CVS HEALTH CorpCVS
CVS HEALTH Corp Debt Disclosure
Borrowings and Credit Agreements
The following table is a summary of the Company’s borrowings as of December 31, 2025 and 2024:
| In millions | 2025 | 2024 | |||||||||
| Short-term debt | |||||||||||
| Commercial paper | $ | — | $ | 2,119 | |||||||
| Long-term debt | |||||||||||
4.1% senior notes due March 2025 | — | 724 | |||||||||
3.875% senior notes due July 2025 | — | 2,828 | |||||||||
5% senior notes due February 2026 | 1,500 | 1,500 | |||||||||
2.875% senior notes due June 2026 | 1,750 | 1,750 | |||||||||
3% senior notes due August 2026 | 750 | 750 | |||||||||
3.625% senior notes due April 2027 | 750 | 750 | |||||||||
6.25% senior notes due June 2027 | 372 | 372 | |||||||||
1.3% senior notes due August 2027 | 2,250 | 2,250 | |||||||||
4.3% senior notes due March 2028 | 5,000 | 5,000 | |||||||||
5% senior notes due January 2029 | 1,000 | 1,000 | |||||||||
5.4% senior notes due June 2029 | 1,000 | 1,000 | |||||||||
3.25% senior notes due August 2029 | 1,750 | 1,750 | |||||||||
5.125% senior notes due February 2030 | 1,500 | 1,500 | |||||||||
3.75% senior notes due April 2030 | 1,500 | 1,500 | |||||||||
1.75% senior notes due August 2030 | 1,250 | 1,250 | |||||||||
5.25% senior notes due January 2031 | 750 | 750 | |||||||||
1.875% senior notes due February 2031 | 1,250 | 1,250 | |||||||||
5.55% senior notes due June 2031 | 1,000 | 1,000 | |||||||||
2.125% senior notes due September 2031 | 1,000 | 1,000 | |||||||||
5% senior notes due September 2032 | 750 | — | |||||||||
5.25% senior notes due February 2033 | 1,750 | 1,750 | |||||||||
5.3% senior notes due June 2033 | 1,250 | 1,250 | |||||||||
5.7% senior notes due June 2034 | 1,250 | 1,250 | |||||||||
4.875% senior notes due July 2035 | 652 | 652 | |||||||||
5.45% senior notes due September 2035 | 1,500 | — | |||||||||
6.625% senior notes due June 2036 | 771 | 771 | |||||||||
6.75% senior notes due December 2037 | 533 | 533 | |||||||||
4.78% senior notes due March 2038 | 5,000 | 5,000 | |||||||||
6.125% senior notes due September 2039 | 447 | 447 | |||||||||
4.125% senior notes due April 2040 | 602 | 602 | |||||||||
2.7% senior notes due August 2040 | 367 | 367 | |||||||||
5.75% senior notes due May 2041 | 133 | 133 | |||||||||
4.5% senior notes due May 2042 | 500 | 500 | |||||||||
4.125% senior notes due November 2042 | 226 | 226 | |||||||||
5.3% senior notes due December 2043 | 750 | 750 | |||||||||
4.75% senior notes due March 2044 | 375 | 375 | |||||||||
6% senior notes due June 2044 | 750 | 750 | |||||||||
5.125% senior notes due July 2045 | 3,500 | 3,500 | |||||||||
3.875% senior notes due August 2047 | 537 | 537 | |||||||||
5.05% senior notes due March 2048 | 8,000 | 8,000 | |||||||||
4.25% senior notes due April 2050 | 399 | 399 | |||||||||
5.625% senior notes due February 2053 | 1,250 | 1,250 | |||||||||
5.875% senior notes due June 2053 | 1,250 | 1,250 | |||||||||
6.05% senior notes due June 2054 | 1,000 | 1,000 | |||||||||
6.2% senior notes due September 2055 | 1,250 | — | |||||||||
6% senior notes due June 2063 | 750 | 750 | |||||||||
6.25% senior notes due September 2065 | 500 | — | |||||||||
6.75% series B junior subordinated notes due December 2054 | 750 | 750 | |||||||||
7% series A junior subordinated notes due March 2055 | 2,250 | 2,250 | |||||||||
| 1,326 | 1,360 | ||||||||||
| Other | 295 | 302 | |||||||||
| Total debt principal | 65,035 | 66,747 | |||||||||
| Debt premiums | 156 | 170 | |||||||||
| Debt discounts and deferred financing costs | (621) | (647) | |||||||||
| 64,570 | 66,270 | ||||||||||
| Less: | |||||||||||
| Short-term debt (commercial paper) | — | (2,119) | |||||||||
| Current portion of long-term debt | (4,068) | (3,624) | |||||||||
| Long-term debt | $ | 60,502 | $ | 60,527 | |||||||
The following is a summary of the Company’s required repayments of long-term debt principal due during each of the next five years and thereafter, as of December 31, 2025:
| In millions | |||||
| 2026 | $ | 4,007 | |||
| 2027 | 3,379 | ||||
| 2028 | 5,008 | ||||
| 2029 | 3,758 | ||||
| 2030 | 4,258 | ||||
| Thereafter | 43,299 | ||||
| Subtotal | 63,709 | ||||
Finance lease liabilities (1) | 1,326 | ||||
| Total debt principal | $ | 65,035 | |||
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(1)See Note 7 ‘‘Leases’’ for a summary of maturities of the Company’s finance lease liabilities.
Short-term Borrowings
Commercial Paper and Back-up Credit Facilities
The Company did not have any commercial paper outstanding as of December 31, 2025. The Company had $2.1 billion of commercial paper outstanding at a weighted interest rate of 4.98% as of December 31, 2024. In connection with its commercial paper program, the Company maintains three $2.5 billion, five-year unsecured back-up revolving credit facilities, which expire in May 2028, 2029 and 2030. The credit facilities allow for borrowings at various rates that are dependent, in part, on the Company’s public debt ratings and require the Company to pay a weighted average quarterly facility fee of approximately 0.03%, regardless of usage. As of December 31, 2025 and 2024, there were no borrowings outstanding under any of the Company’s back-up credit facilities.
Term Loan Agreement
On March 25, 2024, the Company entered into a 364-day $3.0 billion term loan credit agreement. The term loan credit agreement allowed for borrowings at various rates that were dependent, in part, on the Company’s public debt ratings. On May 9, 2024, following the issuance of the $5.0 billion in senior notes described under “Long-term Borrowings” below, the term loan credit agreement terminated. There were no borrowings under the term loan credit agreement through the date of termination.
FHLBB
A subsidiary of the Company is a member of the FHLBB. As a member, the subsidiary has the ability to obtain cash advances, subject to certain minimum collateral requirements. The maximum borrowing capacity available from the FHLBB as of December 31, 2025 was approximately $1.3 billion. As of December 31, 2025 and 2024, there were no outstanding advances from the FHLBB.
Long-term Borrowings
2025 Notes
On August 15, 2025, the Company issued $750 million aggregate principal amount of 5.0% senior notes due September 2032, $1.5 billion aggregate principal amount of 5.45% senior notes due September 2035, $1.25 billion aggregate principal amount of 6.2% senior notes due September 2055 and $500 million aggregate principal amount of 6.25% senior notes due September 2065 for total proceeds of approximately $4.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used to repay existing indebtedness, including borrowings under the Company’s commercial paper program, as well as for general corporate purposes.
2024 Notes
On December 10, 2024, the Company issued $2.25 billion aggregate principal amount of 7.0% fixed-to-fixed rate series A junior subordinated notes due March 2055 and $750 million aggregate principal amount of 6.75% fixed-to-fixed rate series B junior subordinated notes due December 2054 for total proceeds of approximately $3.0 billion, net of discounts and underwriting fees. The series A junior subordinated notes bear interest at 7.0% per year until March 10, 2030, at which time the rate will reset March 10th of every fifth year, provided that the interest rate will not reset below the initial interest rate. The series B junior subordinated notes bear interest at 6.75% per year until December 10, 2034, at which time the rate will reset December 10th of every fifth year, provided that the interest rate will not reset below the initial interest rate. The series A and series B junior subordinated notes pay interest semi-annually and may be redeemed at any time beginning 90 days prior to their respective first interest rate reset date and on any interest payment date thereafter, in whole or in part at a defined redemption price plus accrued interest. The net proceeds of these offerings were used for the early extinguishment of certain of the Company’s senior notes as described below and the remaining proceeds after the early extinguishment of debt were used for general corporate purposes.
On May 9, 2024, the Company issued $1.0 billion aggregate principal amount of 5.4% senior notes due June 2029, $1.0 billion aggregate principal amount of 5.55% senior notes due June 2031, $1.25 billion aggregate principal amount of 5.7% senior notes due June 2034, $750 million aggregate principal amount of 6.0% senior notes due June 2044 and $1.0 billion aggregate principal amount of 6.05% senior notes due June 2054 for total proceeds of approximately $5.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used for general corporate purposes.
Gain on Early Extinguishment of Debt
In December 2024, pursuant to a cash tender offer, the Company repaid approximately $2.6 billion of its outstanding senior notes for a cash payment of approximately $2.0 billion. The senior notes purchased include: $226 million of its 4.1% senior notes due March 2025, $398 million of its 4.125% senior notes due April 2040, $883 million of its 2.7% senior notes due August 2040, $274 million of its 4.125% senior notes due November 2042, $463 million of its 3.875% senior notes due August 2047 and $351 million of its 4.25% senior notes due April 2050. In connection with the purchase of such senior notes, the Company recognized a total gain on early extinguishment of debt of $491 million, net of unamortized deferred financing costs and incurred fees.
Debt Covenants
The Company’s back-up revolving credit facilities and unsecured senior notes contain customary restrictive financial and operating covenants. These covenants do not include an acceleration of the Company’s debt maturities in the event of a downgrade in the Company’s credit ratings. The Company does not believe the restrictions contained in these covenants materially affect its financial or operating flexibility. As of December 31, 2025, the Company was in compliance with all of its debt covenants.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 7, 2024 | |
| 2022 | Feb 8, 2023 | |
| 2021 | Feb 9, 2022 | |
| 2020 | Feb 16, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 9, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.