CVS Health (CVS) FY2011 results: revenue $107.1 billion, up 11.8% on the year
CVS Health Corp. (CVS) reported revenue of $107.1 billion for fiscal 2011, the year ended 31 December 2011, up 11.8% on the year before. Net income was $3.5 billion, up 1.0%, and diluted earnings per share $2.57. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$107.1 billion
+11.8% on the year
FY2007FY2011
Operating margin
5.9%
6.4% a year earlier
FY2007FY2011
Net income
$3.5 billion
+1.0% on the year
FY2007FY2011
Diluted EPS
$2.57
+3.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
107,100
95,778
98,215
+11.8%
Cost of revenue
86,539
75,559
77,857
+14.5%
Gross profit
20,561
20,257
20,380
+1.5%
Gross margin
19.2%
21.1%
20.8%
Operating income
6,330
6,137
6,425
+3.1%
Operating margin
5.9%
6.4%
6.5%
Interest expense
588
539
530
+9.1%
Pre-tax income
5,746
5,601
5,900
+2.6%
Income tax
2,258
2,179
2,200
+3.6%
Effective tax rate
39.3%
38.9%
37.3%
Net income
3,461
3,427
3,696
+1.0%
Net margin
3.2%
3.6%
3.8%
Diluted EPS
$2.57
$2.49
$2.55
+3.2%
$ 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
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
5,856
4,779
4,035
+22.5%
Capital expenditure
1,872
2,005
2,548
-6.6%
Free cash flow
3,984
2,774
1,487
+43.6%
Free cash flow margin
3.7%
2.9%
1.5%
Cash from investing
-2,410
-1,640
-1,069
Cash from financing
-3,460
-2,798
-3,232
Depreciation and amortisation
1,568
1,469
1,389
+6.7%
Share-based compensation
135
150
165
-10.0%
Buybacks
3,001
1,500
2,477
+100.1%
Dividends paid
674
479
439
+40.7%
Dividend per share
$0.50
$0.35
$0.30
+42.9%
Diluted shares, weighted
1,347m
1,377m
1,450m
-2.2%
Shares outstanding at period end
1,298m
1,363m
1,391m
-4.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
38,051
37,700
35,768
+0.9%
Short-term borrowings
n/a
300
315
Debt
10,014
10,057
11,175
-0.4%
Other liabilities
16,787
14,112
14,383
+19.0%
Total liabilities and equity
64,852
62,169
61,641
+4.3%
Fixed assets
8,467
8,322
7,923
+1.7%
Goodwill
26,458
25,669
25,680
+3.1%
Intangible assets
9,869
9,784
10,127
+0.9%
Investments
5.0
4.0
5.0
+25.0%
Cash and equivalents
1,413
1,427
1,086
-1.0%
Receivables
6,047
4,925
5,457
+22.8%
Inventory
10,046
10,695
10,343
-6.1%
Other assets
2,547
1,343
1,020
+89.7%
Total assets
64,852
62,169
61,641
+4.3%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.