CVS Health (CVS) FY2019 results: revenue $256.8 billion, up 32.0% on the year
CVS Health Corp. (CVS) reported revenue of $256.8 billion for fiscal 2019, the year ended 31 December 2019, up 32.0% on the year before. Net income was $6.6 billion, and diluted earnings per share $5.08. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$256.8 billion
+32.0% on the year
FY2012FY2019
Operating margin
4.7%
2.1% a year earlier
FY2012FY2019
Net income
$6.6 billion
FY2012FY2019
Diluted EPS
$5.08
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
256,776
194,579
184,765
+32.0%
Cost of revenue
158,719
156,447
156,220
+1.5%
Gross profit
98,057
38,132
28,545
+157.2%
Gross margin
38.2%
19.6%
15.4%
Operating income
11,987
4,021
9,538
+198.1%
Operating margin
4.7%
2.1%
5.2%
Interest expense
3,035
2,619
1,062
+15.9%
Pre-tax income
8,997
1,406
8,268
+539.9%
Income tax
2,366
2,002
1,637
+18.2%
Effective tax rate
26.3%
142.4%
19.8%
Net income
6,634
-594
6,622
Net margin
2.6%
-0.3%
3.6%
Diluted EPS
$5.08
-$0.57
$6.44
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
12,848
8,865
8,007
+44.9%
Capital expenditure
2,457
2,037
1,918
+20.6%
Free cash flow
10,391
6,828
6,089
+52.2%
Free cash flow margin
4.0%
3.5%
3.3%
Cash from investing
-3,339
-43,285
-2,877
Cash from financing
-7,654
36,819
-6,751
Depreciation and amortisation
4,371
2,718
2,479
+60.8%
Share-based compensation
453
280
234
+61.8%
Buybacks
0.0
0.0
4,361
Dividends paid
2,603
2,038
2,049
+27.7%
Dividend per share
$2.00
$2.00
$2.00
0.0%
Diluted shares, weighted
1,305m
1,044m
1,024m
+25.0%
Shares outstanding at period end
1,302m
1,295m
1,014m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
63,864
58,225
37,691
+9.7%
Non-controlling interest
306
318
4.0
-3.8%
Short-term borrowings
0.0
720
1,276
Debt
68,480
73,429
27,002
-6.7%
Operating lease liabilities
18,926
269
306
+6,935.7%
Finance lease liabilities
781
n/a
n/a
Other liabilities
70,092
63,495
28,852
+10.4%
Total liabilities and equity
222,449
196,456
95,131
+13.2%
Fixed assets
12,044
11,349
10,292
+6.1%
Goodwill
79,749
78,678
38,451
+1.4%
Intangible assets
33,121
36,524
13,630
-9.3%
Investments
19,687
18,254
223
+7.9%
Cash and equivalents
5,683
4,059
1,696
+40.0%
Receivables
19,617
17,631
13,181
+11.3%
Inventory
17,516
16,450
15,296
+6.5%
Other assets
35,032
13,511
2,362
+159.3%
Total assets
222,449
196,456
95,131
+13.2%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.