CVS Health (CVS) FY2024 results: revenue $372.8 billion, up 4.2% on the year
CVS Health Corp. (CVS) reported revenue of $372.8 billion for fiscal 2024, the year ended 31 December 2024, up 4.2% on the year before. Net income was $4.6 billion, down 44.7%, and diluted earnings per share $3.66. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.
Revenue
$372.8 billion
+4.2% on the year
FY2017FY2024
Operating margin
2.3%
3.8% a year earlier
FY2017FY2024
Net income
$4.6 billion
-44.7% on the year
FY2017FY2024
Diluted EPS
$3.66
-43.4% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
9,107
13,426
16,177
-32.2%
Capital expenditure
2,781
3,031
2,727
-8.2%
Free cash flow
6,326
10,395
13,450
-39.1%
Free cash flow margin
1.7%
2.9%
4.2%
Cash from investing
-7,613
-20,889
-5,047
Cash from financing
-1,135
2,683
-10,516
Depreciation and amortisation
4,597
4,366
4,224
+5.3%
Share-based compensation
540
588
447
-8.2%
Buybacks
3,023
2,012
3,500
+50.2%
Dividends paid
3,373
3,132
2,907
+7.7%
Dividend per share
$2.66
$2.42
$2.20
+9.9%
Diluted shares, weighted
1,262m
1,290m
1,323m
-2.2%
Shares outstanding at period end
1,260m
1,288m
1,300m
-2.2%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
75,560
76,461
71,469
-1.2%
Non-controlling interest
170
175
300
-2.9%
Debt
66,270
61,610
52,254
+7.6%
Operating lease liabilities
14,899
16,034
16,800
-7.1%
Finance lease liabilities
1,295
1,325
1,406
-2.3%
Other liabilities
95,021
94,123
86,046
+1.0%
Total liabilities and equity
253,215
249,728
228,275
+1.4%
Fixed assets
n/a
n/a
12,873
Goodwill
91,272
91,272
78,150
0.0%
Intangible assets
27,323
29,234
24,754
-6.5%
Investments
31,341
26,278
23,874
+19.3%
Cash and equivalents
8,586
8,196
12,945
+4.8%
Receivables
36,469
35,227
27,276
+3.5%
Inventory
18,107
18,025
19,090
+0.5%
Other assets
40,117
41,496
29,313
-3.3%
Total assets
253,215
249,728
228,275
+1.4%
10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.