Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

CVS Health Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Products	245,138)	226,616)	203,738)	190,688)	185,236)
Premiums	99,192)	85,330)	76,132)	69,364)	63,122)
Services	12,293)	9,683)	11,042)	7,856)	7,407)
Revenues from customers	356,623)	321,629)	290,912)	267,908)	255,765)
Cost of products sold	(217,098)	(196,892)	(175,803)	(163,981)	(158,719)
Health care costs	(86,247)	(71,281)	(64,260)	(55,679)	(52,529)
Cost of revenues	(303,345)	(268,173)	(240,063)	(219,660)	(211,248)
Gross profit	53,278)	53,456)	50,849)	48,248)	44,517)
Net investment income	1,153)	838)	1,199)	798)	1,011)
Restructuring charges	(507)	—)	—)	—)	—)
Opioid litigation charges	—)	(5,803)	—)	—)	—)
Loss on assets held for sale	(349)	(2,533)	—)	—)	—)
Store impairments	—)	—)	(1,358)	—)	(231)
Goodwill impairment	—)	—)	(431)	—)	—)
Operating expenses	(39,832)	(38,212)	(37,066)	(35,135)	(33,310)
Operating income	13,743)	7,746)	13,193)	13,911)	11,987)
Interest expense	(2,658)	(2,287)	(2,503)	(2,907)	(3,035)
Loss on early extinguishment of debt	—)	—)	(452)	(1,440)	(79)
Other income	88)	169)	182)	206)	124)
Income before income tax provision	11,173)	5,628)	10,420)	9,770)	8,997)
Income tax provision	(2,805)	(1,463)	(2,522)	(2,569)	(2,366)
Income from continuing operations	8,368)	4,165)	7,898)	7,201)	6,631)
Loss from discontinued operations, net of tax	—)	—)	—)	(9)	—)
Net income	8,368)	4,165)	7,898)	7,192)	6,631)
Net (income) loss attributable to noncontrolling interests	(24)	(16)	12)	(13)	3)
Net income attributable to CVS Health	8,344)	4,149)	7,910)	7,179)	6,634)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues from customers	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	CVS Health Corp. revenues from customers increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	CVS Health Corp. operating income decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income before income tax provision	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	CVS Health Corp. income before income tax provision decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income attributable to CVS Health	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	CVS Health Corp. net income attributable to CVS Health decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

CVS Health Corp. (NYSE:CVS)

Income Statement