CVS Health Corporation (CVS) Cash Flow Statement
Where CVS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $10.64B +16.8% vs 2024
- Capital expenditures
- $2.83B 0.7% of revenue
- Free cash flow
- $7.81B 1.9% margin
- Returned to shareholders
- $3.40B 44% of free cash flow
- Change in cash
- −$172.0M cash at year-end $8.71B
Cash from operations
$10.64B
Capital expenditures
−$2.83B
Investments (net)
−$2.63B
Acquisitions & other
−$410.0M
Dividends
−$3.40B
Share buybacks (net)
+$394.0M
Net borrowing (repayment)
−$1.78B
Other financing
−$158.0M
Change in cash
−$172.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CVS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CVS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $10.14B2016 | $10.64B2025 | +0.5%/yr | |
| Capital expenditures | $2.22B2016 | $2.83B2025 | +2.7%/yr | |
| Free cash flow | $7.92B2016 | $7.81B2025 | −0.2%/yr | |
| Free cash flow margin | 4.5%2016 | 1.9%2025 | −2.5 pts | |
| Operating cash flow / net income | 1.912016 | 6.162025 | +4.25 | |
| Stock-based compensation | $222.0M2016 | $535.0M2025 | +10.3%/yr | |
| Dividends paid | $1.84B2016 | $3.40B2025 | +7.0%/yr | |
| Share buybacks (net) | $4.46B2016 | $02025 | −100.0% | |
| Capex / revenue | 1.3%2016 | 0.7%2025 | −0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CVS cash flow by activity
OperatingInvestingFinancingChange in cash
CVS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CVS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.73B | $4.59B | $8.37B | $4.17B | $7.90B | $7.19B | $6.63B | −$596.0M | $6.62B | $5.32B |
| Depreciation & amortization | $4.61B | $4.60B | $4.37B | $4.25B | $4.51B | $4.44B | $4.37B | $2.72B | $2.48B | $2.48B |
| Stock-based compensation | $535.0M | $540.0M | $588.0M | $447.0M | $484.0M | $400.0M | $453.0M | $280.0M | $234.0M | $222.0M |
| Change in working capital | −$1.47B | $109.0M | $15.0M | $7.00B | $3.95B | $3.16B | $1.50B | −$112.0M | −$416.0M | $1.33B |
| Other non-cash items | $5.24B | −$725.0M | $89.0M | $315.0M | $1.42B | $673.0M | −$106.0M | $6.58B | −$913.0M | $796.0M |
| Cash from operating activities | $10.64B | $9.11B | $13.43B | $16.18B | $18.27B | $15.87B | $12.85B | $8.87B | $8.01B | $10.14B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.83B | −$2.78B | −$3.03B | −$2.73B | −$2.52B | −$2.44B | −$2.46B | −$2.04B | −$1.92B | −$2.22B |
| Investments (net) | −$2.63B | −$7.61B | −$19.77B | −$1.02B | −$2.72B | −$3.17B | −$485.0M | $125.0M | $240.0M | $256.0M |
| Acquisitions & other investing | −$410.0M | $2.78B | $1.91B | −$1.30B | −$24.0M | $75.0M | −$397.0M | −$41.37B | −$1.20B | −$502.0M |
| Cash from investing activities | −$5.87B | −$7.61B | −$20.89B | −$5.05B | −$5.26B | −$5.53B | −$3.34B | −$43.28B | −$2.88B | −$2.47B |
| Financing activities | ||||||||||
| Dividends paid | −$3.40B | −$3.37B | −$3.13B | −$2.91B | −$2.62B | −$2.62B | −$2.60B | −$2.04B | −$2.05B | −$1.84B |
| Share repurchases & issuance (net) | $394.0M | −$3.02B | −$2.01B | −$3.50B | $549.0M | $257.0M | $185.0M | −$97.0M | −$4.36B | −$4.46B |
| Net borrowing (repayment) | −$1.78B | $5.06B | $7.93B | −$4.21B | −$9.27B | −$5.67B | −$5.32B | $38.27B | −$598.0M | −$614.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$158.0M | $202.0M | −$105.0M | $102.0M | −$13.0M | −$115.0M | −$112.0M | $689.0M | $257.0M | $154.0M |
| Cash from financing activities | −$4.94B | −$1.14B | $2.68B | −$10.52B | −$11.36B | −$8.15B | −$7.85B | $36.82B | −$6.75B | −$6.76B |
| Summary | ||||||||||
| Net change in cash | −$172.0M | $359.0M | −$4.78B | $614.0M | $1.65B | $2.18B | $1.66B | $2.40B | −$1.62B | $912.0M |
| Cash at end of period | $8.71B | $8.88B | $8.53B | $13.30B | $12.69B | $8.13B | $5.95B | $4.29B | $1.90B | $3.52B |
| Free cash flow | $7.81B | $6.33B | $10.39B | $13.45B | $15.74B | $13.43B | $10.39B | $6.83B | $6.09B | $7.92B |
| Free cash flow margin | 1.9% | 1.7% | 2.9% | 4.2% | 5.4% | 5.0% | 4.0% | 3.5% | 3.3% | 4.5% |
| Capex / revenue | 0.7% | 0.7% | 0.8% | 0.8% | 0.9% | 0.9% | 1.0% | 1.0% | 1.0% | 1.3% |
| Operating cash flow / net income | 6.16 | 1.99 | 1.60 | 3.88 | 2.31 | 2.21 | 1.94 | — | 1.21 | 1.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.00B | $2.96B | $2.94B | −$2.80B | $1.02B | $1.78B | $1.62B | $71.0M | $1.77B | $1.12B | $2.05B | $2.27B |
| Depreciation & amortization | $1.13B | $1.11B | $1.15B | $1.13B | $1.17B | $1.15B | $1.15B | $1.16B | $1.15B | $1.14B | $1.13B | $1.13B |
| Stock-based compensation | $176.0M | $266.0M | $135.0M | −$126.0M | $136.0M | $126.0M | $137.0M | $133.0M | $133.0M | $137.0M | $127.0M | $154.0M |
| Change in working capital | $2.20B | $2.0M | −$1.02B | −$1.57B | −$309.0M | $1.43B | −$394.0M | −$2.38B | $161.0M | $2.72B | −$6.04B | −$732.0M |
| Other non-cash items | −$150.0M | −$91.0M | $186.0M | $4.16B | −$122.0M | $70.0M | −$653.0M | $269.0M | −$124.0M | −$217.0M | $100.0M | −$98.0M |
| Cash from operating activities | $6.34B | $4.25B | $3.39B | $796.0M | $1.90B | $4.56B | $1.86B | −$745.0M | $3.09B | $4.90B | −$2.64B | $2.72B |
| Investing activities | ||||||||||||
| Capital expenditures | −$691.0M | −$849.0M | −$784.0M | −$698.0M | −$607.0M | −$743.0M | −$768.0M | −$670.0M | −$638.0M | −$705.0M | −$911.0M | −$545.0M |
| Investments (net) | −$1.19B | −$27.0M | −$1.22B | −$2.09B | −$1.02B | −$762.0M | −$547.0M | −$3.35B | −$1.62B | −$2.09B | −$1.24B | −$771.0M |
| Acquisitions & other investing | $1.0M | $2.0M | $10.0M | $698.0M | $607.0M | $743.0M | $768.0M | $670.0M | $638.0M | $705.0M | $911.0M | −$18.33B |
| Cash from investing activities | −$1.88B | −$874.0M | −$2.00B | −$2.09B | −$1.02B | −$762.0M | −$547.0M | −$3.35B | −$1.62B | −$2.09B | −$1.24B | −$19.65B |
| Financing activities | ||||||||||||
| Dividends paid | −$878.0M | −$847.0M | −$845.0M | −$846.0M | −$866.0M | −$840.0M | −$838.0M | −$837.0M | −$858.0M | −$840.0M | −$779.0M | −$779.0M |
| Share repurchases & issuance (net) | — | — | $394.0M | $308.0M | $191.0M | $144.0M | −$2.66B | $1.0M | $3.0M | −$3.03B | $1.0M | $3.0M |
| Net borrowing (repayment) | −$1.77B | −$1.52B | −$1.27B | −$671.0M | $1.76B | −$1.60B | $1.21B | −$869.0M | — | — | — | −$1.95B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$46.0M | $47.0M | −$314.0M | −$173.0M | −$280.0M | −$34.0M | $2.73B | $117.0M | $2.10B | $2.64B | −$194.0M | $26.0M |
| Cash from financing activities | −$2.69B | −$2.32B | −$2.03B | −$1.38B | $806.0M | −$2.33B | $431.0M | −$1.59B | $1.25B | −$1.23B | −$972.0M | −$2.70B |
| Summary | ||||||||||||
| Net change in cash | $1.77B | $1.06B | −$702.0M | −$2.67B | $1.68B | $1.46B | $1.74B | −$5.68B | $2.71B | $1.58B | −$4.85B | −$752.0M |
| Cash at end of period | $11.54B | $9.77B | $8.45B | $9.35B | $12.03B | $10.35B | $8.88B | $7.14B | $12.82B | $10.11B | $8.53B | $13.38B |
| Free cash flow | $5.65B | $3.40B | $2.61B | $98.0M | $1.29B | $3.81B | $1.09B | −$1.42B | $2.45B | $4.20B | −$3.55B | $2.17B |
| Free cash flow margin | 5.3% | 3.4% | 2.5% | 0.1% | 1.3% | 4.0% | 1.1% | −1.5% | 2.7% | 4.7% | −3.8% | 2.4% |
| Capex / revenue | 0.7% | 0.8% | 0.7% | 0.7% | 0.6% | 0.8% | 0.8% | 0.7% | 0.7% | 0.8% | 1.0% | 0.6% |
| Operating cash flow / net income | 2.12 | 1.44 | 1.15 | — | 1.86 | 2.56 | 1.15 | −10.49 | 1.75 | 4.36 | −1.29 | 1.20 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CVS cash generation
In fiscal 2025 (ended December 31, 2025), CVS Health generated $10.6 billion of cash from operations (up 16.8%) and spent $2.8 billion on capital expenditures, leaving free cash flow of $7.8 billion, 1.9% of revenue. It returned $3.4 billion to shareholders through dividends ($3.4 billion) and net share buybacks ($0). Cash and equivalents fell by $172.0 million over the year.
Related: CVS income statement, CVS balance sheet, CVS dividend history. See the CVS stock overview for the latest quote and news.
CVS cash flow FAQ
What is CVS Health's free cash flow?
CVS Health's free cash flow was $7.8 billion in fiscal 2025: $10.6 billion of operating cash flow minus $2.8 billion of capital expenditures It was $6.3 billion a year earlier..
How much cash does CVS Health generate from operations?
CVS Health generated $10.6 billion of cash from operating activities in fiscal 2025, 6.16 times its net income of $1.7 billion.
How much does CVS Health spend on capital expenditures?
CVS Health spent $2.8 billion on capital expenditures in fiscal 2025, 0.7% of revenue, compared with $2.8 billion the year before.
How much does CVS Health pay in dividends?
CVS Health paid $3.4 billion in dividends in fiscal 2025, 43.5% of free cash flow.