Revenue grew 6.2% year-over-year to $100.4B in 2026Q1, yet structural margin compression persists as evidenced by a 4.7% operating margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 407.9B | 402.07B | 372.81B | 357.78B | 322.47B | 292.11B | 268.71B | 256.78B | 194.58B | 184.79B | 177.55B | 153.29B | 139.37B | 126.76B | 123.12B | 107.08B | 95.78B | 98.22B | 87.47B | 76.33B | 43.82B | 37.01B | 30.59B | 26.59B | 24.18B | 22.24B | 20.09B | 18.1B | 15.27B | 13.75B | 11.83B |
| Revenue Growth % | 7.64% | 7.85% | 4.2% | 10.95% | 10.39% | 8.71% | 4.65% | 31.96% | 5.3% | 4.08% | 15.82% | 9.99% | 9.94% | 2.96% | 14.98% | 11.8% | -2.48% | 12.28% | 14.6% | 74.18% | 18.41% | 20.96% | 15.07% | 9.95% | 8.72% | 10.72% | 10.99% | 18.49% | 11.08% | 16.21% | 21.18% |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 56.59B | 55.36B | 51.4B | 54.43B | 54.5B | 52.12B | 49.05B | 45.53B | 31.54B | 28.53B | 28.83B | 26.53B | 25.37B | 23.78B | 22.49B | 20.56B | 20.22B | 20.36B | 18.29B | 16.11B | 11.74B | 9.69B | 8.03B | 6.86B | 6.07B | 5.69B | 5.36B | 4.86B | 4.13B | 3.72B | 3.36B |
| Gross Margin % | 13.87% | 13.77% | 13.79% | 15.21% | 16.9% | 17.84% | 18.25% | 17.73% | 16.21% | 15.44% | 16.24% | 17.31% | 18.2% | 18.76% | 18.27% | 19.2% | 21.11% | 20.73% | 20.91% | 21.1% | 26.8% | 26.2% | 26.25% | 25.81% | 25.1% | 25.59% | 26.69% | 26.86% | 27.03% | 27.07% | 28.38% |
| Gross Profit Growth % | - | 7.71% | -5.57% | -0.13% | 4.57% | 6.27% | 7.73% | 44.36% | 10.55% | -1.06% | 8.69% | 4.58% | 6.66% | 5.76% | 9.37% | 1.7% | -0.68% | 11.31% | 13.55% | 37.18% | 21.12% | 20.71% | 17.02% | 13.09% | 6.64% | 6.14% | 10.29% | 17.73% | 10.92% | 10.85% | 15.64% |
| Operating Expenses | 50.62B | 44.98B | 42.88B | 40.69B | 46.55B | 38.81B | 35.13B | 33.54B | 27.52B | 18.99B | 18.45B | 17.05B | 16.57B | 15.75B | 15.28B | 14.23B | 14.08B | 13.93B | 12.24B | 11.31B | 9.3B | 7.68B | 6.58B | 5.44B | 4.86B | 4.92B | 4.04B | 3.73B | 3.2B | 3.02B | 2.75B |
| OpEx % of Revenue | - | 11.19% | 11.5% | 11.37% | 14.44% | 13.29% | 13.08% | 13.06% | 14.14% | 10.28% | 10.39% | 11.12% | 11.89% | 12.42% | 12.41% | 13.29% | 14.7% | 14.19% | 14% | 14.82% | 21.22% | 20.74% | 21.5% | 20.46% | 20.11% | 22.12% | 20.11% | 20.59% | 20.94% | 21.95% | 23.27% |
| Selling, General & Admin | 0 | 0 | 41.23B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.23B | 14.09B | 13.93B | 12.24B | 11.31B | 9.3B | 7.68B | 6.08B | 5.1B | 4.55B | 4.25B | 3.74B | 3.45B | 2.95B | 2.78B | 2.49B |
| SG&A % of Revenue | - | - | 11.06% | - | - | - | - | - | - | - | - | - | - | - | - | 13.29% | 14.71% | 14.19% | 14% | 14.82% | 21.22% | 20.74% | 19.87% | 19.17% | 18.83% | 19.1% | 18.63% | 19.05% | 19.31% | 20.19% | 21.05% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 5.97B | 10.38B | 8.52B | 13.74B | 7.95B | 13.31B | 13.91B | 11.99B | 4.02B | 9.54B | 10.39B | 9.47B | 8.8B | 8.04B | 7.21B | 6.33B | 6.14B | 6.42B | 6.05B | 4.79B | 2.44B | 2.02B | 1.45B | 1.42B | 1.21B | 770.6M | 1.32B | 1.14B | 930.5M | 704.1M | 604.7M |
| Operating Margin % | 1.46% | 2.58% | 2.28% | 3.84% | 2.47% | 4.56% | 5.18% | 4.67% | 2.07% | 5.16% | 5.85% | 6.18% | 6.31% | 6.34% | 5.86% | 5.91% | 6.41% | 6.54% | 6.91% | 6.28% | 5.57% | 5.46% | 4.75% | 5.35% | 4.99% | 3.46% | 6.58% | 6.27% | 6.09% | 5.12% | 5.11% |
| Operating Income Growth % | - | 21.95% | -38.03% | 72.78% | -40.24% | -4.32% | 16.05% | 198.11% | -57.84% | -8.16% | 9.61% | 7.68% | 9.48% | 11.47% | 13.88% | 3.16% | -4.48% | 6.27% | 26.13% | 96.32% | 20.9% | 38.83% | 2.18% | 18.02% | 56.53% | -41.74% | 16.49% | 22.03% | 32.15% | 16.44% | 52.62% |
| EBITDA | 10.53B | 14.99B | 13.11B | 18.11B | 12.18B | 17.8B | 18.35B | 16.36B | 6.74B | 12.02B | 12.86B | 11.57B | 10.73B | 9.91B | 8.96B | 7.9B | 7.61B | 7.81B | 7.32B | 5.89B | 3.17B | 2.61B | 1.89B | 1.77B | 1.52B | 1.09B | 1.62B | 1.41B | 1.18B | 946.7M | 867.5M |
| EBITDA Margin % | 2.58% | 3.73% | 3.52% | 5.06% | 3.78% | 6.09% | 6.83% | 6.37% | 3.46% | 6.5% | 7.24% | 7.55% | 7.7% | 7.82% | 7.28% | 7.38% | 7.94% | 7.96% | 8.37% | 7.71% | 7.25% | 7.05% | 6.19% | 6.64% | 6.27% | 4.91% | 8.06% | 7.81% | 7.73% | 6.89% | 7.33% |
| EBITDA Growth % | -25.99% | 14.32% | -27.59% | 48.7% | -31.57% | -3.03% | 12.19% | 142.74% | -43.92% | -6.56% | 11.19% | 7.8% | 8.31% | 10.53% | 13.47% | 3.85% | -2.66% | 6.75% | 24.32% | 85.45% | 21.71% | 37.69% | 7.32% | 16.41% | 38.95% | -32.6% | 14.57% | 19.76% | 24.66% | 9.13% | 19.84% |
| D&A (Non-Cash Add-back) | 4.57B | 4.61B | 4.6B | 4.37B | 4.22B | 4.49B | 4.44B | 4.37B | 2.72B | 2.48B | 2.48B | 2.09B | 1.93B | 1.87B | 1.75B | 1.57B | 1.47B | 1.39B | 1.27B | 1.09B | 733.3M | 589.1M | 439.9M | 341.7M | 310.3M | 320.8M | 296.6M | 277.9M | 249.7M | 242.6M | 262.8M |
| EBIT | 6.57B | 5.25B | 9.11B | 13.83B | 8.12B | 13.04B | 12.68B | 12.03B | 4.03B | 9.33B | 9.71B | 9.47B | 8.29B | 8.04B | 6.87B | 6.33B | 6.14B | 6.43B | 6.07B | 4.79B | 2.44B | 2.02B | 1.45B | 1.42B | 1.21B | 1.12B | 1.32B | 1.14B | 930.5M | 704.1M | 604.7M |
| Net Interest Income | -3.11B | -3.12B | -2.96B | -2.66B | -2.29B | -2.5B | -2.91B | -3.04B | -2.62B | -1.06B | -1.06B | -838M | -600M | -509M | -557M | -584M | -536M | -525M | -509M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 21M | 15M | 8M | 4M | 4M | 3M | 5M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.11B | 3.12B | 2.96B | 2.66B | 2.29B | 2.5B | 2.91B | 3.04B | 2.62B | 1.06B | 1.08B | 859M | 615M | 517M | 561M | 588M | 539M | 530M | 530M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 3.46B | 2.14B | 6.15B | 11.17B | 5.84B | 10.54B | 9.77B | 9B | 1.41B | 8.27B | 8.64B | 8.62B | 7.68B | 7.53B | 6.3B | 5.75B | 5.6B | 5.9B | 5.54B | 4.36B | 2.23B | 1.91B | 1.4B | 1.38B | 1.16B | 709.6M | 1.24B | 1.08B | 691M | 237.6M | 643.4M |
| Pretax Margin % | 0.85% | 0.53% | 1.65% | 3.12% | 1.81% | 3.61% | 3.64% | 3.5% | 0.72% | 4.47% | 4.86% | 5.62% | 5.51% | 5.94% | 5.12% | 5.37% | 5.85% | 6.01% | 6.33% | 5.71% | 5.08% | 5.16% | 4.56% | 5.17% | 4.78% | 3.19% | 6.19% | 5.95% | 4.52% | 1.73% | 5.44% |
| Income Tax | 568M | 408M | 1.56B | 2.81B | 1.51B | 2.55B | 2.57B | 2.37B | 2B | 1.64B | 3.32B | 3.39B | 3.03B | 2.93B | 2.44B | 2.26B | 2.18B | 2.2B | 2.19B | 1.72B | 856.9M | 684.3M | 477.6M | 528.2M | 439.2M | 296.4M | 497.4M | 441.3M | 306.5M | 149.2M | 271M |
| Effective Tax Rate % | 16.43% | 19.1% | 25.41% | 25.11% | 25.86% | 24.18% | 26.29% | 26.3% | 142.39% | 19.8% | 38.4% | 39.3% | 39.5% | 38.89% | 38.64% | 39.29% | 38.9% | 37.29% | 39.61% | 39.5% | 38.5% | 35.85% | 34.2% | 38.4% | 38% | 41.77% | 40% | 41% | 44.36% | 62.79% | 42.12% |
| Net Income | 2.93B | 1.77B | 4.61B | 8.34B | 4.31B | 8B | 7.18B | 6.63B | -594M | 6.62B | 5.32B | 5.24B | 4.64B | 4.59B | 3.86B | 3.46B | 3.43B | 3.7B | 3.21B | 2.64B | 1.37B | 1.22B | 918.8M | 847.3M | 716.6M | 413.2M | 746M | 635.1M | 384.5M | 88.8M | 208.2M |
| Net Margin % | 0.72% | 0.44% | 1.24% | 2.33% | 1.34% | 2.74% | 2.67% | 2.58% | -0.31% | 3.58% | 2.99% | 3.42% | 3.33% | 3.62% | 3.14% | 3.23% | 3.58% | 3.76% | 3.67% | 3.45% | 3.12% | 3.31% | 3% | 3.19% | 2.96% | 1.86% | 3.71% | 3.51% | 2.52% | 0.65% | 1.76% |
| Net Income Growth % | -44.47% | -61.68% | -44.7% | 93.55% | -46.12% | 11.45% | 8.22% | 1216.84% | -108.97% | 24.54% | 1.53% | 12.77% | 1.13% | 18.84% | 11.61% | 1.02% | -7.28% | 15.07% | 21.81% | 92.64% | 11.77% | 33.29% | 8.44% | 18.24% | 73.43% | -44.61% | 17.46% | 65.18% | 333% | -57.35% | 136.35% |
| Net Income (Continuing) | 2.89B | 1.73B | 4.59B | 8.37B | 4.33B | 7.99B | 7.2B | 6.63B | -596M | 6.63B | 5.32B | 5.23B | 4.64B | 4.6B | 3.87B | 3.49B | 3.42B | 3.71B | 3.34B | 2.64B | 1.37B | 1.22B | 918.8M | 847.3M | 716.6M | 413.2M | 746M | 635.1M | 384.5M | 88.4M | 372.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -9M | 0 | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | -15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 181M | 168M | 170M | 175M | 300M | 306M | 312M | 306M | 318M | 4M | 4M | 7M | 5M | 0 | 0 | 30M | 34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.29 | 1.39 | 3.66 | 6.47 | 3.26 | 5.95 | 5.46 | 5.08 | -0.57 | 6.44 | 4.90 | 4.63 | 3.96 | 3.74 | 3.03 | 2.57 | 2.49 | 2.55 | 2.18 | 1.92 | 1.60 | 1.45 | 1.10 | 1.03 | 0.88 | 0.50 | 0.92 | 0.78 | 0.48 | 0.10 | 0.26 |
| EPS Growth % | -45.81% | -62.02% | -43.43% | 98.47% | -45.21% | 8.97% | 7.48% | 991.23% | -108.85% | 31.43% | 5.83% | 16.92% | 5.88% | 23.43% | 17.9% | 3.21% | -2.35% | 16.97% | 13.54% | 20% | 10.34% | 31.82% | 6.8% | 17.05% | 76% | -45.65% | 17.95% | 62.5% | 405.26% | -63.46% | 117.11% |
| EPS (Basic) | - | 1.40 | 3.66 | 6.49 | 3.29 | 6.00 | 5.48 | 5.10 | -0.57 | 6.47 | 4.93 | 4.66 | 3.98 | 3.77 | 3.05 | 2.59 | 2.51 | 2.58 | 2.23 | 1.97 | 1.65 | 1.49 | 1.13 | 1.06 | 0.90 | 0.51 | 0.94 | 0.80 | 0.48 | 0.10 | 0.27 |
| Diluted Shares Outstanding | 1.28B | 1.27B | 1.26B | 1.29B | 1.32B | 1.33B | 1.31B | 1.3B | 1.04B | 1.02B | 1.08B | 1.13B | 1.17B | 1.23B | 1.28B | 1.35B | 1.38B | 1.45B | 1.47B | 1.37B | 853.2M | 841.6M | 822.36M | 808.45M | 810.6M | 797M | 799.34M | 817.8M | 810.4M | 790.53M | 426.4M |
| Basic Shares Outstanding | 1.27B | 1.27B | 1.26B | 1.28B | 1.31B | 1.32B | 1.31B | 1.3B | 1.04B | 1.02B | 1.07B | 1.12B | 1.16B | 1.22B | 1.27B | 1.34B | 1.37B | 1.43B | 1.43B | 1.33B | 820.6M | 811.4M | 800.53M | 785.57M | 784.6M | 781.37M | 782.25M | 782.6M | 774.2M | 751M | 426.4M |
| Dividend Payout Ratio | - | 192.14% | 73.1% | 37.54% | 67.43% | 32.81% | 36.55% | 39.24% | - | 30.94% | 34.61% | 30.09% | 27.73% | 23.89% | 21.45% | 19.47% | 13.98% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medicare Advantage utilization volatility
According to reported financial data, CVS sustained a consistent revenue growth trajectory, with quarterly figures reaching $100.4B in 2026Q1, reflecting a 6.2% year-over-year increase that highlights the firm's ability to maintain top-line momentum despite significant headwinds in its core insurance and pharmacy services segments.
The revenue expansion appears driven by the recurring nature of the Health Care Benefits and Pharmacy Services segments, which provide a stable foundation for the enterprise. However, investors should monitor whether this growth is sustainable given the competitive pressures in the retail pharmacy space and the potential for regulatory changes to impact PBM revenue recognition.
As indicated by the latest income statement filings, CVS's gross margin fluctuated to 15.6% in 2026Q1, a figure that underscores the inherent difficulty in maintaining profitability within a vertically integrated model facing elevated medical utilization rates and intense pricing pressure across its diverse healthcare delivery platforms.
The thin net margin profile suggests that the company's integrated model is currently struggling to capture the anticipated synergies between its insurance and retail arms. This contraction warrants further investigation into whether the current margin levels represent a cyclical trough or a more permanent shift in the profitability of Medicare Advantage plans.
Based on the provided quarterly data, CVS's operating income has shown significant volatility, swinging from a $3.2B loss in 2025Q3 to $4.7B in 2026Q1, which suggests that the company's ability to scale operating profit faster than gross profit remains highly sensitive to unpredictable medical benefit ratios.
The lack of consistent operating leverage implies that the firm's cost structure is heavily burdened by the integration of primary care acquisitions and rising clinical expenses. Analysts should scrutinize whether management can achieve greater overhead efficiency as these recent investments mature and move past the initial integration phase.
Financial statements reveal that CVS's net income is subject to significant quarterly variance, with EPS dropping to a loss of $3.13 in 2025Q3 before recovering to $2.30 in 2026Q1, a pattern that raises questions regarding the underlying quality and predictability of the company's reported earnings.
The reliance on non-operating adjustments and the impact of prior-year reserve developments in the insurance segment may mask the true operational performance of the business. Investors should remain cautious, as the high level of goodwill on the balance sheet could lead to future impairment charges if the primary care strategy fails to deliver expected returns.
Quick answers to the most common questions about buying CVS stock.
For fiscal year 2025, CVS Health Corporation (CVS) reported total revenue of $402.07B. This represents a 3298.2% increase compared to $11.83B in 1996.
CVS Health Corporation (CVS) is profitable, generating $1.77B in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
CVS Health Corporation (CVS) reported an operating income of $10.38B, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
CVS Health Corporation (CVS) generated $55.36B in gross profit for the year, representing a gross profit margin of 13.8%. This demonstrates the company's core pricing power and production efficiency.