Compare · CVS and UNH
CVS Health vs. UnitedHealth
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both combine health insurance with a pharmacy benefit manager. CVS Health owns Aetna, Caremark and CVS Pharmacy stores; UnitedHealth owns UnitedHealthcare and the Optum businesses, which provide care, data services and pharmacy benefits. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in December, so the periods line up. Why fiscal years differ.
Comparing CVS Health fiscal 2025 (ended Dec 31, 2025) with UnitedHealth fiscal 2025 (ended Dec 31, 2025)
CVS HealthUnitedHealth
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| CVS Health (FY2024 to FY2025) | $372.8B | $402.1B | +7.8% |
| UnitedHealth (FY2024 to FY2025) | $400.3B | $447.6B | +11.8% |
CVS Health reports total revenues: health insurance premiums (Aetna), pharmacy benefit services (Caremark), and sales at CVS Pharmacy stores and online. UnitedHealth reports total revenues: insurance premiums plus product sales (mostly pharmacy), services and investment income.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| CVS Health FY2025 | $402.1B | $4.7B | 1.2% | $1.8B | 0.4% |
| UnitedHealth FY2025 | $447.6B | $19.0B | 4.2% | $12.1B | 2.7% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| CVS Health FY2025 | $10.6B | $2.8B | $7.8B | $0 | $3.4B |
| UnitedHealth FY2025 | $19.7B | $3.6B | $16.1B | $5.5B | $7.9B |
Capital spending is property and equipment for both companies, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
CVS Health
Health Care Benefits (Aetna) sells health insurance to employers, individuals and government programs such as Medicare. Health Services runs the Caremark pharmacy benefit manager and health care delivery businesses. Pharmacy & Consumer Wellness runs CVS Pharmacy stores, online pharmacy and specialty pharmacy services.
The segments do a lot of business with each other, so segment revenue adds up to more than the total. Its fiscal year is the calendar year.
UnitedHealth
UnitedHealth has four reportable segments. UnitedHealthcare offers health benefit plans for employers and individuals, Medicare and retirement, and Medicaid (Community & State). Optum Health provides care through clinics, physicians and home and behavioral services. Optum Insight sells data, analytics, technology and services to hospitals, payers and others. Optum Rx manages pharmacy benefits and runs pharmacies.
The Optum businesses sell a lot to UnitedHealthcare, so segment revenues add up to more than the company total; those internal sales are eliminated. Its fiscal year is the calendar year.
Main risks each one lists
CVS Health
- Higher use of medical care by members can squeeze insurance profits.
- Changes to Medicare and Medicaid payments and quality scores affect a large part of its business.
- Rules and lawsuits over how PBMs set drug prices could change its business model.
- Store traffic and prescription reimbursement rates are under pressure.
- Its primary-care businesses may not earn returns as planned.
UnitedHealth
- If medical costs or use of services run above what it priced for, profits on its insurance plans fall.
- Medicare Advantage, Medicaid and other government business depend on rates, rules and audits it doesn't control.
- Health care is heavily regulated, and government investigations and lawsuits can lead to fines or changes in how it operates.
- It competes with other insurers, care providers and pharmacy benefit managers.
- It holds large amounts of sensitive data, and cyberattacks or outages can disrupt its businesses.
How they differ
- Size. UnitedHealth reported $447.6B of revenue for fiscal 2025, and CVS Health $402.1B for fiscal 2025.
- Growth. CVS Health's revenue grew 7.8% in its latest year and UnitedHealth's 11.8%.
- Margins. UnitedHealth kept 2.7% of revenue as net income and CVS Health 0.4%.
- Stores. CVS Health runs CVS Pharmacy stores, online pharmacy and specialty pharmacy services.
- Care delivery. Optum Health provides care through clinics, physicians and home services. CVS's Health Services segment runs health care delivery businesses alongside Caremark.
- Where the money goes. In the latest year UnitedHealth spent $5.5B on buybacks and $7.9B on dividends, and CVS Health $0 and $3.4B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- CVS Health Form 10-K for fiscal 2025, filed Feb 10, 2026
- UnitedHealth Form 10-K for fiscal 2025, filed Mar 2, 2026
CVS Health company file → · UnitedHealth company file →
Common questions
Which is bigger by revenue, UnitedHealth or CVS Health?
UnitedHealth reported $447.6B of revenue for fiscal 2025 and CVS Health $402.1B for fiscal 2025.
Do CVS Health and UnitedHealth both run pharmacy benefit managers?
Yes: Caremark at CVS Health and Optum Rx at UnitedHealth.
How do their profit margins compare?
In the latest fiscal year UnitedHealth's net margin was 2.7% and CVS Health's was 0.4%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.