15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 8.4% per year over the past 5 years.
Net income has grown slower than revenue (-24.4% vs 8.4% per year).
Operating margin has contracted, at 1.2% in the latest year.
Free cash flow has declined 10.3% per year over the past 5 years.
Financial health
Total debt has grown faster than revenue (39.5% vs 8.4% per year).
Operating income covered interest expense 1.5× in the latest year.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 192.1% of earnings and 43.5% of free cash flow.
The dividend has grown 5.3% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$402.1B
$1.8B
45.0%
1.2%
$7.8B
—
$8.5B
2024
$372.8B
$4.6B
44.7%
2.3%
$6.3B
—
$8.6B
2023
$357.8B
$8.3B
39.3%
3.8%
$10.4B
—
$8.2B
2022
$322.5B
$4.3B
38.9%
2.5%
$13.4B
—
$12.9B
2021
$292.1B
$8.0B
39.8%
4.6%
$15.7B
—
$9.4B
2020
$268.7B
$7.2B
39.0%
5.2%
$13.4B
—
$7.9B
2019
$256.8B
$6.6B
38.2%
4.7%
$10.4B
$68.5B
$5.7B
2018
$194.6B
-$594M
19.6%
2.1%
$6.8B
$74.1B
$4.1B
2017
$184.8B
$6.6B
15.4%
5.2%
$6.1B
$28.3B
$1.7B
2016
$177.5B
$5.3B
16.3%
5.8%
$7.9B
$27.6B
$3.4B
2015
$153.3B
$5.2B
17.3%
6.2%
$6.2B
$27.5B
$2.5B
2014
$139.4B
$4.6B
18.2%
6.3%
$6.0B
$13.0B
$2.5B
2013
$126.8B
—
18.8%
6.3%
$3.8B
$13.4B
$4.1B
2012
$123.1B
—
18.3%
5.9%
$4.6B
$9.8B
$1.4B
2011
$107.1B
—
19.2%
5.9%
$4.0B
$10.1B
$1.4B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$100.4B
$2.9B
44.8%
4.7%
$3.4B
—
$9.5B
Dec '25
$105.7B
$2.9B
44.1%
2.0%
$2.6B
—
$8.5B
Sep '25
$102.9B
-$4.0B
44.5%
-3.1%
$98M
—
$9.1B
Jun '25
$98.9B
$1.0B
45.4%
2.4%
$1.3B
—
$11.8B
Mar '25
$94.6B
$1.8B
46.0%
3.6%
$3.8B
—
$10.1B
Dec '24
$97.7B
$1.6B
43.4%
2.4%
$1.1B
—
$8.6B
Sep '24
$95.4B
$87M
44.5%
0.9%
-$1.4B
—
$6.9B
Jun '24
$91.2B
$1.8B
45.2%
3.3%
$2.5B
—
$12.5B
Mar '24
$88.4B
$1.1B
45.6%
2.6%
$4.2B
—
$9.8B
Dec '23
$93.8B
$2.0B
38.8%
3.6%
-$3.5B
—
$8.2B
Sep '23
$89.8B
$2.3B
39.1%
4.1%
$2.2B
—
$13.0B
Jun '23
$88.9B
$1.9B
39.8%
3.6%
$5.3B
—
$13.8B
Mar '23
$85.3B
$2.1B
39.7%
4.0%
$6.5B
—
$14.6B
Dec '22
$83.8B
$2.3B
38.3%
4.4%
-$2.6B
—
$12.9B
Sep '22
$81.2B
-$3.4B
37.9%
-4.8%
$8.5B
—
$17.2B
Jun '22
$80.6B
$3.0B
38.9%
5.8%
$5.0B
—
$12.1B
Mar '22
$76.8B
$2.4B
40.8%
4.6%
$2.5B
—
$8.4B
Dec '21
$76.6B
$1.3B
39.5%
2.9%
$3.4B
—
$9.4B
Sep '21
$73.8B
$1.6B
39.0%
4.1%
$4.9B
—
$9.8B
Jun '21
$72.6B
$2.8B
40.1%
6.0%
$5.4B
—
$7.1B
Valuation over time
How the market has priced CVS against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 22.5× (Mar '23) to 75.6× (Jun '26).
The price-to-sales ratio has risen from 0.3× (Mar '23) to 0.3× (Jun '26).
The dividend yield has fallen from 3.0% (Mar '23) to 2.5% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is CVS growing its revenue and profit?
Over the past 5 years, CVS Health's revenue has grown 8.4% per year, and net income declined 24.4% per year. These are computed facts, not advice.
How much debt does CVS have?
As of FY2025, CVS Health reported — of total debt against $8.5B of cash; operating income covered interest expense 1.5×.
What is CVS's profit margin?
In FY2025, gross margin was 45.0%, operating margin 1.2%, and net margin 0.4%.
What is CVS's P/E ratio?
As of Jun '26, CVS Health traded at a price-to-earnings ratio of about 75.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.