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding	0	0	0	0
Common stock, par value $0.01: 3,200 shares authorized; 1,787 shares issued and 1,271 shares outstanding at December 31, 2025 and 1,778 shares issued and 1,260 shares outstanding at December 31, 2024 and capital surplus	50.4B	49.7B	49.0B	48.2B
Treasury stock, at cost: 516 and 518 shares at December 31, 2025 and 2024	-36.8B	-36.8B	-33.8B	—
Retained earnings	$61.2B	$62.8B	$61.6B	$56.1B
Accumulated other comprehensive income (loss)	$406.0M	($120.0M)	($297.0M)	($1.5B)
Total CVS Health shareholders’ equity	$75.2B	$75.6B	$76.5B	$71.0B
Noncontrolling interests	$168.0M	$170.0M	$175.0M	$300.0M
Total shareholders’ equity	$75.4B	$75.7B	$76.6B	$71.3B
Total liabilities and shareholders’ equity	$253.5B	$253.2B	$249.7B	$228.3B

CVS Health Corp. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$11.3B	$9.5B	$9.1B	$11.8B
Investments	$2.6B	$2.3B	$2.1B	$2.4B
Accounts receivable, net	$40.3B	$41.0B	$43.9B	$40.7B
Inventories	$17.6B	$17.8B	$19.0B	$17.4B
Other current assets	$3.5B	$4.3B	$3.1B	$3.4B
Total current assets	$75.3B	$74.8B	$77.1B	$75.6B
Long-term investments	$33.2B	$32.4B	$31.6B	$29.9B
Property and equipment, net	$13.2B	$13.0B	$12.8B	$12.8B
Operating lease right-of-use assets	$14.5B	$14.7B	$15.3B	$15.5B
Goodwill	$85.5B	$85.5B	$85.5B	$91.2B
Intangible assets, net	$24.6B	$25.1B	$26.0B	$26.2B
Other assets	$7.4B	$7.4B	$5.2B	$5.2B
Total assets	$253.8B	$253.0B	$255.3B	$258.3B
Accounts payable	$17.2B	$16.9B	$17.8B	$17.3B
Pharmacy claims and discounts payable	$26.2B	$26.1B	$27.1B	$26.3B
Health care costs payable	$16.3B	$15.5B	$16.1B	$15.3B
Accrued expenses and other current liabilities	$22.5B	$22.3B	$23.4B	$23.1B
Other insurance liabilities	$1.0B	$1.1B	$1.1B	$1.1B
Current portion of operating lease liabilities	$1.9B	$1.9B	$1.9B	$1.9B
Current portion of long-term debt	$2.0B	$2.6B	$4.1B	$6.2B
Total current liabilities	$87.0B	$86.4B	$92.7B	$94.2B
Long-term operating lease liabilities	$13.0B	$13.3B	$14.0B	$14.3B
Long-term debt	$59.5B	$60.5B	$60.5B	$57.3B
Deferred income taxes	$3.8B	$3.8B	$3.5B	$3.6B
Other long-term insurance liabilities	$4.5B	$4.6B	$4.8B	$4.8B
Other long-term liabilities	$6.1B	$6.7B	$4.8B	$4.8B
Total liabilities	$173.9B	$175.3B	$182.2B	$180.8B
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding	0	0	0	0
Common stock, par value $0.01: 3,200 shares authorized; 1,795 shares issued and 1,278 shares outstanding as of June 30, 2026 and 1,787 shares issued and 1,271 shares outstanding as of December 31, 2025 and capital surplus	51.0B	50.7B	50.2B	50.0B
Treasury stock, at cost: 517 and 516 shares as of June 30, 2026 and December 31, 2025	-36.9B	-36.7B	-36.8B	-36.8B
Retained earnings	$65.4B	$63.3B	$59.1B	$63.9B
Accumulated other comprehensive income	$188.0M	$201.0M	$416.0M	$272.0M
Total CVS Health shareholders’ equity	$79.7B	$77.5B	$72.9B	$77.4B
Noncontrolling interests	$197.0M	$181.0M	$182.0M	$172.0M
Total shareholders’ equity	$79.9B	$77.6B	$73.1B	$77.6B
Total liabilities and shareholders’ equity	$253.8B	$253.0B	$255.3B	$258.3B

Cash flow statement

CVS Health Corp. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash receipts from customers	$389.1B	$358.0B	$345.5B	$313.7B
Cash paid for inventory, prescriptions dispensed and health services rendered	($216.5B)	($197.7B)	($208.8B)	($189.8B)
Insurance benefits paid	($121.2B)	($109.5B)	($84.1B)	($69.7B)
Cash paid to other suppliers and employees	($37.6B)	($38.8B)	($34.7B)	($32.7B)
Interest and investment income received	$2.0B	$1.7B	$1.6B	$1.0B
Interest paid	($3.0B)	($2.9B)	($2.4B)	($2.2B)
Income taxes paid	($2.2B)	($1.7B)	($3.5B)	($4.1B)
Proceeds from sales and maturities of investments	$12.4B	$10.4B	$7.7B	$6.7B
Purchases of investments	($15.0B)	($15.2B)	($9.0B)	($7.7B)
Purchases of property and equipment	($2.8B)	($2.8B)	($3.0B)	($2.7B)
Acquisitions (net of cash and restricted cash acquired)	($436.0M)	($95.0M)	($16.6B)	($139.0M)
Other	$26.0M	$101.0M	$68.0M	$85.0M
Net cash used in investing activities	($5.9B)	($7.6B)	($20.9B)	($5.0B)
Commercial paper borrowings (repayments), net	($2.1B)	$1.9B	$200.0M	—
Proceeds from issuance of short-term loan	$0	$0	$5.0B	—
Repayment of short-term loan	$0	$0	($5.0B)	—
Proceeds from issuance of long-term debt	$4.0B	$7.9B	$10.9B	$0
Repayments of long-term debt	($3.6B)	($4.8B)	($3.2B)	($4.2B)
Repurchase of common stock	$0	($3.0B)	($2.0B)	($3.5B)
Dividends paid	($3.4B)	($3.4B)	($3.1B)	($2.9B)
Proceeds from exercise of stock options	$394.0M	$361.0M	$277.0M	$551.0M
Payments for taxes related to net share settlement of equity awards	($158.0M)	($185.0M)	($181.0M)	($370.0M)
Other	$0	$26.0M	($201.0M)	($79.0M)
Net cash provided by (used in) financing activities	($4.9B)	($1.1B)	$2.7B	($10.5B)
Net increase (decrease) in cash, cash equivalents and restricted cash	($172.0M)	$359.0M	($4.8B)	$614.0M
Cash, cash equivalents and restricted cash at the beginning of the period	$8.9B	$8.5B	$13.3B	$12.7B
Cash, cash equivalents and restricted cash at the end of the period	$8.7B	$8.9B	$8.5B	$13.3B
Net income	$1.7B	$4.6B	$8.4B	$4.2B
Depreciation and amortization	$4.6B	$4.6B	$4.4B	$4.2B
Goodwill impairment	$5.7B	—	$0	$0
Loss on assets held for sale	$0	$0	$349.0M	$2.5B
Stock-based compensation	$535.0M	$540.0M	$588.0M	$447.0M
Loss on sale of subsidiary	$236.0M	$0	$0	($475.0M)
Gain on early extinguishment of debt	$0	($491.0M)	$0	$0
Gain on deconsolidation of subsidiary	($483.0M)	—	—	—
Restructuring charges (impairment of long-lived assets)	$0	$840.0M	—	—
Deferred income taxes	$102.0M	($572.0M)	($676.0M)	($2.1B)
Other items	($336.0M)	($502.0M)	$416.0M	$332.0M
Accounts receivable, net	($3.5B)	($1.3B)	($6.3B)	($3.0B)
Inventories	($1.3B)	($102.0M)	$1.2B	($1.4B)
Other assets	($2.6B)	($38.0M)	($510.0M)	($566.0M)
Accounts payable and pharmacy claims and discounts payable	$3.9B	$2.3B	$3.6B	$4.3B
Health care costs payable and other insurance liabilities	$16.0M	$2.8B	$394.0M	$1.2B
Other liabilities	$2.0B	($3.5B)	$1.5B	$6.5B
Net cash provided by operating activities	$10.6B	$9.1B	$13.4B	$16.2B

CVS Health Corp. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Cash receipts from customers	$198.5B	$94.2B	$283.4B	$186.5B
Cash paid for inventory, prescriptions dispensed and health services rendered	($107.6B)	($50.6B)	($157.8B)	($101.2B)
Insurance benefits paid	($58.4B)	($28.4B)	($88.8B)	($58.8B)
Cash paid to other suppliers and employees	($21.3B)	($10.8B)	($27.3B)	($18.6B)
Interest and investment income received	$1.0B	$526.0M	$1.5B	$972.0M
Interest paid	($1.6B)	($1.1B)	($2.5B)	($1.5B)
Income taxes paid	($37.0M)	$337.0M	($1.2B)	($863.0M)
Proceeds from sales and maturities of investments	$7.5B	$4.2B	$9.6B	$6.9B
Purchases of investments	($8.7B)	($4.2B)	($11.0B)	($7.2B)
Purchases of property and equipment	($1.5B)	($849.0M)	($2.0B)	($1.4B)
Acquisitions	($9.0M)	($5.0M)	($429.0M)	($139.0M)
Other	$12.0M	$7.0M	$9.0M	$23.0M
Net cash used in investing activities	($2.8B)	($874.0M)	($3.9B)	($1.8B)
Commercial paper borrowings (repayments), net	$0	$0	($872.0M)	$921.0M
Repayments of long-term debt	($3.3B)	($1.5B)	($3.6B)	($762.0M)
Dividends paid	($1.7B)	($847.0M)	($2.6B)	($1.7B)
Proceeds from exercise of stock options	$217.0M	$103.0M	$308.0M	$191.0M
Payments for taxes related to net share settlement of equity awards	($154.0M)	($9.0M)	($145.0M)	($125.0M)
Other	($62.0M)	($47.0M)	($7.0M)	($45.0M)
Net cash used in financing activities	($5.0B)	($2.3B)	($2.9B)	($1.5B)
Net increase in cash, cash equivalents and restricted cash	$2.8B	$1.1B	$468.0M	$3.1B
Cash, cash equivalents and restricted cash at the beginning of the period	$8.7B	$8.7B	$8.9B	$8.9B
Cash, cash equivalents and restricted cash at the end of the period	$11.5B	$9.8B	$9.4B	$12.0B
Net income	$6.0B	$3.0B	($1.2B)	$2.8B
Depreciation and amortization	$2.2B	$1.1B	$3.5B	$2.3B
Stock-based compensation	$442.0M	$266.0M	$400.0M	$262.0M
Loss on sale of subsidiary	$0	$0	$236.0M	$236.0M
Deferred income taxes and other items	($241.0M)	($91.0M)	($440.0M)	($283.0M)
Accounts receivable, net	($533.0M)	($1.2B)	($7.5B)	($4.1B)
Inventories	$1.6B	$1.5B	($982.0M)	$671.0M
Other assets	$1.4B	$479.0M	($588.0M)	($969.0M)
Accounts payable and pharmacy claims and discounts payable	($344.0M)	($562.0M)	$5.1B	$3.8B
Health care costs payable and other insurance liabilities	$665.0M	$10.0M	$734.0M	($34.0M)
Other liabilities	($567.0M)	($196.0M)	$2.9B	$1.8B
Net cash provided by operating activities	$10.6B	$4.2B	$7.2B	$6.5B

CVS Health Corp. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.