CVS Health (CVS) FY2010 results: revenue $95.8 billion, down 2.5% on the year
CVS Health Corp. (CVS) reported revenue of $95.8 billion for fiscal 2010, the year ended 31 December 2010, down 2.5% on the year before. Net income was $3.4 billion, down 7.3%, and diluted earnings per share $2.49. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2011.
Revenue
$95.8 billion
-2.5% on the year
FY2007FY2010
Operating margin
6.4%
6.5% a year earlier
FY2007FY2010
Net income
$3.4 billion
-7.3% on the year
FY2007FY2010
Diluted EPS
$2.49
-2.4% on the year
FY2007FY2010
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Revenue
95,778
98,215
87,472
-2.5%
Cost of revenue
75,559
77,857
69,182
-3.0%
Gross profit
20,257
20,380
18,290
-0.6%
Gross margin
21.1%
20.8%
20.9%
Operating income
6,137
6,425
6,046
-4.5%
Operating margin
6.4%
6.5%
6.9%
Interest expense
539
530
530
+1.7%
Pre-tax income
5,601
5,900
5,537
-5.1%
Income tax
2,179
2,200
2,193
-1.0%
Effective tax rate
38.9%
37.3%
39.6%
Net income
3,427
3,696
3,198
-7.3%
Net margin
3.6%
3.8%
3.7%
Diluted EPS
$2.49
$2.55
$2.18
-2.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Operating cash flow
4,779
4,035
3,947
+18.4%
Capital expenditure
2,005
2,548
2,180
-21.3%
Free cash flow
2,774
1,487
1,767
+86.6%
Free cash flow margin
2.9%
1.5%
2.0%
Cash from investing
-1,640
-1,069
-4,580
Cash from financing
-2,798
-3,232
929
Depreciation and amortisation
1,469
1,389
1,274
+5.8%
Share-based compensation
150
165
92.0
-9.1%
Buybacks
1,500
2,477
23.0
-39.4%
Dividends paid
479
439
383
+9.1%
Dividend per share
$0.35
$0.30
$0.26
+14.8%
Diluted shares, weighted
1,377m
1,450m
1,469m
-5.0%
Shares outstanding at period end
1,363m
1,391m
1,437m
-2.0%
Balance sheet
$ million
FY2010
FY2009
FY2008
On the year
Last 8 years
Shareholders' equity
37,700
35,768
34,574
+5.4%
Short-term borrowings
300
315
3,044
-4.8%
Debt
10,057
11,175
8,710
-10.0%
Other liabilities
14,112
14,383
14,631
-1.9%
Total liabilities and equity
62,169
61,641
60,960
+0.9%
Fixed assets
8,322
7,923
8,125
+5.0%
Goodwill
25,669
25,680
25,494
-0.0%
Intangible assets
9,784
10,127
10,446
-3.4%
Investments
4.0
5.0
0.0
-20.0%
Cash and equivalents
1,427
1,086
1,352
+31.4%
Receivables
4,925
5,457
5,384
-9.7%
Inventory
10,695
10,343
9,153
+3.4%
Other assets
1,343
1,020
1,005
+31.7%
Total assets
62,169
61,641
60,960
+0.9%
10-K for the year ended 31 December 2010, filed 18 February 2011: the filing.