CVS

MKT CAP:$99B

CVS Health Corporation

Market Cap

$99B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$77.75-$2.38 (-2.97%)

Apr 24, 2026

Company Details

CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups,...

CEO

J. David Joyner

IPO Date

Nov 20, 1996

Website

www.cvshealth.com

Key Metrics TTM

Revenue

$390.4B

+10.7% YoY

Net Income

$7.5B

EPS (Diluted)

$5.92

Free Cash Flow

$10.2B

Revenue / Share

$305.74

Gross Margin

14.1%

Operating Margin

2.8%

Net Margin

1.9%

FCF Margin

2.6%

P/S

0.3x

P/E

13.2x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 10, 2026

$402.1BEPS $1.39

Q4 2025

Feb 10, 2026

$105.7BEPS $2.30

Q2 2025

Jul 31, 2025

$98.9B+8.4%EPS $0.80

Q1 2025

May 1, 2025

$94.6BEPS $1.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$65.3B	$13.3B	$4.7B
Q3 20	$67.1B	$11.7B	$3.2B
Q4 20	$69.6B	$12.0B	$2.5B
Q1 21	$69.1B	$12.5B	$3.6B
Q2 21	$72.6B	$13.2B	$4.3B
Q1 22	$76.8B	$13.4B	$3.5B
Q2 22	$80.6B	$13.9B	$4.7B
Q3 22	$81.2B	$13.4B	-$3.9B
Q4 22	$83.8B	$13.8B	$3.6B
Q1 23	$85.3B	$13.4B	$3.4B
Q3 23	$89.8B	$13.6B	$3.7B
Q4 23	$93.8B	$13.9B	$3.4B
Q2 24	$91.2B	$13.4B	$3.0B
Q1 25	$94.6B	$14.4B	$3.4B
Q2 25	$98.9B	$13.6B	$2.4B
Q4 25	$105.7B	$13.6B	$2.1B

Valuation

Quarter	P/S	P/E
Q2 20	0.3x	10.2x
Q3 20	0.3x	9.5x
Q4 20	0.3x	12.4x
Q1 21	0.4x	13.5x
Q2 21	0.4x	15.4x
Q1 22	0.5x	17.0x
Q2 22	0.4x	11.9x
Q3 22	0.4x	26.9x
Q4 22	0.4x	27.4x
Q1 23	0.3x	24.0x
Q3 23	0.3x	27.3x
Q4 23	0.3x	11.6x
Q2 24	0.2x	8.9x
Q1 25	0.2x	10.9x
Q2 25	0.2x	13.2x
Q4 25	0.3x	13.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$7.1B	$6.7B
Q3 20	$1.9B	$1.3B
Q4 20	$3.6B	$2.9B
Q1 21	$2.9B	$2.1B
Q2 21	$5.8B	$5.4B
Q1 22	$3.6B	$2.5B
Q2 22	$5.4B	$5.0B
Q3 22	$9.1B	$8.5B
Q4 22	-$2.0B	-$2.6B
Q1 23	$7.4B	$6.5B
Q3 23	$2.7B	$2.2B
Q4 23	-$2.6B	-$3.5B
Q2 24	$3.1B	$2.5B
Q1 25	$4.6B	$3.8B
Q2 25	$1.9B	$1.3B
Q4 25	$3.4B	$2.6B

Capital Expenditures

Quarter	CapEx
Q2 20	$448M
Q3 20	$534M
Q4 20	$713M
Q1 21	$829M
Q2 21	$486M
Q1 22	$1.1B
Q2 22	$408M
Q3 22	$580M
Q4 22	$688M
Q1 23	$984M
Q3 23	$545M
Q4 23	$911M
Q2 24	$638M
Q1 25	$743M
Q2 25	$607M
Q4 25	$784M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+3.0%	+0.9%
Q3 20	+3.5%	+3.1%
Q4 20	+4.0%	+5.0%
Q1 21	+3.5%	+3.5%
Q2 21	+11.1%	+12.6%
Q1 22	+14.6%	+14.8%
Q2 22	+15.9%	+13.3%
Q3 22	+17.5%	+29.9%
Q4 22	+15.5%	+17.5%
Q1 23	+11.0%	+11.7%
Q3 23	+11.3%	+13.3%
Q4 23	+15.6%	+6.3%
Q2 24	+8.8%	+9.9%
Q1 25	+10.9%	+11.5%
Q2 25	+10.2%	+12.2%
Q4 25	+12.7%	+14.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$83M	0.1%
Q3 20	$109M	0.2%
Q4 20	$112M	0.2%
Q1 21	$87M	0.1%
Q2 21	$145M	0.2%
Q1 22	$89M	0.1%
Q2 22	$147M	0.2%
Q3 22	$105M	0.1%
Q4 22	$106M	0.1%
Q1 23	$103M	0.1%
Q3 23	$154M	0.2%
Q4 23	$127M	0.1%
Q2 24	$133M	0.1%
Q1 25	$126M	0.1%
Q2 25	$136M	0.1%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Front Store Revenue	Pharmacy Revenue	Premiums	Product and Service, Other	Corporate And Other Segment
Q2 20	$4.7B	$41.8B	$16.9B	$1.8B	—
Q3 20	$4.7B	$43.1B	$17.2B	$1.9B	—
Q4 20	$5.1B	$44.6B	$17.6B	$2.1B	—
Q1 21	$4.6B	$43.0B	$19.0B	$2.2B	—
Q2 21	$5.3B	$45.9B	$19.0B	$2.2B	—
Q1 22	$5.3B	$47.5B	$21.6B	$2.2B	—
Q2 22	$5.7B	$51.3B	$21.3B	$2.2B	—
Q3 22	$5.6B	$52.4B	$21.0B	$2.0B	—
Q4 22	$6.2B	$53.9B	$21.4B	$2.0B	—
Q1 23	$5.6B	$52.5B	$24.4B	$2.5B	—
Q3 23	$5.4B	$56.2B	$24.7B	$3.3B	—
Q4 23	$5.9B	$59.7B	$25.1B	$2.9B	—
Q2 24	$5.3B	$51.0B	$30.7B	$3.9B	—
Q1 25	$5.2B	$52.5B	$32.8B	$3.5B	—
Q2 25	$5.4B	$55.3B	$34.2B	$3.5B	$96M
Q4 25	$5.7B	$61.6B	$34.0B	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$8.4B	$2.9B	$11.3B
Q2 22	$12.1B	$2.9B	$15.0B
Q3 22	$17.2B	$2.8B	$20.0B
Q4 22	$12.9B	$2.8B	$15.7B
Q1 23	$14.6B	$3.1B	$17.7B
Q2 23	$13.8B	$3.1B	$16.9B
Q3 23	$13.0B	$3.1B	$16.2B
Q4 23	$8.2B	$3.3B	$11.5B
Q1 24	$9.8B	$3.3B	$13.1B
Q2 24	$12.5B	$3.8B	$16.3B
Q3 24	$6.9B	$2.8B	$9.7B
Q4 24	$8.6B	$2.4B	$11.0B
Q1 25	$10.1B	$2.6B	$12.7B
Q2 25	$11.8B	$2.4B	$14.2B
Q3 25	$9.2B	$2.1B	$11.3B
Q4 25	$8.5B	$2.1B	$10.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	1.31B	+0.2%	+0.9%
Q3 20	1.31B	+0.1%	+0.8%
Q4 20	1.32B	+0.2%	+0.5%
Q1 21	1.32B	+0.4%	+0.8%
Q2 21	1.33B	+0.4%	+1.0%
Q1 22	1.33B	+0.1%	+1.0%
Q2 22	1.32B	-0.5%	+0.3%
Q3 22	1.31B	-0.5%	-0.5%
Q4 22	1.32B	+0.3%	-0.6%
Q1 23	1.29B	-2.1%	-2.8%
Q3 23	1.29B	-0.1%	-2.3%
Q4 23	1.29B	+0.2%	-1.7%
Q2 24	1.26B	-2.6%	-4.5%
Q1 25	1.26B	+0.4%	-2.1%
Q2 25	1.27B	+0.5%	-1.6%
Q4 25	1.28B	+0.6%	-1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$225.3K	290K
Q3 20	$231.2K	290K
Q4 20	$231.8K	300K
Q1 21	$230.3K	300K
Q2 21	$242.1K	300K
Q1 22	$256.1K	300K
Q2 22	$268.8K	300K
Q3 22	$270.5K	300K
Q4 22	$279.5K	300K
Q1 23	$284.3K	300K
Q3 23	$299.2K	300K
Q4 23	$312.7K	300K
Q2 24	$304.1K	300K
Q1 25	$315.3K	300K
Q2 25	$329.7K	300K
Q4 25	$352.3K	300K

Revenue / Employee