CVS Health Corporation

CVSNYSEHealthcare● Active

$96.89

+$0.96(+1.00%)

Market Cap$123.6B

P/E Ratio—

52W High$98.43

52W Low$58.5

Avg Volume7.9M

Open$95.95

Beta0.62

Overview

CVS Health Corporation (CVS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CVS · free cash flow · updated Jun 8, 2026

Core FCF metrics

CVS · FCF · TTM · margin & CAGR

Free cash flow was $7.81B for FY2025 (fiscal year ending 2025-12-31), up 23.4% year-over-year The FCF margin was 1.9%. Five-year CAGR stands at -10.3%.

FY2025 Free Cash Flow$7.81B▲ +23.4% YoY

Trailing 12M (TTM)$7.39Btrailing 4 quarters sum

FCF Margin1.9%$7.81B ÷ revenue

3-Year CAGR-16.6%FY2022 → FY2025

5-Year CAGR-10.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CVS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$10.64B(2.83B)$7.81B▲ +23.4%1.9%

FY2024$9.11B(2.78B)$6.33B▼ 39.1%1.7%

FY2023$13.43B(3.03B)$10.39B▼ 22.7%2.9%

FY2022$16.18B(2.73B)$13.45B▼ 14.6%4.2%

FY2021$18.27B(2.52B)$15.74B▲ +17.3%5.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CVS · P/FCF · FCF yield · FCF per share

CVS Health Corporation (CVS) trades at a FCF yield of 5.97% and a price-to-free-cash-flow ratio of 16.6x. FCF per share stands at $5.84, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.97%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.84

TTM FCF ÷ Shares Outstanding

Price / FCF

x16.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x26.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CVS · cash flow statement · operating / investing / financing

For FY2025, CVS Health Corporation generated $10.64B in operating cash flow and spent 2.83B in capital expenditures, yielding $7.81B in free cash flow.

Operating Activities

+$10.64B

Cash from core business operations

2025-12-31

Investing Activities

−$5.87B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.94B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($10.64B) − |CapEx| (2.83B) = FCF ($7.81B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

CVS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

CVS Health CorporationYOU

CVS

$7.81B+23.4%1.9%

40%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

CVS Health Corporation (CVS) reported free cash flow of $7.81B for FY2025 (fiscal year ending 2025-12-31), up 23.4% year-over-year. The FCF margin was 1.9%.

Based on available data, CVS Health Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $15.74B in FY2021. The 5-year CAGR stands at -10.3%.

CVS Health Corporation's FCF yield is 5.97% and price-to-FCF ratio is 16.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CVS free cash flow · 8 questions

CVS Health Corporation free cash flow was $7.81B for FY2025, up 23.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $7.39B.

CVS free cash flowCVS FCFCVS FCF 2025CVS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · CVS Health Corporation · CVS Health Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026