FirmAtlas

Company handbook · CVS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

CVS · CIK 64803 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026

CVS HEALTH CORPORATION

$92.36 −0.22 (−0.24%)

Close, Oct 16, 2026 · 52-week $70–111

↗ cvshealth.com

Last fiscal year

CVS HEALTH CORPORATION reported revenue of $402.1B for the year ended Dec 31, 2025 (FY25), up 7.8% from FY24. Net income was $1.8B, operating cash flow $10.6B and free cash flow $7.8B. Source: 10-K filed Feb 10, 2026.

Market cap

$117.4B

P/E

24.0

EV/EBITDA

18.5x

P/B

1.5

Div yield

2.88%

ROIC

2.9%

Revenue 1Y

7.8%/yr

EPS 1Y

−62.0%/yr

Shares 1Y

+0.9%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOJ. David Joyner

HQWoonsocket, RI

AuditorErnst & Young LLP

Employees300,000

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

0.4%

1.5%

8.9%

13.5%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$15.9B deployed

Capex $5.6B 35.2%

Acquisitions $531M 3.3%

Dividends $6.8B 42.5%

Buybacks $3.0B 19.0%

Operating cash flow over the period: $19.7B. Total debt changed by −$1.7B.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 17, 2026 Executive or director change 8-K Aug 5, 2026 Quarterly results 8-K May 18, 2026 Executive or director change 8-K May 6, 2026 Quarterly results 8-K Mar 19, 2026 Executive or director change 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

372,809

402,067+7.8%

415,086

YoY

+7.8%

Operating income

8,516

4,660−45.3%

8,288

Operating margin

2.3%

1.2%−1.1 pp

—

EBITDA

13,113

9,266−29.3%

—

EBITDA margin

3.5%

2.3%−1.2 pp

—

Interest expense

2,958

3,119+5.4%

—

Interest coverage

4.43x

2.97x−1.46x

—

Net income

4,614

1,768−61.7%

4,890

YoY

−61.7%

Net margin

1.2%

0.4%−0.8 pp

—

EPS (diluted, $)

3.66

1.39−62.0%

3.80

YoY

−62.0%

Balance sheet

FY24 FY25

TTM

Total assets

253,215

253,538+0.1%

253,768

Cash & short-term investments

11,291

10,857−3.8%

—

Accounts receivable

36,469

39,779+9.1%

—

Inventory

18,107

19,246+6.3%

—

Net PP&E

12,993

13,083+0.7%

—

Other assets

174,355

170,573−2.2%

—

Total liabilities

177,655

178,324+0.4%

174,066

Total debt

66,270

64,570−2.6%

59,452

Other liabilities

111,385

113,754+2.1%

—

Shareholders’ equity

75,560

75,214−0.5%

79,702

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

9,107

10,639+16.8%

14,780

Net income

4,586

1,728−62.3%

—

Depreciation & amortization

4,597

4,606+0.2%

—

Stock-based compensation

540

535−0.9%

—

Working capital & other

(616)

3,770n/m

—

Cash from investing

(7,613)

(5,871)n/m

—

Capex

(2,781)

(2,832)n/m

—

Acquisitions

(95)

(436)n/m

—

Investments bought

(15,191)

(15,012)n/m

—

Investments sold / matured

10,353

12,383+19.6%

—

Other investing

101

26−74.3%

—

Cash from financing

(1,135)

(4,940)n/m

—

Debt raised

7,913

3,969−49.8%

—

Debt repaid

(4,773)

(3,629)n/m

—

Dividends

(3,373)

(3,397)n/m

—

Buybacks

(3,023)

0n/m

—

Shares issued

361

394+9.1%

—

Other financing

1,760

(2,277)−229.4%

—

Net change in cash

359

(172)−147.9%

—

Free cash flow (OCF − capex)

6,326

7,807+23.4%

11,758

Where the cash went

FY24 FY25

TTM

Operating cash flow

9,107

10,639+16.8%

14,780

Reinvested in the business

2,876

3,268+13.6%

—

% of operating cash flow

31.6%

30.7%

Capex

2,781

2,832+1.8%

3,022

Acquisitions

436+358.9%

—

Free cash flow

6,326

7,807+23.4%

11,758

YoY

+23.4%

Returned to shareholders

6,396

3,397−46.9%

—

% of free cash flow

101.1%

43.5%

Dividends

3,373

3,397+0.7%

—

Buybacks

3,023

0−100.0%

—

Change in total debt

—

(1,700)

—

Cash left over

—

2,274

—

FCF conversion (FCF ÷ net income)

137.1%

441.6%+304.5 pp

—

Owner earnings

—

(907)

—

Owner earnings margin

—

−0.2%

—

Buyback yield

5.3%

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

4.9%

2.9%−2.0 pp

—

ROIC (operating)

9.4%

5.4%−4.0 pp

—

Net debt / EBITDA

4.19x

5.80x+1.60x

—

Debt / equity

0.88x

0.86x−0.02x

—

ROE

6.1%

2.4%−3.8 pp

—

ROA

1.8%

0.7%−1.1 pp

—

ROCE

5.1%

2.8%−2.2 pp

—

NOPAT

6,352

3,770−40.7%

—

Invested capital (operating)

67,569

72,108+6.7%

—

Invested capital (all)

130,539

128,927−1.2%

—

Reinvestment rate

—

120.4%

—

Debtor days

36+0 d

—

Inventory days

17−0 d

—

Net debt is 5.8x EBITDA (FY25).

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

102,871

105,693

100,426

106,096

vs year-ago quarter

Operating income

(3,207)

2,112

4,680

4,703

Net income

(3,975)

2,943

2,979

vs year-ago quarter

Net margin

−3.9%

2.8%

2.9%

2.8%

EPS (diluted, $)

−3.13

2.32

2.30

2.31

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

255,327

253,538

252,974

253,768

Cash & equivalents

9,352

10,857

9,769

11,537

Total debt

65,836

64,570

60,531

59,452

Shareholders’ equity

72,928

75,214

77,456

79,702

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

796

3,390

4,249

6,345

Capex

698

784

849

691

Free cash flow

2,606

3,400

5,654

vs year-ago quarter