Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

CVS Health Corp., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Cash and cash equivalents	10,076)	8,586)	6,875)	12,507)	9,801)	8,196)	13,043)	13,807)	14,618)	12,945)	17,197)	12,116)	8,442)	9,408)	9,826)	7,119)	5,598)	7,854)	9,256)	14,869)	10,081)
Short-term investments	2,578)	2,407)	2,805)	3,755)	3,288)	3,259)	3,145)	3,080)	3,102)	2,778)	2,792)	2,877)	2,900)	3,117)	3,015)	3,006)	3,190)	3,000)	2,831)	2,596)	2,632)
Accounts receivable, net	39,625)	36,469)	36,179)	32,385)	32,217)	35,227)	32,927)	29,546)	28,331)	27,276)	26,317)	27,233)	26,451)	24,431)	25,283)	24,164)	23,855)	21,742)	23,816)	22,520)	23,037)
Inventories	17,385)	18,107)	17,649)	16,068)	16,346)	18,025)	17,954)	17,291)	18,263)	19,090)	18,058)	17,375)	18,160)	17,760)	17,399)	16,979)	17,618)	18,496)	17,478)	16,519)	16,976)
Assets held for sale	—)	—)	—)	—)	—)	—)	—)	620)	625)	908)	1,498)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other current assets	3,527)	3,076)	3,835)	5,237)	5,821)	3,151)	3,074)	3,412)	3,767)	2,685)	2,479)	2,541)	5,530)	5,292)	5,319)	5,291)	5,458)	5,277)	5,830)	6,002)	6,232)
Current assets	73,191)	68,645)	67,343)	69,952)	67,473)	67,858)	70,143)	67,756)	68,706)	65,682)	68,341)	62,142)	61,483)	60,008)	60,842)	56,559)	55,719)	56,369)	59,211)	62,506)	58,958)
Long-term investments	28,906)	28,934)	28,939)	25,028)	24,074)	23,019)	21,667)	22,114)	21,612)	21,096)	20,565)	21,124)	22,595)	23,025)	22,370)	22,136)	21,025)	20,812)	20,216)	18,594)	16,840)
Property and equipment, net	12,856)	12,993)	12,728)	13,032)	13,037)	13,183)	13,022)	13,001)	12,872)	12,873)	12,626)	12,764)	12,844)	12,896)	12,771)	12,664)	12,611)	12,606)	12,349)	12,221)	12,146)
Operating lease right-of-use assets	15,704)	15,944)	16,231)	16,901)	17,045)	17,252)	17,564)	17,703)	17,660)	17,872)	18,270)	18,562)	18,801)	19,122)	20,462)	20,476)	20,542)	20,729)	20,484)	20,571)	20,672)
Goodwill	91,203)	91,272)	91,272)	91,272)	91,272)	91,272)	91,261)	91,260)	84,057)	78,150)	78,086)	78,560)	79,060)	79,121)	79,121)	79,552)	79,552)	79,552)	79,579)	80,057)	79,993)
Intangible assets, net	26,570)	27,323)	27,817)	28,311)	28,770)	29,234)	29,624)	30,118)	26,368)	24,754)	25,157)	28,135)	28,543)	29,026)	29,545)	30,080)	30,639)	31,142)	31,697)	32,225)	32,727)
Separate accounts assets	1,924)	3,311)	3,334)	3,187)	3,271)	3,250)	3,200)	3,267)	3,231)	3,228)	3,318)	4,140)	4,670)	5,087)	5,086)	4,880)	4,692)	4,881)	4,793)	4,639)	4,555)
Other assets	5,231)	4,793)	4,763)	4,798)	4,801)	4,660)	4,825)	4,852)	4,824)	4,620)	4,849)	4,852)	4,877)	4,714)	4,694)	4,817)	4,826)	4,624)	4,569)	4,682)	4,748)
Long-term assets	182,394)	184,570)	185,084)	182,529)	182,270)	181,870)	181,163)	182,315)	170,624)	162,593)	162,871)	168,137)	171,390)	172,991)	174,049)	174,605)	173,887)	174,346)	173,687)	172,989)	171,681)
Total assets	255,585)	253,215)	252,427)	252,481)	249,743)	249,728)	251,306)	250,071)	239,330)	228,275)	231,212)	230,279)	232,873)	232,999)	234,891)	231,164)	229,606)	230,715)	232,898)	235,495)	230,639)

Cash and cash equivalents: The cash position fluctuated throughout the period, peaking at $17,197 million in September 2022 and then generally declining toward the end of 2023 before increasing again in early 2024. The lowest point recorded was $5,598 million in March 2021. Overall, the cash balances showed volatility with no clear upwards or downwards long-term trend.
Short-term investments: Short-term investments remained relatively stable with minor fluctuations, ranging between approximately $2,400 million and $3,300 million. Notable decreases occurred in the latest periods of 2024, dipping back closer to $2,500 million from higher levels in 2023.
Accounts receivable, net: Accounts receivable exhibited a generally increasing trend over the entire timeframe. Starting at $23,037 million in March 2020, the balance rose steadily to reach $39,625 million by March 2025. This suggests growing credit sales or extended payment terms, contributing to higher receivables.
Inventories: Inventories showed moderate fluctuations without a clear trend. The levels ranged mostly between $16,000 million and $19,000 million, peaking in December 2022 at $19,090 million before slightly declining thereafter. The inventory management appears stable with periodic seasonal adjustments.
Assets held for sale: Data for assets held for sale was absent for most periods but appeared in late 2022 and early 2023 with values declining from $1,498 million to $620 million before disappearing again, indicating one-off asset sales or disposals during that period.
Other current assets: Other current assets displayed notable volatility with a significant decline in mid-2022, dropping close to half from previous levels, before partially recovering in 2023. This irregular movement suggests changes in miscellaneous short-term accounts or reclassifications.
Current assets: Current assets remained relatively stable around the $56 billion to $70 billion range, with a gradual increase peaking in March 2025 at $73,191 million. Variations largely reflect movements in cash, receivables, and other current asset components.
Long-term investments: Long-term investments generally trended upwards, increasing from $16,840 million in early 2020 to a maximum near $28,939 million in 2024. This suggests an increased allocation to long-duration assets, possibly as part of a strategic investment policy.
Property and equipment, net: The net value of property and equipment remained stable, fluctuating only slightly around the $12,000 to $13,000 million range, indicative of steady capital expenditures offset by depreciation.
Operating lease right-of-use assets: There was a consistent downward trend in operating lease right-of-use assets, decreasing from over $20,000 million in early 2020 to approximately $15,700 million by the end of 2024. This decline may reflect lease expirations or renegotiations reducing lease asset balances.
Goodwill: Goodwill balances remained stable at around $79,000 million through 2022, after which significant increases were observed in 2023, peaking at about $91,272 million. This likely reflects acquisitions or revaluations increasing intangible goodwill assets.
Intangible assets, net: Net intangible assets showed a general decline from $32,727 million in early 2020 to $26,570 million by the first quarter of 2025, except for a temporary increase in 2023. The downward trend suggests amortization or impairment effects over time.
Separate accounts assets: Separate accounts assets fluctuated, dropping significantly from $4,555 million in early 2020 to a low of $1,924 million by March 2025, indicating possible asset transfers, withdrawals, or reclassifications in this category.
Other assets: Other assets remained relatively constant at approximately $4,500 million with minor variations, suggesting stable miscellaneous long-term assets.
Long-term assets: Long-term assets exhibited slight fluctuations, starting near $171,681 million in early 2020, dipping in the 2022 periods, followed by a steady increase back to around $182,394 million by early 2025, indicative of overall asset base stabilization and growth.
Total assets: Total assets ranged between approximately $230 billion and $255 billion throughout the timeframe. After a small decline post-2020, a recovery and upward trend appeared steady from 2022 onward, reflecting overall asset growth driven by increases in goodwill and investments.

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CVS Health Corp. (NYSE:CVS)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data