Analysis of Reportable Segments
CVS Health Corp. operates in 4 segments: Health Care Benefits; Health Services; Pharmacy & Consumer Wellness; and Corporate/Other.
Segment Profit Margin
CVS Health Corp., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Care Benefits | 0.24% | 5.32% | 6.97% | 6.27% | — |
| Health Services | 4.18% | 3.91% | 4.00% | 4.22% | — |
| Pharmacy & Consumer Wellness | 4.64% | 5.11% | 6.01% | 7.15% | — |
| Corporate/Other | -2,407.14% | -2,312.28% | -1,300.81% | -1,308.00% | — |
Based on: 10-K (reporting date: 2024-12-31), 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Care Benefits | Health Care Benefits segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Health Services | Health Services segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. | |
| Pharmacy & Consumer Wellness | Pharmacy & Consumer Wellness segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Corporate/Other | Corporate/Other segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Health Care Benefits
CVS Health Corp.; Health Care Benefits; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | 307) | 5,577) | 6,338) | 5,110) | —) |
| Revenues | 129,192) | 104,881) | 90,874) | 81,533) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 0.24% | 5.32% | 6.97% | 6.27% | — |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × 307 ÷ 129,192 = 0.24%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Care Benefits | Health Care Benefits segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Health Services
CVS Health Corp.; Health Services; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | 7,243) | 7,312) | 6,781) | 6,492) | —) |
| Revenues | 173,320) | 186,844) | 169,576) | 153,892) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.18% | 3.91% | 4.00% | 4.22% | — |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × 7,243 ÷ 173,320 = 4.18%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Health Services | Health Services segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Segment Profit Margin: Pharmacy & Consumer Wellness
CVS Health Corp.; Pharmacy & Consumer Wellness; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | 5,774) | 5,963) | 6,531) | 7,260) | —) |
| Revenues | 124,500) | 116,768) | 108,640) | 101,603) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 4.64% | 5.11% | 6.01% | 7.15% | — |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × 5,774 ÷ 124,500 = 4.64%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Pharmacy & Consumer Wellness | Pharmacy & Consumer Wellness segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Corporate/Other
CVS Health Corp.; Corporate/Other; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted operating income (loss) | (1,348) | (1,318) | (1,613) | (1,635) | —) |
| Revenues | 56) | 57) | 124) | 125) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -2,407.14% | -2,312.28% | -1,300.81% | -1,308.00% | — |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Segment profit margin = 100 × Adjusted operating income (loss) ÷ Revenues
= 100 × -1,348 ÷ 56 = -2,407.14%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Corporate/Other | Corporate/Other segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Revenues
CVS Health Corp., revenues by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Care Benefits | 129,192) | 104,881) | 90,874) | 81,533) | —) |
| Health Services | 173,320) | 186,844) | 169,576) | 153,892) | —) |
| Pharmacy & Consumer Wellness | 124,500) | 116,768) | 108,640) | 101,603) | —) |
| Corporate/Other | 56) | 57) | 124) | 125) | —) |
| Intersegment eliminations | (56,412) | (51,927) | (47,585) | (46,241) | —) |
| Consolidated total | 370,656) | 356,623) | 321,629) | 290,912) | —) |
Based on: 10-K (reporting date: 2024-12-31), 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).
Adjusted operating income (loss)
CVS Health Corp., adjusted operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Health Care Benefits | 307) | 5,577) | 6,338) | 5,110) | —) |
| Health Services | 7,243) | 7,312) | 6,781) | 6,492) | —) |
| Pharmacy & Consumer Wellness | 5,774) | 5,963) | 6,531) | 7,260) | —) |
| Corporate/Other | (1,348) | (1,318) | (1,613) | (1,635) | —) |
| Consolidated total | 11,976) | 17,534) | 18,037) | 17,227) | —) |
Based on: 10-K (reporting date: 2024-12-31), 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).