CVS Health (CVS) Q4 FY2025 earnings: revenue $105.7 billion, up 8.2% on the year

CVS Health Corp. (CVS) reported revenue of $105.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.2% on the same quarter a year earlier. Net income was $2.9 billion, up 79.0% on the year, and diluted earnings per share $2.30. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue

$105.7 billion

+8.2% on the year · +2.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

2.0%

2.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$2.9 billion

+79.0% on the year

Q1 FY2024Q4 FY2025

Diluted EPS

$2.30

+76.9% on the year

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 2 kept.

Fourth-quarter revenue rose 8.2%: Revenue was $105.7 billion, against $97.7 billion a year earlier. GAAP diluted EPS was $2.30 versus $1.30, and Adjusted EPS was $1.09 versus $1.19.
Adjusted EPS fell on Health Care Benefits: Management attributed the fourth-quarter Adjusted EPS decline to lower adjusted operating income in the Health Care Benefits segment.
Full-year medical benefit ratio improved: The MBR was 91.2% for the year against 92.5%, and full-year adjusted operating income was $2.9 billion against $0.3 billion. Favorable prior-year development of $2.0 billion contributed.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	105,693	102,871	97,710	+2.7%	+8.2%
Cost of revenue	59,060	57,045	55,268	+3.5%	+6.9%
Gross profit	46,633	45,826	42,442	+1.8%	+9.9%
Gross margin	44.1%	44.5%	43.4%
Operating income	2,112	-3,207	2,368		-10.8%
Operating margin	2.0%	-3.1%	2.4%
Interest expense	787	784	758	+0.4%	+3.8%
Pre-tax income	1,354	-3,482	2,126		-36.3%
Income tax	-1,569	508	503
Effective tax rate	-115.9%	n/a	23.7%
Net income	2,943	-3,975	1,644		+79.0%
Net margin	2.8%	-3.9%	1.7%
Diluted EPS	$2.30	-$3.13	$1.30		+76.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,390	796	1,860	+325.9%	+82.3%
Capital expenditure	784	698	768	+12.3%	+2.1%
Free cash flow	2,606	98.0	1,092	+2,559.2%	+138.6%
Free cash flow margin	2.5%	0.1%	1.1%
Cash from investing	-1,998	-2,087	-547
Cash from financing	-2,032	-1,382	431
Depreciation and amortisation	1,147	1,134	1,147	+1.1%	0.0%
Share-based compensation	135	138	137	-2.2%	-1.5%
Buybacks	0.0	0.0	0.0
Dividends paid	845	846	838	-0.1%	+0.8%
Dividend per share	$0.67	$0.67	$0.67	0.0%	0.0%
Diluted shares, weighted	1,277m	1,269m	1,261m	+0.6%	+1.3%
Shares outstanding at period end	1,271m	1,270m	1,260m	+0.1%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	75,214	72,928	75,560	+3.1%	-0.5%
Non-controlling interest	168	182	170	-7.7%	-1.2%
Debt	64,570	65,836	66,270	-1.9%	-2.6%
Operating lease liabilities	13,643	14,007	14,899	-2.6%	-8.4%
Finance lease liabilities	1,265	n/a	1,295		-2.3%
Other liabilities	98,678	102,374	95,021	-3.6%	+3.8%
Total liabilities and equity	253,538	255,327	253,215	-0.7%	+0.1%
Goodwill	85,478	85,478	91,272	0.0%	-6.3%
Intangible assets	25,508	25,984	27,323	-1.8%	-6.6%
Investments	34,814	33,687	31,341	+3.3%	+11.1%
Cash and equivalents	8,453	9,098	8,586	-7.1%	-1.5%
Receivables	39,779	43,857	36,469	-9.3%	+9.1%
Inventory	19,246	18,962	18,107	+1.5%	+6.3%
Other assets	40,260	38,261	40,117	+5.2%	+0.4%
Total assets	253,538	255,327	253,215	-0.7%	+0.1%

Questions

What was CVS Health's revenue in Q4 FY2025?

CVS Health (CVS) reported revenue of $105.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 8.2% on the same quarter a year earlier.

How much did CVS Health earn in Q4 FY2025?

Net income for Q4 FY2025 was $2.9 billion, up 79.0% on the year, and diluted earnings per share $2.30.

When did CVS Health report Q4 FY2025 results?

CVS Health filed its 10-K for the year that ended with the quarter on 10 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	76,604	76,826	80,636	81,159	83,846	85,278	88,921	89,764	93,813	88,437	91,234	95,428	97,710	94,588	98,915	102,871	105,693	100,426	106,096	108,399
Cost of revenue	46,378	45,509	49,290	50,365	51,728	51,455	53,536	54,688	57,419	48,073	49,998	52,948	55,268	51,057	54,005	57,045	59,060	55,444	58,862	61,185
Gross profit	30,226	31,317	31,346	30,794	32,118	33,823	35,385	35,076	36,394	40,364	41,236	42,480	42,442	43,531	44,910	45,826	46,633	44,982	47,234	47,214
Gross margin	39%	41%	39%	38%	38%	40%	40%	39%	39%	46%	45%	45%	43%	46%	45%	45%	44%	45%	45%	44%
Operating income	2,229	3,545	4,669	-3,919	3,659	3,446	3,234	3,690	3,373	2,271	3,045	832	2,368	3,374	2,381	-3,207	2,112	4,680	4,703	3,566
Operating margin	3%	5%	6%	-5%	4%	4%	4%	4%	4%	3%	3%	1%	2%	4%	2%	-3%	2%	5%	4%	3%
Interest expense	608	586	583	566	552	589	686	693	690	716	732	752	758	785	763	784	787	774	757	747
Pre-tax income	1,570	3,001	4,129	-4,444	3,150	2,879	2,570	3,019	2,705	1,580	2,337	105	2,126	2,617	1,647	-3,482	1,354	3,938	3,977	2,849
Tax rate	17%	22%	26%	n/a	26%	26%	26%	25%	24%	29%	24%	32%	24%	32%	38%	n/a	-116%	25%	25%	24%
Net income	1,306	2,354	3,029	-3,406	2,334	2,136	1,901	2,261	2,046	1,113	1,770	87.0	1,644	1,779	1,021	-3,975	2,943	2,943	2,979	2,172
Net margin	2%	3%	4%	-4%	3%	3%	2%	3%	2%	1%	2%	0%	2%	2%	1%	-4%	3%	3%	3%	2%
Diluted EPS	$0.97	$1.77	$2.29	-$2.59	$1.77	$1.65	$1.48	$1.75	$1.58	$0.88	$1.41	$0.07	$1.30	$1.41	$0.80	-$3.13	$2.30	$2.30	$2.31	$1.68
Operating cash flow	4,005	3,563	5,443	9,123	-1,952	7,438	5,908	2,716	-2,636	4,903	3,089	-745	1,860	4,556	1,897	796	3,390	4,249	6,345	4,724
Capital expenditure	597	1,051	408	580	688	984	591	545	911	705	638	670	768	743	607	698	784	849	691	817
Free cash flow	3,408	2,512	5,035	8,543	-2,640	6,454	5,317	2,171	-3,547	4,198	2,451	-1,415	1,092	3,813	1,290	98.0	2,606	3,400	5,654	3,907
Buybacks	0.0	2,000	0.0	0.0	1,500	2,018	-2.0	-3.0	-1.0	3,027	-3.0	-1.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	660	722	740	726	719	779	795	779	779	840	858	837	838	840	866	846	845	847	878	853
Shares outstanding	1,322m	1,306m	1,312m	1,315m	1,300m	1,279m	1,282m	1,287m	1,288m	1,252m	1,256m	1,258m	1,260m	1,262m	1,267m	1,270m	1,271m	1,273m	1,278m	1,280m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 10 February 2026: the filing.