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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reconciliation of Cash and Cash Equivalents

The following is a reconciliation of cash and cash equivalents on the consolidated balance sheets to total cash, cash equivalents and restricted cash on the consolidated statements of cash flows as of December 31, 2025, 2024 and 2023:


In millions	2025		2024		2023
Cash and cash equivalents	$	8,453	$	8,586	$	8,196
Restricted cash (included in other current assets)	59		95		90
Restricted cash (included in other assets)	200		203		239
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows	$	8,712	$	8,884	$	8,525

Income taxes paid, net of refunds received consisted of the following for the years ended December 31, 2025, 2024 and 2023:


In millions	2025		2024		2023
Income taxes paid, net of refunds received:
Federal	$	1,583	$	1,194	$	2,797
State	457		484		725
Foreign	126		25		2
Total	$	2,166	$	1,703	$	3,524

Schedule of Accounts Receivable, Net

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


In millions	2025		2024
Trade receivables	$	10,563	$	9,881
Vendor and manufacturer receivables	15,564		13,891
Premium receivables	5,753		4,731
Other receivables	7,899		7,966
Total accounts receivable, net	$	39,779	$	36,469

Rollforward of Deferred Acquisition Costs

The following is a roll forward of deferred acquisition costs for the years ended December 31, 2025 and 2024:


In millions	2025		2024
Deferred acquisition costs, beginning of the period	$	1,747	$	1,502
Capitalizations	516		544
Amortization expense	(346)		(299)

Deferred acquisition costs, end of the period	$	1,917	$	1,747

Schedule of Property and Equipment

Property and equipment consisted of the following at December 31, 2025 and 2024:


In millions	2025		2024
Land	$	1,809	$	1,847
Building and improvements	4,593		4,632
Fixtures and equipment	11,737		11,716
Leasehold improvements	6,812		6,725
Software	12,876		11,520
Total property and equipment	37,827		36,440
Accumulated depreciation and amortization	(24,744)		(23,447)
Property and equipment, net	$	13,083	$	12,993

Schedule of Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major source in each segment for the years ended December 31, 2025, 2024 and 2023:


In millions	Health Care Benefits		Health Services		Pharmacy & Consumer Wellness		Corporate/ Other		Intersegment Eliminations		Consolidated Totals
2025
Major goods/services lines:
Pharmacy	$	—	$	181,109	$	115,510	$	—	$	(67,594)	$	229,025
Front Store	—		—		21,459		—		—		21,459
Premiums	134,749		—		—		45		(43)		134,751

Net investment income	1,782		20		—		431		—		2,233
Other	6,823		9,296		2,398		8		(3,926)		14,599
Total	$	143,354	$	190,425	$	139,367	$	484	$	(71,563)	$	402,067

Health Services distribution channel:
Pharmacy network (1)			$	101,775
Mail & specialty (2)			79,334
Net investment income			20
Other			9,296
Total			$	190,425

2024
Major goods/services lines:
Pharmacy	$	—	$	162,527	$	100,687	$	—	$	(52,942)	$	210,272
Front Store	—		—		21,522		—		—		21,522
Premiums	122,849		—		—		47		—		122,896

Net investment income	1,473		285		—		395		—		2,153
Other	6,343		10,793		2,291		9		(3,470)		15,966
Total	$	130,665	$	173,605	$	124,500	$	451	$	(56,412)	$	372,809

Health Services distribution channel:
Pharmacy network (1)			$	91,650
Mail & specialty (2)			70,877
Net investment income			285
Other			10,793
Total			$	173,605


In millions	Health Care Benefits		Health Services		Pharmacy & Consumer Wellness		Corporate/ Other		Intersegment Eliminations		Consolidated Totals
2023
Major goods/services lines:
Pharmacy	$	—	$	180,710	$	92,111	$	—	$	(49,369)	$	223,452
Front Store	—		—		22,458		—		—		22,458
Premiums	99,144		—		—		48		—		99,192

Net investment income (loss)	765		(1)		(5)		394		—		1,153
Other	5,737		6,134		2,199		9		(2,558)		11,521
Total	$	105,646	$	186,843	$	116,763	$	451	$	(51,927)	$	357,776


Health Services distribution channel:
Pharmacy network (1)			$	112,718
Mail & specialty (2)			67,992
Net investment income (loss)			(1)

Other			6,134
Total			$	186,843

_____________________________________________

(1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including pharmacies owned by the Company, 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 as of December 31, 2025 and 2024:


In millions	2025		2024
Trade receivables (included in accounts receivable, net)	$	10,563	$	9,881
Contract liabilities (included in accrued expenses and other current liabilities)	62		144

Schedule of Variable Interest Entities

Physician Groups VIE assets and liabilities included on the consolidated balance sheet at December 31, 2025 and 2024 were as follows:


In millions	2025		2024
Total assets	$	2,975	$	2,144
Total liabilities	3,170		2,104

Other variable interest holder VIE assets included in long-term investments on the consolidated balance sheets at December 31, 2025 and 2024 were as follows:


In millions	2025		2024
Hedge fund investments	$	1,684	$	1,246
Private equity investments	905		934
Real estate partnerships	580		438
Total	$	3,169	$	2,618

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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