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CVS

CVS HEALTH CorpHealthcare
10-K for period ending 2025-12-31filed 2026-02-10accession 0000064803-26-000010filing on sec.gov ↗

answer key

fieldSEC valueXBRL conceptprinted on
Total revenue$402.1BRevenuesTotal revenues
Operating income$4.7BOperatingIncomeLossOperating income
Net income attributable to the company$1.8BNetIncomeLossNet income attributable to CVS Health
Diluted EPS$1.39EarningsPerShareDilutedDiluted
Cash and cash equivalents$8.5BCashAndCashEquivalentsAtCarryingValueCash and cash equivalents
Total assets$253.5BAssetsTotal assets · Total liabilities and shareholders’ equity
Total liabilities$178.2BLiabilitiesTotal liabilities
Total shareholders' equity attributable to the company$75.2BStockholdersEquityTotal CVS Health shareholders’ equity
Net cash from operating activities$10.6BNetCashProvidedByUsedInOperatingActivitiesNet cash provided by operating activities
Net cash from investing activities-$5.9BNetCashProvidedByUsedInInvestingActivitiesNet cash used in investing activities
Net cash from financing activities-$4.9BNetCashProvidedByUsedInFinancingActivitiesNet cash provided by (used in) financing activities

Income statement

table #26 · score 51.8 vs 25.8 runner-up · in millions
For the Years Ended December 31,
In millions, except per share amounts202520242023
Revenues:
Products249,908231,521245,138
Premiums134,751122,89699,192
Services15,17516,23912,293
Net investment income2,2332,1531,153
Total revenues402,067372,809357,776
Operating costs:
Cost of products sold221,167206,287217,098
Health care costs125,538115,12186,247
Operating expenses44,97741,70639,832
Goodwill impairment5,725--
Restructuring charges-1,179507
Loss on assets held for sale--349
Total operating costs397,407364,293344,033
Operating income4,6608,51613,743
Interest expense(3,119)(2,958)(2,658)
Gain on early extinguishment of debt-491-
Gain on deconsolidation of subsidiary483--
Other income1129988
Income before income tax provision2,1366,14811,173
Income tax provision4081,5622,805
Net income1,7284,5868,368
Net (income) loss attributable to noncontrolling interests4028(24)
Net income attributable to CVS Health1,7684,6148,344
Net income per share attributable to CVS Health:
Basic1.403.676.49
Diluted1.393.666.47
Weighted average shares outstanding:
Basic1,2671,2591,285
Diluted1,2711,2621,290

Balance sheet

table #28 · score 54.8 vs 21.5 runner-up · in millions
At December 31,
In millions, except per share amounts20252024
Assets:
Cash and cash equivalents8,4538,586
Investments2,1452,407
Accounts receivable, net39,77936,469
Inventories19,24618,107
Other current assets5,0913,076
Total current assets74,71468,645
Long-term investments32,66928,934
Property and equipment, net13,08312,993
Operating lease right-of-use assets14,97315,944
Goodwill85,47891,272
Intangible assets, net25,50827,323
Separate accounts assets1,9943,311
Other assets5,1194,793
Total assets253,538253,215
Liabilities:
Accounts payable17,64115,892
Pharmacy claims and discounts payable26,34424,166
Health care costs payable15,39915,064
Accrued expenses and other current liabilities22,38720,810
Other insurance liabilities1,1161,183
Current portion of operating lease liabilities1,7371,751
Short-term debt-2,119
Current portion of long-term debt4,0683,624
Total current liabilities88,69284,609
Long-term operating lease liabilities13,64314,899
Long-term debt60,50260,527
Deferred income taxes3,8323,806
Separate accounts liabilities1,9943,311
Other long-term insurance liabilities4,7164,902
Other long-term liabilities4,7775,431
Total liabilities178,156177,485
Commitments and contingencies (Note 18)
Shareholders’ equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding--
Common stock, par value $0.01: 3,200 shares authorized; 1,787 shares issued and 1,271 shares outstanding at December 31, 2025 and 1,778 shares issued and 1,260 shares outstanding at December 31, 2024 and capital surplus50,40249,661
Treasury stock, at cost: 516 and 518 shares at December 31, 2025 and 2024(36,790)(36,818)
Retained earnings61,19662,837
Accumulated other comprehensive income (loss)406(120)
Total CVS Health shareholders’ equity75,21475,560
Noncontrolling interests168170
Total shareholders’ equity75,38275,730
Total liabilities and shareholders’ equity253,538253,215

Cash flow statement

table #29 · score 52.3 vs 10 runner-up · in millions
For the Years Ended December 31,
In millions202520242023
Cash flows from operating activities:
Cash receipts from customers389,128357,995345,464
Cash paid for inventory, prescriptions dispensed and health services rendered(216,493)(197,726)(208,848)
Insurance benefits paid(121,238)(109,464)(84,097)
Cash paid to other suppliers and employees(37,570)(38,821)(34,735)
Interest and investment income received1,9691,7351,584
Interest paid(2,991)(2,909)(2,418)
Income taxes paid(2,166)(1,703)(3,524)
Net cash provided by operating activities10,6399,10713,426
Cash flows from investing activities:
Proceeds from sales and maturities of investments12,38310,3537,729
Purchases of investments(15,012)(15,191)(9,043)
Purchases of property and equipment(2,832)(2,781)(3,031)
Acquisitions (net of cash and restricted cash acquired)(436)(95)(16,612)
Other2610168
Net cash used in investing activities(5,871)(7,613)(20,889)
Cash flows from financing activities:
Commercial paper borrowings (repayments), net(2,119)1,919200
Proceeds from issuance of short-term loan--5,000
Repayment of short-term loan--(5,000)
Proceeds from issuance of long-term debt3,9697,91310,898
Repayments of long-term debt(3,629)(4,773)(3,166)
Repurchase of common stock-(3,023)(2,012)
Dividends paid(3,397)(3,373)(3,132)
Proceeds from exercise of stock options394361277
Payments for taxes related to net share settlement of equity awards(158)(185)(181)
Other-26(201)
Net cash provided by (used in) financing activities(4,940)(1,135)2,683
Net increase (decrease) in cash, cash equivalents and restricted cash(172)359(4,780)
Cash, cash equivalents and restricted cash at the beginning of the period8,8848,52513,305
Cash, cash equivalents and restricted cash at the end of the period8,7128,8848,525