Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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
Products	57,669)	61,911)	59,674)	56,212)	53,724)	65,154)	61,298)	60,539)	58,147)	59,657)	57,643)	56,794)	52,522)	53,973)	51,853)	50,525)	47,387)	49,592)	47,738)	46,355)	47,003)
Premiums	32,820)	30,913)	30,925)	30,667)	30,391)	25,075)	24,657)	25,108)	24,352)	21,436)	21,003)	21,260)	21,631)	19,205)	18,984)	18,983)	18,960)	17,615)	17,182)	16,927)	17,640)
Services	3,579)	4,131)	4,279)	3,961)	3,868)	3,316)	3,532)	3,000)	2,445)	2,430)	2,312)	2,436)	2,505)	3,059)	2,711)	2,819)	2,453)	2,099)	1,932)	1,875)	1,950)
Revenues from customers	94,068)	96,955)	94,878)	90,840)	87,983)	93,545)	89,487)	88,647)	84,944)	83,523)	80,958)	80,490)	76,658)	76,237)	73,548)	72,327)	68,800)	69,306)	66,852)	65,157)	66,593)
Cost of products sold	(51,057)	(55,268)	(52,948)	(49,998)	(48,073)	(57,419)	(54,688)	(53,536)	(51,455)	(51,728)	(50,365)	(49,290)	(45,509)	(46,378)	(45,011)	(43,520)	(40,894)	(42,452)	(40,940)	(40,242)	(40,347)
Health care costs	(29,135)	(29,543)	(29,922)	(27,853)	(27,803)	(22,518)	(21,499)	(21,782)	(20,448)	(18,305)	(17,419)	(17,606)	(17,951)	(16,574)	(16,081)	(15,901)	(15,704)	(15,145)	(14,396)	(11,751)	(14,387)
Cost of revenues	(80,192)	(84,811)	(82,870)	(77,851)	(75,876)	(79,937)	(76,187)	(75,318)	(71,903)	(70,033)	(67,784)	(66,896)	(63,460)	(62,952)	(61,092)	(59,421)	(56,598)	(57,597)	(55,336)	(51,993)	(54,734)
Gross profit	13,876)	12,144)	12,008)	12,989)	12,107)	13,608)	13,300)	13,329)	13,041)	13,490)	13,174)	13,594)	13,198)	13,285)	12,456)	12,906)	12,202)	11,709)	11,516)	13,164)	11,859)
Net investment income	520)	755)	550)	394)	454)	268)	277)	274)	334)	323)	201)	146)	168)	367)	246)	289)	297)	248)	204)	184)	162)
Operating expenses	(11,022)	(10,421)	(10,557)	(10,338)	(10,290)	(10,503)	(9,876)	(9,873)	(9,580)	(9,559)	(9,606)	(9,171)	(9,876)	(10,065)	(9,210)	(8,869)	(8,922)	(9,433)	(8,471)	(8,668)	(8,563)
Restructuring charges	—)	(10)	(1,169)	—)	—)	—)	(11)	(496)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Opioid litigation charges	—)	(100)	—)	—)	—)	—)	—)	—)	—)	(583)	(5,220)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	(349)	(53)	(2,480)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Store impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,358)	—)	—)	—)	—)	—)	—)	—)
Goodwill impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(431)	—)	—)	—)	—)	—)	—)
Operating income (loss)	3,374)	2,368)	832)	3,045)	2,271)	3,373)	3,690)	3,234)	3,446)	3,618)	(3,931)	4,569)	3,490)	2,229)	3,061)	4,326)	3,577)	2,524)	3,249)	4,680)	3,458)
Interest expense	(785)	(758)	(752)	(732)	(716)	(690)	(693)	(686)	(589)	(552)	(566)	(583)	(586)	(608)	(602)	(636)	(657)	(678)	(731)	(765)	(733)
Gain (loss) on early extinguishment of debt	—)	491)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(89)	(363)	—)	—)	(674)	(766)	—)	—)
Other income	28)	25)	25)	24)	25)	22)	22)	22)	22)	43)	41)	43)	42)	38)	49)	45)	50)	53)	54)	45)	54)
Income (loss) before income tax (provision) benefit	2,617)	2,126)	105)	2,337)	1,580)	2,705)	3,019)	2,570)	2,879)	3,109)	(4,456)	4,029)	2,946)	1,570)	2,145)	3,735)	2,970)	1,225)	1,806)	3,960)	2,779)
Income tax (provision) benefit	(835)	(503)	(34)	(569)	(456)	(658)	(754)	(656)	(737)	(809)	1,047)	(1,068)	(633)	(274)	(558)	(944)	(746)	(241)	(587)	(974)	(767)
Income (loss) from continuing operations	1,782)	1,623)	71)	1,768)	1,124)	2,047)	2,265)	1,914)	2,142)	2,300)	(3,409)	2,961)	2,313)	1,296)	1,587)	2,791)	2,224)	984)	1,219)	2,986)	2,012)
Loss from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(9)	—)	—)	—)
Net income (loss)	1,782)	1,623)	71)	1,768)	1,124)	2,047)	2,265)	1,914)	2,142)	2,300)	(3,409)	2,961)	2,313)	1,296)	1,587)	2,791)	2,224)	975)	1,219)	2,986)	2,012)
Net (income) loss attributable to noncontrolling interests	(3)	21)	16)	2)	(11)	(1)	(4)	(13)	(6)	2)	(7)	(10)	(1)	10)	11)	(8)	(1)	(2)	5)	(11)	(5)
Net income (loss) attributable to CVS Health	1,779)	1,644)	87)	1,770)	1,113)	2,046)	2,261)	1,901)	2,136)	2,302)	(3,416)	2,951)	2,312)	1,306)	1,598)	2,783)	2,223)	973)	1,224)	2,975)	2,007)

Revenues: The total revenues generally demonstrate a growing trend across the quarters, starting from approximately $66.6 billion in March 2020 and rising to around $94 billion by March 2025. This increase is primarily driven by the growth in both products and premiums categories. Product revenues show a steady progression with minor fluctuations, peaking at $65.2 billion in December 2023 before experiencing some declines. Premium revenues notably increase, especially from March 2023 onward, reaching $32.8 billion in March 2025.; Service revenues show more volatility, with increases noted in mid-2021 and sustained elevated levels through 2024 before a decrease in early 2025.
Cost of Revenues and Related Costs: Costs associated with products sold, health care, and overall revenues reveal an upward trajectory correlated with revenue growth. The cost of products sold rises from approximately $40.3 billion in March 2020 to peaks above $57 billion in late 2023 before a decline toward $51 billion by early 2025. Health care costs likewise increase substantially over the period, peaking near $29 billion in 2024, reflecting intensified expenditures in this segment.; Total cost of revenues follows a similar increasing pattern, reaching close to $85 billion in late 2024, before dropping slightly to around $80 billion by March 2025.
Profitability: Gross profit fluctuates but remains relatively stable around $12-13 billion per quarter with minor decreases in some quarters within 2024, specifically showing lower figures compared to the peak in December 2023. Operating income demonstrates significant variability, including negative spikes such as the large loss of approximately $3.9 billion in the third quarter of 2022, likely driven by exceptional charges or impairments within that period.; Despite fluctuations, operating income generally rebounds to positive territory, though with smaller margins compared to earlier years. Income before tax follows a similar pattern, showing considerable volatility with notable losses and recoveries.
Operating Expenses and Special Charges: Operating expenses remain consistent at levels around $8.5 to $10.5 billion each quarter, with some increases noted toward 2024 and 2025. Several one-time or irregular charges are observed, including restructuring charges commencing around late 2022, opioid litigation charges peaking notably in the third quarter of 2022, store impairments in late 2020 and early 2021, and goodwill impairment in 2021. These charges contribute to the negative impacts on operating income and fluctuations in financial performance.
Net Income and Taxation: Net income mirrors the trends observed in operating income, with overall growth from early 2020 figures around $2 billion, reaching highs near $2.9 billion in early 2022. The loss in late 2022 corresponds to the negative net income of approximately $3.4 billion. Subsequently, net income recovers, although the magnitude is slightly less robust in 2024 and early 2025. Income tax provision varies, with periods of benefit and higher taxation, reflecting the volatility in pre-tax incomes.
Other Financial Items: Net investment income remains relatively small but positive, showing some increases over time. Interest expense stays fairly stable, slightly increasing from about $733 million in early 2020 to approximately $785 million by early 2025. Gains and losses on early extinguishment of debt reveal occasional impacts on net income, with a notable gain recorded in the first quarter of 2025.
Summary: The data reflects a general growth trajectory in revenues, particularly in products and premiums, accompanied by increasing costs. The company experiences significant operational challenges in 2022 due to litigation and impairment charges, leading to a substantial negative impact on profitability in that period. However, profitability recovers afterward but does not consistently reach earlier peak levels. Operating expenses are stable with occasional infrequent charges influencing quarterly results. Tax expenses vary in correlation with income fluctuations, and interest costs remain stable. Overall, the financial data highlights resilience amid challenges and steady top-line growth.

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CVS Health Corp. (NYSE:CVS)

Income Statement Quarterly Data

Income Statement
Quarterly Data