CVS Health (CVS) FY2016 results: revenue $177.5 billion, up 15.8% on the year
CVS Health Corp. (CVS) reported revenue of $177.5 billion for fiscal 2016, the year ended 31 December 2016, up 15.8% on the year before. Net income was $5.3 billion, up 1.5%, and diluted earnings per share $4.90. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2017.
Revenue
$177.5 billion
+15.8% on the year
FY2009FY2016
Operating margin
5.9%
6.2% a year earlier
FY2009FY2016
Net income
$5.3 billion
+1.5% on the year
FY2009FY2016
Diluted EPS
$4.90
+5.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
177,526
153,290
139,367
+15.8%
Cost of revenue
148,669
126,762
114,000
+17.3%
Gross profit
28,857
26,528
25,367
+8.8%
Gross margin
16.3%
17.3%
18.2%
Operating income
10,386
9,475
8,799
+9.6%
Operating margin
5.9%
6.2%
6.3%
Interest expense
1,078
859
615
+25.5%
Pre-tax income
8,637
8,616
7,678
+0.2%
Income tax
3,317
3,386
3,033
-2.0%
Effective tax rate
38.4%
39.3%
39.5%
Net income
5,317
5,237
4,644
+1.5%
Net margin
3.0%
3.4%
3.3%
Diluted EPS
$4.90
$4.63
$3.96
+5.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
10,141
8,539
8,137
+18.8%
Capital expenditure
2,224
2,367
2,136
-6.0%
Free cash flow
7,917
6,172
6,001
+28.3%
Free cash flow margin
4.5%
4.0%
4.3%
Cash from investing
-2,470
-13,420
-4,045
Cash from financing
-6,761
4,879
-5,694
Depreciation and amortisation
2,475
2,092
1,931
+18.3%
Share-based compensation
222
230
165
-3.5%
Buybacks
4,461
5,001
4,001
-10.8%
Dividends paid
1,840
1,576
1,288
+16.8%
Dividend per share
$1.70
$1.40
$1.10
+21.4%
Diluted shares, weighted
1,079m
1,126m
1,169m
-4.2%
Shares outstanding at period end
1,061m
1,101m
1,140m
-3.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
36,830
37,196
37,958
-1.0%
Non-controlling interest
4.0
7.0
5.0
-42.9%
Redeemable equity
0.0
39.0
0.0
Short-term borrowings
n/a
0.0
n/a
Debt
27,531
27,500
12,890
+0.1%
Other liabilities
30,097
27,695
23,399
+8.7%
Total liabilities and equity
94,462
92,437
74,252
+2.2%
Fixed assets
10,175
9,855
8,843
+3.2%
Goodwill
38,249
38,106
28,142
+0.4%
Intangible assets
13,511
13,878
9,774
-2.6%
Investments
87.0
88.0
85.0
-1.1%
Cash and equivalents
3,371
2,459
2,481
+37.1%
Receivables
12,164
11,888
9,687
+2.3%
Inventory
14,760
14,001
11,930
+5.4%
Other assets
2,145
2,162
3,310
-0.8%
Total assets
94,462
92,437
74,252
+2.2%
10-K for the year ended 31 December 2016, filed 9 February 2017: the filing.