Stock Analysis on Net
Stock Analysis on Net

CVS Health Corp. (NYSE:CVS)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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CVS Health Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Accounts payable
Pharmacy claims and discounts payable
Health care costs payable
Accrued expenses and other current liabilities
Other insurance liabilities
Current portion of operating lease liabilities
Short-term debt
Current portion of long-term debt
Liabilities held for sale
Current liabilities
Long-term operating lease liabilities, excluding current portion
Long-term debt, excluding current portion
Deferred income taxes
Separate accounts liabilities
Other long-term insurance liabilities
Other long-term liabilities
Long-term liabilities
Total liabilities
Preferred stock, par value $0.01; none issued or outstanding
Common stock, par value $0.01, and capital surplus
Treasury stock, at cost
Retained earnings
Accumulated other comprehensive income (loss)
Total CVS Health shareholders’ equity
Noncontrolling interests
Total shareholders’ equity
Total liabilities and shareholders’ equity

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Accounts Payable
Accounts payable exhibited a generally upward trend from March 2020 through March 2025, increasing from approximately $10.2 billion to $16.5 billion. There were minor fluctuations within quarters, but overall the liability increased steadily, indicating growing short-term obligations to suppliers and vendors.
Pharmacy Claims and Discounts Payable
This liability consistently increased over the analyzed periods, rising from about $15.4 billion to $25.8 billion. The steady escalation reflects increasing pharmacy-related expenses or growth in pharmaceutical sales volume, which contributes to higher claims and discounts payable.
Health Care Costs Payable
Health care costs payable followed a rising trajectory over the period, moving from roughly $7.6 billion in early 2020 to $15.1 billion by early 2025, despite some variability and occasional quarters of more moderate increases. This suggests increasing medical care expenses and possibly expanded healthcare service utilization.
Accrued Expenses and Other Current Liabilities
This category showed some volatility but maintained an overall increasing pattern, growing from approximately $16.7 billion in Q1 2020 to nearly $22.4 billion in Q1 2025. Notable peaks occurred in late 2021 and mid-2023, indicating fluctuations in operational accruals and other current obligations.
Other Insurance Liabilities
Notably volatile, other insurance liabilities decreased from $1.7 billion in early 2020 to around $1.1 billion by the end of 2024 but showed intermittent spikes approaching $5 billion in certain quarters such as Q3 2022 and early 2023. This suggests episodic adjustments or settlements impacting insurance liability estimates.
Current Portion of Operating Lease Liabilities
This liability remained relatively stable with minor fluctuations, generally ranging between $1.6 billion and $1.9 billion, suggesting consistent short-term lease obligations without significant changes in leasing arrangements over time.
Short-term Debt
Short-term debt was generally minimal or absent except for sporadic increases notably $2.7 billion in Q4 2021 and fluctuating amounts through 2023 and 2024. This intermittent borrowing may reflect temporary financing needs or refinancing activities.
Current Portion of Long-term Debt
The current portion of long-term debt exhibited considerable variability, ranging from as low as $60 million in mid-2021 to peaks exceeding $4 billion in some quarters. This fluctuation suggests significant refinancing, debt repayment, or reclassification of debt portions approaching maturity.
Current Liabilities (Total)
Total current liabilities showed moderate growth, rising from about $59.6 billion in early 2020 to approximately $89.0 billion by Q1 2025. The increase is consistent with rising accounts payable, pharmacy and health care payables, and accrued expenses, reflecting growth in short-term financial obligations.
Long-term Operating Lease Liabilities, Excluding Current Portion
These liabilities exhibited a gradual decrease from approximately $18.7 billion to $14.6 billion over the examined period, indicating possible reductions in long-term lease commitments or lease terminations.
Long-term Debt, Excluding Current Portion
Long-term debt displayed fluctuations but generally a downward trend until 2022, dropping from about $65.7 billion to $50.5 billion, followed by an increase through 2024 and a slight reduction again by early 2025. This pattern reflects active management of long-term debt obligations with issuances and retirements.
Deferred Income Taxes
Deferred income tax liabilities declined overall from approximately $7.1 billion to $3.7 billion, indicating changes in tax liabilities, possibly due to changes in tax laws, tax planning strategies, or amortization of temporary differences.
Separate Accounts Liabilities
These liabilities trended downward over the period, decreasing from around $4.6 billion to $1.9 billion, with some minor variability. This decline may reflect adjustments or reduced obligations in segregated account arrangements.
Other Long-term Insurance and Long-term Liabilities
Other long-term insurance liabilities steadily decreased from $7.3 billion to $4.9 billion, while other long-term liabilities initially increased but then declined slightly, suggesting ongoing liability management and possibly settlements or reclassifications.
Long-term Liabilities (Total)
Total long-term liabilities decreased from about $105.6 billion to $89.5 billion, with fluctuations indicative of debt repayments, lease liability reductions, and changes in other long-term obligations.
Total Liabilities
Total liabilities remained in a narrow band around $160 billion early on, with a gradual increase to approximately $178.5 billion by early 2025, reflecting the net impact of rising current liabilities offset by decreases in long-term liabilities.
Common Stock and Capital Surplus
Common stock and capital surplus increased steadily from approximately $46.2 billion to $49.8 billion, consistent with gradual equity capital growth or issuance activities.
Treasury Stock
Treasury stock value, a contra equity account, rose in absolute value from about $28.2 billion to $36.7 billion, suggesting ongoing share repurchases or stock retirements, which reduces total shareholders’ equity.
Retained Earnings
Retained earnings increased from about $46.5 billion to approximately $63.8 billion by Q1 2025, with a brief dip around late 2022, reflecting accumulation of net income less dividends over time.
Accumulated Other Comprehensive Income (Loss)
This component exhibited volatility with notable negative values during 2021 and 2022, shifting to minor positive and negative amounts at other times, indicating fluctuations in unrealized gains/losses from foreign currency, pension liabilities, or other comprehensive income items.
Total Shareholders’ Equity
Total shareholders’ equity increased from approximately $65.1 billion to $77.1 billion, demonstrating overall equity growth despite share repurchases counterbalancing some gains from retained earnings and capital surplus.
Total Liabilities and Shareholders’ Equity
The combined total of liabilities and shareholders’ equity increased from about $230.6 billion to $255.6 billion, reflecting growth in the balance sheet size attributable to rising liabilities, equity, or both.