CVS Health (CVS) FY2014 results: revenue $139.4 billion, up 9.9% on the year
CVS Health Corp. (CVS) reported revenue of $139.4 billion for fiscal 2014, the year ended 31 December 2014, up 9.9% on the year before. Net income was $4.6 billion, up 1.1%, and diluted earnings per share $3.96. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2015.
Revenue
$139.4 billion
+9.9% on the year
FY2007FY2014
Operating margin
6.3%
6.3% a year earlier
FY2007FY2014
Net income
$4.6 billion
+1.1% on the year
FY2007FY2014
Diluted EPS
$3.96
+5.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
139,367
126,761
123,133
+9.9%
Cost of revenue
114,000
102,978
100,627
+10.7%
Gross profit
25,367
23,783
22,506
+6.7%
Gross margin
18.2%
18.8%
18.3%
Operating income
8,799
8,037
7,210
+9.5%
Operating margin
6.3%
6.3%
5.9%
Interest expense
615
517
561
+19.0%
Pre-tax income
7,678
7,528
6,305
+2.0%
Income tax
3,033
2,928
2,436
+3.6%
Effective tax rate
39.5%
38.9%
38.6%
Net income
4,644
4,592
3,864
+1.1%
Net margin
3.3%
3.6%
3.1%
Diluted EPS
$3.96
$3.74
$3.03
+5.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
8,137
5,783
6,671
+40.7%
Capital expenditure
2,136
1,984
2,030
+7.7%
Free cash flow
6,001
3,799
4,641
+58.0%
Free cash flow margin
4.3%
3.0%
3.8%
Cash from investing
-4,045
-1,835
-1,849
Cash from financing
-5,694
-1,237
-4,860
Depreciation and amortisation
1,931
1,870
1,753
+3.3%
Share-based compensation
165
141
132
+17.0%
Buybacks
4,001
3,976
4,330
+0.6%
Dividends paid
1,288
1,097
829
+17.4%
Dividend per share
$1.10
$0.90
$0.65
+22.2%
Diluted shares, weighted
1,169m
1,226m
1,280m
-4.6%
Shares outstanding at period end
1,140m
1,180m
1,231m
-3.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
37,958
37,938
37,653
+0.1%
Non-controlling interest
5.0
0.0
51.0
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
0.0
n/a
Debt
12,890
13,400
9,828
-3.8%
Other liabilities
23,399
20,188
18,689
+15.9%
Total liabilities and equity
74,252
71,526
66,221
+3.8%
Fixed assets
8,843
8,615
8,632
+2.6%
Goodwill
28,142
26,542
26,395
+6.0%
Intangible assets
9,774
9,529
9,753
+2.6%
Investments
85.0
88.0
5.0
-3.4%
Cash and equivalents
2,481
4,089
1,375
-39.3%
Receivables
9,687
8,729
6,473
+11.0%
Inventory
11,930
11,045
11,032
+8.0%
Other assets
3,310
2,889
2,556
+14.6%
Total assets
74,252
71,526
66,221
+3.8%
10-K for the year ended 31 December 2014, filed 10 February 2015: the filing.