CVS Health (CVS) FY2023 results: revenue $357.8 billion, up 10.9% on the year
CVS Health Corp. (CVS) reported revenue of $357.8 billion for fiscal 2023, the year ended 31 December 2023, up 10.9% on the year before. Net income was $8.3 billion, up 93.6%, and diluted earnings per share $6.47. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2024.
Revenue
$357.8 billion
+10.9% on the year
FY2016FY2023
Operating margin
3.8%
2.5% a year earlier
FY2016FY2023
Net income
$8.3 billion
+93.6% on the year
FY2016FY2023
Diluted EPS
$6.47
+98.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
13,426
16,177
18,265
-17.0%
Capital expenditure
3,031
2,727
2,520
+11.1%
Free cash flow
10,395
13,450
15,745
-22.7%
Free cash flow margin
2.9%
4.2%
5.4%
Cash from investing
-20,889
-5,047
-5,261
Cash from financing
2,683
-10,516
-11,356
Depreciation and amortisation
4,366
4,224
4,486
+3.4%
Share-based compensation
588
447
484
+31.5%
Buybacks
2,012
3,500
0.0
-42.5%
Dividends paid
3,132
2,907
2,625
+7.7%
Dividend per share
$2.42
$2.20
$2.00
+10.0%
Diluted shares, weighted
1,290m
1,323m
1,329m
-2.5%
Shares outstanding at period end
1,288m
1,300m
1,322m
-0.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
76,461
71,469
74,535
+7.0%
Non-controlling interest
175
300
306
-41.7%
Debt
61,610
52,254
56,176
+17.9%
Operating lease liabilities
16,034
16,800
18,177
-4.6%
Finance lease liabilities
1,325
1,406
1,250
-5.8%
Other liabilities
94,123
86,046
82,555
+9.4%
Total liabilities and equity
249,728
228,275
232,999
+9.4%
Fixed assets
n/a
12,873
12,896
Goodwill
91,272
78,150
79,121
+16.8%
Intangible assets
29,234
24,754
29,026
+18.1%
Investments
26,278
23,874
26,142
+10.1%
Cash and equivalents
8,196
12,945
9,408
-36.7%
Receivables
35,227
27,276
24,431
+29.2%
Inventory
18,025
19,090
17,760
-5.6%
Other assets
41,496
29,313
34,215
+41.6%
Total assets
249,728
228,275
232,999
+9.4%
10-K for the year ended 31 December 2023, filed 7 February 2024: the filing.