CVS Health (CVS) 10-K Summary — Year Ended Dec 31, 2023
CVS Health is a health solutions company with retail pharmacies, clinics, pharmacy benefit management, and health insurance offerings. The company reported revenue growth over the latest period, along with positive operating income, net income, and operating cash flow.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
CVS Health is a health solutions company with retail pharmacies, clinics, pharmacy benefit management, and health insurance offerings. The company reported revenue growth over the latest period, along with positive operating income, net income, and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$357.8B
Revenue reported for the fiscal year.
Operating income
$13.7B
Income from operations reported for the year.
Net income
$8.3B
Net income reported for the year.
Operating cash flow
$13.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $292.1B | n/a |
| Dec 31, 2022 | $322.5B | +10.4% |
| Dec 31, 2023 | $357.8B | +10.9% |
Business overview
CVS Health operates over nine thousand retail locations, more than one thousand walk-in medical clinics, and over two hundred primary care clinics. It manages a pharmacy benefits program with approximately one hundred million plan members, serves more than one million patients annually through a senior pharmacy care business, and provides health insurance products to about thirty-five million people. The company recently acquired two health care delivery assets to expand its primary care, home-based care, and provider enablement capabilities.
Financial performance
Revenue increased compared to the prior year, and the company reported operating income and net income. Operating cash flow was also positive, reflecting the company's ability to generate cash from operations.
Material risks
The filing includes a section on risk factors, but the specific risks are not described in the provided context. No further details on material risks are available from the supplied filing text.
Liquidity and capital
The filing references a discussion of liquidity and capital resources in the Management's Discussion and Analysis section, but no specific capital-allocation themes or details are provided in the supplied context.
What to watch
Readers should monitor how the integration of the two recently acquired health care delivery assets affects the company's care delivery strategy and financial performance in the next filing.