CVS Health Corporation (CVS) financials
NYSE · Healthcare · Medical - Healthcare Plans · 259,500 employees · CEO J. David Joyner
- Price
- $90.25 -0.09%
- Market cap
- $115B
- Enterprise value
- $180B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-04 EPS est. $1.65
Revenue (TTM)$415B+7.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)2.0%-0.3 pp vs a year agoOperating income $8.29B
Net income (TTM)$4.91B+8.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$11.8B+146.0% vs a year agoCapex $3.02B
Diluted EPS (TTM)$3.78+5.6% vs a year agoSum of the last 4 quarters
Net cash-$62.3B+9.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $115B EV $180B
- Revenue
- $415B Trailing 12 months
- Revenue growth
- +4% FY2026 consensus
- Profit margin
- 1.2% Net income / revenue, TTM
- P/E
- 23.6× Forward 11.2× (FY2026)
- P/S
- 0.3× Price / sales, TTM
- EV / EBITDA
- 13.5× TTM
- Free cash flow
- $11.8B Trailing 12 months
- Net income
- $4.91B Trailing 12 months
- Revenue estimate
- $417B FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $105B
- Dividend
- $2.66 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 6.1%, EPS beat by 39.5%Revenue $106B vs $100B expected (+6.1%); EPS $2.58 vs $1.85 (+39.5%).
- Revenue growth steady: 7.3% year on yearQ2 '26 revenue $106B, against an average of 7.6% over the four quarters before.
- Operating margin 2.0% (TTM), -0.3 pp on a year agoOperating income grew -7.4% while revenue grew 7.4%.
- 43.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.79B vs operating income $8.29B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.7% of revenue (a year ago 0.7%)$3.02B invested in the last 4 quarters (+8.4% on a year earlier). Free cash flow $11.8B = 239.7% of net income.
- Returned $3.42B to shareholders = 29.1% of free cash flowBuybacks $0 (a year earlier -$1M), dividends $3.42B, stock-based pay $316M (TTM).
- Diluted share count up 1.0% in a year1.28B diluted shares in Q2 '26, 1.27B a year earlier.
- Net debt $62.3BCash + short-term investments $14B, debt incl. leases $76.3B; a year ago net debt $68.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $106B | $98.9B | +7.3% |
| Gross margin | 14.8% | 13.7% | +1.1 pp |
| Operating income | $4.7B | $2.38B | +97.5% |
| Operating margin | 4.4% | 2.4% | +2.0 pp |
| Net income | $3B | $1.02B | +193.3% |
| Diluted EPS | $2.31 | $0.80 | +188.7% |
| Operating cash flow | $6.35B | $1.9B | +234.5% |
| Capex | $691M | $607M | +13.8% |
| Free cash flow | $5.65B | $1.29B | +338.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $176M | $136M | +29.4% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $106B | $100B | +6.1% |
| EPS (as estimated) | $2.58 | $1.85 | +39.5% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Pharmacy Revenue | $60.8B | +9.9% | 59.4% | $239B | +9.2% | |
| Premiums | $35.1B | +2.7% | 34.3% | $137B | +6.0% | |
| Front Store Revenue | $5.41B | +0.7% | 5.3% | $21.5B | +0.1% | |
| Product and Service, Other | $1.04B | -70.5% | 1.0% | $5.93B | -61.1% | |
| Corporate And Other Segment | – | – | – | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $14.8B
- Capex
- -$3.02B
- Buybacks
- $0
- Dividends
- -$3.42B
- Acquisitions
- $123M
- Net debt issued
- -$5.23B
- Stock-based compensation
- $316M
- Free cash flow
- $11.8B
- Returned to shareholders / FCF
- 29.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 23.6× | 25.3× | 12.2× – 56.7× |
| EV / EBITDA | 13.5× | 12.8× | 9.5× – 18.8× |
| EV / Sales | 0.4× | 0.5× | 0.4× – 0.7× |
| Price / FCF | 9.8× | 9.9× | 8.6× – 12.9× |
| Price / Book | 1.4× | 1.4× | 0.7× – 1.8× |
| FCF yield | 10.2% | 10.4% | 7.8% – 11.6% |
| Return on invested capital | 4.1% | 4.7% | 3.6% – 5.9% |
| Return on equity | 6.4% | 7.2% | 2.4% – 10.9% |
Analysts
Consensus target $111.25 (+23.3%)
range $92.00 – $123.00 · rating Buy
Strong buy2
Buy33
Hold6
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $417B | +3.7% | $8.05 | +479.1% | 11.2× | 17 |
| FY2027 | $430B | +3.0% | $8.53 | +5.9% | 10.6× | 18 |
| FY2028 | $449B | +4.5% | $9.70 | +13.8% | 9.3× | 13 |
| FY2029 | $475B | +5.6% | $10.84 | +11.7% | 8.3× | 10 |
| FY2030 | $492B | +3.6% | $11.75 | +8.4% | 7.7× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 356 figures CVS Health Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade, Current | $17.2B | $17.3B | -0.5% | $17.6B | $15.9B | +11.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $40.3B | $40.7B | -0.8% | $39.8B | $36.5B | +9.1% |
| Accounts Receivable, Allowance for Credit Loss | $169M | $374M | -54.8% | $182M | $407M | -55.3% |
| Accrued Liabilities, Current | $22.5B | $23.1B | -2.7% | $22.4B | $20.8B | +7.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $188M | $272M | -30.9% | $406M | -$120M | +438.3% |
| Advertising Expense | – | – | – | $970M | $989M | -1.9% |
| Amortization of Intangible Assets | $431M | $494M | -12.8% | $1.98B | $2.03B | -2.4% |
| AociLiabilityForFuturePolicyBenefitExpectedFuturePolicyBenefitBeforeTax | $17M | $30M | -43.3% | $20M | $1M | +1,900.0% |
| Asset Impairment Charges | – | – | – | $152M2023-12-31 | – | – |
| Assets | $254B | $258B | -1.8% | $254B | $253B | +0.1% |
| Assets Held by Insurance Regulators | $737M2025-12-31 | $713M | +3.4% | $737M | $713M | +3.4% |
| Assets, Current | $75.3B | $75.6B | -0.4% | $74.7B | $68.6B | +8.8% |
| Assets, Fair Value Disclosure | $41.1B | – | – | $37.5B | $35B | +7.2% |
| Assumed Premiums Earned | – | – | – | $573M | $471M | +21.7% |
| Business Combination, Integration Related Costs | $10M | $28M | -64.3% | $117M | $243M | -51.9% |
| Cash and Cash Equivalents, at Carrying Value | $11.3B | $11.8B | -3.9% | $8.45B | $8.59B | -1.5% |
| Cash and Cash Equivalents, Fair Value Disclosure | $11.3B | – | – | $8.45B | $8.59B | -1.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $11.5B | $12B | -4.1% | $8.71B | $8.88B | -1.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.77B | $1.68B | +5.3% | -$172M | $359M | -147.9% |
| Ceded Premiums Earned | – | – | – | $1.31B | $1.2B | +8.7% |
| Commercial Paper | $02025-12-31 | $2.12B | -100.0% | $0 | $2.12B | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.67 | $0.67 | 0.0% | $2.66 | $2.66 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 3.2B | 3.2B | 0.0% | 3.2B | 3.2B | 0.0% |
| Common Stock, Shares, Issued | 1.8B | 1.79B | +0.6% | 1.79B | 1.78B | +0.5% |
| Common Stock, Shares, Outstanding | 1.28B | 1.27B | +0.9% | 1.27B | 1.26B | +0.9% |
| Common Stock, Value, Issued | $18M2025-09-30 | $18M | 0.0% | $18M2024-12-31 | $18M | 0.0% |
| Common Stocks, Including Additional Paid in Capital | $51B | $50B | +1.9% | $50.4B | $49.7B | +1.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $16M | -$8M | +300.0% | -$40M | -$28M | -42.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.97B | $1.23B | +140.4% | $2.29B | $4.79B | -52.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.98B | $1.23B | +143.2% | $2.25B | $4.76B | -52.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $13B | $10.5B | +24.1% | $10.6B | $9.88B | +6.9% |
| Contract with Customer, Liability, Current | $62M2025-12-31 | $144M | -56.9% | $62M | $144M | -56.9% |
| Cost of Goods and Services Sold | $58.9B | $54B | +9.0% | $221B | $206B | +7.2% |
| Costs and Expenses | $101B | $96.5B | +5.0% | $397B | $364B | +9.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$217M | $1.62B | -113.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $114M | $36M | +216.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $306M | $2.13B | -85.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $409M | $476M | -14.1% |
| Current Year Claims and Claims Adjustment Expense | $31.6B | $31.1B | +1.6% | $127B | $116B | +9.9% |
| Debt and Lease Obligation | $64.6B2025-12-31 | $66.3B | -2.6% | $64.6B | $66.3B | -2.6% |
| Debt Instrument, Unamortized Premium | $156M2025-12-31 | $170M | -8.2% | $156M | $170M | -8.2% |
| Debt Securities, Available-for-sale | $29.3B | $26.6B | +10.5% | $28.7B | $26B | +10.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $207M | $347M | -40.3% | $449M | $178M | +152.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $422M | $449M | -6.0% | $331M | $707M | -53.2% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $3.14B | $2.75B | +14.1% | $2.99B | $3.16B | -5.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $5.9B | $4.53B | +30.1% | $5.3B | $4.68B | +13.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $11.7B | $11B | +6.8% | $11.5B | $10.6B | +8.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.17B | $961M | +21.2% | $815M | $763M | +6.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $2.48B | $4.14B | -40.2% | $3.48B | $5.73B | -39.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $281M | $396M | -29.0% | $301M | $580M | -48.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 1,831 security | 3,068 security | -40.3% | 2,465 security | 4,174 security | -40.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $12.3B | $2.51B | +391.9% | $2.86B | $7.51B | -62.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $141M | $53M | +166.0% | $30M | $127M | -76.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 6,098 security | 1,528 security | +299.1% | 1,578 security | 4,502 security | -64.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $2.98B | $2.56B | +16.3% | $2.85B | $2.91B | -2.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $5.88B | $4.56B | +28.8% | $5.38B | $4.58B | +17.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $11.8B | $11.1B | +6.2% | $11.7B | $10.5B | +11.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.17B | $963M | +21.3% | $817M | $761M | +7.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01