CVS Health Corp.
Financial Performance
CVS Health Revenue & Financials
Revenue
$402.1B (FY2025)
Market Cap
$110B
Net Income
$1.8B
Employees
300,000
What is CVS Health's revenue?
CVS Health had $402.1B in revenue for fiscal year 2025, up 7.8% from 2024. Net income was $1.8B.
- Latest revenue
- $402.1B (FY2025)
- Year-over-year
- +7.8%
- Growth rate (CAGR)
- 9.5% over 9 years
- Peak revenue
- $402.1B (FY2025)
- Years of data
- 10
- Employees
- 300,000
Financial Analysis
CVS Health's revenue grew from $292.1B in 2021 to $402.1B in 2025, an 8.3% compound rate, but profitability moved the other way: adjusted EPS fell from $8.40 to $6.75 as Aetna's Medicare Advantage costs surged in 2024. FY2025 GAAP diluted EPS was just $1.39 because of a $5.7B goodwill impairment in the Health Care Delivery unit and $1.2B in legacy litigation charges, while cash flow from operations was $10.6B. 2026 marks a turnaround: first-half revenue reached $206.5B, Aetna's medical benefit ratio improved to 87.4% in Q2 from 89.9% a year earlier, and full-year guidance was raised to at least $414B in revenue, $7.90-$8.10 adjusted EPS, and at least $11.5B in operating cash flow. CVS Health is a colossal American healthcare and retail pharmacy company, commanding a market valuation typically exceeding $70 billion.
Revenue Trend Analysis
YoY Change
+7.8%
9-Year CAGR
+9.5%
Peak Year
2025
Trend
Consistent Growth
CVS Health Corp. has 10 full fiscal year figures on this page, compounding at +9.5% annually over 9 years. The most recent year saw a 7.8% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $402.1B. Of 9 comparable year-over-year steps, 9 showed growth and 0 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $402.1B | $4.7Bfiling | $1.8B | +7.8% | sec.gov Record $402.067B; net income attributable to CVS Health fell to $1.768B on a $5.7B goodwill impairment and $1.2B litigation charges. |
| FY2024 | $372.8B | $8.5Bfiling | — | +4.2% | sec.gov FY2024 total revenues were $372.809B as Aetna Medicare Advantage costs surged. |
| FY2023 | $357.8B | $13.7Bfiling | — | +10.9% | sec.gov Revenue advanced to $357.776B in the year CVS added Oak Street Health. |
| FY2022 | $322.5B | $8Bfiling | — | +10.4% | data.sec.gov Revenue rose to $322.467B as pharmacy and health benefits expanded. |
| FY2021 | $292.1B | $13.3Bfiling | — | +8.7% | data.sec.gov Revenue climbed as Aetna and Caremark scale supported the post-pandemic integrated model. |
| FY2020 | $268.7B | $13.9B | $7.2B | +4.6% | CVS Health Corp. annual report (Form 10-K, SEC EDGAR, filed 2023-02-08) Fiscal year ended 2020-12-31. |
| FY2019 | $256.8B | $12B | $6.6B | +32.0% | CVS Health Corp. annual report (Form 10-K, SEC EDGAR, filed 2022-02-09) Fiscal year ended 2019-12-31. |
| FY2018 | $194.6B | $4B | -$594M | +5.3% | CVS Health Corp. annual report (Form 10-K, SEC EDGAR, filed 2021-02-16) Fiscal year ended 2018-12-31. |
| FY2017 | $184.8B | $9.5B | $6.6B | +4.1% | CVS Health Corp. annual report (Form 10-K, SEC EDGAR, filed 2020-02-18) Fiscal year ended 2017-12-31. |
| FY2016 | $177.5B | $10.4B | $5.3B | — | CVS Health Corp. annual report (Form 10-K, SEC EDGAR, filed 2019-02-28) Fiscal year ended 2016-12-31. |
Click any row to see year details.
CVS Health Corp. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $10.6B | $2.8B | $253.5B | $178.2B | $75.2B | $7.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $9.1B | $2.8B | $253.2B | $177.5B | $75.6B | $6.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $13.4B | $3B | $249.7B | $173.1B | $76.5B | $10.4B | Form 10-K |
| FY2022ended Dec 31, 2022 | $16.2B | $2.7B | $228.3B | $156.5B | $71.5B | $13.4B | Form 10-K |
| FY2021ended Dec 31, 2021 | $18.3B | $2.5B | $233B | $157.6B | $75.1B | $15.7B | Form 10-K |
| FY2020ended Dec 31, 2020 | $15.9B | $2.4B | $230.7B | $161B | $69.4B | $13.4B | Form 10-K |
| FY2019ended Dec 31, 2019 | $12.8B | $2.5B | $222.4B | $158.3B | $63.9B | $10.4B | Form 10-K |
| FY2018ended Dec 31, 2018 | $8.9B | $2B | $196.5B | $137.9B | $58.2B | $6.8B | Form 10-K |
| FY2017ended Dec 31, 2017 | $8B | $1.9B | $95.1B | $57.4B | $37.7B | $6.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $10.1B | $2.2B | $94.5B | — | $36.8B | $7.9B | Form 10-K |
Keep researching CVS Health
CVS Health Revenue and Financial FAQ
What was CVS Health's revenue in 2025?
CVS Health reported record total revenues of $402.1 billion in FY2025, up 7.8% from $372.8 billion in 2024.
How is CVS Health's revenue split by segment?
In FY2025, Health Services earned $190.4B, Health Care Benefits (Aetna) $143.4B, and Pharmacy & Consumer Wellness $139.4B before $71.6B of intercompany eliminations.
Is CVS Health profitable?
Yes. Net income attributable to CVS was $1.768B in 2025, held down by a $5.7B goodwill impairment and $1.2B in litigation charges. Net income rose to $5.95B in the first half of 2026.
How much cash flow does CVS Health generate?
CVS generated $10.6B of cash flow from operations in 2025 and $10.6B in the first half of 2026, and guides to at least $11.5B for full-year 2026.
What is CVS Health's 2026 guidance?
In August 2026, CVS raised guidance to at least $414B in revenue, $6.84-$7.04 GAAP diluted EPS, and $7.90-$8.10 adjusted EPS.
What hurt Aetna's profits in 2024?
Higher-than-expected Medicare Advantage utilization pushed Aetna's medical benefit ratio above 90% and cut segment adjusted operating income to $307M in 2024.
What is CVS Health's market capitalization?
CVS Health's market capitalization was roughly $110-$120 billion in September 2026.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "CVS Health Revenue & Financials." CorpDigest, https://corpdigest.com/company/cvs-health/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>CVS Health reported $402.1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/cvs-health/financials" target="_blank" rel="noopener">CorpDigest — CVS Health financials</a></div>Related Financial Audits
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