Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

Income Statement 

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

CVS Health Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Products 245,138 226,616 203,738 190,688 185,236
Premiums 99,192 85,330 76,132 69,364 63,122
Services 12,293 9,683 11,042 7,856 7,407
Revenues from customers 356,623 321,629 290,912 267,908 255,765
Cost of products sold (217,098) (196,892) (175,803) (163,981) (158,719)
Health care costs (86,247) (71,281) (64,260) (55,679) (52,529)
Cost of revenues (303,345) (268,173) (240,063) (219,660) (211,248)
Gross profit 53,278 53,456 50,849 48,248 44,517
Net investment income 1,153 838 1,199 798 1,011
Restructuring charges (507)
Opioid litigation charges (5,803)
Loss on assets held for sale (349) (2,533)
Store impairments (1,358) (231)
Goodwill impairment (431)
Operating expenses (39,832) (38,212) (37,066) (35,135) (33,310)
Operating income 13,743 7,746 13,193 13,911 11,987
Interest expense (2,658) (2,287) (2,503) (2,907) (3,035)
Loss on early extinguishment of debt (452) (1,440) (79)
Other income 88 169 182 206 124
Income before income tax provision 11,173 5,628 10,420 9,770 8,997
Income tax provision (2,805) (1,463) (2,522) (2,569) (2,366)
Income from continuing operations 8,368 4,165 7,898 7,201 6,631
Loss from discontinued operations, net of tax (9)
Net income 8,368 4,165 7,898 7,192 6,631
Net (income) loss attributable to noncontrolling interests (24) (16) 12 (13) 3
Net income attributable to CVS Health 8,344 4,149 7,910 7,179 6,634

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Revenues from customers Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. CVS Health Corp. revenues from customers increased from 2021 to 2022 and from 2022 to 2023.
Operating income The net result for the period of deducting operating expenses from operating revenues. CVS Health Corp. operating income decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income before income tax provision Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. CVS Health Corp. income before income tax provision decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income attributable to CVS Health The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. CVS Health Corp. net income attributable to CVS Health decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.