CVS Health (CVS) FY2018 results: revenue $194.6 billion, up 5.3% on the year
CVS Health Corp. (CVS) reported revenue of $194.6 billion for fiscal 2018, the year ended 31 December 2018, up 5.3% on the year before. Net income was -$594 million, and diluted earnings per share $-0.57. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$194.6 billion
+5.3% on the year
FY2011FY2018
Operating margin
2.1%
5.2% a year earlier
FY2011FY2018
Net income
-$594 million
FY2011FY2018
Diluted EPS
-$0.57
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
194,579
184,765
177,526
+5.3%
Cost of revenue
156,447
156,220
148,669
+0.1%
Gross profit
38,132
28,545
28,857
+33.6%
Gross margin
19.6%
15.4%
16.3%
Operating income
4,021
9,538
10,386
-57.8%
Operating margin
2.1%
5.2%
5.9%
Interest expense
2,619
1,062
1,078
+146.6%
Pre-tax income
1,406
8,268
8,637
-83.0%
Income tax
2,002
1,637
3,317
+22.3%
Effective tax rate
142.4%
19.8%
38.4%
Net income
-594
6,622
5,317
Net margin
-0.3%
3.6%
3.0%
Diluted EPS
-$0.57
$6.44
$4.90
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
8,865
8,007
10,141
+10.7%
Capital expenditure
2,037
1,918
2,224
+6.2%
Free cash flow
6,828
6,089
7,917
+12.1%
Free cash flow margin
3.5%
3.3%
4.5%
Cash from investing
-43,285
-2,877
-2,470
Cash from financing
36,819
-6,751
-6,761
Depreciation and amortisation
2,718
2,479
2,475
+9.6%
Share-based compensation
280
234
222
+19.7%
Buybacks
0.0
4,361
4,461
Dividends paid
2,038
2,049
1,840
-0.5%
Dividend per share
$2.00
$2.00
$1.70
0.0%
Diluted shares, weighted
1,044m
1,024m
1,079m
+2.0%
Shares outstanding at period end
1,295m
1,014m
1,061m
+27.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
58,225
37,691
36,830
+54.5%
Non-controlling interest
318
4.0
4.0
+7,850.0%
Redeemable equity
n/a
n/a
0.0
Short-term borrowings
720
1,276
n/a
-43.6%
Debt
73,429
27,002
27,531
+171.9%
Operating lease liabilities
269
306
n/a
-12.1%
Other liabilities
63,495
28,852
30,097
+120.1%
Total liabilities and equity
196,456
95,131
94,462
+106.5%
Fixed assets
11,349
10,292
10,175
+10.3%
Goodwill
78,678
38,451
38,249
+104.6%
Intangible assets
36,524
13,630
13,511
+168.0%
Investments
18,254
223
87.0
+8,085.7%
Cash and equivalents
4,059
1,696
3,371
+139.3%
Receivables
17,631
13,181
12,164
+33.8%
Inventory
16,450
15,296
14,760
+7.5%
Other assets
13,511
2,362
2,145
+472.0%
Total assets
196,456
95,131
94,462
+106.5%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.