Income Statement Research
Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.
Snapshot
CVS HEALTH Corp's top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.
Revenue
+8.3%Compound growth, FY2021 to FY2025
Gross profit
+11.7%Compound growth, FY2021 to FY2025
Operating Income
-23.1%Compound growth, FY2021 to FY2025
Net income
-31.4%Compound growth, FY2021 to FY2025
Headline results
Four lines, five fiscal years, straight from the filings.
CVS HEALTH Corp headline income statement — FY2025
Trend
The same four lines drawn across the window.
All values shown in USD millions unless noted otherwise.
Line items
The full annual income statement layer for CVS HEALTH Corp, from revenue down to share counts.
Statement basis
USD millions, except per-share and share-count rows.
CVS HEALTH Corp expanded income statement — FY2025
Expanded annual statement lines sourced from the SEC EDGAR database for CVS HEALTH Corp.
Margins
How much of CVS HEALTH Corp's revenue survives through gross profit, operating income, and net income.
Gross margin
+518 bpsFY2025, versus FY2021
Operating Margin
-340 bpsFY2025, versus FY2021
Net income margin
-230 bpsFY2025, versus FY2021
Observation window
yearsFY2021 through FY2025
Margin table
Side-by-side read of gross, operating and net margin.
CVS HEALTH Corp margins — FY2025
Margin trend
The shape of profitability across the window.
Margins are calculated from annual SEC facts using reported revenue as the denominator.
Year on year
Every headline line of CVS HEALTH Corp's statement measured against the immediately prior period.
Revenue YoY
FY2024FY2025 versus FY2024
Gross profit YoY
FY2024FY2025 versus FY2024
Op. income YoY
FY2024FY2025 versus FY2024
Net income YoY
FY2024FY2025 versus FY2024
Year-on-year table
Contractions are tinted so slowdowns are obvious.
CVS HEALTH Corp year-on-year change — FY2025
Momentum
Whether the business is accelerating or rolling over.
Year-on-year change compares each annual period against the immediately prior year inside the selected window.
Compound growth
Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.
Revenue CAGR
4yrFY2021 to FY2025
Gross profit CAGR
4yrFY2021 to FY2025
Op. income CAGR
4yrFY2021 to FY2025
Net income CAGR
4yrFY2021 to FY2025
Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.
Commentary
A written read of the filing-backed figures above. The statement itself remains the source of truth.
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Over the past five years, CVS Health Corp has demonstrated steady revenue growth—from approximately 292 billion USD in 2021 to over 402 billion USD in 2025. Gross profit has similarly trended upward, rising from 116 billion USD in 2021 to nearly 181 billion USD in 2025. This growth suggests that the company has been successful in expanding its top-line and improving its product mix or service pricing. However, while revenue and gross profit figures indicate positive scaling, the operating income and net income figures have exhibited significant volatility. For example, operating income dropped sharply from about 13.3 billion USD in 2021 to 7.95 billion USD in 2022 (roughly a 40% decline), then rebounded to 13.74 billion USD in 2023 before falling again in subsequent years. A similar pattern is observed in the net income numbers, falling from 8 billion USD in 2021 to 4.3 billion USD in 2022, bouncing to 8.3 billion USD in 2023, and then tapering off in the later years. This notable variability in operating and net income may be attributed to factors such as shifts in operating expenses, margin pressure, or transient market conditions affecting the healthcare and retail pharmacy sectors. Given CVS Health Corp’s strong revenue and gross profit growth amid an evolving and competitive industry, the fluctuations in operating profitability suggest the company may be navigating cost adjustments, integration challenges, or investments in strategic initiatives. Overall, while the revenue base remains robust and the gross margin strong—indicating a resilient business model—the ongoing volatility at the operating level calls for careful monitoring of expense management and market conditions to ensure sustained financial health and operational efficiency.
This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.
