CVS Health Corporation (CVS) Balance Sheet
CVS balance sheet, 2025
December 31, 2025 · U.S. dollars$261.06B assets = $185.68B liabilities + $75.38B equity
Both columns are drawn to the same scale: what CVS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CVS financial health
Current ratio0.84
Tight · current assets cover current liabilities 0.84×
Debt / equity1.24
Moderate leverage · $1.24 of debt for each $1 of equity
Equity / assets28.8%
Balanced · of assets funded by shareholders
Cash / debt11.4%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles42.5%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
CVS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $94.46B2016 | $261.06B2025 | +12.0%/yr | |
| Total liabilities | $57.63B2016 | $185.68B2025 | +13.9%/yr | |
| Shareholders’ equity | $36.83B2016 | $75.21B2025 | +8.3%/yr | |
| Cash & short-term investments | $3.46B2016 | $10.66B2025 | +13.3%/yr | |
| Total debt | $27.53B2016 | $93.59B2025 | +14.6%/yr | |
| Net cash (debt) | −$24.07B2016 | −$82.94B2025 | −$58.9B | |
| Working capital | $4.79B2016 | −$13.98B2025 | −$18.8B | |
| Book value per share | $34.132016 | $59.182025 | +6.3%/yr | |
| Current ratio | 1.182016 | 0.842025 | −0.34 | |
| Debt / equity | 0.752016 | 1.242025 | +0.50 | |
| Shares outstanding | 1.08B2016 | 1.27B2025 | +1.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CVS assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
CVS liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
CVS debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CVS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $10.66B | $10.99B | $11.46B | $15.72B | $12.53B | $10.85B | $8.06B | $6.58B | $1.81B | $3.46B |
| Cash & equivalents | $8.51B | $8.59B | $8.20B | $12.95B | $9.41B | $7.85B | $5.68B | $4.06B | $1.70B | $3.37B |
| Short-term investments | $2.15B | $2.41B | $3.26B | $2.78B | $3.12B | $3.00B | $2.37B | $2.52B | $111.0M | $87.0M |
| Receivables | $39.78B | $36.47B | $35.23B | $27.28B | $24.43B | $21.74B | $19.62B | $17.63B | $13.18B | $12.16B |
| Inventory | $19.25B | $18.11B | $18.02B | $19.09B | $17.76B | $18.50B | $17.52B | $16.45B | $15.30B | $14.76B |
| Other current assets | $5.03B | $3.08B | $3.15B | $3.54B | $5.29B | $5.28B | $5.11B | $4.58B | $945.0M | $660.0M |
| Total current assets | $74.71B | $68.64B | $67.86B | $65.63B | $60.01B | $56.37B | $50.30B | $45.24B | $31.23B | $31.04B |
| Property, plant & equipment (net) | $28.06B | $28.94B | $30.43B | $30.75B | $32.02B | $33.34B | $32.90B | $11.35B | $10.29B | $10.18B |
| Goodwill & intangible assets | $110.99B | $118.59B | $120.51B | $102.95B | $108.15B | $110.69B | $112.87B | $115.20B | $52.08B | $51.76B |
| Long-term investments | $32.67B | $28.93B | $23.02B | $21.10B | $23.02B | $20.81B | $17.31B | $15.73B | $112.0M | $0 |
| Other non-current assets | $14.64B | $8.10B | $7.91B | $7.85B | $9.80B | $9.51B | $9.06B | $8.93B | $1.42B | $1.49B |
| Total assets | $261.06B | $253.22B | $249.73B | $228.28B | $233.00B | $230.72B | $222.45B | $196.46B | $95.13B | $94.46B |
| Liabilities | ||||||||||
| Accounts payable | $59.38B | $15.89B | $14.90B | $14.84B | $12.54B | $11.14B | $10.49B | $8.93B | $8.86B | $7.95B |
| Short-term debt | $5.80B | $7.49B | $4.71B | $3.46B | $5.85B | $7.08B | $5.38B | $1.99B | $4.82B | $1.92B |
| Deferred revenue | $62.0M | — | $57.11B | $3.88B | $43.81B | $37.97B | $32.61B | $28.22B | — | — |
| Total current liabilities | $88.69B | $84.61B | $79.19B | $69.42B | $67.81B | $62.02B | $53.30B | $44.01B | $30.65B | $26.25B |
| Long-term debt | $60.50B | $60.53B | $58.64B | $50.48B | $51.97B | $59.21B | $64.70B | $71.44B | $22.18B | $25.61B |
| Lease obligations | $15.38B | $16.65B | $17.77B | $18.48B | $19.82B | $20.39B | $20.52B | — | — | — |
| Other long-term liabilities | $36.49B | $32.35B | $35.27B | $36.61B | $37.84B | $39.79B | $40.28B | $22.46B | $4.61B | $5.76B |
| Total liabilities | $185.68B | $177.49B | $173.09B | $156.51B | $157.62B | $161.01B | $158.28B | $137.91B | $57.44B | $57.63B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $18.0M | $18.0M | $48.99B | $48.19B | $47.38B | $46.51B | $45.97B | $45.44B | $64.17B | $31.64B |
| Retained earnings (deficit) | $61.20B | $62.84B | $61.60B | $56.40B | $54.91B | $49.64B | $45.11B | $40.91B | $43.56B | $38.98B |
| Treasury stock | — | — | — | −$31.86B | −$28.17B | −$28.18B | −$28.23B | −$28.23B | −$37.77B | −$33.45B |
| Accumulated other comprehensive income | $406.0M | −$120.0M | −$297.0M | −$1.26B | $965.0M | $1.41B | $1.02B | $102.0M | −$165.0M | −$305.0M |
| Minority interest | $168.0M | $170.0M | $175.0M | $300.0M | $306.0M | $312.0M | $306.0M | $318.0M | $4.0M | $4.0M |
| Total shareholders' equity | $75.21B | $75.56B | $76.46B | $71.47B | $75.08B | $69.39B | $63.86B | $58.23B | $37.69B | $36.83B |
| Key figures | ||||||||||
| Total debt | $93.59B | $82.92B | $79.39B | $70.73B | $76.00B | $85.04B | $89.00B | $73.43B | $27.00B | $27.53B |
| Net cash (debt) | −$82.94B | −$71.93B | −$67.93B | −$55.01B | −$63.47B | −$74.19B | −$80.95B | −$66.85B | −$25.20B | −$24.07B |
| Working capital | −$13.98B | −$15.96B | −$11.33B | −$3.79B | −$7.80B | −$5.65B | −$3.00B | $1.23B | $581.0M | $4.79B |
| Tangible book value | −$35.77B | −$43.03B | −$44.05B | −$31.48B | −$33.07B | −$41.30B | −$49.01B | −$56.98B | −$14.39B | −$14.93B |
| Book value per share | $59.18 | $59.87 | $59.27 | $54.02 | $56.49 | $52.81 | $48.94 | $55.77 | $36.81 | $34.13 |
| Shares outstanding | 1.27B | 1.26B | 1.29B | 1.32B | 1.33B | 1.31B | 1.30B | 1.04B | 1.02B | 1.08B |
| Current ratio | 0.84 | 0.81 | 0.86 | 0.95 | 0.88 | 0.91 | 0.94 | 1.03 | 1.02 | 1.18 |
| Quick ratio | 0.57 | 0.56 | 0.59 | 0.62 | 0.55 | 0.53 | 0.52 | 0.55 | 0.49 | 0.60 |
| Debt / equity | 1.24 | 1.10 | 1.04 | 0.99 | 1.01 | 1.23 | 1.39 | 1.26 | 0.72 | 0.75 |
| Equity / assets | 28.8% | 29.8% | 30.6% | 31.3% | 32.2% | 30.1% | 28.7% | 29.6% | 39.6% | 39.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.96B | $11.80B | $10.66B | $11.29B | $14.22B | $12.65B | $10.99B | $9.68B | $16.26B | $13.09B | $11.46B | $16.19B |
| Cash & equivalents | $11.33B | $9.54B | $8.51B | $9.15B | $11.79B | $10.08B | $8.59B | $6.88B | $12.51B | $9.80B | $8.20B | $13.04B |
| Short-term investments | $2.63B | $2.26B | $2.15B | $2.13B | $2.39B | $2.58B | $2.41B | $2.81B | $3.75B | $3.29B | $3.26B | $3.15B |
| Receivables | $40.31B | $40.99B | $39.78B | $43.86B | $40.65B | $39.62B | $36.47B | $36.18B | $32.38B | $32.22B | $35.23B | $32.93B |
| Inventory | $17.62B | $17.77B | $19.25B | $18.96B | $17.45B | $17.39B | $18.11B | $17.65B | $16.07B | $16.35B | $18.02B | $17.95B |
| Other current assets | $3.46B | $4.25B | $5.03B | $3.00B | $3.33B | $3.53B | $3.08B | $3.83B | $5.24B | $5.82B | $3.15B | $3.07B |
| Total current assets | $75.35B | $74.82B | $74.71B | $77.11B | $75.65B | $73.19B | $68.64B | $67.34B | $69.95B | $67.47B | $67.86B | $70.14B |
| Property, plant & equipment (net) | $27.62B | $27.78B | $28.06B | $28.11B | $28.34B | $28.56B | $28.94B | $28.96B | $29.93B | $30.08B | $30.43B | $30.59B |
| Goodwill & intangible assets | $110.12B | $110.55B | $110.99B | $111.46B | $117.43B | $117.77B | $118.59B | $119.09B | $119.58B | $120.04B | $120.51B | $120.89B |
| Long-term investments | $33.25B | $32.41B | $32.67B | $31.55B | $29.86B | $28.91B | $28.93B | $28.94B | $25.03B | $24.07B | $23.02B | $21.67B |
| Other non-current assets | $7.43B | $7.42B | $14.64B | $7.09B | $7.07B | $7.16B | $8.10B | $8.10B | $7.99B | $8.07B | $7.91B | $8.03B |
| Total assets | $253.77B | $252.97B | $261.06B | $255.33B | $258.34B | $255.59B | $253.22B | $252.43B | $252.48B | $249.74B | $249.73B | $251.31B |
| Liabilities | ||||||||||||
| Accounts payable | $17.17B | $16.92B | $59.38B | $60.95B | $17.26B | $16.53B | $15.89B | $15.71B | $14.42B | $13.72B | $14.90B | $14.87B |
| Short-term debt | $3.87B | $4.48B | $5.80B | $7.24B | $11.11B | $7.58B | $7.49B | $7.62B | $5.64B | $8.36B | $4.71B | $3.87B |
| Deferred revenue | $9.0M | — | $62.0M | $58.0M | — | — | — | $39.15B | $128.0M | $59.01B | $57.11B | $56.62B |
| Total current liabilities | $87.04B | $86.41B | $88.69B | $92.69B | $94.16B | $88.96B | $84.61B | $84.63B | $81.39B | $83.32B | $79.19B | $81.55B |
| Long-term debt | $59.45B | $60.53B | $60.50B | $60.51B | $57.29B | $59.04B | $60.53B | $59.82B | $62.64B | $57.69B | $58.64B | $59.78B |
| Lease obligations | $14.90B | $15.23B | $15.38B | $15.92B | $16.23B | $16.50B | $16.65B | $17.17B | $17.45B | $17.65B | $17.77B | $18.18B |
| Other long-term liabilities | $27.38B | $28.40B | $36.49B | $29.01B | $29.34B | $30.47B | $32.35B | $32.87B | $33.34B | $34.58B | $35.27B | $35.46B |
| Total liabilities | $173.87B | $175.34B | $185.68B | $182.22B | $180.79B | $178.47B | $177.49B | $177.32B | $177.37B | $175.59B | $173.09B | $176.80B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $18.0M | $50.68B | $18.0M | $50.18B | $18.0M | $49.84B | $49.66B | $49.51B | $49.37B | $49.21B | $48.99B | $48.83B |
| Retained earnings (deficit) | $65.40B | $63.28B | $61.20B | $59.11B | $63.94B | $63.77B | $62.84B | $62.04B | $62.80B | $61.87B | $61.60B | $60.34B |
| Accumulated other comprehensive income | $188.0M | $201.0M | $406.0M | $416.0M | $272.0M | $59.0M | −$120.0M | $209.0M | −$319.0M | −$341.0M | −$297.0M | −$1.00B |
| Minority interest | $197.0M | $181.0M | $168.0M | $182.0M | $172.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $79.70B | $77.46B | $75.21B | $72.93B | $77.38B | $76.93B | $75.56B | $74.94B | $74.93B | $73.97B | $76.46B | $74.34B |
| Key figures | ||||||||||||
| Total debt | $76.31B | $78.34B | $93.59B | $81.75B | $82.72B | $81.21B | $82.92B | $82.70B | $83.82B | $81.79B | $79.39B | $80.10B |
| Net cash (debt) | −$62.35B | −$66.54B | −$82.94B | −$70.46B | −$68.51B | −$68.56B | −$71.93B | −$73.02B | −$67.56B | −$68.70B | −$67.93B | −$63.91B |
| Working capital | −$11.70B | −$11.59B | −$13.98B | −$15.59B | −$18.51B | −$15.77B | −$15.96B | −$17.28B | −$11.43B | −$15.85B | −$11.33B | −$11.41B |
| Tangible book value | −$30.42B | −$33.09B | −$35.77B | −$38.53B | −$40.05B | −$40.84B | −$43.03B | −$44.15B | −$44.65B | −$46.07B | −$44.05B | −$46.55B |
| Book value per share | $62.12 | $60.56 | $58.90 | $57.47 | $60.93 | $60.86 | $59.92 | $59.53 | $59.52 | $58.38 | $59.13 | $57.63 |
| Shares outstanding | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.26B | 1.26B | 1.26B | 1.26B | 1.27B | 1.29B | 1.29B |
| Current ratio | 0.87 | 0.87 | 0.84 | 0.83 | 0.80 | 0.82 | 0.81 | 0.80 | 0.86 | 0.81 | 0.86 | 0.86 |
| Quick ratio | 0.62 | 0.61 | 0.57 | 0.59 | 0.58 | 0.59 | 0.56 | 0.54 | 0.60 | 0.54 | 0.59 | 0.60 |
| Debt / equity | 0.96 | 1.01 | 1.24 | 1.12 | 1.07 | 1.06 | 1.10 | 1.10 | 1.12 | 1.11 | 1.04 | 1.08 |
| Equity / assets | 31.4% | 30.6% | 28.8% | 28.6% | 30.0% | 30.1% | 29.8% | 29.7% | 29.7% | 29.6% | 30.6% | 29.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
CVS financial position
At the end of fiscal 2025 (December 31, 2025), CVS Health had total assets of $261.1 billion (up 3.1% from a year earlier), total liabilities of $185.7 billion and shareholders' equity of $75.2 billion. It held $10.7 billion in cash and short-term investments against $93.6 billion of debt, net debt of $82.9 billion. Its current ratio was 0.84. In the latest quarter (ended June 30, 2026) total assets were $253.8 billion and equity $79.7 billion.
Related: CVS income statement, CVS cash flow statement, CVS key metrics. See the CVS stock overview for the latest quote and news.
CVS balance sheet FAQ
What are CVS Health's total assets?
CVS Health reported total assets of $261.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $253.2 billion a year earlier.
How much debt does CVS Health have?
CVS Health had $93.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.24.
How much cash does CVS Health have?
CVS Health held $10.7 billion in cash and short-term investments at the end of fiscal 2025; with $93.6 billion of debt that is net debt of $82.9 billion.
What is CVS Health's book value?
CVS Health's shareholders' equity (book value) was $75.2 billion at the end of fiscal 2025, or $59.18 per share.
What is CVS Health's current ratio?
CVS Health had current assets of $74.7 billion and current liabilities of $88.7 billion, a current ratio of 0.84 (current liabilities exceed current assets).
How much goodwill does CVS Health have?
CVS Health carried $111.0 billion of goodwill and intangible assets, 42.5% of total assets, at the end of fiscal 2025.