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CVS HEALTH CorpCVS

Sector
Healthcare
Industry
Retail-Drug Stores and Proprietary Stores
Exchange
NYSE

Stock Price $CVS

Latest filings

You are here#15 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K181

CVS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 181 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Aug ’19Aug ’19
  3. Impairment8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $402.07B
YoY changeLargest recent move+32.0%in FY19Latest +7.8%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CVS Financial Metrics62 metrics

Income Statement14

Balance Sheet28

Cash Flow15

Per Share5

02—Overview

CVS HEALTH Corp Financial Overview 2021–2025

Updated Jul 10, 2026

CVS Health absorbed a staggering $5.7 billiona goodwill impairment charge in FY2025, laying bare the severe financial toll of integrating its newly acquired healthcare delivery operations. Despite steady top-line expansion across its insurance and pharmacy segments, the company is battling compressed profitability driven by soaring Medicare utilization and billions in legal settlements.

The enterprise expanded its scale significantly as total revenue grew from $292.1 billion in FY2021 to $402.1 billionb in FY2025. However, this top-line surge was repeatedly overshadowed by outsized operational and legal costs, including a 38.0% operating income plunge down to $8.5 billion in FY2024. By FY2025, the underlying business still generated $10.6 billion in operating cash flow, but recurring opioid litigation charges and the bankruptcy of its Omnicare long-term care unit heavily battered the bottom line. Reflecting these strained margins and a depressed earnings profile of $1.39 per share, the stock traded at an elevated 57.1x earnings multiple with a $100.9 billion market cap at the close of FY2025.

Recent Developments (Q4 2025 and Q1 2026)

CVS Health posted a profitability rebound in Q1 2026, with net income surging 65.9% to $2.96 billionc and operating income rising 38.7% to $4.68 billion. Total revenue climbed 6.2% year-over-year to $100.4 billion, driven by an 11.0% revenue jump in the Health Services segment and an improved 84.6% Medical Benefit Ratio. The company bolstered its governance by electing former Elevance CFO John E. Gallina to the Board of Directors on March 19, 2026, followed by shareholder approval of the 2026 Incentive Compensation Plan.

Bulls argue the absence of prior-year one-time charges and sustained pharmacy drug mix demand point to stabilizing core operations. Conversely, bears note that at 62.5x earnings as of the May 6, 2026 reporting date, the stock appears richly valued relative to recent earnings performance.

What to watch: continued improvement in the Medical Benefit Ratio; strategic input from new board oversight

03—Filings

Recent SEC Filings

  1. 8-KCVS HEALTH Corp 8-K Report, Executive Changes (Aug 17, 2026)CVS Health filed an 8-K on August 17, 2026 reporting a board change: director Larry M. Robbins resigned effective August 13, 2026, and the Board appointed Teresa Heitsenrether, JPMorgan Chase's Executive Vice President and Chief Data & Analytics Officer, as a new director effective November 18, 2026. The filing states Robbins's resignation was not due to any disagreement with the company on operations, policies, or practices. Heitsenrether was determined to be independent under NYSE and company governance standards, and her director compensation will mirror that of other non-employee directors, prorated for her start date. No arrangements or related-party transactions tied to her appointment were disclosed. The press release frames the change as part of CVS's transition toward a consumer-focused health technology company, with management emphasizing data, analytics, AI, and operational transformation expertise. Robbins, the CEO of activist investor Glenview, had served on the Board since 2024 and on the Audit and Public Policy and External Affairs Committees. In his departure statement he credited the Board with governance refresh, balance sheet repair, and improved financial performance over the period. For investors, the filing is a governance update rather than a financial disclosure: it contains no earnings, guidance, or capital allocation information. The notable points are the exit of an activist-affiliated director, the addition of an independent director with large-scale financial services and technology experience, and the deferred start date that leaves a roughly three-month gap before Heitsenrether joins.
  2. 8-KCVS HEALTH Corp 8-K Report, Financial Results (Aug 5, 2026)CVS Health reported strong second-quarter 2026 results, with total revenues of $106.1 billion (up 7.3% year-over-year), GAAP diluted EPS of $2.31 (versus $0.80), and Adjusted EPS of $2.58 (versus $1.81). The improvement was driven mainly by the Health Care Benefits segment, where adjusted operating income rose 85.5% to $2.4 billion and the medical benefit ratio improved 250 basis points to 87.4%. The comparison is also flattered by the absence of $833 million in legacy litigation charges and a $471 million Group Medicare Advantage premium deficiency reserve recorded in the prior-year quarter. Consolidated adjusted operating income rose 35.4% to $5.2 billion, with all three operating segments contributing growth. Management raised full-year 2026 guidance: GAAP diluted EPS to $6.84–$7.04 (from $6.24–$6.44), Adjusted EPS to $7.90–$8.10 (from $7.30–$7.50), and cash flow from operations to at least $11.5 billion (from at least $9.5 billion). The raise reflects gains in Health Care Benefits and Pharmacy & Consumer Wellness, while management kept a cautious stance for the rest of the year citing elevated cost trends and possible macro headwinds. Year-to-date operating cash flow was $10.6 billion, and the Health Care Benefits segment's Commercial premium revenue fell 19.7%, reflecting the exit from the individual exchange business. The quarter shows meaningful margin recovery in managed care, while Health Services and Pharmacy & Consumer Wellness delivered steadier, lower-growth earnings. Investors should weigh the strength of the reported improvement against the cautious tone on the back half and the fact that much of the year-over-year gain reflects lapping prior-year charges. Note that the 8-K itself is a furnishing of the earnings release under Item 2.02 and is not deemed filed under the Exchange Act.
  3. 8-KCVS HEALTH Corp 8-K Report, Executive Changes (May 18, 2026)CVS Health Corporation (CVS) filed an 8-K report on May 18, 2026, detailing the outcomes of its 2026 Annual Meeting of Stockholders held on May 14, 2026. The primary focus of this filing is the shareholder approval of the new 2026 Incentive Compensation Plan (ICP), which will replace the existing 2017 plan for awards granted after May 14, 2026. This plan was overwhelmingly approved by stockholders, signaling confidence in the company's executive compensation strategy moving forward. In addition to the approval of the 2026 ICP, the filing confirms the re-election of all 13 nominated directors for one-year terms. Stockholders also ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for 2026 and approved, on an advisory basis, the compensation of the company's named executive officers. A single stockholder proposal regarding the reduction of the threshold for stockholder action by written consent was not approved.
  4. 8-KCVS HEALTH Corp 8-K Report, Financial Results (May 6, 2026)CVS Health reported first-quarter 2026 results that were strong on the bottom line and raised its full-year 2026 guidance. Total revenues rose 6.2% year-over-year to $100.4 billion. GAAP diluted EPS was $2.30 (versus $1.41), and Adjusted EPS was $2.57 (versus $2.25). Operating income increased 38.7% to $4.68 billion, though the prior-year period included a $387 million legacy litigation charge and a $247 million Accountable Care loss that flatter the comparison. Adjusted operating income grew 12.5% to $5.15 billion, driven mainly by the Health Care Benefits segment. The Health Care Benefits segment was the main driver. Its medical benefit ratio improved 270 basis points to 84.6%, reflecting better Government business performance and the absence of a prior-year $448 million premium deficiency reserve tied to the individual exchange business. Adjusted operating income there rose 52.6% to $3.04 billion. Offsetting this, Health Services adjusted operating income fell 7.1% and Pharmacy & Consumer Wellness fell 8.8%, both pressured by pharmacy reimbursement and client price improvements. Operating cash flow was $4.2 billion, slightly below the prior year's $4.6 billion. Management raised 2026 guidance: GAAP diluted EPS to $6.24–$6.44 (from $5.94–$6.14), Adjusted EPS to $7.30–$7.50 (from $7.00–$7.20), and operating cash flow to at least $9.5 billion (from at least $9.0 billion). Management described its outlook for the rest of the year as cautious, citing elevated medical cost trends and potential macro headwinds. This filing is an 8-K furnishing the earnings press release under Item 2.02, so the financial results are not deemed filed for Exchange Act purposes.
  5. 8-KCVS HEALTH Corp 8-K Report, Executive Changes (Mar 19, 2026)CVS Health Corporation (CVS) announced a significant addition to its Board of Directors with the election of John E. Gallina, effective March 19, 2026. Mr. Gallina brings extensive financial expertise, having served as the former Executive Vice President and Chief Financial Officer of Elevance Health, Inc. (ELV) for over seven years. His nearly three-decade tenure at Elevance, coupled with prior experience in senior audit and accounting roles, positions him as a valuable asset to CVS Health's governance. Importantly for investors, Mr. Gallina has been appointed to the Board's Audit Committee and has been designated an "audit committee financial expert." This appointment underscores CVS Health's commitment to robust financial oversight and compliance. His compensation as a non-employee director will align with the company's existing practices for its independent board members.
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04—See also

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