CVS Health (CVS) FY2013 results: revenue $126.8 billion, up 2.9% on the year
CVS Health Corp. (CVS) reported revenue of $126.8 billion for fiscal 2013, the year ended 31 December 2013, up 2.9% on the year before. Net income was $4.6 billion, up 18.8%, and diluted earnings per share $3.74. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2014.
Revenue
$126.8 billion
+2.9% on the year
FY2007FY2013
Operating margin
6.3%
5.9% a year earlier
FY2007FY2013
Net income
$4.6 billion
+18.8% on the year
FY2007FY2013
Diluted EPS
$3.74
+23.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
126,761
123,133
107,100
+2.9%
Cost of revenue
102,978
100,627
86,539
+2.3%
Gross profit
23,783
22,506
20,561
+5.7%
Gross margin
18.8%
18.3%
19.2%
Operating income
8,037
7,210
6,330
+11.5%
Operating margin
6.3%
5.9%
5.9%
Interest expense
517
561
588
-7.8%
Pre-tax income
7,528
6,305
5,746
+19.4%
Income tax
2,928
2,436
2,258
+20.2%
Effective tax rate
38.9%
38.6%
39.3%
Net income
4,592
3,864
3,461
+18.8%
Net margin
3.6%
3.1%
3.2%
Diluted EPS
$3.74
$3.03
$2.57
+23.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
5,783
6,671
5,856
-13.3%
Capital expenditure
1,984
2,030
1,872
-2.3%
Free cash flow
3,799
4,641
3,984
-18.1%
Free cash flow margin
3.0%
3.8%
3.7%
Cash from investing
-1,835
-1,849
-2,410
Cash from financing
-1,237
-4,860
-3,460
Depreciation and amortisation
1,870
1,753
1,568
+6.7%
Share-based compensation
141
132
135
+6.8%
Buybacks
3,976
4,330
3,001
-8.2%
Dividends paid
1,097
829
674
+32.3%
Dividend per share
$0.90
$0.65
$0.50
+38.5%
Diluted shares, weighted
1,226m
1,280m
1,347m
-4.2%
Shares outstanding at period end
1,180m
1,231m
1,298m
-4.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
37,938
37,653
38,051
+0.8%
Non-controlling interest
0.0
51.0
n/a
Short-term borrowings
0.0
n/a
n/a
Debt
13,400
9,828
10,014
+36.3%
Other liabilities
20,188
18,689
16,787
+8.0%
Total liabilities and equity
71,526
66,221
64,852
+8.0%
Fixed assets
8,615
8,632
8,467
-0.2%
Goodwill
26,542
26,395
26,458
+0.6%
Intangible assets
9,529
9,753
9,869
-2.3%
Investments
88.0
5.0
5.0
+1,660.0%
Cash and equivalents
4,089
1,375
1,413
+197.4%
Receivables
8,729
6,473
6,047
+34.9%
Inventory
11,045
11,032
10,046
+0.1%
Other assets
2,889
2,556
2,547
+13.0%
Total assets
71,526
66,221
64,852
+8.0%
10-K for the year ended 31 December 2013, filed 11 February 2014: the filing.