CVS Health Corp.
Explore CVS Health Corp.
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CVS Health Corp.
Explore CVS Health Corp.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$402.1B
▲ 8.1% vs FY2024 ($372.0B)
Source: Annual report / company filing
CVS Health Corp. reported $402.1B in revenue for fiscal year 2025. This represents a growth of 8.1% compared to the 2024 figure of $372.0B.
In 2014, CVS Health voluntarily removed all tobacco products from its more than 7,600 stores — forfeiting approximately $2 billion in annual revenue. The 2018 Aetna acquisition for $69 billion — the largest healthcare deal in U.S. History — grafted one of America's oldest health insurers onto what had been primarily a pharmacy chain. Revenue reached $402.1B in FY2025. Net income was $4.6 billion — a 1.2% margin on 300 million customer interactions. CVS Health's revenue has grown consistently: $292 billion in 2021, $322 billion in 2022, $358 billion in 2023, $402.1B in FY2025. 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. For $69 billion, CVS acquired an insurance company with roots tracing to 1853 and a membership base of tens of millions of Americans.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $402.1B | — | +8.1% |
| FY2024 | $372.0B | $4.6B | +4.0% |
| FY2023 | $357.8B | — | +10.9% |
| FY2022 | $322.5B | — | +10.4% |
| FY2021 | $292.1B | — | +8.7% |
| FY2020 | $268.7B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.