CVS Health (CVS) FY2012 results: revenue $123.1 billion, up 15.0% on the year
CVS Health Corp. (CVS) reported revenue of $123.1 billion for fiscal 2012, the year ended 31 December 2012, up 15.0% on the year before. Net income was $3.9 billion, up 11.6%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2013.
Revenue
$123.1 billion
+15.0% on the year
FY2007FY2012
Operating margin
5.9%
5.9% a year earlier
FY2007FY2012
Net income
$3.9 billion
+11.6% on the year
FY2007FY2012
Diluted EPS
$3.03
+17.9% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
123,133
107,100
95,778
+15.0%
Cost of revenue
100,627
86,539
75,559
+16.3%
Gross profit
22,506
20,561
20,257
+9.5%
Gross margin
18.3%
19.2%
21.1%
Operating income
7,210
6,330
6,137
+13.9%
Operating margin
5.9%
5.9%
6.4%
Interest expense
561
588
539
-4.6%
Pre-tax income
6,305
5,746
5,601
+9.7%
Income tax
2,436
2,258
2,179
+7.9%
Effective tax rate
38.6%
39.3%
38.9%
Net income
3,864
3,461
3,427
+11.6%
Net margin
3.1%
3.2%
3.6%
Diluted EPS
$3.03
$2.57
$2.49
+17.9%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
6,671
5,856
4,779
+13.9%
Capital expenditure
2,030
1,872
2,005
+8.4%
Free cash flow
4,641
3,984
2,774
+16.5%
Free cash flow margin
3.8%
3.7%
2.9%
Cash from investing
-1,849
-2,410
-1,640
Cash from financing
-4,860
-3,460
-2,798
Depreciation and amortisation
1,753
1,568
1,469
+11.8%
Share-based compensation
132
135
150
-2.2%
Buybacks
4,330
3,001
1,500
+44.3%
Dividends paid
829
674
479
+23.0%
Dividend per share
$0.65
$0.50
$0.35
+30.0%
Diluted shares, weighted
1,280m
1,347m
1,377m
-5.0%
Shares outstanding at period end
1,231m
1,298m
1,363m
-5.2%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
37,653
38,051
37,700
-1.0%
Non-controlling interest
51.0
n/a
n/a
Short-term borrowings
n/a
n/a
300
Debt
9,828
10,014
10,057
-1.9%
Other liabilities
18,689
16,787
14,112
+11.3%
Total liabilities and equity
66,221
64,852
62,169
+2.1%
Fixed assets
8,632
8,467
8,322
+1.9%
Goodwill
26,395
26,458
25,669
-0.2%
Intangible assets
9,753
9,869
9,784
-1.2%
Investments
5.0
5.0
4.0
0.0%
Cash and equivalents
1,375
1,413
1,427
-2.7%
Receivables
6,473
6,047
4,925
+7.0%
Inventory
11,032
10,046
10,695
+9.8%
Other assets
2,556
2,547
1,343
+0.4%
Total assets
66,221
64,852
62,169
+2.1%
10-K for the year ended 31 December 2012, filed 15 February 2013: the filing.