Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Analysis of Debt
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CVS Health Corp., consolidated cash flow statement
US$ in millions
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).
- Net Income
- Net income shows a fluctuating pattern over the periods, peaking at $8,368 million in 2023, a marked increase from prior years. However, 2022 and 2024 witnessed significantly lower net income values of $4,165 million and $4,586 million, respectively, indicating volatility in profitability.
- Depreciation and Amortization
- This expense remains relatively stable, ranging between $4,247 million and $4,597 million, reflecting consistent non-cash charges related to tangible and intangible assets.
- Impairments and Losses
- Store impairments and goodwill impairments were notable in 2021 but absent in later years. The loss on assets held for sale was significant in 2022 ($2,533 million) but much lower in 2023. Restructuring charges appeared in 2023 and increased sharply in 2024, suggesting continued restructuring activities and asset write-downs.
- Stock-based Compensation
- Expenses for stock-based compensation rose steadily from $400 million in 2020 to $588 million in 2023, slightly decreasing to $540 million in 2024, indicating increased employee equity incentives over time.
- Debt-related Gains and Losses
- The gain or loss on early extinguishment of debt varied, with a notable loss in 2020 ($1,440 million) and a gain in 2024 (-$491 million), reflecting active debt management strategies.
- Deferred Income Taxes and Other Noncash Items
- Deferred income taxes consistently show negative values, indicating tax benefit recognition. Other noncash items had volatile values, peaking negatively in 2024 (-$502 million), suggesting fluctuations in noncash adjustments.
- Changes in Operating Assets and Liabilities
- Operating assets and liabilities showed large movements, particularly in accounts receivable, which had significant negative changes peaking at -$6,260 million in 2023 and rebounding to -$1,301 million in 2024. Inventories and other assets fluctuated without a clear trend. The net change in operating assets and liabilities surged in 2022 ($7,003 million) but diminished to near zero in 2023, then slightly increased in 2024.
- Cash Flow from Operating Activities
- Net cash from operating activities peaked in 2021 at $18,265 million but declined steadily to $9,107 million by 2024, signaling decreasing cash generation capacity from core operations.
- Investing Activities
- Investing cash flows were consistently negative, with a particularly large outflow in 2023 (-$20,889 million), mainly driven by a spike in acquisitions and investments purchases. Proceeds from sales and maturities of investments increased over time, reaching $10,353 million in 2024.
- Financing Activities
- Financing cash flows were negative across most years except 2023, which recorded a positive inflow of $2,683 million, likely due to new borrowings and reduced debt repayments. Long-term debt issuance and repayments showed active debt refinancing with repayments declining over time but still notable. Share repurchases varied, peaking in 2022 with $3,500 million spent, followed by reduced repurchases in subsequent years. Dividend payments gradually increased, reflecting a steady commitment to shareholder returns.
- Cash and Cash Equivalents
- The cash balance increased from $8,130 million at the end of 2020 to a high of $13,305 million at the end of 2022, before declining to $8,884 million by the end of 2024. This trend indicates substantial liquidity build-up followed by drawdowns in recent years.