CVS Health (CVS) FY2020 results: revenue $268.7 billion, up 4.6% on the year
CVS Health Corp. (CVS) reported revenue of $268.7 billion for fiscal 2020, the year ended 31 December 2020, up 4.6% on the year before. Net income was $7.2 billion, up 8.2%, and diluted earnings per share $5.46. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$268.7 billion
+4.6% on the year
FY2013FY2020
Operating margin
5.2%
4.7% a year earlier
FY2013FY2020
Net income
$7.2 billion
+8.2% on the year
FY2013FY2020
Diluted EPS
$5.46
+7.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
268,706
256,776
194,579
+4.6%
Cost of revenue
163,981
158,719
156,447
+3.3%
Gross profit
104,725
98,057
38,132
+6.8%
Gross margin
39.0%
38.2%
19.6%
Operating income
13,911
11,987
4,021
+16.1%
Operating margin
5.2%
4.7%
2.1%
Interest expense
2,907
3,035
2,619
-4.2%
Pre-tax income
9,770
8,997
1,406
+8.6%
Income tax
2,569
2,366
2,002
+8.6%
Effective tax rate
26.3%
26.3%
142.4%
Net income
7,179
6,634
-594
+8.2%
Net margin
2.7%
2.6%
-0.3%
Diluted EPS
$5.46
$5.08
-$0.57
+7.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
15,865
12,848
8,865
+23.5%
Capital expenditure
2,437
2,457
2,037
-0.8%
Free cash flow
13,428
10,391
6,828
+29.2%
Free cash flow margin
5.0%
4.0%
3.5%
Cash from investing
-5,534
-3,339
-43,285
Cash from financing
-7,696
-7,654
36,819
Depreciation and amortisation
4,441
4,371
2,718
+1.6%
Share-based compensation
400
453
280
-11.7%
Buybacks
0.0
0.0
0.0
Dividends paid
2,624
2,603
2,038
+0.8%
Dividend per share
$2.00
$2.00
$2.00
0.0%
Diluted shares, weighted
1,314m
1,305m
1,044m
+0.7%
Shares outstanding at period end
1,310m
1,302m
1,295m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
69,389
63,864
58,225
+8.7%
Non-controlling interest
312
306
318
+2.0%
Short-term borrowings
n/a
0.0
720
Debt
64,647
68,480
73,429
-5.6%
Operating lease liabilities
18,757
18,926
269
-0.9%
Finance lease liabilities
1,050
781
n/a
+34.4%
Other liabilities
76,560
70,092
63,495
+9.2%
Total liabilities and equity
230,715
222,449
196,456
+3.7%
Fixed assets
12,606
12,044
11,349
+4.7%
Goodwill
79,552
79,749
78,678
-0.2%
Intangible assets
31,142
33,121
36,524
-6.0%
Investments
23,812
19,687
18,254
+21.0%
Cash and equivalents
7,854
5,683
4,059
+38.2%
Receivables
21,742
19,617
17,631
+10.8%
Inventory
18,496
17,516
16,450
+5.6%
Other assets
35,511
35,032
13,511
+1.4%
Total assets
230,715
222,449
196,456
+3.7%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.