CVS Health

CVS · Health Care · Market cap $134B

Q2 FY25 Jun 30, 2025 reported Jul 31, 2025

Revenue$98.9B +8% year over year

Gross profit$44.9B

Operating profit$2.4B

Net profit$1B 1% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	98.9	100%	+8%
Health Services	40.1	41%	+4%
Health Care Benefits	35.8	36%	+11%
Premiums	34.2	35%
Front Store	5.4	5%	+2%
Other	0.9	1%	−78%
Cost of revenue	−54	55%
Gross profit	44.9	45% margin	+0pp
Operating expenses	−42.5	43%	+0pp
Operating profit	2.4	2% margin	−1pp
Tax	−0.6
Interest & other costs	−0.8
Net profit	1	1%	−1pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	94.6	100%	+7%
Health Services	38.1	40%
Health Care Benefits	34.4	36%
Premiums	32.8	35%
Front Store	5.2	5%
Cost of revenue	−51.1	54%
Gross profit	43.5	46% margin	+0pp
Operating expenses	−40.2	42%	+0pp
Operating profit	3.4	4% margin	+1pp
Tax	−0.8
Interest & other costs	−0.8
Net profit	1.8	2%	+1pp

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	95.4	100%	+6%
Health Services	40.8	43%
Health Care Benefits	32.6	34%
Premiums	30.9	32%
Front Store	5.2	5%
Cost of revenue	−52.9	55%
Gross profit	42.5	45% margin	+5pp
Operating expenses	−41.6	44%	+0pp
Operating profit	0.8	1% margin	−3pp
Interest & other costs	−0.7
Net profit	0.1	0%	−2pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY25	Jun 30, 2025	Jul 31, 2025	$98.9B	+8%	2%	$1B	1%
Q1 FY25	Jan 1 – Mar 31, 2025	May 1, 2025	$94.6B	+7%	4%	$1.8B	2%
Q3 FY24	Jul 1 – Sep 30, 2024	Nov 6, 2024	$95.4B	+6%	1%	$0.1B	0%