CVS HEALTH Corp

Listed Company

CVSCIK 0000064803NYSELarge AcceleratedRetail-Drug Stores And Proprietary StoresDelawareFY ends Dec 31

Period

FY 2025

Revenue

$402.07B

Net Income

$1.77B

Total Assets

$253.54B

Equity

$75.21B

Shares Out

1.27B

Op. Cash Flow

$10.64B

+ 13F Filer

Business

CVS HEALTH Corp is a diversified health solutions company that delivers integrated care and pharmacy services to consumers, payors and providers across the healthcare system. It offers retail and specialty pharmacy dispensing, pharmacy benefit management, clinical services, primary and urgent care clinics, in-home health evaluations, and health insurance products including Medicare offerings and Medicaid management. The company reports four main segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness, and Corporate/Other. Its services are distributed nationally through retail locations, clinics, digital platforms, PBM networks and contracts with employers, government programs and health plans.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	134,751	122,896	99,192	85,330	76,132
Net investment income	2,233	2,153	1,153	838	1,199
Total revenues	402,067	372,809	357,776	322,467	292,111
Cost of products sold	221,167	206,287	217,098	196,892	175,803
Health care costs	125,538	115,121	86,247	71,073	—
Operating expenses	44,977	41,706	39,832	38,212	37,021
Goodwill impairment	5,725	0	0	0	431
Restructuring charges	0	1,200	507	0	0
Loss on assets held for sale	0	0	349	2,533	0
Total operating costs	397,407	364,293	344,033	314,513	278,801
Operating income	4,660	8,516	13,743	7,954	13,310
Interest expense	−3,119	−2,958	−2,658	2,287	—
Gain on early extinguishment of debt	0	491	0	0	452
Gain on deconsolidation of subsidiary	483	0	0	—	—
Other income	112	99	88	−169	−182
Income before income tax provision	2,136	6,148	11,173	5,836	10,537
Income tax provision	408	1,562	2,805	1,509	2,548
Net income	1,728	4,586	8,368	4,327	7,989
Net (income) loss attributable to noncontrolling interests	40	28	−24	−16	12
Net income attributable to CVS Health	1,768	4,614	8,344	4,311	8,001
Basic (in dollars per share)	1.4	3.67	6.49	3.29	6.07
Diluted (in dollars per share)	1.39	3.66	6.47	3.26	6.02
Basic (in shares)	1,267	1,259	1,285	1,312	1,319
Diluted (in shares)	1,271	1,262	1,290	1,323	1,329

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	8,453	8,586	8,196	12,945	9,408
Investments	2,145	2,407	3,259	2,778	3,117
Accounts receivable, net	39,779	36,469	35,227	27,276	24,431
Inventories	19,246	18,107	18,025	19,090	17,760
Other current assets	5,091	3,076	3,151	2,636	5,292
Total current assets	74,714	68,645	67,858	65,633	60,008
Long-term investments	32,669	28,934	23,019	21,096	23,025
Property and equipment, net	13,083	12,993	13,183	12,873	—
Operating lease right-of-use assets	14,973	15,944	17,252	17,872	19,122
Goodwill	85,478	91,272	91,272	78,150	79,121
Intangible assets, net	25,508	27,323	29,234	24,803	29,026
Separate accounts assets	1,994	3,311	3,250	3,228	5,087
Other assets	5,119	4,793	4,660	4,620	4,714
Total assets	253,538	253,215	249,728	228,275	232,999
Accounts payable	17,641	15,892	14,897	14,838	12,544
Pharmacy claims and discounts payable	26,344	24,166	22,874	19,423	17,330
Health care costs payable	15,399	15,064	12,049	—	—
Accrued expenses and other current liabilities	22,387	20,810	23,515	18,745	17,670
Other insurance liabilities	1,116	1,183	1,141	1,089	1,303
Current portion of operating lease liabilities	1,737	1,751	1,741	1,678	1,646
Short-term debt	0	2,119	200	0	—
Current portion of long-term debt	4,068	3,624	2,772	1,778	4,205
Total current liabilities	88,692	84,609	79,189	69,421	67,807
Long-term operating lease liabilities	13,643	14,899	16,034	16,800	18,177
Long-term debt	60,502	60,527	58,638	50,476	51,971
Deferred income taxes	3,832	3,806	4,311	4,016	6,270
Separate accounts liabilities	1,994	3,311	3,250	3,228	5,087
Other long-term insurance liabilities	4,716	4,902	5,459	5,835	6,402
Other long-term liabilities	4,777	5,431	6,211	6,730	1,904
Total liabilities	178,156	177,485	173,092	156,506	157,618
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding	0	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	50,402	49,661	48,992	48,193	47,377
Treasury stock, at cost: 516 and 518 shares at December 31, 2025 and 2024	−36,790	−36,818	−33,838	−31,858	—
Retained earnings	61,196	62,837	61,604	56,398	54,906
Accumulated other comprehensive income (loss)	406	−120	−297	−1,264	965
Total CVS Health shareholders equity	75,214	75,560	76,461	71,469	75,075
Noncontrolling interests	168	170	175	300	306
Total shareholders equity	75,382	75,730	76,636	71,769	74,841
Total liabilities and shareholders equity	253,538	253,215	249,728	228,275	232,999

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash receipts from customers	389,128	357,995	345,464	313,662	284,219
Cash paid for inventory, prescriptions dispensed and health services rendered	−216,493	−197,726	−208,848	−189,766	−165,783
Insurance benefits paid	−121,238	−109,464	−84,097	−69,728	−63,598
Cash paid to other suppliers and employees	−37,570	−38,821	−34,735	−32,662	−31,652
Interest and investment income received	1,969	1,735	1,584	1,026	743
Interest paid	−2,991	−2,909	−2,418	−2,239	−2,469
Income taxes paid	−2,166	−1,703	−3,524	−4,116	−3,195
Net cash provided by operating activities	10,639	9,107	13,426	16,177	18,265
Proceeds from sales and maturities of investments	12,383	10,353	7,729	6,729	7,246
Purchases of investments	−15,012	−15,191	−9,043	−7,746	−9,963
Purchases of property and equipment	−2,832	−2,781	−3,031	−2,727	−2,520
Acquisitions (net of cash and restricted cash acquired)	−436	−95	−16,612	−139	−146
Other	26	101	68	85	122
Net cash used in investing activities	−5,871	−7,613	−20,889	−5,047	−5,261
Commercial paper borrowings (repayments), net	−2,119	1,919	200	0	0
Proceeds from issuance of short-term loan	0	0	5,000	0	0
Repayment of short-term loan	0	0	−5,000	0	0
Proceeds from issuance of long-term debt	3,969	7,913	10,898	0	987
Repayments of long-term debt	−3,629	−4,773	−3,166	−4,211	−10,254
Repurchase of common stock	0	−3,023	−2,012	−3,500	0
Dividends paid	−3,397	−3,373	−3,132	−2,907	−2,625
Proceeds from exercise of stock options	394	361	277	551	549
Payments for taxes related to net share settlement of equity awards	−158	−185	−181	−370	−168
Other	0	26	−201	−79	155
Net cash provided by (used in) financing activities	−4,940	−1,135	2,683	−10,516	−11,356
Net increase (decrease) in cash, cash equivalents and restricted cash	−172	359	−4,780	614	1,648
Depreciation and amortization	4,606	4,597	4,366	4,224	4,486
Stock-based compensation	535	540	588	447	484
Loss on sale of subsidiary	236	0	0	−475	0
Restructuring charges (impairment of long-lived assets)	0	840	152	0	—
Deferred income taxes	102	−572	−676	−2,029	−402
Other items	−336	−502	264	332	−390
Accounts receivable, net	−3,498	−1,301	−6,260	−2,971	−2,703
Inventories	−1,267	−102	1,233	−1,435	735
Other assets	−2,593	−38	−510	−491	−30
Accounts payable and pharmacy claims and discounts payable	3,855	2,335	3,618	4,260	2,898
Health care costs payable and other insurance liabilities	16	2,757	394	992	101
Other liabilities	2,013	−3,542	1,540	6,463	2,856

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 10 positions

Reported AUM

$263.21M

Holdings

Top sector

$263.21M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$263.21M	100.0%

Top holdings

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LUMIRADX LTD	—	5.53M	$33.19M	12.6%
VANGUARD WHITEHALL FDS	—	215.0K	$24.13M	9.2%
SCHWAB STRATEGIC TR US DIV	—	300.0K	$23.67M	9.0%
HEALTH CATALYST INC	—	32.3K	$1.28M	0.5%
HEALTH CATALYST INC	—	32.3K	$843.0K	0.3%
PRUDENTIAL FINANCIAL INC	—	2.7K	$317.0K	0.1%
PRUDENTIAL FINANCIAL INC	—	2.7K	$290.0K	0.1%