Name: CVS Health Corp. (NYSE:CVS) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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CVS Health Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accounts payable	15,892)	14,897)	14,838)	12,544)	11,138)
Pharmacy claims and discounts payable	24,166)	22,874)	19,423)	17,330)	15,795)
Health care costs payable	15,064)	12,049)	10,406)	8,808)	7,936)
Accrued expenses and other current liabilities	20,810)	23,515)	20,245)	21,971)	18,513)
Other insurance liabilities	1,183)	1,141)	1,140)	1,303)	1,557)
Current portion of operating lease liabilities	1,751)	1,741)	1,678)	1,646)	1,638)
Short-term debt	2,119)	200)	—)	—)	—)
Current portion of long-term debt	3,624)	2,772)	1,778)	4,205)	5,440)
Liabilities held for sale	—)	—)	228)	—)	—)
Current liabilities	84,609)	79,189)	69,736)	67,807)	62,017)
Long-term operating lease liabilities	14,899)	16,034)	16,800)	18,177)	18,757)
Long-term debt, excluding current portion	60,527)	58,638)	50,476)	51,971)	59,207)
Deferred income taxes	3,806)	4,311)	3,880)	6,270)	6,794)
Separate accounts liabilities	3,311)	3,250)	3,228)	5,087)	4,881)
Other long-term insurance liabilities	4,902)	5,459)	6,108)	6,402)	7,007)
Other long-term liabilities	5,431)	6,211)	6,732)	1,904)	2,351)
Long-term liabilities	92,876)	93,903)	87,224)	89,811)	98,997)
Total liabilities	177,485)	173,092)	156,960)	157,618)	161,014)
Preferred stock, par value $0.01; none issued or outstanding	—)	—)	—)	—)	—)
Common stock, par value $0.01, and capital surplus	49,661)	48,992)	48,193)	47,377)	46,513)
Treasury stock, at cost	(36,818)	(33,838)	(31,858)	(28,173)	(28,178)
Retained earnings	62,837)	61,604)	56,145)	54,906)	49,640)
Accumulated other comprehensive income (loss)	(120)	(297)	(1,465)	965)	1,414)
Total CVS Health shareholders’ equity	75,560)	76,461)	71,015)	75,075)	69,389)
Noncontrolling interests	170)	175)	300)	306)	312)
Total shareholders’ equity	75,730)	76,636)	71,315)	75,381)	69,701)
Total liabilities and shareholders’ equity	253,215)	249,728)	228,275)	232,999)	230,715)

Based on: 10-K (reporting date: 2024-12-31), 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).

Total liabilities exhibited a general upward trajectory from December 31, 2020, to December 31, 2024, increasing from 161,014 million US$ to 177,485 million US$. This growth was primarily driven by a substantial rise in current liabilities, while long-term liabilities experienced a slight net decrease over the same period. Total shareholders' equity grew from 69,701 million US$ to 75,730 million US$, indicating a modest expansion of the equity base despite significant treasury stock activity.

Current Liability Trends: Current liabilities rose steadily from 62,017 million US$ in 2020 to 84,609 million US$ in 2024. A significant portion of this increase is attributed to pharmacy claims and discounts payable, which grew by approximately 53% over the five-year period. Similarly, health care costs payable nearly doubled, rising from 7,936 million US$ to 15,064 million US$. Short-term debt, which was nonexistent or negligible in earlier years, emerged in 2023 and increased sharply to 2,119 million US$ by the end of 2024.
Long-Term Obligation Analysis: Long-term liabilities decreased from 98,997 million US$ in 2020 to 92,876 million US$ in 2024. Long-term operating lease liabilities showed a consistent downward trend, falling from 18,757 million US$ to 14,899 million US$. Long-term debt, excluding the current portion, remained relatively stable, fluctuating between 50,476 million US$ and 60,527 million US$ across the period. Additionally, deferred income taxes saw a marked reduction from 6,794 million US$ in 2020 to 3,806 million US$ in 2024.
Equity and Capital Management: Retained earnings demonstrated consistent growth, increasing from 49,640 million US$ to 62,837 million US$, reflecting sustained profitability. This growth was partially offset by an aggressive treasury stock buyback program; the cost of treasury stock increased from 28,178 million US$ to 36,818 million US$ over the period. Accumulated other comprehensive income shifted from a positive 1,414 million US$ in 2020 to a negative 120 million US$ by 2024, though it recovered from a low of negative 1,465 million US$ in 2022.

The overall balance sheet structure indicates a shift toward higher short-term obligations relative to long-term debt. The growth in operational payables suggests an increase in the scale of pharmacy and healthcare services provided. The simultaneous increase in retained earnings and treasury stock indicates a strategy of utilizing internal profit generation to fund share repurchases while maintaining a stable long-term debt profile.

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