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Statement
Assets, liabilities and equity aligned across the annual filing history, in USD millions.
Assets
+0.1% YoYReported for FY 2025
Liabilities
+0.4% YoYReported for FY 2025
Equity
-0.5% YoYReported for FY 2025
Equity mix
-0.2 ppEquity share of the capital base
Table view
Balance sheet, reported dollar amounts — FY 2025
Every figure is the balance as filed. Each filing badge opens the SEC index page for that fiscal year.
Structure
Assets plotted against the liabilities and equity stack, so you can see how the balance sheet is financed.
Liabilities and equity stack to the capital base; assets are the dashed reference line.
Composition
The same split read as a share of total capital rather than in absolute dollars.
Percentages are measured against total capital for each fiscal year.
Trend
How assets, liabilities and equity have moved across the annual balance sheet window.
Switching between bar and line keeps the selected year order.
Commentary
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Earlier AI snapshot · Generated Jun 9, 2026. The filing-backed figures above are the current source of truth.
CVS Health’s balance sheet shows a generally stable but gradually expanding footprint over the five-year period. Total assets increased from about **$233.0 billion in 2021** to **$253.5 billion in 2025**, with most of the growth occurring between **2022 and 2023** and then flattening out in **2024–2025**. This suggests the company has largely completed a period of balance-sheet expansion and is now operating with a relatively steady asset base, which is consistent with a large healthcare services and retail pharmacy business where scale and working capital needs are substantial. Liabilities rose alongside assets, from **$157.6 billion in 2021** to **$178.2 billion in 2025**, with the biggest increase also occurring in **2023–2024**. Stockholders’ equity remained comparatively stable but drifted slightly lower over the period, from **$74.8 billion in 2021** to **$75.2 billion in 2025**, after peaking at **$76.6 billion in 2023**. The modest decline in equity while liabilities rose implies a somewhat higher leverage profile over time, though the company still maintains a sizable equity cushion. In context, this is not unusual for CVS Health and other large healthcare operators, which often carry significant liabilities due to their scale, insurance-related obligations, and acquisition-driven balance sheets.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.