CVS Health Corp
NYSE: CVS · HEALTHCARE · HEALTHCARE PLANS
Updated 2026-06-05
CVS Health Corp (CVS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43.82B | $76.33B | $87.47B | $98.22B | $95.78B | $107.08B | $123.12B | $126.76B | $139.37B | $153.29B | $177.55B | $184.79B | $194.58B | $256.78B | $268.71B | $292.11B | $322.47B | $357.78B | $372.81B | $402.07B |
| Revenue growth (YoY) | — | +74.2% | +14.6% | +12.3% | -2.5% | +11.8% | +15.0% | +3.0% | +9.9% | +10.0% | +15.8% | +4.1% | +5.3% | +32.0% | +4.6% | +8.7% | +10.4% | +10.9% | +4.2% | +7.8% |
| Cost of revenue | $32.08B | $60.22B | $69.18B | $77.86B | $75.56B | $86.52B | $100.63B | $102.98B | $114.00B | $126.76B | $148.71B | $156.26B | $163.04B | $211.25B | $219.66B | $239.99B | $267.96B | $303.35B | $321.41B | $346.70B |
| Gross profit | $11.74B | $16.11B | $18.29B | $20.36B | $20.22B | $20.56B | $22.49B | $23.78B | $25.37B | $26.53B | $28.83B | $28.53B | $31.54B | $45.53B | $49.05B | $52.12B | $54.50B | $54.43B | $51.40B | $55.36B |
| Gross margin | 26.8% | 21.1% | 20.9% | 20.7% | 21.1% | 19.2% | 18.3% | 18.8% | 18.2% | 17.3% | 16.2% | 15.4% | 16.2% | 17.7% | 18.3% | 17.8% | 16.9% | 15.2% | 13.8% | 13.8% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $8.76B | $11.23B | $12.24B | $13.94B | $14.09B | $14.23B | $15.06B | $15.64B | $16.33B | $16.63B | $18.06B | $18.29B | $20.38B | $32.23B | $34.46B | $36.23B | $37.18B | $38.36B | $40.24B | $970.00M |
| Operating income | $2.44B | $4.79B | $6.05B | $6.42B | $6.14B | $6.33B | $7.21B | $8.04B | $8.80B | $9.47B | $10.39B | $9.54B | $4.02B | $11.99B | $13.91B | $13.31B | $7.95B | $13.74B | $8.52B | $10.38B |
| Operating margin | 5.6% | 6.3% | 6.9% | 6.5% | 6.4% | 5.9% | 5.9% | 6.3% | 6.3% | 6.2% | 5.8% | 5.2% | 2.1% | 4.7% | 5.2% | 4.6% | 2.5% | 3.8% | 2.3% | 2.6% |
| EBITDA | $3.17B | $5.89B | $7.34B | $7.82B | $7.61B | $7.90B | $8.62B | $9.91B | $10.22B | $11.57B | $12.19B | $11.81B | $6.74B | $16.40B | $17.12B | $17.53B | $12.35B | $13.74B | $13.68B | $9.86B |
| EBITDA margin | 7.2% | 7.7% | 8.4% | 8.0% | 7.9% | 7.4% | 7.0% | 7.8% | 7.3% | 7.5% | 6.9% | 6.4% | 3.5% | 6.4% | 6.4% | 6.0% | 3.8% | 3.8% | 3.7% | 2.5% |
| EBIT | $2.44B | $4.79B | $6.07B | $6.43B | $6.14B | $6.33B | $6.87B | $8.04B | $8.29B | $9.47B | $9.71B | $9.33B | $4.03B | $12.03B | $12.68B | $13.04B | $8.12B | $13.74B | $9.09B | $5.25B |
| Interest expense | $216.00M | $435.00M | $530.00M | $530.00M | $539.00M | $588.00M | $561.00M | $517.00M | $615.00M | $859.00M | $1.08B | $1.06B | $2.62B | $3.04B | $2.91B | $2.50B | $2.29B | $2.66B | $2.96B | $3.12B |
| Income tax | $856.90M | $1.72B | $2.19B | $2.20B | $2.18B | $2.26B | $2.44B | $2.93B | $3.03B | $3.39B | $3.32B | $1.64B | $2.00B | $2.37B | $2.57B | $2.55B | $1.51B | $2.81B | $1.56B | $408.00M |
| Effective tax rate | 38.5% | 39.5% | 40.6% | 37.3% | 38.9% | 39.5% | 38.7% | 38.9% | 39.5% | 39.3% | 38.4% | 19.8% | 142.2% | 26.3% | 26.4% | 24.2% | 25.9% | 25.2% | 25.3% | 18.8% |
| Net income | $1.37B | $2.64B | $3.21B | $3.70B | $3.43B | $3.46B | $3.86B | $4.59B | $4.64B | $5.24B | $5.32B | $6.62B | $-594.00M | $6.63B | $7.18B | $8.00B | $4.31B | $8.34B | $4.61B | $1.77B |
| Net income growth (YoY) | — | +92.6% | +21.8% | +15.1% | -7.3% | +1.0% | +11.6% | +18.8% | +1.1% | +12.8% | +1.5% | +24.5% | -109.0% | +1216.8% | +8.2% | +11.5% | -46.1% | +93.6% | -44.7% | -61.7% |
| Profit margin | 3.1% | 3.5% | 3.7% | 3.8% | 3.6% | 3.2% | 3.1% | 3.6% | 3.3% | 3.4% | 3.0% | 3.6% | -0.3% | 2.6% | 2.7% | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% |
Frequently asked questions
What is CVS Health Corp's revenue?
CVS Health Corp's trailing twelve-month revenue is $405.62B, and consensus projects about $489.80B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is CVS?
In its most recent fiscal year, CVS ran a gross margin of 13.77%, an operating margin of 2.58%, and a net margin of 0.44%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CVS generate?
CVS produced $7.81B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CVS's balance sheet healthy?
CVS holds $8.51B in cash and equivalents against $60.50B in long-term debt, on $75.21B of shareholder equity. That debt is best read against the cash flow the business throws off each year.