CVS FINANCIAL STATEMENTS

CVS Health Corp — balance sheet, income statement and cash flow trends

CVSCVS Health Corp

🇺🇸 USA · US · Healthcare · Healthcare Plans

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue407.9 B $+7.6%

Gross Profit56.6 B $+6.3%

Operating Income6 B $-38.0%

EBITDA11.1 B $-24.9%

Net Income2.9 B $-44.5%

Peer Comparison· Healthcare Plans

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVS	7.6%	13.9%	2.7%	0.7%
SAN	3.3%	90.8%	23.4%	22.3%
EL	7.5%	60.6%	23.0%	8.1%
MRK	-1.7%	58.5%	28.5%	12.1%
BAYN	-2.9%	59.3%	7.7%	-4.8%
SHL	-0.3%	38.0%	19.1%	9.1%
Industry median	9.6%	14.5%	2.4%	0.8%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVS	7.6%	13.9%	2.7%	0.7%
ELV	9.4%	23.2%	4.4%	2.6%
CI	8.8%	9.3%	4.4%	2.3%
HUM	14.1%	14.0%	2.1%	0.8%
UNH	9.7%	18.8%	5.1%	2.7%
CNC	17.0%	14.9%	-2.2%	-3.3%
Industry median	9.6%	14.5%	2.4%	0.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity77.5 B $31%
Current Liabilities86.4 B $34%
Long-term Liabilities88.9 B $35%

Key Figures

YoY change

Total Assets253 B $-1.0%

Total Liabilities175.3 B $-1.8%

Total Equity77.5 B $+0.7%

Cash & ST Investments11.8 B $-6.7%

Total Debt78.3 B $-3.5%

Net Debt68.8 B $-3.3%

Peer Comparison· Healthcare Plans

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVS	0.87	101.1%	5.98	30.6%
SAN	1.01	27.5%	1.33	56.9%
EL	0.99	37.0%	1.66	60.9%
MRK	1.51	40.5%	1.38	56.0%
BAYN	1.06	134.8%	9.19	26.7%
SHL	1.10	84.1%	3.04	40.6%
Industry median	1.19	75.2%	-1.10	29.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVS	0.87	101.1%	5.98	30.6%
ELV	1.48	72.5%	-0.42	34.9%
CI	0.82	73.2%	1.89	27.5%
HUM	1.26	75.3%	-2.80	33.6%
UNH	0.80	75.0%	2.03	33.2%
CNC	1.12	76.4%	1.66	26.4%
Industry median	1.19	75.2%	-1.10	29.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow10.3 B $+17.9%

Capital Expenditures2.9 B $+4.2%

Free Cash Flow7.4 B $+24.5%

Dividends Paid-3.4 B $-200.9%

Peer Comparison· Healthcare Plans

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVS	2.5%	1.8%	0.7%	352.4%
SAN	42.9%	34.1%	3.8%	192.2%
EL	18.6%	13.2%	5.4%	228.6%
MRK	20.0%	11.5%	8.5%	165.6%
BAYN	10.0%	4.4%	5.5%	-209.8%
SHL	12.2%	8.7%	3.5%	134.0%
Industry median	3.7%	3.2%	0.5%	176.5%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVS	2.5%	1.8%	0.7%	352.4%
ELV	3.8%	3.2%	0.6%	145.1%
CI	3.2%	2.8%	0.4%	140.1%
HUM	1.3%	0.9%	0.4%	163.2%
UNH	5.1%	4.4%	0.8%	192.2%
CNC	3.6%	3.2%	0.4%	-111.4%
Industry median	3.7%	3.2%	0.5%	176.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.