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Company file · CVS

CVS Health

CVS Health's revenue rose in 2025, but net income fell sharply after a large impairment

Revenue rose 7.8% to $402.1B. Net income fell 61.7% to $1.8B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 10, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026) · Data pulled Oct 25, 2026

Key facts

CVS Health (NYSE: CVS) closed fiscal 2025 on Dec 31, 2025 with total revenues of $402.1B, up 7.8% from a year before; net income to CVS Health came to $1.8B, down 61.7%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $106.1B, up 7.3% on the same stretch of the prior year, and net income of $3.0B. Broken down by segment (before eliminations), Health Services led with 40% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).

Revenue$402.1BFY2025 · +7.8% vs FY2024
Net income to CVS Health$1.8BFY2025 · −61.7% vs FY2024
Operating cash flow$10.6BFY2025 · +16.8% vs FY2024
Cash & equivalents$11.3Bat Jun 30, 2026 · +34.0% vs FY2025 end
Total debt$61.4Bat Jun 30, 2026 · −4.9% vs FY2025 end
Diluted shares1.27BFY2025 avg · +0.7% vs FY2024
Total revenues and net income to CVS Health, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income to CVS Health
Total revenues and net income to CVS Health by fiscal yearTotal revenues FY2023: $357.8B357.8Net income to CVS Health FY2023: $8.3B8.3FY2023Total revenues FY2024: $372.8B372.8Net income to CVS Health FY2024: $4.6B4.6FY2024Total revenues FY2025: $402.1B402.1Net income to CVS Health FY2025: $1.8B1.8FY2025

Source: 10-K FY2025, filed Feb 10, 2026

Quarterly total revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenues, fiscal 2026 vs 2025FY2025 Q1: $94.6B94.6FY2026 Q1: $100.4B100.4Q1FY2025 Q2: $98.9B98.9FY2026 Q2: $106.1B106.1Q2

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026

How it makes money

FY2025 total by categoryHealth Care Benefits: $143.4B (30%)Health Services: $190.4B (40%)Pharmacy & Consumer Wellness: $139.4B (29%)$473.1BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Health Care Benefits$143.4B30%+9.7%
  • Health Services$190.4B40%+9.7%
  • Pharmacy & Consumer Wellness$139.4B29%+11.9%

Source: 10-K FY2025, XBRL breakdown

Before eliminations, Health Services brought in $190.4B in 2025, Health Care Benefits $143.4B and Pharmacy & Consumer Wellness $139.4B.

By segment (before eliminations): three-year mixShare of the total each fiscal year
Health Care BenefitsHealth ServicesPharmacy & Consumer Wellness

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$106.1B Q2 2026
$98.9B Q2 2025
7.3% increase
Net income
$3.0B Q2 2026
$1.0B Q2 2025
191.8% increase

Source: CVS Health 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

By segment

Health Services
$51.8B Q2 2026
$46.5B Q2 2025
11.5% increase
Health Care Benefits
$37.5B Q2 2026
$36.3B Q2 2025
3.5% increase
Pharmacy & Consumer Wellness
$33.8B Q2 2026
$33.6B Q2 2025
0.7% increase

Source: CVS Health 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026

  • Cash & equivalents $11.3B at Jun 30, 2026, vs $8.5B at FY2025 end.
  • Total debt $61.4B at Jun 30, 2026, vs $64.6B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $10.6B vs $6.5B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 7.8% in 2025 to $402.1B, and all three segments grew. 10-K, FY2025
  • Operating cash flow rose 16.8% in 2025 to $10.6B. 10-K, FY2025
  • Revenue in the quarter ended Jun 30, 2026 was $106.1B, up 7.3% on a year earlier, and net income rose 191.8% to $3.0B. 10-Q, quarter ended Jun 30, 2026

The bear case

  • Net income fell 61.7% in 2025 to $1.8B, including a large goodwill impairment described in the 10-K. 10-K, FY2025
  • Total debt was $64.6B at the end of 2025. 10-K, FY2025
  • Net income was $1.8B on revenue of $402.1B in 2025, a thin margin. 10-K, FY2025
  • The 10-K lists medical cost trends, government health program changes, drug pricing and pharmacy benefit rules, and store closures among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

CVS Health runs the Aetna health insurer, the Caremark pharmacy benefit manager and CVS Pharmacy stores.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in CVS Health's latest 10-K. Read the original for the full list.

  1. Medical costsHigher use of medical care by members can squeeze insurance profits.
  2. Government programsChanges to Medicare and Medicaid payments and quality scores affect a large part of its business.
  3. Pharmacy benefitsRules and lawsuits over how PBMs set drug prices could change its business model.
  4. RetailStore traffic and prescription reimbursement rates are under pressure.
  5. Health care deliveryIts primary-care businesses may not earn returns as planned.
  6. DebtIt carries a large amount of debt from past acquisitions.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenues$357.8B$372.8B$402.1B
Net income to CVS Health$8.3B$4.6B$1.8B
Operating cash flow$13.4B$9.1B$10.6B
Cash & equivalents (year end)$8.2B$8.6B$8.5B
Total debt (year end)$61.4B$64.2B$64.6B
Diluted shares1.29B1.26B1.27B
  • Total revenues: Health insurance premiums (Aetna), pharmacy benefit services (Caremark), and sales at CVS Pharmacy stores and online.
  • Net income to CVS Health: Net income attributable to CVS Health, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue is before intersegment eliminations, so the segments add up to more than total revenue.
  • Net income is attributable to CVS Health.

Recent filings

FormFiledPeriod
10-QAug 5, 2026Jun 30, 2026
10-QMay 6, 2026Mar 31, 2026
DEF 14AApr 3, 2026May 14, 2026
10-KFeb 10, 2026Dec 31, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from CVS Health in the last 30 days.

All CVS Health filings notes →

Common questions about CVS Health

How does CVS Health make money?

Fiscal 2025 total revenues: $402.1B. Before eliminations, Health Services brought in $190.4B in 2025, Health Care Benefits $143.4B and Pharmacy & Consumer Wellness $139.4B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What was CVS Health's revenue in fiscal 2025?

$402.1B, up 7.8% from fiscal 2024 ($372.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $357.8B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

Is CVS Health profitable?

Net income to CVS Health was $1.8B in fiscal 2025 (down 61.7%; fiscal 2024 was $4.6B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $3.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What did CVS Health report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $106.1B (up 7.3% from $98.9B) and net income $3.0B (up 191.8% from $1.0B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.

How much cash and debt does CVS Health have?

As of Jun 30, 2026: $11.3B of cash and cash equivalents, $61.4B of total debt. Total debt here is current portion plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Aug 5, 2026.

What are the main risks CVS Health lists?

The risk factors are in Item 1A of the 10-K filed Feb 10, 2026. This page sorts them into 6 groups (Medical costs; government programs; pharmacy benefits; retail; health care delivery; debt). The first group in plain English: Higher use of medical care by members can squeeze insurance profits. Source: 10-K, Item 1A Risk Factors.

Where do these CVS Health numbers come from?

The 10-K filed Feb 10, 2026 (fiscal 2025) and the 10-Q filed Aug 5, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in CVS
The editor holds no position in CVS Health (CVS). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell CVS from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CVS, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
CVS HealthCVSFY2025$402.1B+7.8%$1.8B
UnitedHealthUNHFY2025$447.6B+11.8%$12.1B
WalmartWMTFY2026$713.2B+4.7%$21.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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