CVS CVS HEALTH Corp

Overview and Growth

CVS HEALTH Corp generated $402.07B of revenue in fiscal 2025, with net income of $1.77B and an operating cash inflow of $10.64B. At $402.07B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $372.81B in fiscal 2024, revenue recorded a 7.8% year-over-year increase. Diluted earnings per share were $1.39, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $3.66 in fiscal 2024, the current result was 62.0% lower.

Profitability

After reported cost of revenue, the company retained $180.90B as gross profit before recognizing operating expenses and other items. Gross margin was 45.0%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $4.66B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 1.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $1.77B, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 0.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $2.14B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 0.5% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $408.00M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 19.1%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $253.54B of assets against $178.16B of liabilities and $75.38B of equity, revealing how the asset base was financed. Current assets were $74.71B against $88.69B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.84x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $8.45B, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 9.5% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $0.00 of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.0x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 0.0% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 70.3%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 3.3% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

The company reported $10.64B of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 6.02x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $2.83B of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 26.6% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $7.81B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 1.9%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 3.1%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.