# CVS Health Corporation (CVS) Q2 2025 Financial Results Summary
**Release Date:** July 31, 2025
CVS Health Corporation (NYSE: CVS) has reported its financial results for the second quarter of 2025. Here is a summary of the key financial metrics and operational highlights.
### Financial Results Overview
– **Total Revenues:**
– Q2 2025: **$98.9 billion**
– Q2 2024: **$91.2 billion**
– Change: **Up 8.4%**
– **Operating Income:**
– Q2 2025: **$2.4 billion**
– Q2 2024: **$3.0 billion**
– Change: **Down 21.8%**
– **Adjusted Operating Income:**
– Q2 2025: **$3.8 billion**
– Q2 2024: **$3.7 billion**
– Change: **Up 1.7%**
– **GAAP Diluted EPS:**
– Q2 2025: **$0.80**
– Q2 2024: **$1.41**
– Change: **Down 43.3%**
– **Adjusted EPS:**
– Q2 2025: **$1.81**
– Q2 2024: **$1.83**
– Change: **Down 1.1%**
### Cash Flow and Other Metrics
– **Year-to-Date Cash Flow from Operations:**
– **$6.5 billion**
### Operational Highlights
– **Aetna** is enhancing care navigation with new initiatives.
– **CVS Pharmacy** is set to acquire prescription files and store locations from **Rite Aid**.
– **CVS Caremark** reports strong sales growth amid a competitive landscape.
### 2025 Full-Year Financial Guidance
– **Revised GAAP Diluted EPS Guidance:**
– Previous Range: **$4.23 to $4.43**
– New Range: **$3.84 to $3.94**
– **Revised Adjusted EPS Guidance:**
– Previous Range: **$6.00 to $6.20**
– New Range: **$6.30 to $6.40**
– **Revised Cash Flow from Operations Guidance:**
– Previous Estimate: Approximately **$7.0 billion**
– New Estimate: At least **$7.5 billion**
### Key Segment Highlights
#### Health Care Benefits
– **Total Revenues:**
– Q2 2025: **$36.3 billion** (Up **11.6%** from Q2 2024)
– **Adjusted Operating Income:**
– Q2 2025: **$1.3 billion** (Up **39.4%** from Q2 2024)
– **Medical Benefit Ratio (MBR) Increased:**
– Q2 2025: **89.9%** (from **89.6%** in Q2 2024)
#### Health Services
– **Total Revenues:**
– Q2 2025: **$46.5 billion** (Up **10.2%** from Q2 2024)
– **Adjusted Operating Income:**
– Q2 2025: **$1.6 billion** (Down **17.8%** from Q2 2024)
#### Pharmacy & Consumer Wellness
– **Total Revenues:**
– Q2 2025: **$33.6 billion** (Up **12.5%** from Q2 2024)
– **Adjusted Operating Income:**
– Q2 2025: **$1.3 billion** (Up **7.6%** from Q2 2024)
### Litigation and Charges
– The company recorded **litigation charges** totaling **$833 million** for the quarter due to resolutions tied to past business practices.
### Dividend Declaration
– **Dividends Paid:**
– Q2 2025: **$1.7 billion**
This quarter reflects CVS Health’s effort to navigate a challenging environment while continuing to improve operational efficiencies and customer engagement across its platforms.
# Condensed Consolidated Statements of Operations (Unaudited)
**In millions, except per share amounts**
| Revenues: | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|
| Products | $ 60,607 | $ 56,212 | $ 118,276 | $ 109,936 |
| Premiums | 34,195 | 30,667 | 67,015 | 61,058 |
| Services | 3,626 | 3,961 | 7,205 | 7,829 |
| Net investment income | 487 | 394 | 1,007 | 848 |
| Total revenues | 98,915 | 91,234 | 193,503 | 179,671 |
| Operating costs: | ||||
| Cost of products sold | 54,005 | 49,998 | 105,062 | 98,071 |
| Health care costs | 31,317 | 27,853 | 60,452 | 55,656 |
| Operating expenses | 11,212 | 10,338 | 22,234 | 20,628 |
| Total operating costs | 96,534 | 88,189 | 187,748 | 174,355 |
| Operating income | 2,381 | 3,045 | 5,755 | 5,316 |
| Interest expense | 763 | 732 | 1,548 | 1,448 |
| Other income | -29 | -24 | -57 | -49 |
| Income before income tax provision | 1,647 | 2,337 | 4,264 | 3,917 |
| Income tax provision | 634 | 569 | 1,469 | 1,025 |
| Net income | 1,013 | 1,768 | 2,795 | 2,892 |
| Net (income) loss attributable to noncontrolling | 8 | 2 | 5 | -9 |
| interests | ||||
| Net income attributable to CVS Health | $ 1,021 | $ 1,770 | $ 2,800 | $ 2,883 |
| Net income per share attributable to CVS | ||||
| Health: | ||||
| Basic | $ 0.81 | $ 1.41 | $ 2.22 | $ 2.29 |
| Diluted | $ 0.80 | $ 1.41 | $ 2.21 | $ 2.28 |
| Weighted average shares outstanding: | ||||
| Basic | 1,266 | 1,256 | 1,264 | 1,258 |
| Diluted | 1,270 | 1,259 | 1,267 | 1,263 |
# Condensed Consolidated Balance Sheets (Unaudited)
**In millions**
| Assets: | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash and cash equivalents | $ 11,787 | $ 8,586 |
| Investments | 2,386 | 2,407 |
| Accounts receivable, net | 40,651 | 36,469 |
| Inventories | 17,447 | 18,107 |
| Other current assets | 3,378 | 3,076 |
| Total current assets | 75,649 | 68,645 |
| Long-term investments | 29,858 | 28,934 |
| Property and equipment, net | 12,825 | 12,993 |
| Operating lease right-of-use assets | 15,512 | 15,944 |
| Goodwill | 91,203 | 91,272 |
| Intangible assets, net | 26,224 | 27,323 |
| Separate accounts assets | 1,858 | 3,311 |
| Other assets | 5,214 | 4,793 |
| Total assets | $ 258,343 | $ 253,215 |
| Liabilities: | ||
| Accounts payable | $ 17,258 | $ 15,892 |
| Pharmacy claims and discounts payable | 26,338 | 24,166 |
| Health care costs payable | 15,271 | 15,064 |
| Accrued expenses and other current liabilities | 23,101 | 20,810 |
| Other insurance liabilities | 1,088 | 1,183 |
| Current portion of operating lease liabilities | 1,906 | 1,751 |
| Short-term debt | 3,040 | 2,119 |
| Current portion of long-term debt | 6,160 | 3,624 |
| Total current liabilities | 94,162 | 84,609 |
| Long-term operating lease liabilities | 14,328 | 14,899 |
| Long-term debt | 57,290 | 60,527 |
| Deferred income taxes | 3,603 | 3,806 |
| Separate accounts liabilities | 1,858 | 3,311 |
| Other long-term insurance liabilities | 4,769 | 4,902 |
| Other long-term liabilities | 4,782 | 5,431 |
| Total liabilities | 180,792 | 177,485 |
| Shareholders’ equity: | ||
| Preferred stock | — | — |
| Common stock and capital surplus | 50,020 | 49,661 |
| Treasury stock | -36,849 | -36,818 |
| Retained earnings | 63,936 | 62,837 |
| Accumulated other comprehensive income (loss) | 272 | -120 |
| Total CVS Health shareholders’ equity | 77,379 | 75,560 |
| Noncontrolling interests | 172 | 170 |
| Total shareholders’ equity | 77,551 | 75,730 |
| Total liabilities and shareholders’ equity | $ 258,343 | $ 253,215 |
