CVS Health Corporation (CVS) Income Statement
CVS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCVS revenue and net income
Where CVS's revenue goes
2025Each bar shows an amount and its share of revenue. CVS kept 0.4% of revenue as net income.
CVS profit margins
CVS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.8% | +7.6% | +8.4% | +10.1% |
| Gross profit | +7.7% | +0.5% | +2.5% | +7.6% |
| Operating income | +21.9% | +9.3% | −5.7% | +0.9% |
| Net income | −61.7% | −25.7% | −24.4% | −10.3% |
| EPS (diluted) | +24.5% | −8.3% | −2.1% | +2.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CVS quarterly EPS vs estimates
CVS Health beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.62).
CVS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $402.07B | $372.81B | $357.78B | $322.47B | $292.11B | $268.71B | $256.78B | $194.58B | $184.79B | $177.55B |
| Cost of revenue | $346.70B | $321.41B | $303.35B | $267.96B | $239.99B | $219.66B | $211.25B | $163.04B | $156.26B | $148.71B |
| Gross profit | $55.36B | $51.40B | $54.43B | $54.50B | $52.12B | $49.05B | $45.53B | $31.54B | $28.53B | $28.83B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $970.0M | $41.23B | $39.34B | $37.92B | $36.93B | $35.07B | $32.62B | $20.75B | $18.52B | $18.27B |
| Total operating expenses | $44.98B | $42.88B | $39.83B | $46.55B | $38.81B | $35.13B | $33.54B | $27.52B | $18.99B | $18.45B |
| Operating income | $10.38B | $8.52B | $13.74B | $7.95B | $13.31B | $13.91B | $11.99B | $4.02B | $9.54B | $10.39B |
| Interest income | $3.12B | $2.96B | $2.66B | $2.29B | $2.50B | $2.91B | $3.04B | $2.62B | $21.0M | $20.0M |
| Interest expense | $3.12B | $2.96B | $2.66B | $2.29B | $2.50B | $2.91B | $3.04B | $2.62B | $1.06B | $1.08B |
| Income before taxes | $2.14B | $6.15B | $11.17B | $5.84B | $10.54B | $9.77B | $9.00B | $1.41B | $8.27B | $8.64B |
| Income taxes | $408.0M | $1.56B | $2.81B | $1.51B | $2.55B | $2.57B | $2.37B | $2.00B | $1.64B | $3.32B |
| Net income | $1.77B | $4.61B | $8.34B | $4.31B | $8.00B | $7.18B | $6.63B | −$594.0M | $6.62B | $5.32B |
| EBITDA | $9.86B | $13.68B | $13.74B | $12.35B | $17.53B | $17.12B | $16.40B | $6.74B | $11.81B | $12.19B |
| EPS (diluted) | $6.75 | $5.42 | $8.74 | $8.76 | $8.41 | $7.51 | $7.08 | $7.04 | $5.92 | $5.85 |
| Gross margin | 13.8% | 13.8% | 15.2% | 16.9% | 17.8% | 18.3% | 17.7% | 16.2% | 15.4% | 16.2% |
| Operating margin | 2.6% | 2.3% | 3.8% | 2.5% | 4.6% | 5.2% | 4.7% | 2.1% | 5.2% | 5.8% |
| Net margin | 0.4% | 1.2% | 2.3% | 1.3% | 2.7% | 2.7% | 2.6% | −0.3% | 3.6% | 3.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106.10B | $100.43B | $105.69B | $102.87B | $98.92B | $94.59B | $97.71B | $95.43B | $91.23B | $88.44B | $93.81B | $89.76B |
| Cost of revenue | $90.35B | $84.80B | $92.13B | $89.06B | $85.32B | $80.19B | $84.81B | $82.87B | $77.85B | $75.88B | $79.94B | $76.19B |
| Gross profit | $15.75B | $15.62B | $13.57B | $13.81B | $13.59B | $14.40B | $12.90B | $12.56B | $13.38B | $12.56B | $13.88B | $13.58B |
| Sales, general & admin | — | — | — | — | — | — | — | — | — | — | $10.17B | — |
| Total operating expenses | $11.05B | $10.94B | $11.46B | $17.01B | $11.21B | $11.02B | $10.53B | $11.73B | $10.34B | $10.29B | $10.50B | $9.89B |
| Operating income | $4.70B | $4.68B | $2.11B | −$3.21B | $2.38B | $3.37B | $2.37B | $832.0M | $3.04B | $2.27B | $3.37B | $3.69B |
| Interest income | — | — | $787.0M | $784.0M | $763.0M | $785.0M | $758.0M | $752.0M | — | — | — | $693.0M |
| Interest expense | $757.0M | $774.0M | $787.0M | $784.0M | $763.0M | $785.0M | $758.0M | $752.0M | $732.0M | $716.0M | $690.0M | $693.0M |
| Income before taxes | $3.98B | $3.94B | $1.35B | −$3.48B | $1.65B | $2.62B | $2.13B | $105.0M | $2.34B | $1.58B | $2.71B | $3.02B |
| Income taxes | $982.0M | $995.0M | −$1.57B | $508.0M | $634.0M | $835.0M | $503.0M | $34.0M | $569.0M | $456.0M | $658.0M | $754.0M |
| Net income | $3.00B | $2.94B | $2.94B | −$3.98B | $1.02B | $1.78B | $1.64B | $87.0M | $1.77B | $1.11B | $2.05B | $2.26B |
| EBITDA | $5.86B | $5.83B | $3.29B | −$1.56B | $3.58B | $4.56B | $4.03B | $2.02B | $4.22B | $3.43B | $4.53B | $4.84B |
| EPS (diluted) | $2.58 | $2.57 | $1.09 | $1.60 | $1.81 | $2.25 | $1.19 | $1.09 | $1.83 | $1.31 | $2.12 | $2.21 |
| Gross margin | 14.8% | 15.6% | 12.8% | 13.4% | 13.7% | 15.2% | 13.2% | 13.2% | 14.7% | 14.2% | 14.8% | 15.1% |
| Operating margin | 4.4% | 4.7% | 2.0% | −3.1% | 2.4% | 3.6% | 2.4% | 0.9% | 3.3% | 2.6% | 3.6% | 4.1% |
| Net margin | 2.8% | 2.9% | 2.8% | −3.9% | 1.0% | 1.9% | 1.7% | 0.1% | 1.9% | 1.3% | 2.2% | 2.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CVS's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CVS financial results
In fiscal year 2025 (ended December 31, 2025), CVS Health reported revenue of $402.1 billion, up 7.8% from the year before. It had net income of $1.8 billion (down 61.7%), a net profit margin of 0.4%. Diluted earnings per share came to $6.75. Over five years revenue grew at an average rate of 8.4% a year.
See the CVS stock overview for the latest quote and news, or the CVS chart for price history and technical indicators.
CVS income statement FAQ
What is CVS Health's annual revenue?
CVS Health reported total revenue of $402.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.8% from $372.8 billion the previous year.
Is CVS Health profitable?
Yes. CVS Health reported net income of $1.8 billion in fiscal 2025, a net profit margin of 0.4%; its operating margin was 2.6%.
What is CVS Health's gross margin?
CVS Health's gross margin was 13.8% in fiscal 2025: for every $100 of revenue, CVS Health kept $14 after the direct cost of its products and services.
How fast is CVS Health growing?
Revenue grew 8.4% a year on average over the last five fiscal years, from $268.7 billion to $402.1 billion.
What are CVS Health's earnings per share?
CVS Health earned $6.75 per diluted share in fiscal 2025, compared with $5.42 a year earlier.
When will CVS Health report its next earnings?
CVS Health is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does CVS Health's fiscal year end?
CVS Health's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.