Balance Sheet: Liabilities and Stockholders’ Equity
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.

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.

CVS Health Corp., consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable	16,534)	15,892)	15,713)	14,416)	13,717)	14,897)	14,874)	13,367)	12,527)	14,838)	13,925)	13,238)	12,738)	12,544)	12,696)	11,052)	10,804)	11,138)	11,677)	9,919)	10,223)
Pharmacy claims and discounts payable	25,797)	24,166)	23,917)	24,188)	22,289)	22,874)	21,497)	20,417)	20,047)	19,423)	19,161)	18,393)	18,572)	17,330)	17,895)	17,225)	16,282)	15,795)	15,722)	15,541)	15,449)
Health care costs payable	15,112)	15,064)	15,237)	13,885)	14,368)	12,049)	12,550)	11,998)	10,895)	10,406)	10,351)	10,400)	10,260)	8,808)	8,877)	8,414)	8,272)	7,936)	7,593)	7,362)	7,585)
Accrued expenses and other current liabilities	22,369)	20,810)	21,087)	22,214)	23,431)	23,515)	24,011)	24,242)	22,941)	20,245)	21,065)	19,356)	20,757)	21,971)	20,584)	19,394)	18,752)	18,513)	18,293)	19,270)	16,684)
Other insurance liabilities	1,570)	1,183)	1,051)	1,041)	1,158)	1,141)	4,748)	4,866)	4,974)	1,140)	4,561)	1,197)	1,387)	1,303)	1,287)	1,375)	1,534)	1,557)	1,527)	1,644)	1,774)
Current portion of operating lease liabilities	1,909)	1,751)	1,912)	1,911)	1,906)	1,741)	1,741)	1,706)	1,679)	1,678)	1,687)	1,854)	1,849)	1,646)	1,809)	1,791)	1,786)	1,638)	1,789)	1,766)	1,762)
Short-term debt	1,259)	2,119)	800)	—)	2,719)	200)	—)	1,000)	—)	—)	—)	—)	—)	—)	—)	—)	252)	—)	—)	—)	255)
Current portion of long-term debt	4,411)	3,624)	4,910)	3,731)	3,731)	2,772)	2,132)	1,402)	1,778)	1,778)	1,363)	4,019)	4,217)	4,205)	1,561)	60)	2,422)	5,440)	5,443)	8,192)	5,828)
Liabilities held for sale	—)	—)	—)	—)	—)	—)	—)	208)	213)	228)	296)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities	88,961)	84,609)	84,627)	81,386)	83,319)	79,189)	81,553)	79,206)	75,054)	69,736)	72,409)	68,457)	69,780)	67,807)	64,709)	59,311)	60,104)	62,017)	62,044)	63,694)	59,560)
Long-term operating lease liabilities, excluding current portion	14,594)	14,899)	15,258)	15,537)	15,742)	16,034)	16,441)	16,609)	16,571)	16,800)	17,174)	17,502)	17,786)	18,177)	18,456)	18,509)	18,587)	18,757)	18,489)	18,612)	18,739)
Long-term debt, excluding current portion	59,040)	60,527)	59,824)	62,643)	57,694)	58,638)	59,782)	61,419)	56,450)	50,476)	50,848)	50,797)	52,063)	51,971)	56,832)	59,294)	59,270)	59,207)	61,552)	63,481)	65,735)
Deferred income taxes	3,664)	3,806)	3,632)	4,052)	4,184)	4,311)	4,250)	4,588)	4,095)	3,880)	3,508)	5,450)	5,829)	6,270)	6,329)	6,557)	6,610)	6,794)	7,253)	7,136)	7,121)
Separate accounts liabilities	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 long-term insurance liabilities	4,873)	4,902)	5,162)	5,039)	5,178)	5,459)	5,333)	5,659)	5,678)	6,108)	6,175)	6,287)	6,363)	6,402)	6,551)	6,734)	6,870)	7,007)	7,135)	7,270)	7,338)
Other long-term liabilities	5,419)	5,431)	5,484)	5,526)	6,205)	6,211)	6,237)	6,321)	6,671)	6,732)	6,769)	2,140)	2,242)	1,904)	2,310)	2,314)	2,309)	2,351)	2,520)	2,308)	2,117)
Long-term liabilities	89,514)	92,876)	92,694)	95,984)	92,274)	93,903)	95,243)	97,863)	92,696)	87,224)	87,792)	86,316)	88,953)	89,811)	95,564)	98,288)	98,338)	98,997)	101,742)	103,446)	105,605)
Total liabilities	178,475)	177,485)	177,321)	177,370)	175,593)	173,092)	176,796)	177,069)	167,750)	156,960)	160,201)	154,773)	158,733)	157,618)	160,273)	157,599)	158,442)	161,014)	163,786)	167,140)	165,165)
Preferred stock, par value $0.01; none issued or outstanding	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock, par value $0.01, and capital surplus	49,837)	49,661)	49,510)	49,371)	49,209)	48,992)	48,829)	48,649)	48,306)	48,193)	48,047)	47,874)	47,677)	47,377)	47,133)	46,995)	46,727)	46,513)	46,388)	46,276)	46,180)
Treasury stock, at cost	(36,735)	(36,818)	(36,813)	(36,919)	(36,773)	(33,838)	(33,831)	(33,933)	(33,802)	(31,858)	(30,326)	(30,412)	(30,145)	(28,173)	(28,166)	(28,252)	(28,102)	(28,178)	(28,164)	(28,235)	(28,182)
Retained earnings	63,768)	62,837)	62,038)	62,797)	61,873)	61,604)	60,343)	58,868)	57,753)	56,145)	54,571)	58,710)	56,488)	54,906)	54,264)	53,331)	51,203)	49,640)	49,328)	48,768)	46,455)
Accumulated other comprehensive income (loss)	59)	(120)	209)	(319)	(341)	(297)	(1,004)	(858)	(875)	(1,465)	(1,609)	(988)	(190)	965)	1,077)	1,170)	1,022)	1,414)	1,255)	1,213)	687)
Total CVS Health shareholders’ equity	76,929)	75,560)	74,944)	74,930)	73,968)	76,461)	74,337)	72,726)	71,382)	71,015)	70,683)	75,184)	73,830)	75,075)	74,308)	73,244)	70,850)	69,389)	68,807)	68,022)	65,140)
Noncontrolling interests	181)	170)	162)	181)	182)	175)	173)	276)	198)	300)	328)	322)	310)	306)	310)	321)	314)	312)	305)	333)	334)
Total shareholders’ equity	77,110)	75,730)	75,106)	75,111)	74,150)	76,636)	74,510)	73,002)	71,580)	71,315)	71,011)	75,506)	74,140)	75,381)	74,618)	73,565)	71,164)	69,701)	69,112)	68,355)	65,474)
Total liabilities and shareholders’ equity	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)

Accounts Payable: Accounts payable exhibited a generally upward trend from March 2020 through March 2025, increasing from approximately $10.2 billion to $16.5 billion. There were minor fluctuations within quarters, but overall the liability increased steadily, indicating growing short-term obligations to suppliers and vendors.
Pharmacy Claims and Discounts Payable: This liability consistently increased over the analyzed periods, rising from about $15.4 billion to $25.8 billion. The steady escalation reflects increasing pharmacy-related expenses or growth in pharmaceutical sales volume, which contributes to higher claims and discounts payable.
Health Care Costs Payable: Health care costs payable followed a rising trajectory over the period, moving from roughly $7.6 billion in early 2020 to $15.1 billion by early 2025, despite some variability and occasional quarters of more moderate increases. This suggests increasing medical care expenses and possibly expanded healthcare service utilization.
Accrued Expenses and Other Current Liabilities: This category showed some volatility but maintained an overall increasing pattern, growing from approximately $16.7 billion in Q1 2020 to nearly $22.4 billion in Q1 2025. Notable peaks occurred in late 2021 and mid-2023, indicating fluctuations in operational accruals and other current obligations.
Other Insurance Liabilities: Notably volatile, other insurance liabilities decreased from $1.7 billion in early 2020 to around $1.1 billion by the end of 2024 but showed intermittent spikes approaching $5 billion in certain quarters such as Q3 2022 and early 2023. This suggests episodic adjustments or settlements impacting insurance liability estimates.
Current Portion of Operating Lease Liabilities: This liability remained relatively stable with minor fluctuations, generally ranging between $1.6 billion and $1.9 billion, suggesting consistent short-term lease obligations without significant changes in leasing arrangements over time.
Short-term Debt: Short-term debt was generally minimal or absent except for sporadic increases notably $2.7 billion in Q4 2021 and fluctuating amounts through 2023 and 2024. This intermittent borrowing may reflect temporary financing needs or refinancing activities.
Current Portion of Long-term Debt: The current portion of long-term debt exhibited considerable variability, ranging from as low as $60 million in mid-2021 to peaks exceeding $4 billion in some quarters. This fluctuation suggests significant refinancing, debt repayment, or reclassification of debt portions approaching maturity.
Current Liabilities (Total): Total current liabilities showed moderate growth, rising from about $59.6 billion in early 2020 to approximately $89.0 billion by Q1 2025. The increase is consistent with rising accounts payable, pharmacy and health care payables, and accrued expenses, reflecting growth in short-term financial obligations.
Long-term Operating Lease Liabilities, Excluding Current Portion: These liabilities exhibited a gradual decrease from approximately $18.7 billion to $14.6 billion over the examined period, indicating possible reductions in long-term lease commitments or lease terminations.
Long-term Debt, Excluding Current Portion: Long-term debt displayed fluctuations but generally a downward trend until 2022, dropping from about $65.7 billion to $50.5 billion, followed by an increase through 2024 and a slight reduction again by early 2025. This pattern reflects active management of long-term debt obligations with issuances and retirements.
Deferred Income Taxes: Deferred income tax liabilities declined overall from approximately $7.1 billion to $3.7 billion, indicating changes in tax liabilities, possibly due to changes in tax laws, tax planning strategies, or amortization of temporary differences.
Separate Accounts Liabilities: These liabilities trended downward over the period, decreasing from around $4.6 billion to $1.9 billion, with some minor variability. This decline may reflect adjustments or reduced obligations in segregated account arrangements.
Other Long-term Insurance and Long-term Liabilities: Other long-term insurance liabilities steadily decreased from $7.3 billion to $4.9 billion, while other long-term liabilities initially increased but then declined slightly, suggesting ongoing liability management and possibly settlements or reclassifications.
Long-term Liabilities (Total): Total long-term liabilities decreased from about $105.6 billion to $89.5 billion, with fluctuations indicative of debt repayments, lease liability reductions, and changes in other long-term obligations.
Total Liabilities: Total liabilities remained in a narrow band around $160 billion early on, with a gradual increase to approximately $178.5 billion by early 2025, reflecting the net impact of rising current liabilities offset by decreases in long-term liabilities.
Common Stock and Capital Surplus: Common stock and capital surplus increased steadily from approximately $46.2 billion to $49.8 billion, consistent with gradual equity capital growth or issuance activities.
Treasury Stock: Treasury stock value, a contra equity account, rose in absolute value from about $28.2 billion to $36.7 billion, suggesting ongoing share repurchases or stock retirements, which reduces total shareholders’ equity.
Retained Earnings: Retained earnings increased from about $46.5 billion to approximately $63.8 billion by Q1 2025, with a brief dip around late 2022, reflecting accumulation of net income less dividends over time.
Accumulated Other Comprehensive Income (Loss): This component exhibited volatility with notable negative values during 2021 and 2022, shifting to minor positive and negative amounts at other times, indicating fluctuations in unrealized gains/losses from foreign currency, pension liabilities, or other comprehensive income items.
Total Shareholders’ Equity: Total shareholders’ equity increased from approximately $65.1 billion to $77.1 billion, demonstrating overall equity growth despite share repurchases counterbalancing some gains from retained earnings and capital surplus.
Total Liabilities and Shareholders’ Equity: The combined total of liabilities and shareholders’ equity increased from about $230.6 billion to $255.6 billion, reflecting growth in the balance sheet size attributable to rising liabilities, equity, or both.

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CVS Health Corp. (NYSE:CVS)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data