Short answer
CVS Health (CVS) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $402.1B (+7.8% year over year) and net income of $1.8B.
- Top risk flagged: Opioid litigation risk: $320 million accrual increase for ongoing opioid litigation matters in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $402.1B
- +7.8% YoY
- Net income
- $1.8B
- −61.7% YoY
- Operating margin
- 1.2%
- −1.1 pp YoY
- EPS (diluted)
- $1.39
- −62.0% YoY
- ROE
- 2.4%
- −3.8 pp YoY
- Operating cash flow
- $10.6B
- +16.8% YoY
Source: XBRL data from the CVS Health (CVS) FY2025 10-K on SEC EDGAR. USD.
CVS Health FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business risk focus on compliance with extensive laws, regulations, and contractual requirements in healthcare sectors
- Increased litigation exposure due to vertical integration strategy and expanded healthcare services
- Ongoing costly class action, qui tam, securities, and derivative litigation with potential high damages, not fully insured
- Heightened regulatory audits, inspections, government inquiries, and legal proceedings inside and outside U.S.
- Insurance coverage limits highlighted with risks of unavailable or insufficient insurance, especially for punitive damages
Management Discussion & Analysis
- Market valuation risk: $3.6B fair value decline in long-term debt with 100bp rate increase; no impact on operations
- Interest rate sensitive investment net fair value decline approx. $765M, recorded as unrealized loss in equity
- No material foreign currency or commodity derivative exposures as of Dec 31, 2025
- Cybersecurity risks ongoing; no material impact on operations; significant resources allocated to risk mitigation
Risk Factors
- Opioid litigation risk: $320 million accrual increase for ongoing opioid litigation matters in 2025
- Geopolitical/macroeconomic exposure: Medicare Advantage segment served 37 million people, sensitive to CMS policy changes
- Supply chain vulnerability: Reliance on pharmaceutical pricing negotiations through group purchasing organization for drug cost management
- Competitive risk: Health Services segment faces disruption from Signify Health and Oak Street Health in value-based primary care
- Financial risk: $5.7 billion goodwill impairment in Health Care Delivery reporting unit in 2025 impacting operating income
Generated from the filing text; verify against the original. How to read a 10-K
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