Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

CVS Health Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	4,586)	8,368)	4,165)	7,898)	7,192)
Net unrealized investment gains (losses)	30)	1,090)	(2,279)	(436)	440)
Change in discount rate on long-duration insurance reserves	113)	(67)	—)	—)	—)
Foreign currency translation adjustments	(4)	—)	—)	(7)	3)
Net cash flow hedges	(15)	5)	17)	(26)	(31)
Pension and other postretirement benefits	53)	(61)	(168)	20)	(17)
Other comprehensive income (loss), net of tax	177)	967)	(2,430)	(449)	395)
Comprehensive income	4,763)	9,335)	1,735)	7,449)	7,587)
Comprehensive (income) loss attributable to noncontrolling interests	28)	(24)	(16)	12)	(13)
Comprehensive income attributable to CVS Health	4,791)	9,311)	1,719)	7,461)	7,574)

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).

The financial performance from 2020 through 2024 is characterized by significant volatility in both net income and comprehensive income, with marked fluctuations occurring specifically in 2022 and 2024.

Net Income Trajectory: Net income exhibited an inconsistent trend over the five-year period. After a modest increase from US$ 7,192 million in 2020 to US$ 7,898 million in 2021, a substantial decline was observed in 2022, with income dropping to US$ 4,165 million. A strong recovery occurred in 2023, reaching a period peak of US$ 8,368 million, before declining again to US$ 4,586 million in 2024.
Other Comprehensive Income (OCI) Components: Other comprehensive income was heavily influenced by net unrealized investment gains and losses, which served as the primary driver of OCI volatility. A severe contraction was noted in 2022, where unrealized investment losses reached US$ 2,279 million, leading to a total net OCI loss of US$ 2,430 million. This trend reversed in 2023 with a gain of US$ 1,090 million, though this momentum diminished by 2024, with unrealized gains falling to US$ 30 million.
Analysis of Comprehensive Income: Comprehensive income followed the volatility of net income but was further impacted by the fluctuations in OCI. The most significant contraction occurred in 2022, with comprehensive income falling to US$ 1,735 million. The highest value was recorded in 2023 at US$ 9,335 million. By 2024, comprehensive income decreased to US$ 4,763 million.
Attributable Interests and Adjustments: Comprehensive income attributable to CVS Health closely mirrors the total comprehensive income, as the amounts attributable to noncontrolling interests remained relatively nominal, ranging from a loss of US$ 24 million in 2023 to a gain of US$ 28 million in 2024. Minor fluctuations were also observed in pension and postretirement benefits and foreign currency translation adjustments, though these had a marginal effect on the overall comprehensive result compared to investment gains and losses.

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CVS Health Corp. (NYSE:CVS)

Statement of Comprehensive Income