CVS Health (CVS) FY2017 results: revenue $184.8 billion, up 4.1% on the year
CVS Health Corp. (CVS) reported revenue of $184.8 billion for fiscal 2017, the year ended 31 December 2017, up 4.1% on the year before. Net income was $6.6 billion, up 24.5%, and diluted earnings per share $6.44. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2018.
Revenue
$184.8 billion
+4.1% on the year
FY2010FY2017
Operating margin
5.2%
5.9% a year earlier
FY2010FY2017
Net income
$6.6 billion
+24.5% on the year
FY2010FY2017
Diluted EPS
$6.44
+31.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
184,765
177,526
153,290
+4.1%
Cost of revenue
156,220
148,669
126,762
+5.1%
Gross profit
28,545
28,857
26,528
-1.1%
Gross margin
15.4%
16.3%
17.3%
Operating income
9,538
10,386
9,475
-8.2%
Operating margin
5.2%
5.9%
6.2%
Interest expense
1,062
1,078
859
-1.5%
Pre-tax income
8,268
8,637
8,616
-4.3%
Income tax
1,637
3,317
3,386
-50.6%
Effective tax rate
19.8%
38.4%
39.3%
Net income
6,622
5,317
5,237
+24.5%
Net margin
3.6%
3.0%
3.4%
Diluted EPS
$6.44
$4.90
$4.63
+31.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
8,007
10,141
8,539
-21.0%
Capital expenditure
1,918
2,224
2,367
-13.8%
Free cash flow
6,089
7,917
6,172
-23.1%
Free cash flow margin
3.3%
4.5%
4.0%
Cash from investing
-2,877
-2,470
-13,420
Cash from financing
-6,751
-6,761
4,879
Depreciation and amortisation
2,479
2,475
2,092
+0.2%
Share-based compensation
234
222
230
+5.4%
Buybacks
4,361
4,461
5,001
-2.2%
Dividends paid
2,049
1,840
1,576
+11.4%
Dividend per share
$2.00
$1.70
$1.40
+17.6%
Diluted shares, weighted
1,024m
1,079m
1,126m
-5.1%
Shares outstanding at period end
1,014m
1,061m
1,101m
-4.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
37,691
36,830
37,196
+2.3%
Non-controlling interest
4.0
4.0
7.0
0.0%
Redeemable equity
n/a
0.0
39.0
Short-term borrowings
1,276
n/a
0.0
Debt
27,002
27,531
27,500
-1.9%
Operating lease liabilities
306
n/a
n/a
Other liabilities
28,852
30,097
27,695
-4.1%
Total liabilities and equity
95,131
94,462
92,437
+0.7%
Fixed assets
10,292
10,175
9,855
+1.1%
Goodwill
38,451
38,249
38,106
+0.5%
Intangible assets
13,630
13,511
13,878
+0.9%
Investments
223
87.0
88.0
+156.3%
Cash and equivalents
1,696
3,371
2,459
-49.7%
Receivables
13,181
12,164
11,888
+8.4%
Inventory
15,296
14,760
14,001
+3.6%
Other assets
2,362
2,145
2,162
+10.1%
Total assets
95,131
94,462
92,437
+0.7%
10-K for the year ended 31 December 2017, filed 14 February 2018: the filing.