Name: CVS Health Corp. (NYSE:CVS) | Balance Sheet: Assets (Quarterly)
Creator: Stock Analysis on Net

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.

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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)

Total assets exhibited a general upward trajectory over the analyzed period, increasing from 230,639 million USD in March 2020 to 255,585 million USD by March 2025. The growth was characterized by a period of relative stability between 2020 and 2022, followed by a notable expansion in asset value starting in early 2023.

Current Asset Composition and Liquidity: Current assets rose from 58,958 million USD to 73,191 million USD. The most significant driver of this increase was accounts receivable, net, which grew from 23,037 million USD to 39,625 million USD, indicating a substantial increase in credit extensions or timing differences in collections. Cash and cash equivalents remained highly volatile, peaking at 17,197 million USD in September 2022 before fluctuating between 6,875 million USD and 12,507 million USD in the final two years. Inventories remained relatively stable, oscillating between 16,000 million USD and 19,000 million USD, suggesting a consistent approach to inventory management relative to scale.
Intangible Assets and Goodwill: A significant shift in the long-term asset structure occurred in early 2023. Goodwill increased from approximately 78,000 million USD to a plateau of 91,272 million USD, reflecting strategic acquisitions or asset revaluations. Conversely, net intangible assets showed a consistent long-term decline, falling from 32,727 million USD in March 2020 to 26,570 million USD by March 2025, which is consistent with regular amortization schedules.
Fixed and Long-term Investments: Long-term investments demonstrated a steady increase, moving from 16,840 million USD in March 2020 to 28,906 million USD by March 2025. Property and equipment, net, remained remarkably flat, staying within the 12,000 million USD to 13,200 million USD range throughout the five-year period. This suggests that growth was driven more by financial investments and acquisitions than by physical infrastructure expansion.
Lease and Other Assets: Operating lease right-of-use assets followed a steady downward trend, decreasing from 20,672 million USD in March 2020 to 15,704 million USD in March 2025, indicating the gradual expiration or reduction of lease obligations. Separate accounts assets also saw a decline, ending at 1,924 million USD in March 2025 compared to 4,555 million USD at the start of the period.

The overall balance sheet expansion was primarily fueled by a combination of rising accounts receivable, an increase in long-term investments, and a step-up in goodwill during 2023, while physical assets and leasehold interests remained stagnant or declined.

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CVS Health Corp. (NYSE:CVS)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data