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CVS logoCVS Health Corporation(CVS)Earnings, Financials & Key Ratios

CVS•NYSE•Insurance & Managed Care
$80.69
$102.56B mkt cap·58.1× P/E·Price updated May 6, 2026
SectorHealthcareIndustryHealth InsuranceSub-IndustryVertically Integrated Payer-PBM Platforms
AboutCVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related 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. Its Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services. It serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, plans offered on public health insurance and private health insurance exchanges, other sponsors of health benefit plans, and individuals. This segment operates retail specialty pharmacy stores; and specialty mail-order, mail-order dispensing, and compounding pharmacies, as well as branches for infusion and enteral nutrition services. The company's Retail/LTC segment sells prescription and over-the-counter drugs, consumer health and beauty products, and personal care products; and provides health care services through its MinuteClinic walk-in medical clinics. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. As of December 31, 2021, it operated approximately 9,900 retail locations and 1,200 MinuteClinic locations, as well as online retail pharmacy websites, LTC pharmacies, and onsite pharmacies. 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.Show more
  • Revenue$402.07B+7.8%
  • Combined Ratio97.42%-0.3%
  • Net Income$1.77B-61.7%
  • Return on Equity2.34%-61.4%
  • Medical Cost Ratio86.23%
  • Operating Margin2.58%+13.1%
  • Net Margin0.44%-64.5%
  • ROA0.69%-62.5%
  • Equity / Assets28.87%-3.5%
  • Book Value per Share59.31-1.2%
  • Tangible BV/Share-28.01+17.5%
  • Debt/Equity1.24+13.4%
Analysis→Technical→

CVS Key Insights

CVS Health Corporation (CVS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Healthy dividend yield of 3.3%
  • ✓Trading at only 1.4x book value

✗Weaknesses

  • ✗Profits declining 24.4% over 5 years
  • ✗High loss ratio of 86.2%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

CVS Price & Volume

CVS Health Corporation (CVS) stock price & volume — 10-year historical chart

Loading chart...

CVS Growth Metrics

CVS Health Corporation (CVS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.12%
5 Years8.39%
3 Years7.63%
TTM7.85%

Profit CAGR

10 Years-10.29%
5 Years-24.44%
3 Years-25.7%
TTM-61.68%

EPS CAGR

10 Years-11.34%
5 Years-23.94%
3 Years-24.73%
TTM-62.29%

Return on Capital

10 Years8.12%
5 Years6.47%
3 Years6.49%
Last Year6.09%

CVS Recent Earnings

CVS Health Corporation (CVS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 10/12 qtrs (83%)
Q1 2026Latest
Feb 10, 2026
EPS
$1.09
Est $1.00
+9.0%
Revenue
$105.7B
Est $103.7B
+1.9%
Q4 2025
Oct 29, 2025
EPS
$1.60
Est $1.37
+16.8%
Revenue
$102.9B
Est $98.8B
+4.1%
Q3 2025
Jul 31, 2025
EPS
$1.81
Est $1.46
+24.0%
Revenue
$98.9B
Est $94.5B
+4.6%
Q2 2025
May 1, 2025
EPS
$2.25
Est $1.70
+32.4%
Revenue
$94.6B
Est $93.7B
+1.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 10, 2026
$1.09vs $1.00+9.0%
$105.7Bvs $103.7B+1.9%
Q4 2025Oct 29, 2025
$1.60vs $1.37+16.8%
$102.9Bvs $98.8B+4.1%
Q3 2025Jul 31, 2025
$1.81vs $1.46+24.0%
$98.9Bvs $94.5B+4.6%
Q2 2025May 1, 2025
$2.25vs $1.70+32.4%
$94.6Bvs $93.7B+1.0%
Based on last 12 quarters of dataView full earnings history →

CVS Peer Comparison

CVS Health Corporation (CVS) competitors in Vertically Integrated Payer-PBM Platforms — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
UNH logoUNHUnitedHealth Group IncorporatedDirect Competitor330.28B363.8727.5011.81%2.68%11.54%4.87%0.77
CI logoCICigna CorporationDirect Competitor72.68B275.6612.4311.26%2.26%15.08%11.54%0.75
ELV logoELVElevance Health Inc.Direct Competitor80.15B369.0714.6912.62%2.62%11.92%3.96%0.75
HUM logoHUMHumana Inc.Direct Competitor28.76B239.5324.3410.06%0.82%6.17%1.3%0.73
MCK logoMCKMcKesson CorporationProduct Competitor98.11B801.0131.1416.22%1.09%5.33%
CAH logoCAHCardinal Health, Inc.Product Competitor46.36B197.0030.54-1.87%0.62%3.99%
LLY logoLLYEli Lilly and CompanySupply Chain933.66B988.1943.0644.7%34.98%101.17%0.96%1.60
PFE logoPFEPfizer Inc.Supply Chain150.4B26.4419.44-1.65%11.83%8.34%6.03%0.78

Compare CVS vs Peers

CVS Health Corporation (CVS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs UNH

Most directly comparable listed peer for CVS.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare CVS against a more recognizable public peer.

Peer Set

Compare Top 5

vs UNH, CI, ELV, HUM

CVS Income Statement

CVS Health Corporation (CVS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue184.79B194.58B256.78B268.71B292.11B322.47B357.78B372.81B402.07B
Revenue Growth %4.08%5.3%31.96%4.65%8.71%10.39%10.95%4.2%7.85%
Medical Costs & Claims156.26B163.04B211.25B219.66B239.99B267.96B303.35B321.41B346.7B
Medical Cost Ratio %84.56%83.79%82.27%81.75%82.16%83.1%84.79%86.21%86.23%
Gross Profit
28.53B▲ 0%
31.54B▲ 10.6%
45.53B▲ 44.4%
49.05B▲ 7.7%
52.12B▲ 6.3%
54.5B▲ 4.6%
54.43B▼ 0.1%
51.4B▼ 5.6%
55.36B▲ 7.7%
Gross Margin %15.44%16.21%17.73%18.25%17.84%16.9%15.21%13.79%13.77%
Gross Profit Growth %-1.06%10.55%44.36%7.73%6.27%4.57%-0.13%-5.57%7.71%
Operating Expenses18.99B27.52B33.54B35.13B38.81B46.55B40.69B42.88B44.98B
OpEx / Revenue %10.28%14.14%13.06%13.08%13.29%14.43%11.37%11.5%11.19%
Depreciation & Amortization2.48B2.72B4.37B4.44B4.49B4.22B4.37B4.6B4.61B
Combined Ratio %94.84%97.93%95.33%94.82%95.44%97.53%96.16%97.72%97.42%
Operating Income
9.54B▲ 0%
4.02B▼ 57.8%
11.99B▲ 198.1%
13.91B▲ 16.1%
13.31B▼ 4.3%
7.95B▼ 40.2%
13.74B▲ 72.8%
8.52B▼ 38.0%
10.38B▲ 21.9%
Operating Margin %5.16%2.07%4.67%5.18%4.56%2.47%3.84%2.28%2.58%
Operating Income Growth %-8.16%-57.84%198.11%16.05%-4.32%-40.24%72.78%-38.03%21.95%
EBITDA12.02B6.74B16.36B18.35B17.8B12.18B18.11B13.11B14.99B
EBITDA Margin %6.5%3.46%6.37%6.83%6.09%3.78%5.06%3.52%3.73%
Interest Expense1.06B2.62B3.04B2.91B2.5B2.29B2.66B2.96B3.12B
Non-Operating Income208M-4M-45M1.23B270M-169M-88M-590M5.13B
Pretax Income
8.27B▲ 0%
1.41B▼ 83.0%
9B▲ 539.9%
9.77B▲ 8.6%
10.54B▲ 7.9%
5.84B▼ 44.6%
11.17B▲ 91.4%
6.15B▼ 45.0%
2.14B▼ 65.3%
Pretax Margin %4.47%0.72%3.5%3.64%3.61%1.81%3.12%1.65%0.53%
Income Tax1.64B2B2.37B2.57B2.55B1.51B2.81B1.56B408M
Effective Tax Rate %19.8%142.39%26.3%26.29%24.18%25.86%25.11%25.41%19.1%
Net Income
6.62B▲ 0%
-594M▼ 109.0%
6.63B▲ 1216.8%
7.18B▲ 8.2%
8B▲ 11.5%
4.31B▼ 46.1%
8.34B▲ 93.6%
4.61B▼ 44.7%
1.77B▼ 61.7%
Net Margin %3.58%-0.31%2.58%2.67%2.74%1.34%2.33%1.24%0.44%
Net Income Growth %24.54%-108.97%1216.84%8.22%11.45%-46.12%93.55%-44.7%-61.68%
EPS (Diluted)
6.44▲ 0%
-0.57▼ 108.9%
5.08▲ 991.2%
5.46▲ 7.5%
5.95▲ 9.0%
3.26▼ 45.2%
6.47▲ 98.5%
3.66▼ 43.4%
1.39▼ 62.0%
EPS Growth %31.43%-108.85%991.23%7.48%8.97%-45.21%98.47%-43.43%-62.02%
EPS (Basic)6.47-0.575.105.486.003.296.493.661.40
Diluted Shares Outstanding1.02B1.04B1.3B1.31B1.33B1.32B1.29B1.26B1.27B

CVS Balance Sheet

CVS Health Corporation (CVS) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets95.13B196.46B222.45B230.72B233B228.28B249.73B253.22B261.06B
Asset Growth %0.71%106.51%13.23%3.72%0.99%-2.03%9.4%1.4%3.1%
Total Investment Assets223M18.25B19.69B23.81B26.14B23.87B26.28B31.34B35.01B
Long-Term Investments112M15.73B17.31B20.81B23.02B21.1B23.02B28.93B32.87B
Short-Term Investments111M2.52B2.37B3B3.12B2.78B3.26B2.41B2.15B
Total Current Assets31.23B45.24B50.3B56.37B60.01B65.63B67.86B68.64B74.71B
Cash & Equivalents1.7B4.06B5.68B7.85B9.41B12.95B8.2B8.59B8.51B
Receivables13.18B17.63B19.62B21.74B24.43B27.28B35.23B36.47B39.78B
Other Current Assets945M4.58B5.11B5.28B5.29B3.54B3.15B3.08B5.03B
Goodwill & Intangibles52.08B115.2B112.87B110.69B108.15B102.95B120.51B118.59B110.99B
Goodwill38.45B78.68B79.75B79.55B79.12B78.15B91.27B91.27B85.48B
Intangible Assets13.63B36.52B33.12B31.14B29.03B24.8B29.23B27.32B25.51B
PP&E (Net)10.29B11.35B32.9B33.34B32.02B30.75B30.43B28.94B28.06B
Other Assets1.42B8.93B9.06B9.51B9.8B7.85B7.91B8.1B6.91B
Total Liabilities57.44B137.91B158.28B161.01B157.62B156.51B173.09B177.49B185.68B
Total Debt27B73.43B89B85.04B76B70.73B79.39B82.92B93.59B
Net Debt25.31B69.37B83.32B77.19B66.59B57.79B71.19B74.33B85.08B
Long-Term Debt22.18B71.44B64.7B59.21B51.97B50.48B58.64B60.53B72.88B
Short-Term Debt4.82B1.99B3.78B5.44B4.21B1.78B2.97B5.74B5.8B
Total Current Liabilities30.65B44.01B53.3B62.02B67.81B69.42B79.19B84.61B88.69B
Accounts Payable8.86B8.93B10.49B11.14B12.54B14.84B14.9B15.89B59.38B
Deferred Revenue0000000062M
Other Current Liabilities23M4.88B4.82B5.83B5.6B2.82B2.47B1.18B23.42B
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities1.61B14.78B14.06B14.24B13.39B15.79B14.92B13.64B-2.16B
Total Equity
37.7B▲ 0%
58.54B▲ 55.3%
64.17B▲ 9.6%
69.7B▲ 8.6%
75.38B▲ 8.1%
71.77B▼ 4.8%
76.64B▲ 6.8%
75.73B▼ 1.2%
75.38B▼ 0.5%
Equity Growth %2.34%55.31%9.61%8.62%8.15%-4.79%6.78%-1.18%-0.46%
Shareholders Equity37.69B58.23B63.86B69.39B75.08B71.47B76.46B75.56B75.21B
Minority Interest4M318M306M312M306M300M175M170M168M
Retained Earnings43.56B40.91B45.11B49.64B54.91B56.4B61.6B62.84B61.2B
Common Stock32.1B45.44B45.97B46.51B47.38B48.19B48.99B18M18M
Accumulated OCI-165M102M1.02B1.41B965M-1.26B-297M-120M406M
Return on Equity (ROE)17.77%-1.23%10.81%10.73%11.03%5.86%11.24%6.06%2.34%
Return on Assets (ROA)6.99%-0.41%3.17%3.17%3.45%1.87%3.49%1.83%0.69%
Equity / Assets39.62%29.8%28.85%30.21%32.35%31.44%30.69%29.91%28.87%
Debt / Equity0.72x1.25x1.39x1.22x1.01x0.99x1.04x1.09x1.24x
Book Value per Share36.8156.0849.1753.0456.7254.2559.4160.0159.31
Tangible BV per Share-14.05-54.27-37.32-31.20-24.65-23.57-34.01-33.97-28.01

CVS Cash Flow Statement

CVS Health Corporation (CVS) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations8.01B8.87B12.85B15.87B18.27B16.18B13.43B9.11B10.64B
Operating CF Growth %-21.04%10.72%44.93%23.48%15.13%-11.43%-17.01%-32.17%16.82%
Operating CF / Revenue %4.33%4.56%5%5.9%6.25%5.02%3.75%2.44%2.65%
Net Income6.62B-596M6.63B7.19B7.99B4.33B8.37B4.59B1.77B
Depreciation & Amortization2.48B2.72B4.37B4.44B4.49B4.22B4.37B4.6B0
Stock-Based Compensation234M280M453M400M484M447M588M540M0
Deferred Taxes-1.33B87M-654M-570M-402M-2.03B-676M-572M0
Other Non-Cash Items421M6.49B548M1.24B1.85B2.39B765M-153M10.35B
Working Capital Changes-416M-112M1.5B3.16B3.86B6.82B15M109M-1.47B
Cash from Investing-2.88B-43.28B-3.34B-5.53B-5.26B-5.05B-20.89B-7.61B-5.87B
Capital Expenditures-1.92B-2.04B-2.46B-2.44B-2.52B-2.73B-3.03B-2.78B-2.83B
Acquisitions-1.18B-41.39B-444M-26M-146M-1.39B-16.61B-95M-436M
Purchase of Investments-137M-692M-7.53B-9.64B-9.96B-7.75B-9.04B-15.19B-15.01B
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Investing298M21M47M101M122M85M68M101M26M
Cash from Financing-6.75B36.82B-7.65B-7.7B-11.36B-10.52B2.68B-1.14B-4.94B
Dividends Paid-2.05B-2.04B-2.6B-2.62B-2.63B-2.91B-3.13B-3.37B-3.4B
Share Repurchases-4.36B0000-3.5B-2.01B-3.02B0
Stock Issued00000000394M
Debt Issuance (Net)-1000K1000K-1000K-1000K-1000K-1000K1000K1000K-1000K
Other Financing257M592M269M601M536M102M-105M202M1.96B
Net Change in Cash
-1.62B▲ 0%
2.4B▲ 247.8%
1.85B▼ 22.5%
2.63B▲ 42.0%
1.65B▼ 37.5%
614M▼ 62.7%
-4.78B▼ 878.5%
359M▲ 107.5%
-172M▼ 147.9%
Exchange Rate Effect1000K-1000K0000000
Cash at Beginning3.52B1.9B6.55B8.41B11.04B12.69B13.3B8.53B8.88B
Cash at End1.9B4.29B8.41B11.04B12.69B13.3B8.53B8.88B8.71B
Free Cash Flow
6.09B▲ 0%
6.83B▲ 12.1%
10.39B▲ 52.2%
13.43B▲ 29.2%
15.74B▲ 17.3%
13.45B▼ 14.6%
10.39B▼ 22.7%
6.33B▼ 39.1%
7.81B▲ 23.4%
FCF Growth %-23.09%12.14%52.18%29.23%17.26%-14.58%-22.71%-39.14%23.41%
FCF Margin %3.3%3.51%4.05%5%5.39%4.17%2.91%1.7%1.94%
FCF per Share5.956.547.9610.2211.8510.178.065.016.14

CVS Key Ratios

CVS Health Corporation (CVS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio94.15%94.84%97.93%95.33%94.82%95.44%97.53%96.16%97.72%97.42%
Medical Cost Ratio83.76%84.56%83.79%82.27%81.75%82.16%83.1%84.79%86.21%86.23%
Return on Equity (ROE)14.36%17.77%-1.23%10.81%10.73%11.03%5.86%11.24%6.06%2.34%
Return on Assets (ROA)5.69%6.99%-0.41%3.17%3.17%3.45%1.87%3.49%1.83%0.69%
Equity / Assets38.99%39.62%29.8%28.85%30.21%32.35%31.44%30.69%29.91%28.87%
Book Value / Share34.1436.8156.0849.1753.0456.7254.2559.4160.0159.31
Debt / Equity0.75x0.72x1.25x1.39x1.22x1.01x0.99x1.04x1.09x1.24x
Revenue Growth15.82%4.08%5.3%31.96%4.65%8.71%10.39%10.95%4.2%7.85%

CVS SEC Filings & Documents

CVS Health Corporation (CVS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 19, 2026·SEC

Material company update

Feb 10, 2026·SEC

Material company update

Dec 9, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 12, 2025·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 1, 2025·SEC

CVS Frequently Asked Questions

CVS Health Corporation (CVS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

CVS Health Corporation (CVS) grew revenue by 7.8% over the past year. This is steady growth.

Yes, CVS Health Corporation (CVS) is profitable, generating $1.77B in net income for fiscal year 2025 (0.4% net margin).

Dividend & Returns

Yes, CVS Health Corporation (CVS) pays a dividend with a yield of 3.31%. This makes it attractive for income-focused investors.

CVS Health Corporation (CVS) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.

Industry Metrics

CVS Health Corporation (CVS) has a combined ratio of 97.4%. A ratio below 100% indicates underwriting profitability.

Explore More CVS

CVS Health Corporation (CVS) financial analysis — history, returns, DCA and operating performance tools

Full CVS Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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