CVS Health Corp. Revenue in 2024

CVS Health Corp. reported $372.0B in revenue for fiscal year 2024. This represents a growth of 4% compared to the 2023 figure of $357.8B.

CVS Health's revenue has grown consistently: $292 billion in 2021, $322 billion in 2022, $358 billion in 2023, $372 billion in 2024. That growth reflects the Aetna integration layering insurance premiums onto the pharmacy revenue base, and the Caremark PBM processing a growing volume of specialty pharmacy claims. Net income of $4.6 billion on $372 billion in revenue — a 1.2% margin — looks thin but reflects the economics of the PBM and insurance businesses, which generate large revenue volumes at low margins rather than high-margin product sales. The $65 billion market capitalization at roughly 14x earnings implies moderate confidence in the integrated model's ability to generate improving margins as the Medicare Advantage losses stabilize. The 2024 Aetna Medicare Advantage underwriting loss was the most damaging financial event in CVS Health's recent history. Medicare Advantage plans receive fixed per-member per-month payments from CMS and absorb the risk that actual medical costs exceed those payments. When medical cost trends — driven by post-pandemic use recovery and inflationary healthcare costs — ran significantly above premium assumptions, Aetna took multi-billion-dollar charges that erased operating income from the insurance segment. The PBM business faces regulatory scrutiny over spread pricing — the practice of charging health plan sponsors more for a drug than the PBM pays the pharmacy, pocketing the difference. Congressional investigations and state Medicaid audits have intensified. A regulatory restructuring of PBM compensation models would reduce Caremark revenue and require CVS Health to renegotiate hundreds of existing contracts with plan sponsors.