Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reconciliation of Cash and Cash Equivalents

The following is a reconciliation of cash and cash equivalents on the unaudited condensed consolidated balance sheets to total cash, cash equivalents and restricted cash on the unaudited condensed consolidated statements of cash flows:


In millions	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	10,076	$	8,586
Restricted cash (included in other current assets)	65		95
Restricted cash (included in other assets)	205		203
Total cash, cash equivalents and restricted cash in the statements of cash flows	$	10,346	$	8,884

Schedule of Accounts Receivable, Net

Accounts receivable, net at March 31, 2025 and December 31, 2024 was composed of the following:


In millions	March 31, 2025		December 31, 2024
Trade receivables	$	10,450	$	9,881
Vendor and manufacturer receivables	14,205		13,891
Premium receivables	6,210		4,731
Other receivables	8,760		7,966
Total accounts receivable, net	$	39,625	$	36,469

Rollforward of Deferred Acquisition Costs

The following is a roll forward of deferred acquisition costs for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
In millions		2025		2024
Deferred acquisition costs, beginning of the period		$	1,747	$	1,502
Capitalization		133		134
Amortization expense		(86)		(76)

Deferred acquisition costs, end of the period		$	1,794	$	1,560

Schedule of Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by major source in each segment for the three months ended March 31, 2025 and 2024:


In millions	Health Care Benefits		Health Services		Pharmacy & Consumer Wellness		Corporate/ Other		Intersegment Eliminations		Consolidated Totals
Three Months Ended March 31, 2025
Major goods/services lines:
Pharmacy	$	—	$	41,182	$	26,076	$	—	$	(14,751)	$	52,507
Front Store	—		—		5,243		—		—		5,243
Premiums	32,808		—		—		12		—		32,820
Net investment income	387		14		—		119		—		520
Other	1,615		2,266		593		2		(978)		3,498
Total	$	34,810	$	43,462	$	31,912	$	133	$	(15,729)	$	94,588

Health Services distribution channel:
Pharmacy network (1)			$	23,114
Mail & specialty (2)			18,068
Net investment income			14
Other			2,266

Total			$	43,462

Three Months Ended March 31, 2024
Major goods/services lines:
Pharmacy	$	—	$	37,726	$	22,784	$	—	$	(12,113)	$	48,397
Front Store	—		—		5,370		—		—		5,370
Premiums	30,379		—		—		12		—		30,391
Net investment income	353		—		—		101		—		454
Other	1,504		2,559		571		2		(811)		3,825
Total	$	32,236	$	40,285	$	28,725	$	115	$	(12,924)	$	88,437

Health Services distribution channel:
Pharmacy network (1)			$	20,464
Mail & specialty (2)			17,262
Other			2,559
Total			$	40,285

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(1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company’s retail pharmacies and LTC pharmacies, as well as activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.

(2)Health Services mail & specialty is defined as specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment.

Schedule of Receivables and Contract Liabilities from Contracts with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:


In millions	March 31, 2025		December 31, 2024
Trade receivables (included in accounts receivable, net)	$	10,450	$	9,881
Contract liabilities (included in accrued expenses and other current liabilities)	65		144