Walgreens Boots Alliance Revenue in 2024

Walgreens Boots Alliance reported $147.7B in revenue for fiscal year 2024. This represents a growth of 6.2% compared to the 2023 figure of $139.1B.

Walgreens reported $147.7 billion in fiscal 2024 revenue against a net loss of $8.6 billion — one of the largest losses in the company's history, driven by VillageMD impairments, opioid settlement charges, and the structural compression of pharmacy reimbursement. Revenue grew from $132.5 billion in 2021 to $147.7 billion in 2024, but profitability moved in the opposite direction. The market capitalization of $8.5 billion on $147.7 billion in revenue implies a price-to-sales ratio of roughly 0.06. That number reflects deep investor skepticism about whether the business model is fixable on a timeline that generates acceptable returns, given the balance sheet pressures, the competitive environment, and the sheer complexity of unwinding the Boots Alliance combination. The CFPB's $3.7 billion settlement in December 2022 — the largest in the agency's history at the time — covered auto loan insurance abuses and mortgage fee overcharges from Walgreens' financial services partnerships. The opioid liability finding from 2021 added billions more in potential obligations. Legal costs of this magnitude compound the operational cash flow pressure. The dividend cut in 2024 was a financial signal as much as a cash management decision. A company that had paid increasing dividends for nearly 90 years cutting the payout tells investors that management believes cash preservation matters more than signaling confidence in the earnings recovery.