Selected Financial Data
since 2005
Income Statement
CVS Health Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues from customers | Operating income | Net income (loss) attributable to CVS Health |
|---|---|---|---|
| Dec 31, 2024 | 370,656) | 8,516) | 4,614) |
| Dec 31, 2023 | 356,623) | 13,743) | 8,344) |
| Dec 31, 2022 | 321,629) | 7,746) | 4,149) |
| Dec 31, 2021 | 290,912) | 13,193) | 7,910) |
| Dec 31, 2020 | 267,908) | 13,911) | 7,179) |
| Dec 31, 2019 | 255,765) | 11,987) | 6,634) |
| Dec 31, 2018 | 193,919) | 4,021) | (594) |
| Dec 31, 2017 | 184,765) | 9,517) | 6,622) |
| Dec 31, 2016 | 177,526) | 10,366) | 5,317) |
| Dec 31, 2015 | 153,290) | 9,475) | 5,237) |
| Dec 31, 2014 | 139,367) | 8,799) | 4,644) |
| Dec 31, 2013 | 126,761) | 8,037) | 4,592) |
| Dec 31, 2012 | 123,133) | 7,228) | 3,877) |
| Dec 31, 2011 | 107,100) | 6,330) | 3,461) |
| Dec 31, 2010 | 96,413) | 6,165) | 3,427) |
| Dec 31, 2009 | 98,729) | 6,438) | 3,696) |
| Dec 31, 2008 | 87,472) | 6,046) | 3,212) |
| Dec 29, 2007 | 76,330) | 4,793) | 2,637) |
| Dec 30, 2006 | 43,814) | 2,442) | 1,369) |
| Dec 31, 2005 | 37,006) | 2,020) | 1,225) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2024 is characterized by aggressive revenue expansion paired with increasing volatility in operational and bottom-line profitability. While top-line growth has been consistent and substantial, the conversion of these revenues into net income has demonstrated significant fluctuations, particularly in the latter half of the period.
- Revenue Trajectory
- A sustained upward trend in revenues is observed, with customer revenues growing from 37,006 million USD in 2005 to 370,656 million USD in 2024. This represents a nearly tenfold increase over the twenty-year period. Significant surges are noted between 2006 and 2007, where revenues increased by approximately 74%, and between 2018 and 2019, where revenues grew by approximately 32%.
- Operating Income Dynamics
- Operating income showed steady growth from 2005 (2,020 million USD) through 2016 (10,366 million USD). However, a period of instability emerged starting in 2018, when operating income dropped sharply to 4,021 million USD. A subsequent recovery led to a peak of 13,911 million USD in 2020, followed by further volatility, including a decline to 7,746 million USD in 2022 and a recent decrease to 8,516 million USD in 2024.
- Net Income and Profitability
- Net income attributable to the company generally mirrored operating trends but exhibited more extreme variance. After a period of growth peaking at 6,622 million USD in 2017, a significant anomaly occurred in 2018, resulting in a net loss of 594 million USD. Profitability rebounded strongly, reaching a high of 8,344 million USD in 2023, before declining to 4,614 million USD in 2024.
- Margin Analysis and Efficiency
- An analysis of the relationship between revenue and income reveals a compression of margins over the long term. In 2005, the operating margin was approximately 5.46%, whereas by 2024, it decreased to approximately 2.30%. Similarly, the net profit margin declined from approximately 3.31% in 2005 to approximately 1.25% in 2024. This indicates that while the scale of operations has expanded massively, the efficiency of converting revenue into profit has diminished.
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Balance Sheet: Assets
CVS Health Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 68,645) | 253,215) |
| Dec 31, 2023 | 67,858) | 249,728) |
| Dec 31, 2022 | 65,682) | 228,275) |
| Dec 31, 2021 | 60,008) | 232,999) |
| Dec 31, 2020 | 56,369) | 230,715) |
| Dec 31, 2019 | 50,302) | 222,449) |
| Dec 31, 2018 | 45,243) | 196,456) |
| Dec 31, 2017 | 31,229) | 95,131) |
| Dec 31, 2016 | 31,042) | 94,462) |
| Dec 31, 2015 | 30,378) | 93,657) |
| Dec 31, 2014 | 25,983) | 74,252) |
| Dec 31, 2013 | 25,325) | 71,526) |
| Dec 31, 2012 | 19,852) | 65,912) |
| Dec 31, 2011 | 18,594) | 64,543) |
| Dec 31, 2010 | 17,706) | 62,169) |
| Dec 31, 2009 | 17,537) | 61,641) |
| Dec 31, 2008 | 16,526) | 60,960) |
| Dec 29, 2007 | 14,149) | 54,722) |
| Dec 30, 2006 | 10,392) | 20,570) |
| Dec 31, 2005 | 8,393) | 15,283) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The asset base exhibited substantial growth between 2005 and 2024, characterized by consistent expansion and periods of rapid acceleration. Total assets increased from 15,283 million USD to 253,215 million USD, representing a significant escalation in the organizational scale over the analyzed period.
- Total Asset Trajectory
- A marked increase in total assets is observed during two distinct periods of acceleration. The first occurred between 2006 and 2007, where assets rose from 20,570 million USD to 54,722 million USD. A second, more pronounced surge took place between 2017 and 2018, with total assets increasing from 95,131 million USD to 196,456 million USD. Following these spikes, the asset base maintained a general upward trend, reaching 253,215 million USD by the end of 2024.
- Current Asset Evolution
- Current assets demonstrated a steady and continuous growth pattern. Starting at 8,393 million USD in 2005, these assets increased to 68,645 million USD by 2024. While the progression was more linear than that of total assets, a notable acceleration occurred between 2017 and 2019, during which current assets rose from 31,229 million USD to 50,302 million USD.
- Asset Composition Dynamics
- The proportional relationship between current assets and total assets shifted significantly. In 2005, current assets accounted for approximately 54.8% of total assets. By 2024, this proportion decreased to approximately 27.1%. This divergence indicates a substantial increase in non-current assets relative to liquid assets, suggesting a strategic shift toward long-term investments or the acquisition of intangible assets and fixed capital.
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Balance Sheet: Liabilities and Stockholders’ Equity
CVS Health Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total CVS Health shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 84,609) | 177,485) | 66,270) | 75,560) |
| Dec 31, 2023 | 79,189) | 173,092) | 61,610) | 76,461) |
| Dec 31, 2022 | 69,736) | 156,960) | 52,254) | 71,015) |
| Dec 31, 2021 | 67,807) | 157,618) | 56,176) | 75,075) |
| Dec 31, 2020 | 62,017) | 161,014) | 64,647) | 69,389) |
| Dec 31, 2019 | 53,303) | 158,279) | 68,480) | 63,864) |
| Dec 31, 2018 | 44,009) | 137,913) | 73,429) | 58,225) |
| Dec 31, 2017 | 30,648) | 57,436) | 27,002) | 37,691) |
| Dec 31, 2016 | 26,250) | —) | 27,531) | 36,830) |
| Dec 31, 2015 | 23,169) | —) | 27,464) | 37,196) |
| Dec 31, 2014 | 19,027) | —) | 12,955) | 37,958) |
| Dec 31, 2013 | 15,425) | —) | 13,402) | 37,938) |
| Dec 31, 2012 | 13,790) | —) | 9,828) | 37,704) |
| Dec 31, 2011 | 11,956) | —) | 10,014) | 38,051) |
| Dec 31, 2010 | 11,070) | —) | 10,057) | 37,700) |
| Dec 31, 2009 | 12,300) | —) | 11,175) | 35,768) |
| Dec 31, 2008 | 13,490) | —) | 11,755) | 34,574) |
| Dec 29, 2007 | 10,766) | —) | 10,482) | 31,322) |
| Dec 30, 2006 | 7,001) | —) | 5,057) | 9,918) |
| Dec 31, 2005 | 4,584) | —) | 2,189) | 8,331) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The financial structure of the organization has undergone significant expansion and transformation between 2005 and 2024, characterized by a substantial increase in both total obligations and shareholders' equity. A period of relatively stable growth from 2005 to 2017 was followed by a sharp escalation in liabilities and debt in 2018, indicating a major shift in the company's capital structure and operational scale.
- Current Liabilities Trend
- A consistent upward trajectory is observed in current liabilities, which grew from 4,584 million USD in 2005 to 84,609 million USD by 2024. The growth was gradual until 2017, after which a more aggressive increase occurred. Between 2017 and 2024, current liabilities nearly tripled, rising from 30,648 million USD to 84,609 million USD, suggesting a significant increase in short-term operational obligations.
- Debt and Total Liabilities Profile
- Total debt remained relatively stable between 2005 and 2017, fluctuating between 2,189 million USD and 27,531 million USD. A pivotal increase occurred in 2018, where total debt surged to 73,429 million USD. Following this peak, total debt experienced a gradual decline to 52,254 million USD by 2022 before trending upward again to 66,270 million USD in 2024. Total liabilities mirrored this pattern, jumping from 57,436 million USD in 2017 to 137,913 million USD in 2018, and continuing a slow climb to 177,485 million USD by the end of the period.
- Shareholders' Equity Evolution
- Shareholders' equity demonstrated two primary growth phases. The first occurred between 2006 and 2007, where equity rose from 9,918 million USD to 31,322 million USD. After a period of stagnation between 2007 and 2017, a second significant increase was recorded in 2018, rising to 58,225 million USD. This growth continued steadily through 2023, peaking at 76,461 million USD, before a slight contraction to 75,560 million USD in 2024.
- Capital Structure Analysis
- The relationship between debt and equity shifted markedly in 2018. Prior to 2018, the organization maintained a lower leverage profile. The concurrent spike in total debt and shareholders' equity in 2018 suggests a large-scale capitalization event or acquisition. In the latter years of the analysis, the growth in current liabilities has outpaced the growth in total debt, indicating that a larger portion of the total liability burden is now comprised of short-term rather than long-term obligations.
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Cash Flow Statement
CVS Health Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 9,107) | (7,613) | (1,135) |
| Dec 31, 2023 | 13,426) | (20,889) | 2,683) |
| Dec 31, 2022 | 16,177) | (5,047) | (10,516) |
| Dec 31, 2021 | 18,265) | (5,261) | (11,356) |
| Dec 31, 2020 | 15,865) | (5,534) | (8,155) |
| Dec 31, 2019 | 12,848) | (3,339) | (7,850) |
| Dec 31, 2018 | 8,865) | (43,285) | 36,819) |
| Dec 31, 2017 | 8,007) | (2,932) | (6,751) |
| Dec 31, 2016 | 10,069) | (2,470) | (6,689) |
| Dec 31, 2015 | 8,412) | (13,420) | 5,006) |
| Dec 31, 2014 | 8,137) | (4,045) | (5,694) |
| Dec 31, 2013 | 5,783) | (1,835) | (1,237) |
| Dec 31, 2012 | 6,671) | (1,849) | (4,860) |
| Dec 31, 2011 | 5,856) | (2,410) | (3,460) |
| Dec 31, 2010 | 4,779) | (1,640) | (2,798) |
| Dec 31, 2009 | 4,035) | (1,069) | (3,232) |
| Dec 31, 2008 | 3,947) | (4,581) | 929) |
| Dec 29, 2007 | 3,230) | (3,082) | 378) |
| Dec 30, 2006 | 1,742) | (4,593) | 2,868) |
| Dec 31, 2005 | 1,612) | (912) | (579) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The cash flow profile of the organization demonstrates a long-term trajectory of operational expansion followed by a period of significant strategic investment and a recent contraction in liquidity generation.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited consistent growth from 2005 (US$ 1,612 million) through 2021, reaching a peak of US$ 18,265 million. This represents a substantial increase in the capacity to generate cash from core business operations over a sixteen-year period. However, a downward trend emerged after 2021, with values declining to US$ 9,107 million by 2024, indicating a recent and significant reduction in operational cash generation.
- Investing Activities and Strategic Capital Allocation
- Investing activities remained consistently negative, reflecting ongoing capital expenditures and acquisitions. Two primary spikes are evident: a massive outflow of US$ 43,285 million in 2018 and another of US$ 20,889 million in 2023. These outliers suggest major strategic acquisitions or structural expansions during those years, contrasting with the more stable investment outflows observed between 2009 and 2017, which generally fluctuated between US$ 1,000 million and US$ 5,000 million.
- Financing Activities and Capital Structure
- Financing cash flows show high volatility, mirroring the company's investment cycles. A substantial inflow of US$ 36,819 million occurred in 2018, correlating directly with the peak investing outflow of the same year, which indicates a strategy of utilizing external financing to fund large-scale acquisitions. Following 2018, the organization returned to net outflows in financing activities from 2019 through 2022, suggesting a period of debt repayment or shareholder distributions, before a modest positive inflow of US$ 2,683 million in 2023.
The overall financial trajectory indicates a transition from a steady organic growth phase to a period of aggressive inorganic expansion, currently entering a phase characterized by declining operational cash flow and continued heavy capital investment.
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Per Share Data
CVS Health Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 3.67 | 3.66 | 2.66 |
| Dec 31, 2023 | 6.49 | 6.47 | 2.42 |
| Dec 31, 2022 | 3.16 | 3.14 | 2.20 |
| Dec 31, 2021 | 6.00 | 5.95 | 2.00 |
| Dec 31, 2020 | 5.48 | 5.46 | 2.00 |
| Dec 31, 2019 | 5.10 | 5.08 | 2.00 |
| Dec 31, 2018 | -0.57 | -0.57 | 2.00 |
| Dec 31, 2017 | 6.47 | 6.44 | 2.00 |
| Dec 31, 2016 | 4.93 | 4.90 | 1.70 |
| Dec 31, 2015 | 4.66 | 4.63 | 1.40 |
| Dec 31, 2014 | 3.98 | 3.96 | 1.10 |
| Dec 31, 2013 | 3.77 | 3.74 | 0.90 |
| Dec 31, 2012 | 3.05 | 3.03 | 0.65 |
| Dec 31, 2011 | 2.59 | 2.57 | 0.50 |
| Dec 31, 2010 | 2.51 | 2.49 | 0.35 |
| Dec 31, 2009 | 2.58 | 2.55 | 0.31 |
| Dec 31, 2008 | 2.23 | 2.18 | 0.26 |
| Dec 29, 2007 | 1.97 | 1.92 | 0.23 |
| Dec 30, 2006 | 1.65 | 1.60 | 0.16 |
| Dec 31, 2005 | 1.49 | 1.45 | 0.15 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share financial data exhibits a long-term trajectory of growth followed by a period of heightened volatility in earnings, contrasted by a consistent and disciplined increase in shareholder distributions.
- Earnings Per Share Performance
- Basic and diluted earnings per share experienced a sustained upward trend from 2005 through 2017, with basic EPS increasing from 1.49 to 6.47. This period of stability was interrupted in 2018 by a sharp decline to negative 0.57. While a recovery was observed between 2019 and 2021, peaking at 6.00, the subsequent years have been characterized by significant fluctuations. A notable dip occurred in 2022 to 3.16, followed by a peak of 6.49 in 2023, and a further reduction to 3.67 in 2024.
- Dividend Distribution Trends
- Dividend per share has demonstrated a consistent growth pattern, rising from 0.15 in 2005 to 2.00 in 2017. After a period of stagnation where the dividend remained at 2.00 from 2017 through 2020, a renewed growth phase began in 2021, reaching 2.66 by 2024. The dividend growth trend remained intact despite the earnings volatility observed in 2018, 2022, and 2024, indicating a corporate policy of maintaining dividend stability and growth independent of short-term earnings fluctuations.
- Basic versus Diluted Earnings Variance
- The variance between basic and diluted earnings per share remains minimal throughout the entire period from 2005 to 2024. The two metrics track almost identically, suggesting that the impact of potentially dilutive securities is negligible and has not significantly affected the per share earnings value.
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