CVS HEALTH CORP, 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-01011  
Entity Registrant Name CVS HEALTH CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 05-0494040  
Entity Address, Address Line One One CVS Drive  
Entity Address, City or Town Woonsocket  
Entity Address, State or Province RI  
Entity Address, Postal Zip Code 02895  
City Area Code (401)  
Local Phone Number 765-1500  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol CVS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,265,019,429
Entity Central Index Key 0000064803  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Premiums $ 32,820 $ 30,391
Net investment income 520 454
Total revenues 94,588 88,437
Operating costs:    
Cost of products sold 51,057 48,073
Health care costs 29,135 27,803
Operating expenses 11,022 10,290
Total operating costs 91,214 86,166
Operating income 3,374 2,271
Interest expense 785 716
Other income (28) (25)
Income before income tax provision 2,617 1,580
Income tax provision 835 456
Net income 1,782 1,124
Net income attributable to noncontrolling interests (3) (11)
Net income attributable to CVS Health $ 1,779 $ 1,113
Net income per share attributable to CVS Health:    
Basic (in dollars per share) $ 1.41 $ 0.88
Diluted (in dollars per share) $ 1.41 $ 0.88
Weighted average shares outstanding:    
Basic (in shares) 1,261 1,260
Diluted (in shares) 1,264 1,267
Cost, Product and Service [Extensible List] Products Products
Products    
Revenues:    
Revenues $ 57,669 $ 53,724
Services    
Revenues:    
Revenues $ 3,579 $ 3,868
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 1,782 $ 1,124
Other comprehensive income (loss), net of tax:    
Net unrealized investment gains (losses) 216 (108)
Change in discount rate on long-duration insurance reserves (33) 68
Net cash flow hedges (4) (4)
Other comprehensive income (loss) 179 (44)
Comprehensive income 1,961 1,080
Comprehensive income attributable to noncontrolling interests (3) (11)
Comprehensive income attributable to CVS Health $ 1,958 $ 1,069
v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 10,076 $ 8,586
Investments 2,578 2,407
Accounts receivable, net 39,625 36,469
Inventories 17,385 18,107
Other current assets 3,527 3,076
Total current assets 73,191 68,645
Long-term investments 28,906 28,934
Property and equipment, net 12,856 12,993
Operating lease right-of-use assets 15,704 15,944
Goodwill 91,203 91,272
Intangible assets, net 26,570 27,323
Separate accounts assets 1,924 3,311
Other assets 5,231 4,793
Total assets 255,585 253,215
Liabilities:    
Accounts payable 16,534 15,892
Pharmacy claims and discounts payable 25,797 24,166
Health care costs payable 15,112 15,064
Accrued expenses and other current liabilities 22,369 20,810
Other insurance liabilities 1,570 1,183
Current portion of operating lease liabilities 1,909 1,751
Short-term debt 1,259 2,119
Current portion of long-term debt 4,411 3,624
Total current liabilities 88,961 84,609
Long-term operating lease liabilities 14,594 14,899
Long-term debt 59,040 60,527
Deferred income taxes 3,664 3,806
Separate accounts liabilities 1,924 3,311
Other long-term insurance liabilities 4,873 4,902
Other long-term liabilities 5,419 5,431
Total liabilities 178,475 177,485
Shareholders’ equity:    
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding 0 0
Common stock, par value $0.01: 3,200 shares authorized; 1,779 shares issued and 1,262 shares outstanding at March 31, 2025 and 1,778 shares issued and 1,260 shares outstanding at December 31, 2024 and capital surplus 49,837 49,661
Treasury stock, at cost: 517 shares at March 31, 2025 and 518 shares at December 31, 2024 (36,735) (36,818)
Retained earnings 63,768 62,837
Accumulated other comprehensive income (loss) 59 (120)
Total CVS Health shareholders’ equity 76,929 75,560
Noncontrolling interests 181 170
Total shareholders’ equity 77,110 75,730
Total liabilities and shareholders’ equity $ 255,585 $ 253,215
v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 3,200,000,000 3,200,000,000
Common stock, shares issued (in shares) 1,779,000,000 1,778,000,000
Common stock, shares outstanding (in shares) 1,262,000,000 1,260,000,000
Treasury stock (in shares) 517,000,000 518,000,000
v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Cash receipts from customers $ 90,809 $ 84,997
Cash paid for inventory, prescriptions dispensed and health services rendered (48,433) (44,824)
Insurance benefits paid (28,477) (24,894)
Cash paid to other suppliers and employees (8,690) (9,677)
Interest and investment income received 497 407
Interest paid (1,012) (1,043)
Income taxes paid (138) (63)
Net cash provided by operating activities 4,556 4,903
Cash flows from investing activities:    
Proceeds from sales and maturities of investments 3,534 2,153
Purchases of investments (3,552) (3,545)
Purchases of property and equipment (743) (705)
Acquisitions (net of cash and restricted cash acquired) (20) (25)
Other 19 28
Net cash used in investing activities (762) (2,094)
Cash flows from financing activities:    
Commercial paper borrowings (repayments), net (859) 2,519
Repayments of long-term debt (743) (18)
Repurchase of common stock 0 (3,027)
Dividends paid (840) (840)
Proceeds from exercise of stock options 144 203
Payments for taxes related to net share settlement of equity awards (11) (31)
Other (23) (33)
Net cash used in financing activities (2,332) (1,227)
Net increase in cash, cash equivalents and restricted cash 1,462 1,582
Cash, cash equivalents and restricted cash at the beginning of the period 8,884 8,525
Cash, cash equivalents and restricted cash at the end of the period 10,346 10,107
Reconciliation of net income to net cash provided by operating activities:    
Net income 1,782 1,124
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,154 1,138
Stock-based compensation 126 137
Loss on sale of subsidiary 236 0
Deferred income taxes and other items (169) (217)
Change in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, net (3,053) 3,008
Inventories 722 1,660
Other assets (1,101) (2,836)
Accounts payable and pharmacy claims and discounts payable 2,619 (1,410)
Health care costs payable and other insurance liabilities 364 2,253
Other liabilities 1,876 46
Net cash provided by operating activities $ 4,556 $ 4,903
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Total CVS Health Shareholders’ Equity
Common Shares
Treasury Shares
Common Stock and Capital Surplus
 [2]
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023     1,768          
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2023 [1]       (480)        
Balance at beginning of period at Dec. 31, 2023 $ 76,636 $ 76,461   $ (33,838) [1] $ 48,992 $ 61,604 $ (297) $ 175
Shareholders' Equity [Roll Forward]                
Net income 1,124 1,113       1,113   11
Other comprehensive income (loss) (44) (44)         (44)  
Stock option activity, stock awards and other (in shares)     3          
Stock option activity, stock awards and other 244 244     244      
Purchases of treasury shares, net of ESPP issuances (in shares) [1]       (39)        
Purchase of treasury shares, net of ESPP issuances (2,962) (2,962)   $ (2,935) [1] (27)      
Common stock dividends ($0.665 per share) (844) (844)       (844)    
Other increases (decreases) in noncontrolling interests (4) 0           (4)
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2024     1,771          
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2024 [1]       (519)        
Balance at end of period at Mar. 31, 2024 $ 74,150 73,968   $ (36,773) [1] 49,209 61,873 (341) 182
Shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2024     1,778          
Treasury shares outstanding, balance at beginning of period (in shares) at Dec. 31, 2024 (518)     (518) [1]        
Balance at beginning of period at Dec. 31, 2024 $ 75,730 75,560   $ (36,818) [1] 49,661 62,837 (120) 170
Shareholders' Equity [Roll Forward]                
Net income 1,782 1,779       1,779   3
Other comprehensive income (loss) 179 179         179  
Stock option activity, stock awards and other (in shares)     1          
Stock option activity, stock awards and other 176 176     176      
ESPP issuances, net of purchase of treasury shares (in shares) [1]       1        
ESPP issuances, net of purchase of treasury shares 83 83   $ 83 [1]        
Common stock dividends ($0.665 per share) (848) (848)       (848)    
Other increases (decreases) in noncontrolling interests $ 8 0           8
Shares outstanding, balance at end of period (in shares) at Mar. 31, 2025     1,779          
Treasury shares outstanding, balance at end of period (in shares) at Mar. 31, 2025 (517)     (517) [1]        
Balance at end of period at Mar. 31, 2025 $ 77,110 $ 76,929   $ (36,735) [1] $ 49,837 $ 63,768 $ 59 $ 181
[1] Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of March 31, 2025 and 2024 and December 31, 2024 and 2023.
[2] Common stock and capital surplus includes the par value of common stock of $18 million as of March 31, 2025 and 2024 and December 31, 2024 and 2023.
v3.25.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665    
Treasury shares held in trust (in shares) 1 1 1 1
Treasury shares held in trust $ 29 $ 29 $ 29 $ 29
Common stock $ 18 $ 18 $ 18 $ 18
v3.25.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Description of Business 

CVS Health Corporation, together with its subsidiaries (collectively, “CVS Health” or the “Company”), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of March 31, 2025, the Company had more than 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 88 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (“PDP”). The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs.

The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers through its Aetna® operations. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s primary customers, its members, primarily access the segment’s products and services through employer groups, government-sponsored plans or individually. The Health Care Benefits segment also serves customers who purchase products and services that are ancillary to its health insurance products. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” The Company also sells Insured plans directly to individual consumers through the individual public health insurance exchanges (“Public Exchanges”).

Health Services Segment
The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. The segment also works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products through its CordavisTM subsidiary. The Health Services segment’s health care delivery assets include Signify Health, Inc. (“Signify Health”), a leader in health risk assessments and value-based care, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on public and private health insurance exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy & Consumer Wellness segment dispenses prescriptions in its CVS Pharmacy® retail locations and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities and other care settings, and provides pharmacy fulfillment services
to support the Health Services segment’s specialty and mail order pharmacy offerings. As of March 31, 2025, the Pharmacy & Consumer Wellness segment operated more than 9,000 retail locations, as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services.

Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

•Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources and finance departments, information technology, digital, data and analytics, as well as acquisition-related integration costs; and
•Products for which the Company no longer solicits or accepts new customers, such as its large case pensions and long-term care insurance products.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
 
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
 
The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary.

Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.

Restricted Cash

Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members. Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in demand deposits, time deposits and money market funds.
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 millionsMarch 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 

Accounts Receivable

Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations. Accounts receivable, net at March 31, 2025 and December 31, 2024 was composed of the following:
In millionsMarch 31,
2025		December 31,
2024
Trade receivables$10,450 $9,881 
Vendor and manufacturer receivables14,205 13,891 
Premium receivables6,210 4,731 
Other receivables8,760 7,966 
   Total accounts receivable, net$39,625 $36,469 

The Company’s allowance for credit losses was $392 million and $407 million as of March 31, 2025 and December 31, 2024, respectively. When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.

Health Care Contract Acquisition Costs

Insurance products included in the Health Care Benefits segment are cancellable by either the customer or the member monthly upon written notice. Acquisition costs related to prepaid health care and health indemnity contracts are generally expensed as incurred. For certain long-duration insurance contracts, acquisition costs directly related to the successful acquisition of a new or renewal insurance contract, including commissions, are deferred and are recorded as other current assets or other assets on the unaudited condensed consolidated balance sheets. Contracts are grouped by product and issue year into cohorts consistent with the grouping used in estimating the associated liability and are amortized on a constant level basis based on the remaining in-force policies over the estimated term of the contracts to approximate straight-line amortization. Changes to the Company’s assumptions, including assumptions related to persistency, are reflected at the cohort level at the time of change and are recognized prospectively over the estimated terms of the contract. The amortization of deferred acquisition costs is recorded in operating expenses in the unaudited condensed consolidated statements of operations.

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 millions20252024
Deferred acquisition costs, beginning of the period$1,747$1,502
Capitalization
133134
Amortization expense(86)(76)
Deferred acquisition costs, end of the period$1,794$1,560
Premium Deficiency Reserves

The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability.

During the first quarter of 2025, the Company determined it had a premium deficiency in its individual exchange product line related to the 2025 coverage year. Accordingly, during the three months ended March 31, 2025, the Company recorded a premium deficiency reserve of $448 million consisting of a $17 million charge of unamortized acquisition costs, which was recorded in operating expenses, and the establishment of a premium deficiency reserve of $431 million, which was recorded in health care costs. The Company did not establish a premium deficiency reserve for any other product line during the three months ended March 31, 2025.

The Company did not establish any premium deficiency reserves during the three months ended March 31, 2024.
Revenue Recognition

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 millionsHealth 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 
Premiums32,808 — — 12 — 32,820 
Net investment income387 14 — 119 — 520 
Other1,615 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 income14 
Other2,266 
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 
Premiums30,379 — — 12 — 30,391 
Net investment income353 — — 101 — 454 
Other1,504 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 
Other2,559 
Total$40,285 
_____________________________________________
(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.

Contract Balances
Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration, and primarily include ExtraBucks® Rewards and unredeemed Company gift cards. The consideration received remains a contract liability until goods or services have been provided to the customer. In addition, the Company recognizes breakage on Company gift cards based on historical redemption patterns.
The following table provides information about receivables and contract liabilities from contracts with customers:
In millionsMarch 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 

ACO REACH and MSSP Exit

Prior to the first quarter of 2025, the Company’s Health Services segment provided enablement services to health systems primarily through two programs administered by CMS: the Accountable Care Organization Realizing Equity, Access and Community Health (“ACO REACH”) program and the Medicare Shared Savings Program (“MSSP”). During the first quarter of 2025, the Company determined that it would substantially exit both the ACO REACH program and the MSSP as further described below. In connection with these actions, during the three months ended March 31, 2025, the Company recorded a loss on Accountable Care assets of $247 million, which is reflected in operating expenses within the Health Services segment.

ACO REACH
In February 2025, the Company informed CMS of its plans to voluntarily terminate substantially all of its participation in the ACO REACH program effective March 31, 2025. In connection with the commencement of the wind down of its ACO REACH operations, the Company incurred costs of $11 million during the three months ended March 31, 2025.

MSSP
In March 2025, the Company also divested its MSSP operations to Wellvana Health, LLC. The Company recorded a pre-tax loss on the divestiture of $236 million in the three months ended March 31, 2025, which includes the removal of intangible assets and goodwill totaling $342 million. The consideration received related to this agreement was not material.

New Accounting Pronouncements Recently Adopted

Segment Reporting
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires the Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and are included within each reported measure of segment operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The standard also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted the standard on January 1, 2024 for fiscal year reporting and the standard became effective for interim reporting periods in fiscal years beginning after December 15, 2024. The standard requires retrospective application to all prior periods presented. While the standard requires additional disclosures related to the Company’s reportable segments, the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows as of the date of adoption. Refer to Note 10 ‘‘Segment Reporting’’ for the Company’s segment reporting disclosures, including those newly required by this standard.

Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The Company adopted the standard on January 1, 2025 for fiscal year reporting. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. While the standard will require additional disclosures related to the Company’s income taxes within the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows.
New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires the Company to provide further disaggregated information of relevant expense captions within its consolidated statements of operations, including the purchases of inventory, employee compensation, depreciation and intangible asset amortization, as well as the inclusion of other specific expenses, gains and losses required by existing GAAP. The new standard also requires the Company to disclose its total selling expenses and, on an annual basis, provide a qualitative description of its selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The standard may be applied prospectively or retrospectively. While the standard will require additional disclosures related to certain expenses included in the consolidated statements of operations, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments Investments
Total investments at March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025December 31, 2024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,426 $23,618 $26,044 $2,256 $23,777 $26,033 
Mortgage loans152 1,346 1,498 151 1,354 1,505 
Other investments— 3,942 3,942 — 3,803 3,803 
Total investments$2,578 $28,906 $31,484 $2,407 $28,934 $31,341 

Debt Securities

Debt securities available for sale at March 31, 2025 and December 31, 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2025
Debt securities:  
U.S. government securities$2,869 $30 $(19)$2,880 
States, municipalities and political subdivisions387 2 (13)376 
U.S. corporate securities13,326 135 (334)13,127 
Foreign securities2,603 34 (81)2,556 
Residential mortgage-backed securities828 7 (41)794 
Commercial mortgage-backed securities1,775 16 (50)1,741 
Other asset-backed securities4,542 22 (9)4,555 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$26,345 $246 $(547)$26,044 
December 31, 2024
Debt securities:
U.S. government securities$2,826 $7 $(38)$2,795 
States, municipalities and political subdivisions712 4 (18)698 
U.S. corporate securities13,043 94 (412)12,725 
Foreign securities2,608 27 (111)2,524 
Residential mortgage-backed securities792 2 (54)740 
Commercial mortgage-backed securities1,731 9 (67)1,673 
Other asset-backed securities4,834 35 (7)4,862 
Redeemable preferred securities16 — — 16 
Total debt securities (2)
$26,562 $178 $(707)$26,033 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at March 31, 2025 or December 31, 2024.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At March 31, 2025, debt securities with a fair value of $517 million, gross unrealized capital gains of $6 million and gross unrealized capital losses of $22 million, and at December 31, 2024, debt securities with a fair value of $543 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $30 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income (loss).
The amortized cost and fair value of debt securities at March 31, 2025 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$1,192 $1,189 
One year through five years10,666 10,670 
After five years through ten years4,422 4,385 
Greater than ten years2,920 2,710 
Residential mortgage-backed securities828 794 
Commercial mortgage-backed securities1,775 1,741 
Other asset-backed securities4,542 4,555 
Total$26,345 $26,044 
Summarized below are the debt securities the Company held at March 31, 2025 and December 31, 2024 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2025  
Debt securities:  
U.S. government securities60 $194 $5 121 $287 $14 181 $481 $19 
States, municipalities and political subdivisions39 87 4 113 168 9 152 255 13 
U.S. corporate securities1,856 2,384 40 2,378 3,143 294 4,234 5,527 334 
Foreign securities419 577 11 550 770 70 969 1,347 81 
Residential mortgage-backed securities46 130 1 339 315 40 385 445 41 
Commercial mortgage-backed securities114 391 4 158 303 46 272 694 50 
Other asset-backed securities478 1,104 6 48 43 3 526 1,147 9 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 3,012 $4,867 $71 3,711 $5,035 $476 6,723 $9,902 $547 
December 31, 2024  
Debt securities:  
U.S. government securities266 $1,053 $18 155 $394 $20 421 $1,447 $38 
States, municipalities and political subdivisions100 181 3 137 201 15 237 382 18 
U.S. corporate securities3,119 4,144 64 2,602 3,395 348 5,721 7,539 412 
Foreign securities599 810 21 616 874 90 1,215 1,684 111 
Residential mortgage-backed securities89 267 5 361 342 49 450 609 54 
Commercial mortgage-backed securities186 628 11 237 464 56 423 1,092 67 
Other asset-backed securities139 414 5 62 58 2 201 472 7 
Redeemable preferred securities4 9 — 4 6 — 8 15 — 
Total debt securities 4,502 $7,506 $127 4,174 $5,734 $580 8,676 $13,240 $707 

The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses at March 31, 2025 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of March 31, 2025, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
The maturity dates for debt securities in an unrealized capital loss position at March 31, 2025 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$1 $— $508 $8 $509 $8 
One year through five years92 2 3,393 96 3,485 98 
After five years through ten years64 4 1,609 94 1,673 98 
Greater than ten years129 15 1,820 228 1,949 243 
Residential mortgage-backed securities5 — 440 41 445 41 
Commercial mortgage-backed securities6 1 688 49 694 50 
Other asset-backed securities7 — 1,140 9 1,147 9 
Total$304 $22 $9,598 $525 $9,902 $547 

Mortgage Loans

The Company’s mortgage loans are collateralized by commercial real estate. During the three months ended March 31, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
March 31,
In millions20252024
New mortgage loans$33 $59 
Mortgage loans fully repaid30 2 
Mortgage loans foreclosed— — 

The Company assesses mortgage loans on a regular basis for credit impairments, and assigns a credit quality indicator to each loan. The Company’s credit quality indicator is internally developed and categorizes each loan in its portfolio on a scale from 1 to 7. These indicators are based upon several factors, including current loan-to-value ratios, current and future property cash flow, property condition, market trends, creditworthiness of the borrower and deal structure.

•Category 1 - Represents loans of superior quality.
•Categories 2 to 4 - Represent loans where credit risk is minimal to acceptable; however, these loans may display some susceptibility to economic changes.
•Categories 5 and 6 - Represent loans where credit risk is not substantial, but these loans warrant management’s close attention.
•Category 7 - Represents loans where collections are potentially at risk; if necessary, an impairment is recorded.
Based on the Company’s assessments at March 31, 2025 and December 31, 2024, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20252024202320222021PriorTotal
March 31, 2025
1$— $— $— $— $— $7 $7 
2 to 432 314 289 294 201 291 1,421 
5 and 6— — — 30 13 27 70 
7— — — — — — — 
Total$32 $314 $289 $324 $214 $325 $1,498 
December 31, 2024
1$— $— $— $— $8 $8 
2 to 4315 292 320 205 320 1,452 
5 and 6— — 4 13 28 45 
7— — — — — — 
Total$315 $292 $324 $218 $356 $1,505 

Net Investment Income

Sources of net investment income for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
March 31,
In millions20252024
Debt securities$323 $244 
Mortgage loans21 17 
Other investments209 223 
Gross investment income553 484 
Investment expenses(12)(12)
Net investment income (excluding net realized losses)
541 472 
Net realized capital losses
(21)(18)
Net investment income
$520 $454 

Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
March 31,
In millions20252024
Proceeds from sales$2,185 $1,265 
Gross realized capital gains12 8 
Gross realized capital losses39 52 
v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. The Company’s assets and liabilities carried at fair value have been classified within one of three levels of a hierarchy established by GAAP. The following are the levels of the hierarchy and a brief description of the type of valuation information (“valuation inputs”) that qualifies a financial asset or liability for each level:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2 – Valuation inputs other than Level 1 that are based on observable market data. These include: quoted prices for similar assets in active markets, quoted prices for identical assets in inactive markets, valuation inputs that are observable that are not prices (such as interest rates and credit risks) and valuation inputs that are derived from or corroborated by observable markets.
•Level 3 – Developed from unobservable data, reflecting the Company’s assumptions.

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 5 ‘‘Fair Value’’ in the 2024 Form 10-K.
There were no financial liabilities measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2025 or December 31, 2024. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2025    
Cash and cash equivalents$2,763 $7,313 $— $10,076 
Debt securities:   
U.S. government securities2,862 18 — 2,880 
States, municipalities and political subdivisions— 376 — 376 
U.S. corporate securities— 13,104 23 13,127 
Foreign securities— 2,556 — 2,556 
Residential mortgage-backed securities— 794 — 794 
Commercial mortgage-backed securities— 1,728 13 1,741 
Other asset-backed securities— 4,555 — 4,555 
Redeemable preferred securities— 15 — 15 
Total debt securities2,862 23,146 36 26,044 
Equity securities173 — 128 301 
Total$5,798 $30,459 $164 $36,421 
December 31, 2024    
Cash and cash equivalents$4,948 $3,638 $— $8,586 
Debt securities:   
U.S. government securities2,777 18 — 2,795 
States, municipalities and political subdivisions— 698 — 698 
U.S. corporate securities— 12,687 38 12,725 
Foreign securities— 2,524 — 2,524 
Residential mortgage-backed securities— 740 — 740 
Commercial mortgage-backed securities— 1,673 — 1,673 
Other asset-backed securities— 4,862 — 4,862 
Redeemable preferred securities— 16 — 16 
Total debt securities2,777 23,218 38 26,033 
Equity securities234 — 126 360 
Total$7,959 $26,856 $164 $34,979 


During the three months ended March 31, 2025, there were $13 million of transfers out of Level 3. During the three months ended March 31, 2024, there were no transfers into or out of Level 3.
The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value at March 31, 2025 and December 31, 2024 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2025
Assets: 
Mortgage loans$1,498 $— $— $1,482 $1,482 
Equity securities (1)
515 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity307 — — 268 268 
Long-term debt63,451 59,341 — — 59,341 
December 31, 2024
Assets: 
Mortgage loans$1,505 $— $— $1,468 $1,468 
Equity securities (1)
490 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 272 272 
Long-term debt64,151 58,724 — — 58,724 
_____________________________________________
(1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.

Separate Accounts assets relate to the Company’s large case pensions products which represent funds maintained to meet specific objectives of contract holders. Since contract holders bear the investment risk of these assets, a corresponding Separate Accounts liability has been established equal to the assets. These assets and liabilities are carried at fair value. Separate Accounts financial assets as of March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2 $158 $— $160 $1 $164 $— $165 
Debt securities20 375 1 396 186 669 1 856 
Common/collective trusts— 1,343 — 1,343 — 2,478 — 2,478 
Total (1)
$22 $1,876 $1 $1,899 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Health Care Costs Payable
 3 Months Ended
Mar. 31, 2025
Health Care And Other Insurance Liabilities [Abstract]  
Health Care Costs Payable Health Care Costs Payable
The following table shows the components of the change in health care costs payable during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Health care costs payable, beginning of the period$15,064 $12,049 
Less: Reinsurance recoverables81 5 
Less: Impact of discount rate on long-duration insurance reserves (1)
(1)(23)
Health care costs payable, beginning of the period, net14,984 12,067 
Add: Components of incurred health care costs
  Current year30,293 28,212 
  Prior years(1,651)(479)
Total incurred health care costs (2)
28,642 27,733 
Less: Claims paid
  Current year19,312 16,263 
  Prior years9,749 9,150 
Total claims paid29,061 25,413 
Health care costs payable, end of the period, net14,565 14,387 
Add: Premium deficiency reserve431 — 
Add: Reinsurance recoverables114 4 
Add: Impact of discount rate on long-duration insurance reserves (1)
2 (23)
Health care costs payable, end of the period$15,112 $14,368 
_____________________________________________
(1)Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income (loss) on the unaudited condensed consolidated balance sheets.
(2)Total incurred health care costs for the three months ended March 31, 2025 and 2024 in the table above exclude $16 million and $23 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and $46 million and $47 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. Total incurred health care costs for the three months ended March 31, 2025 also exclude $431 million for a premium deficiency reserve for the 2025 coverage year related to the Company’s individual exchange product line.

The Company’s estimates of prior years’ health care costs payable decreased by $1.7 billion and $479 million, respectively, in the three months ended March 31, 2025 and 2024, because claims were settled for amounts less than originally estimated (i.e., the amount of claims incurred was lower than originally estimated), primarily due to lower health care cost trends as well as the actual claim submission time being faster than originally assumed (i.e., the Company’s completion factors were higher than originally assumed) in estimating health care costs payable at the end of the prior year.

At March 31, 2025, the Company’s liabilities for the ultimate cost of (i) services rendered to the Company’s Insured members but not yet reported to the Company and (ii) claims which have been reported to the Company but not yet paid (collectively, “IBNR”) plus expected development on reported claims totaled approximately $10.7 billion. The majority of the Company’s liabilities for IBNR plus expected development on reported claims at March 31, 2025 related to the current year.
v3.25.1
Other Insurance Liabilities and Separate Accounts
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Other Insurance Liabilities and Separate Accounts Other Insurance Liabilities and Separate Accounts
Future Policy Benefits

The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of the period - current discount rate$275 
Beginning liability for future policy benefits at original (locked-in) discount rate$280 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience1 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate281 
Interest accrual (using locked-in discount rate)3 
Net premiums (actual)(10)
Ending liability for future policy benefits at original (locked-in) discount rate274 
Effect of changes in discount rate assumptions(2)
Liability for future policy benefits, end of the period - current discount rate$272 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate$1,917 $1,552 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,090 $1,647 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(4)(2)
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,086 1,645 
Issuances9 — 
Interest accrual (using locked-in discount rate)21 20 
Benefit payments (actual)(61)(19)
Ending liability for future policy benefits at original (locked-in) discount rate2,055 1,646 
Effect of changes in discount rate assumptions(151)(77)
Liability for future policy benefits, end of the period - current discount rate$1,904 $1,569 
Net liability for future policy benefits$1,904 $1,297 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,904 $1,297 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
Three Months Ended
March 31, 2024
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of the period - current discount rate$293 
Beginning liability for future policy benefits at original (locked-in) discount rate$288 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience5 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate293 
Interest accrual (using locked-in discount rate)4 
Net premiums (actual)(10)
Ending liability for future policy benefits at original (locked-in) discount rate287 
Effect of changes in discount rate assumptions(2)
Liability for future policy benefits, end of the period - current discount rate$285 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate$2,139 $1,640 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,251 $1,632 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(8)— 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,243 1,632 
Issuances20 — 
Interest accrual (using locked-in discount rate)24 21 
Benefit payments (actual)(63)(18)
Ending liability for future policy benefits at original (locked-in) discount rate2,224 1,635 
Effect of changes in discount rate assumptions(151)(41)
Liability for future policy benefits, end of the period - current discount rate$2,073 $1,594 
Net liability for future policy benefits$2,073 $1,309 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,073 $1,309 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.

The Company did not have any material differences between the actual experience and expected experience for the significant assumptions used in the computation of the liability for future policy benefits.
The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
In millionsMarch 31,
2025		March 31,
2024
Large case pensions
Expected future benefit payments$2,973$3,213
Expected gross premiums——
Long-term care
Expected future benefit payments$3,170$3,215
Expected gross premiums390411

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
March 31,
2025		March 31,
2024
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.31%5.22%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.60%5.36%

The weighted-average durations (in years) of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
March 31,
2025		March 31,
2024
Large case pensions7.37.3
Long-term care11.612.0
Separate Accounts

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:
In millionsMarch 31,
2025		December 31,
2024
Cash and cash equivalents$160 $165 
Debt securities:
U.S. government securities26 186 
States, municipalities and political subdivisions12 14 
U.S. corporate securities293 524 
Foreign securities48 51 
Residential mortgage-backed securities9 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities396 856 
Common/collective trusts1,343 2,478 
Total (1)
$1,899 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.

The following table shows the components of the change in Separate Accounts liabilities during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Separate Accounts liability, beginning of the period$3,311 $3,250 
Premiums and deposits236 201 
Surrenders and withdrawals(1,309)(93)
Benefit payments(243)(223)
Investment earnings(61)128 
Net transfers from general account3 2 
Other(13)6 
Separate Accounts liability, end of the period$1,924 $3,271 
Cash surrender value, end of the period$844 $2,201 
The Company did not recognize any gains or losses on assets transferred to Separate Accounts during the three months ended March 31, 2025 and 2024.
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchases

The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”):
In billions
Authorization Date
Authorized
Remaining as of
March 31, 2025
November 17, 2022 (“2022 Repurchase Program”)$10.0 $10.0 
December 9, 2021 (“2021 Repurchase Program”)10.0 1.5 

Each of the share Repurchase Programs was effective immediately and permit the Company to effect repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase (“ASR”) transactions, and/or other derivative transactions. Both the 2022 and 2021 Repurchase Programs can be modified or terminated by the Board at any time.
 
During the three months ended March 31, 2025, the Company did not repurchase any shares of its common stock. During the three months ended March 31, 2024, the Company repurchased an aggregate of 39.7 million shares of common stock for approximately $3.0 billion pursuant to the 2021 Repurchase Program. This activity includes the share repurchases under the ASR transaction described below.

Pursuant to the authorization under the 2021 Repurchase Program, the Company entered into a $3.0 billion fixed dollar ASR with Morgan Stanley & Co. LLC. Upon payment of the $3.0 billion purchase price on January 4, 2024, the Company received a number of shares of CVS Health Corporation’s common stock equal to 85% of the $3.0 billion notional amount of the ASR or approximately 31.4 million shares, which were placed into treasury stock in January 2024. The ASR was accounted for as an initial treasury stock transaction for $2.6 billion and a forward contract for $0.4 billion. The forward contract was classified as an equity instrument and was recorded within capital surplus. In March 2024, the Company received approximately 8.3 million shares of CVS Health Corporation’s common stock, representing the remaining 15% of the $3.0 billion notional amount of the ASR, thereby concluding the ASR. These shares were placed into treasury and the forward contract was reclassified from capital surplus to treasury stock in March 2024.

At the time they were received, the initial and final receipt of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share.

Dividends

The quarterly cash dividend declared by the Board was $0.665 per share in both the three months ended March 31, 2025 and 2024. CVS Health Corporation has paid cash dividends every quarter since becoming a public company. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Board.
v3.25.1
Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Net unrealized investment losses:
Beginning of period balance$(399)$(429)
Other comprehensive income (loss) before reclassifications ($188 and $(162) pretax)
187 (156)
Amounts reclassified from accumulated other comprehensive loss ($32 and $54 pretax) (1)
29 48 
Other comprehensive income (loss)
216 (108)
End of period balance(183)(537)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance265 152 
Other comprehensive income (loss) before reclassifications ($(41) and $88 pretax)
(33)68 
Other comprehensive income (loss)
(33)68 
End of period balance232 220 
Foreign currency translation adjustments:
Beginning of period balance(4)— 
Other comprehensive income
— — 
End of period balance(4)— 
Net cash flow hedges:
Beginning of period balance229 244 
Amounts reclassified from accumulated other comprehensive income ($(6) and $(6) pretax) (2)
(4)(4)
Other comprehensive loss
(4)(4)
End of period balance225 240 
Pension and other postretirement benefits:
Beginning of period balance(211)(264)
Other comprehensive income
— — 
End of period balance(211)(264)
Total beginning of period accumulated other comprehensive loss(120)(297)
Total other comprehensive income (loss)
179 (44)
Total end of period accumulated other comprehensive income (loss)
$59 $(341)
_____________________________________________
(1)Amounts reclassified from accumulated other comprehensive loss for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.
(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $16 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share is computed using the treasury stock method. Stock options and stock appreciation rights to purchase 10 million and 6 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2025 and 2024, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive.

The following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions, except per share amounts20252024
Numerator for earnings per share calculation:
Net income attributable to CVS Health$1,779 $1,113 
Denominator for earnings per share calculation:
Weighted average shares, basic1,261 1,260 
Restricted stock units and performance stock units2 5 
Stock options and stock appreciation rights1 2 
Weighted average shares, diluted1,264 1,267 
Earnings per share:
Basic$1.41 $0.88 
Diluted$1.41 $0.88 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Lease Guarantees

Between 1995 and 1997, the Company sold or spun off a number of subsidiaries, including Linens ‘n Things and Marshalls. In many cases, when a former subsidiary leased a store, the Company provided a guarantee of the former subsidiary’s lease obligations for the initial lease term and any extension thereof pursuant to a renewal option provided for in the lease prior to the time of the disposition. When the subsidiaries were disposed of and accounted for as discontinued operations, the Company’s guarantees remained in place, although each initial purchaser agreed to indemnify the Company for any lease obligations the Company was required to satisfy. If any of the purchasers or any of the former subsidiaries fail to make the required payments under a store lease, the Company could be required to satisfy those obligations. As of March 31, 2025, the Company guaranteed 60 such store leases (excluding the lease guarantees related to Linens ‘n Things, which have been recorded as a liability on the unaudited condensed consolidated balance sheets), with the maximum remaining lease term extending through 2035.

Guaranty Fund Assessments, Market Stabilization and Other Non-Voluntary Risk Sharing Pools

Under guaranty fund laws existing in all states, insurers doing business in those states can be assessed (in most states up to prescribed limits) for certain obligations of insolvent insurance companies to policyholders and claimants. The life and health insurance guaranty associations in which the Company participates that operate under these laws respond to insolvencies of long-term care insurers and life insurers as well as health insurers. The Company’s assessments generally are based on a formula relating to the Company’s health care premiums in the state compared to the premiums of other insurers. Certain states allow assessments to be recovered over time as offsets to premium taxes. Some states have similar laws relating to health maintenance organizations (“HMOs”) and/or other payors such as not-for-profit consumer-governed health plans established under the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.

In 2009, the Pennsylvania Insurance Commissioner placed long-term care insurer Penn Treaty Network America Insurance Company and one of its subsidiaries (collectively, “Penn Treaty”) in rehabilitation, an intermediate action before insolvency, and subsequently petitioned a state court to convert the rehabilitation into a liquidation. Penn Treaty was placed in liquidation in March 2017. The Company has recorded a liability for its estimated share of future assessments by applicable life and health insurance guaranty associations. It is reasonably possible that in the future the Company may record a liability and expense relating to other insolvencies which could have a material adverse effect on the Company’s operating results, financial
condition and cash flows. While historically the Company has ultimately recovered more than half of guaranty fund assessments through statutorily permitted premium tax offsets, significant increases in assessments could lead to legislative and/or regulatory actions that limit future offsets.

HMOs in certain states in which the Company does business are subject to assessments, including market stabilization and other risk-sharing pools, for which the Company is assessed charges based on incurred claims, demographic membership mix and other factors. The Company establishes liabilities for these assessments based on applicable laws and regulations. In certain states, the ultimate assessments the Company pays are dependent upon the Company’s experience relative to other entities subject to the assessment, and the ultimate liability is not known at the financial statement date. While the ultimate amount of the assessment is dependent upon the experience of all pool participants, the Company believes it has adequate reserves to cover such assessments.

Litigation and Regulatory Proceedings

The Company has been involved or is currently involved in numerous legal proceedings, including litigation, arbitration, government investigations, audits, reviews and claims. These include routine, regular and special investigations, audits and reviews by CMS, state insurance and health and welfare departments, the U.S. Department of Justice (the “DOJ”), state Attorneys General, the U.S. Drug Enforcement Administration (the “DEA”), the U.S. Federal Trade Commission (the “FTC”) and other governmental authorities.

Legal proceedings, in general, and securities, class action and multi-district litigation, in particular, and governmental special investigations, audits and reviews can be expensive and disruptive. Some of the litigation matters may purport or be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. The Company also may be named from time to time in qui tam actions initiated by private third parties that could also be separately pursued by a governmental body. The results of legal proceedings, including government investigations, are often uncertain and difficult to predict, and the costs incurred in these matters can be substantial, regardless of the outcome.

The Company records accruals for outstanding legal matters when it believes it is probable that a loss will be incurred and the amount can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and reasonably estimable, the Company does not establish an accrued liability. Other than the controlled substances litigation accruals described below, none of the Company’s accruals for outstanding legal matters are material individually or in the aggregate to the Company’s unaudited condensed consolidated balance sheets.

Except as otherwise noted, the Company cannot predict with certainty the timing or outcome of the legal matters described below, and the Company is unable to reasonably estimate a possible loss or range of possible loss in excess of amounts already accrued for these matters. The Company believes that its defenses and assertions in pending legal proceedings have merit and does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Company’s financial position. Substantial unanticipated verdicts, fines and rulings, however, do sometimes occur, which could result in judgments against the Company, entry into settlements or a revision to its expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on its results of operations. In addition, as a result of governmental investigations or proceedings, the Company may be subject to damages, civil or criminal fines or penalties, or other sanctions including possible suspension or loss of licensure and/or exclusion from participating in government programs. The outcome of such governmental investigations of proceedings could be material to the Company.

Usual and Customary Pricing Litigation

The Company is named as a defendant in a number of lawsuits that allege that the Company’s retail pharmacies overcharged for prescription drugs by not submitting the correct usual and customary price during the claims adjudication process. These actions are brought by a number of different types of plaintiffs, including plan members, private payors and government payors, and are based on different legal theories. Some of these cases are brought as putative class actions, and in some instances, classes have been certified. The Company is defending itself against these claims.

PBM Litigation and Investigations

The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its PBM
practices.

The Company is facing multiple lawsuits, including by the FTC, state Attorneys General, governmental subdivisions, private parties and several putative class actions, regarding drug pricing and its rebate arrangements with drug manufacturers. These complaints, brought by a number of different types of plaintiffs under a variety of legal theories, generally allege that rebate agreements between the drug manufacturers and PBMs caused inflated prices for certain drug products. The majority of these cases have now been transferred into a multi-district litigation in the U.S. District Court for the District of New Jersey. The Company is defending itself against these claims. The Company has also received subpoenas, civil investigative demands (“CIDs”), and other requests for documents and information from, and is being investigated by, the DOJ, the U.S. Department of Health and Human Services (“HHS”), the FTC and Attorneys General of several states and the District of Columbia regarding its PBM practices, including pharmacy contracting practices and reimbursement, pricing and rebates. While the FTC has released a number of interim staff reports related to its studies of PBM practices under Section 6(b) of the FTC Act, which allows the FTC to conduct studies, among other activities, it has not yet released a final report. The Company has been providing documents and information in response to these subpoenas, CIDs and requests for information. In September 2024, the FTC filed an administrative complaint against the three largest PBMs (the “PBM Group”) and their affiliated group purchasing organizations, including subsidiaries of the Company. The complaint alleged that the PBM Group and their affiliated group purchasing organizations engaged in anti-competitive and unfair practices that “artificially” increased insulin costs. The Company is aggressively defending itself against the complaint. In November 2024, the PBM Group filed a complaint in the U.S. District Court for the Eastern District of Missouri challenging the constitutionality of the FTC’s administrative complaint. After the district court denied the challenge, the PBM Group filed an appeal with the U.S. Court of Appeals for the Eighth Circuit, which is still pending.

United States ex rel. Behnke v. CVS Caremark Corporation, et al. (U.S. District Court for the Eastern District of Pennsylvania). In April 2018, the Court unsealed a complaint filed in February 2014. The government has declined to intervene in this case. The relator alleges that the Company submitted, or caused to be submitted, to Part D of the Medicare program Prescription Drug Event data and/or Direct and Indirect Remuneration reports that misrepresented true prices paid by the Company’s PBM to pharmacies for drugs dispensed to Part D beneficiaries with prescription benefits administered by the Company’s PBM. The Company is defending itself against these claims.

Controlled Substances Litigation, Audits and Subpoenas

Forty-five states, the District of Columbia, and all eligible United States territories are participating in a settlement resolving substantially all opioid claims against Company entities by participating states and political subdivisions but not private plaintiffs. A high percentage of eligible subdivisions within the participating states also have elected to join the settlement. The settlement agreement is available at nationalopioidsettlement.com. The Company has separately entered into settlement agreements with four states – Florida, West Virginia, New Mexico and Nevada – and a high percentage of eligible subdivisions within those states also have elected to participate.

The final settlement agreement contains certain contingencies related to payment obligations. Because these contingencies are inherently unpredictable, the assessment requires judgments about future events. The amount of ultimate loss may differ from the amount accrued by the Company.

The State of Maryland has elected not to participate, and thus subdivisions within the State of Maryland may not participate, in the settlement. The State of Maryland has issued a civil subpoena for information from the Company, and litigation is pending with certain subdivisions within the State of Maryland as well as other non-participating subdivisions in other geographies, including the City of Philadelphia, and private parties such as hospitals and third-party payors. The Company is defending itself against the claims made in these cases.

In November 2021, the Company was among the chain pharmacies found liable by a jury in a trial in federal court in Ohio; in August 2022, the court issued a judgment jointly against the three defendants in the amount of $651 million to be paid over 15 years and also ordered certain injunctive relief. In December 2024, following an appeal by the Company, the Supreme Court of Ohio ruled that Ohio law precluded the claim on which the verdict and judgment were based.

Because of the many uncertainties associated with any settlement arrangement or other resolution of opioid-related litigation matters, and because the Company continues to actively defend ongoing litigation for which it believes it has defenses and assertions that have merit, the Company is not able to reasonably estimate the range of ultimate possible loss for all opioid-related litigation matters at this time. The outcome of these legal matters could have a material effect on the Company’s business, financial condition, operating results and/or cash flows.
In December 2024, the DOJ intervened in a previously sealed qui tam action and filed an amended complaint in the U.S. District Court for the District of Rhode Island, alleging, among other claims, violations of the federal Controlled Substances Act and the federal False Claims Act based on the filling of opioid and other controlled substance prescriptions at CVS Pharmacy locations nationwide. The Company is defending itself against the claims made in this case. Separately, the Company was served in December 2024 with a subpoena issued by the U.S. Attorney’s Office for the Western District of Virginia, seeking records related to, among other things, commercial arrangements between the Company’s PBM and opioid manufacturers.

Prescription Processing Litigation and Investigations

The Company is named as a defendant in a number of lawsuits and is subject to a number of investigations concerning its prescription processing practices, including related to billing government payors for prescriptions, and the following:

U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. (U.S. District Court for the Southern District of New York). In December 2019, the U.S. Attorney’s Office for the Southern District of New York filed a complaint-in-intervention in this previously sealed qui tam case. The complaint alleges that for certain non-skilled nursing facilities, Omnicare improperly filled prescriptions where a valid prescription did not exist and that these dispensing events violated the federal False Claims Act. In April 2025, the jury found both Omnicare and CVS Health liable. The jury awarded approximately $136 million due to Omnicare’s conduct. This amount is automatically required to be tripled by statute to approximately $407 million. The jury found no damages attributable to CVS Health. The Court, who is responsible for determining the amount of penalties under the False Claims Act, has asked for additional briefing on the issue. Judgment will not be final until the court determines penalties. The Company plans to appeal the verdict once the judgment is final.

U.S. ex rel. Gill et al. v. CVS Health Corp. et al. (U.S. District Court for the Northern District of Illinois). In July 2022, the Delaware Attorney General’s Office moved for partial intervention as to allegations under the Delaware false claims act related to not escheating alleged overpayments in this previously sealed qui tam case. The federal government and the remaining states declined to intervene on other additional theories in the relator’s complaint, except that the federal government filed a notice of intervention for the limited purpose of defending the constitutionality of the qui tam provisions of the False Claims Act. The Company is defending itself against all of the claims.

Provider Proceedings

The Company is named as a defendant in purported class actions and individual lawsuits arising out of its practices related to the payment of claims for services rendered to its members by providers with whom the Company has a contract and with whom the Company does not have a contract (“out-of-network providers”). Among other things, these lawsuits allege that the Company paid too little to its health plan members and/or providers for out-of-network services (including COVID-19 testing) and/or otherwise allege that the Company failed to timely or appropriately pay or administer claims and benefits (including the Company’s post payment audit and collection practices). Other major health insurers are the subject of similar litigation or have settled similar litigation.

The Company also has received subpoenas and/or requests for documents and other information from, and been investigated by, state Attorneys General and other state and/or federal regulators, legislators and agencies relating to claims payments, and the Company is involved in other litigation regarding its out-of-network benefit payment and administration practices. It is reasonably possible that others could initiate additional litigation or additional regulatory action against the Company with respect to its out-of-network benefit payment and/or administration practices.

CMS Actions

CMS regularly audits the Company’s performance to determine its compliance with CMS’s regulations and its contracts with CMS and to assess the quality of services it provides to Medicare beneficiaries. CMS uses various payment mechanisms to allocate and adjust premium payments to the Company’s and other companies’ Medicare plans by considering the applicable health status of Medicare members as supported by information prepared, maintained and provided by providers. The Company collects claim and encounter data from providers and generally relies on providers to appropriately code their submissions to the Company and document their medical records, including the diagnosis data submitted to the Company with claims. CMS pays increased premiums to Medicare Advantage plans and Medicare PDP plans for members who have certain medical conditions identified with specific diagnosis codes. Federal regulators review and audit the providers’ medical records to determine whether those records support the related diagnosis codes that determine the members’ health status and the resulting risk-adjusted premium payments to the Company. In that regard, CMS has instituted risk adjustment data validation (“RADV”) audits of various Medicare Advantage plans, including certain of the Company’s plans, to validate coding practices and
supporting medical record documentation maintained by providers and the resulting risk-adjusted premium payments to the plans. CMS may require the Company to refund premium payments if the Company’s risk-adjusted premiums are not properly supported by medical record data. The Office of the Inspector General of the U.S. Department of Health and Human Services (the “OIG”) also is auditing the Company’s risk adjustment-related data and that of other companies. The Company expects CMS and the OIG to continue these types of audits.

On January 30, 2023, CMS released the final RADV rule (“RADV Audit Rule”), announcing it may use extrapolation for payment years 2018 forward, for both RADV audits and OIG contract level audits, and eliminated the application of an adjustment for the error rate in fee-for-service Medicare (“FFS Adjuster”) that was considered in prior proposed rules. Under the revised extrapolation methodology, CMS may extrapolate an error rate from the audit sample across the audited contract without any FFS Adjuster. In the RADV Audit Rule, CMS indicated that it will use more than one audit methodology going forward and indicated CMS will audit contracts it believes are at the highest risk for overpayments based on its statistical modeling, citing a 2016 Governmental Accountability Office report that recommended selection of contract-level RADV audits with a focus on contracts likely to have high rates of improper payment, the highest coding intensity scores, and contracts with high levels of unsupported diagnoses from prior RADV audits.

The Company is currently unable to predict which of its Medicare Advantage contracts will be selected for audit, the amounts of any retroactive refunds for years prior to 2018 or prospective adjustments to Medicare Advantage premium payments made to the Company, the effect of any such refunds or adjustments on the actuarial soundness of the Company’s Medicare Advantage bids, or whether any RADV audit findings would require the Company to change its method of estimating future premium revenue in future bid submissions to CMS or compromise premium assumptions made in the Company’s bids for prior contract years, the current contract year or future contract years. CMS and OIG have begun audits of the Company’s plans that are subject to extrapolation under the RADV Audit Rule. Any premium or fee refunds or adjustments resulting from regulatory audits, whether as a result of RADV, Public Exchange-related or other audits by CMS, the OIG or otherwise, including audits of the Company’s minimum loss ratio rebates, methodology and/or reports, could be material and could adversely affect the Company’s operating results, cash flows and/or financial condition.

The RADV Audit Rule does not apply to the CMS Part C Improper Payment Measures audits nor the HHS RADV programs.

Medicare and Medicaid Litigation and Investigations

The Company has received CIDs from the Civil Division of the DOJ in connection with investigations of the Company’s identification and/or submission of diagnosis codes related to risk adjustment payments, including patient chart review processes, under Parts C and D of the Medicare program. The Company is cooperating with the government and providing documents and information in response to these CIDs.

In May 2017, the Company received a CID from the U.S. Attorney’s Office for the Southern District of New York requesting documents and information concerning possible false claims submitted to Medicare in connection with reimbursements for prescription drugs under the Medicare Part D program. The Company has been cooperating with the government and providing documents and information in response to this CID.

Since January 2022, the U.S. Attorney’s Office for the District of Massachusetts has issued subpoenas to Aetna Life Insurance Company seeking, among other things, information in connection with its relationship and compensation arrangements with certain brokers, and the Company may receive similar inquiries in the future. The Company is cooperating with the investigation.

Stockholder Matters

Beginning in February 2019, multiple class action complaints, as well as a derivative complaint, were filed by putative plaintiffs against the Company and certain current and former officers and directors. The plaintiffs in these cases assert a variety of causes of action under federal securities laws that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the performance of the Company’s LTC business unit. Since filing, several of the cases have been consolidated, and three have resolved. In February 2025, the District of Rhode Island granted the Company’s motion to dismiss In re CVS Health Corp. Securities Act Litigation (formerly known as Waterford) and in March 2025 plaintiffs filed a notice of appeal of that decision to the First Circuit. A derivative case in the District of Rhode Island, Lovoi v. Aguirre, had been stayed pending the outcome of the Waterford case, and will remain stayed pending the resolution of the appeal. The Company and its current and former officers and directors are defending themselves against remaining claims.
Beginning in December 2021, the Company has received several demands for inspection of books and records pursuant to Delaware General Corporation Law Section 220 (“Section 220 demands”), as well as a derivative complaint (Vladimir Gusinsky Revocable Trust v. Lynch, et al.) that was filed in January 2023, which the defendants moved to dismiss. The Section 220 demands and the complaint purport to be related to potential breaches of fiduciary duties by the Board in relation to certain matters concerning opioids. Following the Company’s response to the first three Section 220 demands, two of the three stockholders sent demand letters to the Board containing allegations substantially similar to those made in the earlier Section 220 demands and the derivative matter, and requested that it take certain actions, including consideration of its governance and policies with respect to controlled substances. In July 2024, the court granted the defendants’ motion to dismiss the Gusinsky case. In September 2024, the Board received a third demand letter containing similar allegations and requesting the Board take action. The Board has formed a demand review committee to evaluate the demands. In March 2025, the Company received another Section 220 demand requesting materials similar to the prior demands, which the Company is evaluating.

Beginning in July 2024, two purported class action complaints, as well as multiple derivative complaints, were filed by putative plaintiffs against the Company and certain current and former officers and directors. The plaintiffs in these cases assert a variety of causes of action under federal securities laws and state law that are premised on allegations that the defendants made certain omissions and misrepresentations relating to the profitability of the Health Care Benefits segment. Two purported class actions were filed and have been consolidated in U.S. District Court for the Southern District of New York. In March 2025, plaintiffs filed an amended consolidated class action complaint captioned as Louisiana Sheriffs’ Pension and Relief Fund, et al. v. CVS Health Corp., et al. Two derivative cases were also filed in the Southern District of New York and have been consolidated as In re CVS Health Corporation Derivative Litigation. Two derivative cases filed in the District of Rhode Island have been consolidated as In re CVS Health Corporation Stockholder Derivative Litigation. The consolidated derivative actions have been stayed pending the outcome of any motion to dismiss in the consolidated Louisiana Sheriffs’ securities class action. Three additional derivative cases were filed in Rhode Island Superior Court: two have been consolidated as In re CVS Health Corporation Stockholder Derivative Litigation and the third is Davidow v. Lynch, et al., and these cases have also been stayed on similar terms as the other actions, The Company and the individual defendants are defending themselves against these claims. In January 2025, the Board received a stockholder demand containing allegations substantially similar to those made in the class action and derivative matters, and requesting that it take certain actions, including investigating whether any Board members or officers breached their fiduciary duties related to those allegations, and bringing litigation to recover the Company’s damages if any such misconduct is found. The Board has determined to defer a decision on the demand pending developments in the related litigation.

Other Legal and Regulatory Proceedings

The Company is also a party to other legal proceedings and is subject to government investigations, inquiries and audits, and has received and is cooperating with the government in response to CIDs, subpoenas, or similar process from various governmental agencies requesting information. These other legal proceedings and government actions include claims of or relating to bad faith, medical or professional malpractice, breach of fiduciary duty, claims processing and billing, dispensing of medications, the use of medical testing devices in the in-home evaluation setting, non-compliance with state and federal regulatory regimes, marketing misconduct, denial of or failure to timely or appropriately pay or administer claims and benefits, provider network structure (including the use of performance-based networks and termination of provider contracts), rescission of insurance coverage, improper disclosure or use of personal information, anticompetitive practices, the Company’s participation in the 340B program, general contractual matters, product liability, intellectual property litigation, discrimination and employment litigation. Some of these other legal proceedings are or are purported to be class actions or derivative claims. The Company is defending itself against the claims brought in these matters.

Awards to the Company and others of certain government contracts, particularly Medicaid contracts and other contracts with government customers in the Company’s Health Care Benefits segment, frequently are subject to protests by unsuccessful bidders. These protests may result in awards to the Company being reversed, delayed, or modified. The loss or delay in implementation of any government contract could adversely affect the Company’s operating results. The Company will continue to defend contract awards it receives.

There also continues to be a heightened level of review and/or audit by regulatory authorities and legislators of, and increased litigation regarding, the Company’s and the rest of the health care and related benefits industry’s business and reporting practices, including premium rate increases, utilization management, development and application of medical policies, complaint, grievance and appeal processing, information privacy, provider network structure (including provider network adequacy, the use of performance-based networks and termination of provider contracts), provider directory accuracy, calculation of minimum medical loss ratios and/or payment of related rebates, delegated arrangements, rescission of insurance coverage, limited benefit health products, student health products, PBM practices (including manufacturers’ rebates, pricing, the
use of narrow networks and the placement of drugs in formulary tiers), sales practices, customer service practices, vendor oversight, and claim payment practices (including payments to out-of-network providers).

As a leading national health solutions company, the Company regularly is the subject of government actions of the types described above. These government actions may prevent or delay the Company from implementing planned premium rate increases and may result, and have resulted, in restrictions on the Company’s businesses, changes to or clarifications of the Company’s business practices, retroactive adjustments to premiums, refunds or other payments to members, beneficiaries, states or the federal government, withholding of premium payments to the Company by government agencies, assessments of damages, civil or criminal fines or penalties, or other sanctions, including the possible suspension or loss of licensure and/or suspension or exclusion from participation in government programs.

The Company can give no assurance that its businesses, financial condition, operating results and/or cash flows will not be materially adversely affected, or that the Company will not be required to materially change its business practices, based on: (i) future enactment of new health care or other laws or regulations; (ii) the interpretation or application of existing laws or regulations as they may relate to one or more of the Company’s businesses, one or more of the industries in which the Company competes and/or the health care industry generally; (iii) pending or future federal or state government investigations of one or more of the Company’s businesses, one or more of the industries in which the Company competes and/or the health care industry generally; (iv) pending or future government audits, investigations or enforcement actions against the Company; (v) adverse developments in any pending qui tam lawsuit against the Company, whether sealed or unsealed, or in any future qui tam lawsuit that may be filed against the Company; or (vi) adverse developments in pending or future legal proceedings against the Company or affecting one or more of the industries in which the Company competes and/or the health care industry generally.
v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other. The Company’s segments maintain separate financial information, and the CODM, the Company’s Chief Executive Officer, evaluates the segments’ operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company’s segments based on adjusted operating income. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments, therefore total assets by segment are not disclosed.

Adjusted operating income (loss) is defined as operating income (loss) (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance. The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM’s ability to compare past financial performance with current performance and analyze underlying business performance and trends. Non-GAAP financial measures the Company discloses, such as consolidated adjusted operating income, should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP.

The following is a reconciliation of financial measures of the Company’s segments to the consolidated totals:
Three Months Ended March 31, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$34,405 $38,096 $21,553 $14 $94,068 
Intersegment revenues18 5,352 10,359 — 15,729 
Net investment income
387 14 — 119 520 
Total revenues34,810 43,462 31,912 133 110,317 
Intersegment eliminations (2)
(15,729)
Total consolidated revenues$94,588 
Less: Net realized capital gains (losses)
(21)15 — (15)
Cost of products sold— 40,115 25,804 — 
Health care costs28,637 1,047 — 46 
Other segment items (3)
4,201 682 4,795 432 
Adjusted operating income (loss)$1,993 $1,603 $1,313 $(330)$4,579 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
499 
Net realized capital losses (5)
21 
Acquisition-related integration costs (6)
45 
Loss on Accountable Care assets (7)
247 
Omnicare litigation charge (8)
387 
Office real estate optimization charges (9)
6 
Operating income (GAAP measure)3,374 
Interest expense785 
Other income(28)
Income before income tax provision$2,617 
Depreciation and amortization$405 $261 $384 $104 $1,154 
Three Months Ended March 31, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$31,865 $36,466 $19,638 $14 $87,983 
Intersegment revenues18 3,819 9,087 — 12,924 
Net investment income
353 — — 101 454 
Total revenues32,236 40,285 28,725 115 101,361 
Intersegment eliminations (2)
(12,924)
Total consolidated revenues$88,437 
Less: Net realized capital losses
(10)— — (8)
Cost of products sold— 37,532 22,760 — 
Health care costs27,458 701 — 47 
Other segment items (3)
4,056 689 4,788 391 
Adjusted operating income (loss)$732 $1,363 $1,177 $(315)$2,957 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
508 
Net realized capital losses (5)
18 
Acquisition-related integration costs (6)
60 
Opioid litigation charge (10)
100 
Operating income (GAAP measure)2,271 
Interest expense716 
Other income(25)
Income before income tax provision$1,580 
Depreciation and amortization$392 $261 $388 $97 $1,138 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $3.7 billion and $3.4 billion of retail co-payments for the three months ended March 31, 2025 and 2024, respectively.
(2)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.
(3)Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses. Other segment items exclude the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.
(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.
(6)During the three months ended March 31, 2025 and 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.
(7)During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, which the Company sold in March 2025, as well as costs incurred in connection with the commencement
of the wind down of the Company’s ACO REACH operations during the first quarter of 2025. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.
(8)During the three months ended March 31, 2025, the Omnicare litigation charge relates to an April 2025 jury verdict finding Omnicare, L.L.C. (f/k/a Omnicare, Inc. “Omnicare”) and CVS Health Corporation liable for damages in connection with alleged violations of the federal False Claims Act related to dispensing practices by Omnicare from 2010, prior to its acquisition by the Company in 2015, through 2018. Damages were found only with respect to Omnicare. The Omnicare litigation charge is reflected in operating expenses within the Pharmacy & Consumer Wellness segment. The judgment will not be final until the Court enters penalties at a later date. The Company intends to appeal the verdict once the judgment is entered.
(9)During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space in response to its ongoing flexible work arrangement. The office real estate optimization charges are reflected in operating expenses within each segment.
(10)During the three months ended March 31, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 1,779 $ 1,113
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Segment Reporting
The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below.

Health Care Benefits Segment
The Health Care Benefits segment operates as one of the nation’s leading diversified health care benefits providers through its Aetna® operations. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment’s primary customers, its members, primarily access the segment’s products and services through employer groups, government-sponsored plans or individually. The Health Care Benefits segment also serves customers who purchase products and services that are ancillary to its health insurance products. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as “Insured” and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as “ASC.” The Company also sells Insured plans directly to individual consumers through the individual public health insurance exchanges (“Public Exchanges”).

Health Services Segment
The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers and federal 340B drug pricing program covered entities (“Covered Entities”). The Company operates a group purchasing organization that negotiates pricing for the purchase of pharmaceuticals and rebates with pharmaceutical manufacturers on behalf of its participants and provides various administrative, management and reporting services to pharmaceutical manufacturers. The segment also works directly with pharmaceutical manufacturers to commercialize and/or co-produce high quality biosimilar products through its CordavisTM subsidiary. The Health Services segment’s health care delivery assets include Signify Health, Inc. (“Signify Health”), a leader in health risk assessments and value-based care, and Oak Street Health, Inc. (“Oak Street Health”), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. The Health Services segment’s clients and customers are primarily employers, insurance companies, unions, government employee groups, health plans, PDPs, Medicaid managed care plans, the U.S. Centers for Medicare & Medicaid Services (“CMS”), plans offered on public and private health insurance exchanges and other sponsors of health benefit plans throughout the U.S., patients who receive care in the Health Services segment’s medical clinics, virtually or in the home, as well as Covered Entities.

Pharmacy & Consumer Wellness Segment
The Pharmacy & Consumer Wellness segment dispenses prescriptions in its CVS Pharmacy® retail locations and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also conducts long-term care pharmacy (“LTC”) operations, which distribute prescription drugs and provide related pharmacy consulting and ancillary services to long-term care facilities and other care settings, and provides pharmacy fulfillment services
to support the Health Services segment’s specialty and mail order pharmacy offerings. As of March 31, 2025, the Pharmacy & Consumer Wellness segment operated more than 9,000 retail locations, as well as online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services.

Corporate/Other Segment
The Company presents the remainder of its financial results in the Corporate/Other segment, which primarily consists of:

•Management and administrative expenses to support the Company’s overall operations, which include certain aspects of executive management and the corporate relations, legal, compliance, human resources and finance departments, information technology, digital, data and analytics, as well as acquisition-related integration costs; and
•Products for which the Company no longer solicits or accepts new customers, such as its large case pensions and long-term care insurance products.
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of CVS Health and its subsidiaries have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. In accordance with such rules and regulations, certain information and accompanying note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted, although the Company believes the disclosures included herein are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).
 
In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Because of the influence of various factors on the Company’s operations, including business combinations, certain holidays and other seasonal influences, net income for any interim period may not be comparable to the same interim period in previous years or necessarily indicative of income for the full year.
Principles of Consolidation
Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.
 
The Company continually evaluates its investments to determine if they represent variable interests in a VIE. If the Company determines that it has a variable interest in a VIE, the Company then evaluates if it is the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether the Company has the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. The Company consolidates a VIE if it is considered to be the primary beneficiary.

Assets and liabilities of VIEs for which the Company is the primary beneficiary were not significant to the Company’s unaudited condensed consolidated financial statements. VIE creditors do not have recourse against the general credit of the Company.
Restricted Cash
Restricted Cash

Restricted cash included in other current assets on the unaudited condensed consolidated balance sheets primarily represents funds held on behalf of members. Restricted cash included in other assets on the unaudited condensed consolidated balance sheets represents amounts held in a trust in one of the Company’s captive insurance companies to satisfy collateral requirements associated with the assignment of certain insurance policies. All restricted cash is invested in demand deposits, time deposits and money market funds.
Accounts Receivable
Accounts Receivable
Accounts receivable are stated net of allowances for credit losses, customer credit allowances, contractual allowances and estimated terminations.
Accounts Receivable, Allowance for Credit Losses When developing an estimate of the Company’s expected credit losses, the Company considers all available relevant information regarding the collectability of cash flows, including historical information, current conditions and reasonable and supportable forecasts of future economic conditions over the contractual life of the receivable. The Company’s accounts receivable are short duration in nature and typically settle in less than 30 days.
Health Care Contract Acquisition Costs
Health Care Contract Acquisition Costs
Insurance products included in the Health Care Benefits segment are cancellable by either the customer or the member monthly upon written notice. Acquisition costs related to prepaid health care and health indemnity contracts are generally expensed as incurred. For certain long-duration insurance contracts, acquisition costs directly related to the successful acquisition of a new or renewal insurance contract, including commissions, are deferred and are recorded as other current assets or other assets on the unaudited condensed consolidated balance sheets. Contracts are grouped by product and issue year into cohorts consistent with the grouping used in estimating the associated liability and are amortized on a constant level basis based on the remaining in-force policies over the estimated term of the contracts to approximate straight-line amortization. Changes to the Company’s assumptions, including assumptions related to persistency, are reflected at the cohort level at the time of change and are recognized prospectively over the estimated terms of the contract. The amortization of deferred acquisition costs is recorded in operating expenses in the unaudited condensed consolidated statements of operations.
Premium Deficiency Reserves
Premium Deficiency Reserves

The Company evaluates its short-duration insurance contracts to determine if it is probable that a loss will be incurred. For purposes of determining premium deficiency reserves, contracts are grouped consistent with the Company’s method of acquiring, servicing and measuring the profitability of such contracts. For each contract grouping, a premium deficiency reserve is recognized when it is probable that expected future incurred claims, including costs to maintain the contract grouping, exceed anticipated future premiums and reinsurance recoveries. Anticipated investment income is not considered in the calculation of premium deficiency reserves. A premium deficiency is first recognized by charging any unamortized acquisition costs to operating expenses, and to the extent the premium deficiency is greater than the unamortized acquisition costs, a premium deficiency reserve liability is established and reflected in health care costs payable on the unaudited condensed consolidated balance sheets. Losses recognized as a premium deficiency reserve result in a beneficial effect in subsequent periods as subsequent costs under these contracts are then charged to this previously established liability.
Contract Balances
Contract Balances
Contract liabilities primarily represent the Company’s obligation to transfer additional goods or services to a customer for which the Company has received consideration, and primarily include ExtraBucks® Rewards and unredeemed Company gift cards. The consideration received remains a contract liability until goods or services have been provided to the customer. In addition, the Company recognizes breakage on Company gift cards based on historical redemption patterns.
New Accounting Pronouncements Recently Adopted and Not Yet Adopted
New Accounting Pronouncements Recently Adopted

Segment Reporting
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard requires the Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and are included within each reported measure of segment operating results. The standard also requires the Company to disclose the total amount of any other items included in segment operating results which were not deemed to be significant expenses for separate disclosure, along with a qualitative description of the composition of these other items. In addition, the standard also requires disclosure of the CODM’s title and position, as well as detail on how the CODM uses the reported measure of segment operating results to evaluate segment performance and allocate resources. The standard also aligns interim segment reporting disclosure requirements with annual segment reporting disclosure requirements. The Company adopted the standard on January 1, 2024 for fiscal year reporting and the standard became effective for interim reporting periods in fiscal years beginning after December 15, 2024. The standard requires retrospective application to all prior periods presented. While the standard requires additional disclosures related to the Company’s reportable segments, the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows as of the date of adoption. Refer to Note 10 ‘‘Segment Reporting’’ for the Company’s segment reporting disclosures, including those newly required by this standard.

Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires the Company to provide further disaggregated income tax disclosures for specific categories on the effective tax rate reconciliation, as well as additional information about federal, state/local and foreign income taxes. The standard also requires the Company to annually disclose its income taxes paid (net of refunds received), disaggregated by jurisdiction. The Company adopted the standard on January 1, 2025 for fiscal year reporting. The standard is to be applied on a prospective basis, although optional retrospective application is permitted. While the standard will require additional disclosures related to the Company’s income taxes within the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the standard did not have any impact on the Company’s consolidated operating results, financial condition or cash flows.
New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard requires the Company to provide further disaggregated information of relevant expense captions within its consolidated statements of operations, including the purchases of inventory, employee compensation, depreciation and intangible asset amortization, as well as the inclusion of other specific expenses, gains and losses required by existing GAAP. The new standard also requires the Company to disclose its total selling expenses and, on an annual basis, provide a qualitative description of its selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The standard may be applied prospectively or retrospectively. While the standard will require additional disclosures related to certain expenses included in the consolidated statements of operations, the standard is not expected to have any impact on the Company’s consolidated operating results, financial condition or cash flows.
v3.25.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
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 millionsMarch 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 millionsMarch 31,
2025		December 31,
2024
Trade receivables$10,450 $9,881 
Vendor and manufacturer receivables14,205 13,891 
Premium receivables6,210 4,731 
Other receivables8,760 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 millions20252024
Deferred acquisition costs, beginning of the period$1,747$1,502
Capitalization
133134
Amortization expense(86)(76)
Deferred acquisition costs, end of the period$1,794$1,560
Schedule of Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three months ended March 31, 2025 and 2024:
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Three Months Ended March 31, 2025
Major goods/services lines:
Pharmacy$— $41,182 $26,076 $— $(14,751)$52,507 
Front Store— — 5,243 — — 5,243 
Premiums32,808 — — 12 — 32,820 
Net investment income387 14 — 119 — 520 
Other1,615 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 income14 
Other2,266 
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 
Premiums30,379 — — 12 — 30,391 
Net investment income353 — — 101 — 454 
Other1,504 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 
Other2,559 
Total$40,285 
_____________________________________________
(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 millionsMarch 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 
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Schedule of Total Investments
Total investments at March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025December 31, 2024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,426 $23,618 $26,044 $2,256 $23,777 $26,033 
Mortgage loans152 1,346 1,498 151 1,354 1,505 
Other investments— 3,942 3,942 — 3,803 3,803 
Total investments$2,578 $28,906 $31,484 $2,407 $28,934 $31,341 
Schedule of Debt Securities Available For Sale
Debt securities available for sale at March 31, 2025 and December 31, 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2025
Debt securities:  
U.S. government securities$2,869 $30 $(19)$2,880 
States, municipalities and political subdivisions387 2 (13)376 
U.S. corporate securities13,326 135 (334)13,127 
Foreign securities2,603 34 (81)2,556 
Residential mortgage-backed securities828 7 (41)794 
Commercial mortgage-backed securities1,775 16 (50)1,741 
Other asset-backed securities4,542 22 (9)4,555 
Redeemable preferred securities15 — — 15 
Total debt securities (2)
$26,345 $246 $(547)$26,044 
December 31, 2024
Debt securities:
U.S. government securities$2,826 $7 $(38)$2,795 
States, municipalities and political subdivisions712 4 (18)698 
U.S. corporate securities13,043 94 (412)12,725 
Foreign securities2,608 27 (111)2,524 
Residential mortgage-backed securities792 2 (54)740 
Commercial mortgage-backed securities1,731 9 (67)1,673 
Other asset-backed securities4,834 35 (7)4,862 
Redeemable preferred securities16 — — 16 
Total debt securities (2)
$26,562 $178 $(707)$26,033 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at March 31, 2025 or December 31, 2024.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At March 31, 2025, debt securities with a fair value of $517 million, gross unrealized capital gains of $6 million and gross unrealized capital losses of $22 million, and at December 31, 2024, debt securities with a fair value of $543 million, gross unrealized capital gains of $5 million and gross unrealized capital losses of $30 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive income (loss).
Schedule of Net Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities at March 31, 2025 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$1,192 $1,189 
One year through five years10,666 10,670 
After five years through ten years4,422 4,385 
Greater than ten years2,920 2,710 
Residential mortgage-backed securities828 794 
Commercial mortgage-backed securities1,775 1,741 
Other asset-backed securities4,542 4,555 
Total$26,345 $26,044 
Schedule of Debt Securities In An Unrealized Capital Loss Position
Summarized below are the debt securities the Company held at March 31, 2025 and December 31, 2024 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2025  
Debt securities:  
U.S. government securities60 $194 $5 121 $287 $14 181 $481 $19 
States, municipalities and political subdivisions39 87 4 113 168 9 152 255 13 
U.S. corporate securities1,856 2,384 40 2,378 3,143 294 4,234 5,527 334 
Foreign securities419 577 11 550 770 70 969 1,347 81 
Residential mortgage-backed securities46 130 1 339 315 40 385 445 41 
Commercial mortgage-backed securities114 391 4 158 303 46 272 694 50 
Other asset-backed securities478 1,104 6 48 43 3 526 1,147 9 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 3,012 $4,867 $71 3,711 $5,035 $476 6,723 $9,902 $547 
December 31, 2024  
Debt securities:  
U.S. government securities266 $1,053 $18 155 $394 $20 421 $1,447 $38 
States, municipalities and political subdivisions100 181 3 137 201 15 237 382 18 
U.S. corporate securities3,119 4,144 64 2,602 3,395 348 5,721 7,539 412 
Foreign securities599 810 21 616 874 90 1,215 1,684 111 
Residential mortgage-backed securities89 267 5 361 342 49 450 609 54 
Commercial mortgage-backed securities186 628 11 237 464 56 423 1,092 67 
Other asset-backed securities139 414 5 62 58 2 201 472 7 
Redeemable preferred securities4 9 — 4 6 — 8 15 — 
Total debt securities 4,502 $7,506 $127 4,174 $5,734 $580 8,676 $13,240 $707 
The maturity dates for debt securities in an unrealized capital loss position at March 31, 2025 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$1 $— $508 $8 $509 $8 
One year through five years92 2 3,393 96 3,485 98 
After five years through ten years64 4 1,609 94 1,673 98 
Greater than ten years129 15 1,820 228 1,949 243 
Residential mortgage-backed securities5 — 440 41 445 41 
Commercial mortgage-backed securities6 1 688 49 694 50 
Other asset-backed securities7 — 1,140 9 1,147 9 
Total$304 $22 $9,598 $525 $9,902 $547 
Schedule of Activity in Mortgage Loan Portfolio During the three months ended March 31, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
March 31,
In millions20252024
New mortgage loans$33 $59 
Mortgage loans fully repaid30 2 
Mortgage loans foreclosed— — 
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator
Based on the Company’s assessments at March 31, 2025 and December 31, 2024, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20252024202320222021PriorTotal
March 31, 2025
1$— $— $— $— $— $7 $7 
2 to 432 314 289 294 201 291 1,421 
5 and 6— — — 30 13 27 70 
7— — — — — — — 
Total$32 $314 $289 $324 $214 $325 $1,498 
December 31, 2024
1$— $— $— $— $8 $8 
2 to 4315 292 320 205 320 1,452 
5 and 6— — 4 13 28 45 
7— — — — — — 
Total$315 $292 $324 $218 $356 $1,505 
Schedule of Net Investment Income
Sources of net investment income for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
March 31,
In millions20252024
Debt securities$323 $244 
Mortgage loans21 17 
Other investments209 223 
Gross investment income553 484 
Investment expenses(12)(12)
Net investment income (excluding net realized losses)
541 472 
Net realized capital losses
(21)(18)
Net investment income
$520 $454 
Schedule of Proceeds and Related Gross Realized Capital Gains and Losses From the Sale of Debt Securities
Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
March 31,
In millions20252024
Proceeds from sales$2,185 $1,265 
Gross realized capital gains12 8 
Gross realized capital losses39 52 
v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows:
In millionsLevel 1Level 2Level 3Total
March 31, 2025    
Cash and cash equivalents$2,763 $7,313 $— $10,076 
Debt securities:   
U.S. government securities2,862 18 — 2,880 
States, municipalities and political subdivisions— 376 — 376 
U.S. corporate securities— 13,104 23 13,127 
Foreign securities— 2,556 — 2,556 
Residential mortgage-backed securities— 794 — 794 
Commercial mortgage-backed securities— 1,728 13 1,741 
Other asset-backed securities— 4,555 — 4,555 
Redeemable preferred securities— 15 — 15 
Total debt securities2,862 23,146 36 26,044 
Equity securities173 — 128 301 
Total$5,798 $30,459 $164 $36,421 
December 31, 2024    
Cash and cash equivalents$4,948 $3,638 $— $8,586 
Debt securities:   
U.S. government securities2,777 18 — 2,795 
States, municipalities and political subdivisions— 698 — 698 
U.S. corporate securities— 12,687 38 12,725 
Foreign securities— 2,524 — 2,524 
Residential mortgage-backed securities— 740 — 740 
Commercial mortgage-backed securities— 1,673 — 1,673 
Other asset-backed securities— 4,862 — 4,862 
Redeemable preferred securities— 16 — 16 
Total debt securities2,777 23,218 38 26,033 
Equity securities234 — 126 360 
Total$7,959 $26,856 $164 $34,979 
Fair Value, by Balance Sheet Grouping
The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the unaudited condensed consolidated balance sheets at adjusted cost or contract value at March 31, 2025 and December 31, 2024 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
March 31, 2025
Assets: 
Mortgage loans$1,498 $— $— $1,482 $1,482 
Equity securities (1)
515 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity307 — — 268 268 
Long-term debt63,451 59,341 — — 59,341 
December 31, 2024
Assets: 
Mortgage loans$1,505 $— $— $1,468 $1,468 
Equity securities (1)
490 N/AN/AN/AN/A
Liabilities:  
Investment contract liabilities:  
With a fixed maturity1 — — 1 1 
Without a fixed maturity312 — — 272 272 
Long-term debt64,151 58,724 — — 58,724 
_____________________________________________
(1)It was not practical to estimate the fair value of these cost-method investments as it represents shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate Accounts financial assets as of March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2 $158 $— $160 $1 $164 $— $165 
Debt securities20 375 1 396 186 669 1 856 
Common/collective trusts— 1,343 — 1,343 — 2,478 — 2,478 
Total (1)
$22 $1,876 $1 $1,899 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:
In millionsMarch 31,
2025		December 31,
2024
Cash and cash equivalents$160 $165 
Debt securities:
U.S. government securities26 186 
States, municipalities and political subdivisions12 14 
U.S. corporate securities293 524 
Foreign securities48 51 
Residential mortgage-backed securities9 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities396 856 
Common/collective trusts1,343 2,478 
Total (1)
$1,899 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Health Care Costs Payable (Tables)
 3 Months Ended
Mar. 31, 2025
Health Care And Other Insurance Liabilities [Abstract]  
Components of Change in Health Care Costs Payable
The following table shows the components of the change in health care costs payable during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Health care costs payable, beginning of the period$15,064 $12,049 
Less: Reinsurance recoverables81 5 
Less: Impact of discount rate on long-duration insurance reserves (1)
(1)(23)
Health care costs payable, beginning of the period, net14,984 12,067 
Add: Components of incurred health care costs
  Current year30,293 28,212 
  Prior years(1,651)(479)
Total incurred health care costs (2)
28,642 27,733 
Less: Claims paid
  Current year19,312 16,263 
  Prior years9,749 9,150 
Total claims paid29,061 25,413 
Health care costs payable, end of the period, net14,565 14,387 
Add: Premium deficiency reserve431 — 
Add: Reinsurance recoverables114 4 
Add: Impact of discount rate on long-duration insurance reserves (1)
2 (23)
Health care costs payable, end of the period$15,112 $14,368 
_____________________________________________
(1)Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income (loss) on the unaudited condensed consolidated balance sheets.
(2)Total incurred health care costs for the three months ended March 31, 2025 and 2024 in the table above exclude $16 million and $23 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and $46 million and $47 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. Total incurred health care costs for the three months ended March 31, 2025 also exclude $431 million for a premium deficiency reserve for the 2025 coverage year related to the Company’s individual exchange product line.
v3.25.1
Other Insurance Liabilities and Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Changes in Liability for Future Policy Benefits
The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of the period - current discount rate$275 
Beginning liability for future policy benefits at original (locked-in) discount rate$280 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience1 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate281 
Interest accrual (using locked-in discount rate)3 
Net premiums (actual)(10)
Ending liability for future policy benefits at original (locked-in) discount rate274 
Effect of changes in discount rate assumptions(2)
Liability for future policy benefits, end of the period - current discount rate$272 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate$1,917 $1,552 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,090 $1,647 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(4)(2)
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,086 1,645 
Issuances9 — 
Interest accrual (using locked-in discount rate)21 20 
Benefit payments (actual)(61)(19)
Ending liability for future policy benefits at original (locked-in) discount rate2,055 1,646 
Effect of changes in discount rate assumptions(151)(77)
Liability for future policy benefits, end of the period - current discount rate$1,904 $1,569 
Net liability for future policy benefits$1,904 $1,297 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,904 $1,297 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
Three Months Ended
March 31, 2024
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of the period - current discount rate$293 
Beginning liability for future policy benefits at original (locked-in) discount rate$288 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience5 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate293 
Interest accrual (using locked-in discount rate)4 
Net premiums (actual)(10)
Ending liability for future policy benefits at original (locked-in) discount rate287 
Effect of changes in discount rate assumptions(2)
Liability for future policy benefits, end of the period - current discount rate$285 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate$2,139 $1,640 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,251 $1,632 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(8)— 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,243 1,632 
Issuances20 — 
Interest accrual (using locked-in discount rate)24 21 
Benefit payments (actual)(63)(18)
Ending liability for future policy benefits at original (locked-in) discount rate2,224 1,635 
Effect of changes in discount rate assumptions(151)(41)
Liability for future policy benefits, end of the period - current discount rate$2,073 $1,594 
Net liability for future policy benefits$2,073 $1,309 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,073 $1,309 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
In millionsMarch 31,
2025		March 31,
2024
Large case pensions
Expected future benefit payments$2,973$3,213
Expected gross premiums——
Long-term care
Expected future benefit payments$3,170$3,215
Expected gross premiums390411

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
March 31,
2025		March 31,
2024
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.31%5.22%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.60%5.36%

The weighted-average durations (in years) of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
March 31,
2025		March 31,
2024
Large case pensions7.37.3
Long-term care11.612.0
Summary of Separate Account Assets Separate Accounts financial assets as of March 31, 2025 and December 31, 2024 were as follows:
 March 31, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$2 $158 $— $160 $1 $164 $— $165 
Debt securities20 375 1 396 186 669 1 856 
Common/collective trusts— 1,343 — 1,343 — 2,478 — 2,478 
Total (1)
$22 $1,876 $1 $1,899 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:
In millionsMarch 31,
2025		December 31,
2024
Cash and cash equivalents$160 $165 
Debt securities:
U.S. government securities26 186 
States, municipalities and political subdivisions12 14 
U.S. corporate securities293 524 
Foreign securities48 51 
Residential mortgage-backed securities9 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities396 856 
Common/collective trusts1,343 2,478 
Total (1)
$1,899 $3,499 
_____________________________________________
(1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
Roll Forward of Separate Accounts
The following table shows the components of the change in Separate Accounts liabilities during the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Separate Accounts liability, beginning of the period$3,311 $3,250 
Premiums and deposits236 201 
Surrenders and withdrawals(1,309)(93)
Benefit payments(243)(223)
Investment earnings(61)128 
Net transfers from general account3 2 
Other(13)6 
Separate Accounts liability, end of the period$1,924 $3,271 
Cash surrender value, end of the period$844 $2,201 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Share Repurchase Programs
The following share repurchase programs have been authorized by CVS Health Corporation’s Board of Directors (the “Board”):
In billions
Authorization Date
Authorized
Remaining as of
March 31, 2025
November 17, 2022 (“2022 Repurchase Program”)$10.0 $10.0 
December 9, 2021 (“2021 Repurchase Program”)10.0 1.5 
v3.25.1
Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions20252024
Net unrealized investment losses:
Beginning of period balance$(399)$(429)
Other comprehensive income (loss) before reclassifications ($188 and $(162) pretax)
187 (156)
Amounts reclassified from accumulated other comprehensive loss ($32 and $54 pretax) (1)
29 48 
Other comprehensive income (loss)
216 (108)
End of period balance(183)(537)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance265 152 
Other comprehensive income (loss) before reclassifications ($(41) and $88 pretax)
(33)68 
Other comprehensive income (loss)
(33)68 
End of period balance232 220 
Foreign currency translation adjustments:
Beginning of period balance(4)— 
Other comprehensive income
— — 
End of period balance(4)— 
Net cash flow hedges:
Beginning of period balance229 244 
Amounts reclassified from accumulated other comprehensive income ($(6) and $(6) pretax) (2)
(4)(4)
Other comprehensive loss
(4)(4)
End of period balance225 240 
Pension and other postretirement benefits:
Beginning of period balance(211)(264)
Other comprehensive income
— — 
End of period balance(211)(264)
Total beginning of period accumulated other comprehensive loss(120)(297)
Total other comprehensive income (loss)
179 (44)
Total end of period accumulated other comprehensive income (loss)
$59 $(341)
_____________________________________________
(1)Amounts reclassified from accumulated other comprehensive loss for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.
(2)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $16 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
The following is a reconciliation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
In millions, except per share amounts20252024
Numerator for earnings per share calculation:
Net income attributable to CVS Health$1,779 $1,113 
Denominator for earnings per share calculation:
Weighted average shares, basic1,261 1,260 
Restricted stock units and performance stock units2 5 
Stock options and stock appreciation rights1 2 
Weighted average shares, diluted1,264 1,267 
Earnings per share:
Basic$1.41 $0.88 
Diluted$1.41 $0.88 
v3.25.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reconciliation of Financial Measures of Segments to Consolidated Totals
The following is a reconciliation of financial measures of the Company’s segments to the consolidated totals:
Three Months Ended March 31, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$34,405 $38,096 $21,553 $14 $94,068 
Intersegment revenues18 5,352 10,359 — 15,729 
Net investment income
387 14 — 119 520 
Total revenues34,810 43,462 31,912 133 110,317 
Intersegment eliminations (2)
(15,729)
Total consolidated revenues$94,588 
Less: Net realized capital gains (losses)
(21)15 — (15)
Cost of products sold— 40,115 25,804 — 
Health care costs28,637 1,047 — 46 
Other segment items (3)
4,201 682 4,795 432 
Adjusted operating income (loss)$1,993 $1,603 $1,313 $(330)$4,579 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
499 
Net realized capital losses (5)
21 
Acquisition-related integration costs (6)
45 
Loss on Accountable Care assets (7)
247 
Omnicare litigation charge (8)
387 
Office real estate optimization charges (9)
6 
Operating income (GAAP measure)3,374 
Interest expense785 
Other income(28)
Income before income tax provision$2,617 
Depreciation and amortization$405 $261 $384 $104 $1,154 
Three Months Ended March 31, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$31,865 $36,466 $19,638 $14 $87,983 
Intersegment revenues18 3,819 9,087 — 12,924 
Net investment income
353 — — 101 454 
Total revenues32,236 40,285 28,725 115 101,361 
Intersegment eliminations (2)
(12,924)
Total consolidated revenues$88,437 
Less: Net realized capital losses
(10)— — (8)
Cost of products sold— 37,532 22,760 — 
Health care costs27,458 701 — 47 
Other segment items (3)
4,056 689 4,788 391 
Adjusted operating income (loss)$732 $1,363 $1,177 $(315)$2,957 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
508 
Net realized capital losses (5)
18 
Acquisition-related integration costs (6)
60 
Opioid litigation charge (10)
100 
Operating income (GAAP measure)2,271 
Interest expense716 
Other income(25)
Income before income tax provision$1,580 
Depreciation and amortization$392 $261 $388 $97 $1,138 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $3.7 billion and $3.4 billion of retail co-payments for the three months ended March 31, 2025 and 2024, respectively.
(2)Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.
(3)Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses. Other segment items exclude the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.
(4)The Company’s acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company’s revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company’s acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company’s GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
(5)The Company’s net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company’s business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company’s insurance products, the services performed for the Company’s customers or the sale of the Company’s products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance and to analyze underlying business performance and trends.
(6)During the three months ended March 31, 2025 and 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.
(7)During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, which the Company sold in March 2025, as well as costs incurred in connection with the commencement
of the wind down of the Company’s ACO REACH operations during the first quarter of 2025. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.
(8)During the three months ended March 31, 2025, the Omnicare litigation charge relates to an April 2025 jury verdict finding Omnicare, L.L.C. (f/k/a Omnicare, Inc. “Omnicare”) and CVS Health Corporation liable for damages in connection with alleged violations of the federal False Claims Act related to dispensing practices by Omnicare from 2010, prior to its acquisition by the Company in 2015, through 2018. Damages were found only with respect to Omnicare. The Omnicare litigation charge is reflected in operating expenses within the Pharmacy & Consumer Wellness segment. The judgment will not be final until the Court enters penalties at a later date. The Company intends to appeal the verdict once the judgment is entered.
(9)During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company’s evaluation of corporate office real estate space in response to its ongoing flexible work arrangement. The office real estate optimization charges are reflected in operating expenses within each segment.
(10)During the three months ended March 31, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters.
v3.25.1
Significant Accounting Policies - Narrative (Details)
store in Thousands, clinic in Thousands, people in Millions, patient in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
clinic
people
patient
store
segment
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
program
Significant Accounting Policies [Line Items]      
Number of pharmacy plan members | people 88    
Number of patients served per year (more than) | patient 0.8    
Number of reportable segments | segment 4    
Allowance for credit losses $ 392   $ 407
Total premium deficiency reserve 448 $ 0  
Premium deficiency reserve, charge of unamortized acquisition costs 17    
Premium deficiency reserve, charge to health care costs 431    
Loss on Accountable Care assets 247    
Pre-tax loss on divestiture $ (236) $ 0  
Pharmacy & Consumer Wellness      
Significant Accounting Policies [Line Items]      
Number of retail locations (more than) | store 9    
Health Services      
Significant Accounting Policies [Line Items]      
Number of walk in medical clinics (more than) | clinic 1    
Number of programs administered | program     2
Loss on Accountable Care assets $ 247    
Loss on termination of program 11    
Health Services | Disposal Group, Disposed of by Sale, Not Discontinued Operations | MSSP      
Significant Accounting Policies [Line Items]      
Pre-tax loss on divestiture (236)    
Intangible assets and goodwill removed due to divestiture $ 342    
Health Care Benefits      
Significant Accounting Policies [Line Items]      
Number of people served (more than) | people 37    
v3.25.1
Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]        
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 $ 10,107 $ 8,525
v3.25.1
Significant Accounting Policies - Accounts Receivable (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
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
v3.25.1
Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
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
v3.25.1
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 94,068 $ 87,983
Net investment income 520 454
Total revenues 94,588 88,437
Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 52,507 48,397
Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 5,243 5,370
Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 32,820 30,391
Other    
Disaggregation of Revenue [Line Items]    
Revenues 3,498 3,825
Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Revenues 34,405 31,865
Net investment income 387 353
Health Services    
Disaggregation of Revenue [Line Items]    
Revenues 38,096 36,466
Net investment income 14 0
Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Revenues 21,553 19,638
Net investment income 0 0
Corporate/ Other    
Disaggregation of Revenue [Line Items]    
Revenues 14 14
Net investment income 119 101
Operating Segments | Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Net investment income 387 353
Total revenues 34,810 32,236
Operating Segments | Health Care Benefits | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Care Benefits | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Care Benefits | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 32,808 30,379
Operating Segments | Health Care Benefits | Other    
Disaggregation of Revenue [Line Items]    
Revenues 1,615 1,504
Operating Segments | Health Services    
Disaggregation of Revenue [Line Items]    
Net investment income 14 0
Total revenues 43,462 40,285
Operating Segments | Health Services | Pharmacy network    
Disaggregation of Revenue [Line Items]    
Total revenues 23,114 20,464
Operating Segments | Health Services | Mail & specialty    
Disaggregation of Revenue [Line Items]    
Total revenues 18,068 17,262
Operating Segments | Health Services | Other    
Disaggregation of Revenue [Line Items]    
Total revenues 2,266 2,559
Operating Segments | Health Services | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 41,182 37,726
Operating Segments | Health Services | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Services | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Health Services | Other    
Disaggregation of Revenue [Line Items]    
Revenues 2,266 2,559
Operating Segments | Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Net investment income 0 0
Total revenues 31,912 28,725
Operating Segments | Pharmacy & Consumer Wellness | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 26,076 22,784
Operating Segments | Pharmacy & Consumer Wellness | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 5,243 5,370
Operating Segments | Pharmacy & Consumer Wellness | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Operating Segments | Pharmacy & Consumer Wellness | Other    
Disaggregation of Revenue [Line Items]    
Revenues 593 571
Corporate/ Other | Corporate/ Other    
Disaggregation of Revenue [Line Items]    
Net investment income 119 101
Total revenues 133 115
Corporate/ Other | Corporate/ Other | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate/ Other | Corporate/ Other | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Corporate/ Other | Corporate/ Other | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 12 12
Corporate/ Other | Corporate/ Other | Other    
Disaggregation of Revenue [Line Items]    
Revenues 2 2
Intersegment Eliminations    
Disaggregation of Revenue [Line Items]    
Net investment income 0 0
Total revenues (15,729) (12,924)
Intersegment Eliminations | Pharmacy    
Disaggregation of Revenue [Line Items]    
Revenues (14,751) (12,113)
Intersegment Eliminations | Front Store    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Intersegment Eliminations | Premiums    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Intersegment Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Revenues (978) (811)
Intersegment Eliminations | Health Care Benefits    
Disaggregation of Revenue [Line Items]    
Total revenues (18) (18)
Intersegment Eliminations | Health Services    
Disaggregation of Revenue [Line Items]    
Total revenues (5,352) (3,819)
Intersegment Eliminations | Pharmacy & Consumer Wellness    
Disaggregation of Revenue [Line Items]    
Total revenues $ (10,359) $ (9,087)
v3.25.1
Significant Accounting Policies - Receivables and Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Trade receivables (included in accounts receivable, net) $ 10,450 $ 9,881
Contract liabilities (included in accrued expenses and other current liabilities) $ 65 $ 144
v3.25.1
Investments - Total Investment Schedule (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Total Investments [Line Items]    
Current $ 2,578 $ 2,407
Long-term 28,906 28,934
Total 31,484 31,341
Debt securities available for sale    
Total Investments [Line Items]    
Current 2,426 2,256
Long-term 23,618 23,777
Total 26,044 26,033
Mortgage loans    
Total Investments [Line Items]    
Current 152 151
Long-term 1,346 1,354
Total 1,498 1,505
Other investments    
Total Investments [Line Items]    
Current 0 0
Long-term 3,942 3,803
Total $ 3,942 $ 3,803
v3.25.1
Investments - Debt Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 26,345 $ 26,562
Gross Unrealized Gains 246 178
Gross Unrealized Losses (547) (707)
Fair Value 26,044 26,033
Allowance for expected credit losses 0 0
Supporting experience-rated products    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 6 5
Gross Unrealized Losses (22) (30)
Fair Value 517 543
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,869 2,826
Gross Unrealized Gains 30 7
Gross Unrealized Losses (19) (38)
Fair Value 2,880 2,795
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 387 712
Gross Unrealized Gains 2 4
Gross Unrealized Losses (13) (18)
Fair Value 376 698
U.S. corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 13,326 13,043
Gross Unrealized Gains 135 94
Gross Unrealized Losses (334) (412)
Fair Value 13,127 12,725
Foreign securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,603 2,608
Gross Unrealized Gains 34 27
Gross Unrealized Losses (81) (111)
Fair Value 2,556 2,524
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 828 792
Gross Unrealized Gains 7 2
Gross Unrealized Losses (41) (54)
Fair Value 794 740
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,775 1,731
Gross Unrealized Gains 16 9
Gross Unrealized Losses (50) (67)
Fair Value 1,741 1,673
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,542 4,834
Gross Unrealized Gains 22 35
Gross Unrealized Losses (9) (7)
Fair Value 4,555 4,862
Redeemable preferred securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 15 16
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 15 $ 16
v3.25.1
Investments - Debt Securities by Maturity (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Amortized Cost    
Less than one year $ 1,192  
One year through five years 10,666  
After five years through ten years 4,422  
Greater than ten years 2,920  
Amortized Cost 26,345 $ 26,562
Fair Value    
Less than one year 1,189  
One year through five years 10,670  
After five years through ten years 4,385  
Greater than ten years 2,710  
Fair Value 26,044 26,033
Residential mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 828  
Amortized Cost 828 792
Fair Value    
Debt securities, maturity, without single maturity date 794  
Fair Value 794 740
Commercial mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 1,775  
Amortized Cost 1,775 1,731
Fair Value    
Debt securities, maturity, without single maturity date 1,741  
Fair Value 1,741 1,673
Other asset-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 4,542  
Amortized Cost 4,542 4,834
Fair Value    
Debt securities, maturity, without single maturity date 4,555  
Fair Value $ 4,555 $ 4,862
v3.25.1
Investments - Unrealized Loss Position (Details)
$ in Millions
Mar. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Number of Securities    
Number of Securities, Less than 12 months | security 3,012 4,502
Number of Securities, Greater than 12 months | security 3,711 4,174
Number of Securities | security 6,723 8,676
Fair Value    
Fair Value, Less than 12 months $ 4,867 $ 7,506
Fair Value, Greater than 12 months 5,035 5,734
Fair Value 9,902 13,240
Unrealized Losses    
Unrealized Losses, Less than 12 months 71 127
Unrealized Losses, Greater than 12 months 476 580
Unrealized Losses $ 547 $ 707
U.S. government securities    
Number of Securities    
Number of Securities, Less than 12 months | security 60 266
Number of Securities, Greater than 12 months | security 121 155
Number of Securities | security 181 421
Fair Value    
Fair Value, Less than 12 months $ 194 $ 1,053
Fair Value, Greater than 12 months 287 394
Fair Value 481 1,447
Unrealized Losses    
Unrealized Losses, Less than 12 months 5 18
Unrealized Losses, Greater than 12 months 14 20
Unrealized Losses $ 19 $ 38
States, municipalities and political subdivisions    
Number of Securities    
Number of Securities, Less than 12 months | security 39 100
Number of Securities, Greater than 12 months | security 113 137
Number of Securities | security 152 237
Fair Value    
Fair Value, Less than 12 months $ 87 $ 181
Fair Value, Greater than 12 months 168 201
Fair Value 255 382
Unrealized Losses    
Unrealized Losses, Less than 12 months 4 3
Unrealized Losses, Greater than 12 months 9 15
Unrealized Losses $ 13 $ 18
U.S. corporate securities    
Number of Securities    
Number of Securities, Less than 12 months | security 1,856 3,119
Number of Securities, Greater than 12 months | security 2,378 2,602
Number of Securities | security 4,234 5,721
Fair Value    
Fair Value, Less than 12 months $ 2,384 $ 4,144
Fair Value, Greater than 12 months 3,143 3,395
Fair Value 5,527 7,539
Unrealized Losses    
Unrealized Losses, Less than 12 months 40 64
Unrealized Losses, Greater than 12 months 294 348
Unrealized Losses $ 334 $ 412
Foreign securities    
Number of Securities    
Number of Securities, Less than 12 months | security 419 599
Number of Securities, Greater than 12 months | security 550 616
Number of Securities | security 969 1,215
Fair Value    
Fair Value, Less than 12 months $ 577 $ 810
Fair Value, Greater than 12 months 770 874
Fair Value 1,347 1,684
Unrealized Losses    
Unrealized Losses, Less than 12 months 11 21
Unrealized Losses, Greater than 12 months 70 90
Unrealized Losses $ 81 $ 111
Residential mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 46 89
Number of Securities, Greater than 12 months | security 339 361
Number of Securities | security 385 450
Fair Value    
Fair Value, Less than 12 months $ 130 $ 267
Fair Value, Greater than 12 months 315 342
Fair Value 445 609
Unrealized Losses    
Unrealized Losses, Less than 12 months 1 5
Unrealized Losses, Greater than 12 months 40 49
Unrealized Losses $ 41 $ 54
Commercial mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 114 186
Number of Securities, Greater than 12 months | security 158 237
Number of Securities | security 272 423
Fair Value    
Fair Value, Less than 12 months $ 391 $ 628
Fair Value, Greater than 12 months 303 464
Fair Value 694 1,092
Unrealized Losses    
Unrealized Losses, Less than 12 months 4 11
Unrealized Losses, Greater than 12 months 46 56
Unrealized Losses $ 50 $ 67
Other asset-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 478 139
Number of Securities, Greater than 12 months | security 48 62
Number of Securities | security 526 201
Fair Value    
Fair Value, Less than 12 months $ 1,104 $ 414
Fair Value, Greater than 12 months 43 58
Fair Value 1,147 472
Unrealized Losses    
Unrealized Losses, Less than 12 months 6 5
Unrealized Losses, Greater than 12 months 3 2
Unrealized Losses $ 9 $ 7
Redeemable preferred securities    
Number of Securities    
Number of Securities, Less than 12 months | security 0 4
Number of Securities, Greater than 12 months | security 4 4
Number of Securities | security 4 8
Fair Value    
Fair Value, Less than 12 months $ 0 $ 9
Fair Value, Greater than 12 months 6 6
Fair Value 6 15
Unrealized Losses    
Unrealized Losses, Less than 12 months 0 0
Unrealized Losses, Greater than 12 months 0 0
Unrealized Losses $ 0 $ 0
v3.25.1
Investments - Unrealized Loss Position Maturities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value    
Less than one year $ 509  
One year through five years 3,485  
After five years through ten years 1,673  
Greater than ten years 1,949  
Fair Value 9,902 $ 13,240
Unrealized Losses    
Less than one year 8  
One year through five years 98  
After five years through ten years 98  
Greater than ten years 243  
Unrealized Losses 547 707
Residential mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 445  
Fair Value 445 609
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 41  
Unrealized Losses 41 54
Commercial mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 694  
Fair Value 694 1,092
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 50  
Unrealized Losses 50 67
Other asset-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 1,147  
Fair Value 1,147 472
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 9  
Unrealized Losses 9 $ 7
Supporting experience-rated products    
Fair Value    
Less than one year 1  
One year through five years 92  
After five years through ten years 64  
Greater than ten years 129  
Fair Value 304  
Unrealized Losses    
Less than one year 0  
One year through five years 2  
After five years through ten years 4  
Greater than ten years 15  
Unrealized Losses 22  
Supporting experience-rated products | Residential mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 5  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 0  
Supporting experience-rated products | Commercial mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 6  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 1  
Supporting experience-rated products | Other asset-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 7  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 0  
Supporting remaining products    
Fair Value    
Less than one year 508  
One year through five years 3,393  
After five years through ten years 1,609  
Greater than ten years 1,820  
Fair Value 9,598  
Unrealized Losses    
Less than one year 8  
One year through five years 96  
After five years through ten years 94  
Greater than ten years 228  
Unrealized Losses 525  
Supporting remaining products | Residential mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 440  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 41  
Supporting remaining products | Commercial mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 688  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 49  
Supporting remaining products | Other asset-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 1,140  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses $ 9  
v3.25.1
Investments - Mortgage Loans (Details) - Commercial Real Estate - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mortgage Loans on Real Estate [Line Items]    
New mortgage loans $ 33 $ 59
Mortgage loans fully repaid 30 2
Mortgage loans foreclosed $ 0 $ 0
v3.25.1
Investments - Mortgage Loans Credit Ratings Indicator (Details) - Commercial Real Estate - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans $ 1,498 $ 1,505
1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 7 8
2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 1,421 1,452
5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 70 45
7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2025    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 32  
2025 | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0  
2025 | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 32  
2025 | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0  
2025 | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0  
2024    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 314 315
2024 | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2024 | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 314 315
2024 | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2024 | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2023    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 289 292
2023 | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2023 | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 289 292
2023 | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2023 | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2022    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 324 324
2022 | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2022 | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 294 320
2022 | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 30 4
2022 | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2021    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 214 218
2021 | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
2021 | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 201 205
2021 | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 13 13
2021 | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 0 0
Prior    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 325 356
Prior | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 7 8
Prior | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 291 320
Prior | 5 and 6    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 27 28
Prior | 7    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans $ 0 $ 0
v3.25.1
Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 553 $ 484
Investment expenses (12) (12)
Net investment income (excluding net realized losses) 541 472
Net realized capital losses (21) (18)
Net investment income 520 454
Debt securities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 323 244
Mortgage loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 21 17
Other investments    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 209 $ 223
v3.25.1
Investments - Realized Gains (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investments [Abstract]    
Proceeds from sales $ 2,185 $ 1,265
Gross realized capital gains 12 8
Gross realized capital losses $ 39 $ 52
v3.25.1
Fair Value - Measurement on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 26,044 $ 26,033
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,880 2,795
States, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 376 698
U.S. corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13,127 12,725
Foreign securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,556 2,524
Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 794 740
Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,741 1,673
Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,555 4,862
Redeemable preferred securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 15 16
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial liabilities measured at fair value on a recurring basis 0 0
Cash and cash equivalents 10,076 8,586
Debt securities 26,044 26,033
Equity securities 301 360
Total 36,421 34,979
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 2,763 4,948
Debt securities 2,862 2,777
Equity securities 173 234
Total 5,798 7,959
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 7,313 3,638
Debt securities 23,146 23,218
Equity securities 0 0
Total 30,459 26,856
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 0 0
Debt securities 36 38
Equity securities 128 126
Total 164 164
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,880 2,795
Recurring | U.S. government securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,862 2,777
Recurring | U.S. government securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 18 18
Recurring | U.S. government securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | States, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 376 698
Recurring | States, municipalities and political subdivisions | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | States, municipalities and political subdivisions | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 376 698
Recurring | States, municipalities and political subdivisions | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | U.S. corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13,127 12,725
Recurring | U.S. corporate securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | U.S. corporate securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13,104 12,687
Recurring | U.S. corporate securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 23 38
Recurring | Foreign securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,556 2,524
Recurring | Foreign securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Foreign securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,556 2,524
Recurring | Foreign securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 794 740
Recurring | Residential mortgage-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Residential mortgage-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 794 740
Recurring | Residential mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,741 1,673
Recurring | Commercial mortgage-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Commercial mortgage-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,728 1,673
Recurring | Commercial mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13 0
Recurring | Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,555 4,862
Recurring | Other asset-backed securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Other asset-backed securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,555 4,862
Recurring | Other asset-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Redeemable preferred securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 15 16
Recurring | Redeemable preferred securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Redeemable preferred securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 15 16
Recurring | Redeemable preferred securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 0 $ 0
v3.25.1
Fair Value - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value Disclosures [Abstract]    
Transfers out of Level 3 $ 13 $ 0
Transfers into Level 3   $ 0
v3.25.1
Fair Value - Carrying Value and Fair Value Classified by Level (Details) - Nonrecurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Value    
Assets:    
Mortgage loans $ 1,498 $ 1,505
Equity securities 515 490
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 307 312
Long-term debt 63,451 64,151
Estimated Fair Value    
Assets:    
Mortgage loans 1,482 1,468
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 268 272
Long-term debt 59,341 58,724
Level 1 | Estimated Fair Value    
Assets:    
Mortgage loans 0 0
Liabilities:    
Investment contracts liabilities with a fixed maturity 0 0
Investment contracts liabilities without a fixed maturity 0 0
Long-term debt 59,341 58,724
Level 2 | Estimated Fair Value    
Assets:    
Mortgage loans 0 0
Liabilities:    
Investment contracts liabilities with a fixed maturity 0 0
Investment contracts liabilities without a fixed maturity 0 0
Long-term debt 0 0
Level 3 | Estimated Fair Value    
Assets:    
Mortgage loans 1,482 1,468
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 268 272
Long-term debt $ 0 $ 0
v3.25.1
Fair Value - Separate Accounts Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 1,924 $ 3,311    
Separate accounts liabilities 1,924 3,311 $ 3,271 $ 3,250
Recurring        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,899 3,499    
Recurring | Other Receivables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 25      
Recurring | Other Payables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts liabilities   188    
Recurring | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 160 165    
Recurring | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 396 856    
Recurring | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,343 2,478    
Recurring | Level 1        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 22 187    
Recurring | Level 1 | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 2 1    
Recurring | Level 1 | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 20 186    
Recurring | Level 1 | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 0 0    
Recurring | Level 2        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,876 3,311    
Recurring | Level 2 | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 158 164    
Recurring | Level 2 | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 375 669    
Recurring | Level 2 | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,343 2,478    
Recurring | Level 3        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1 1    
Recurring | Level 3 | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 0 0    
Recurring | Level 3 | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1 1    
Recurring | Level 3 | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 0 $ 0    
v3.25.1
Health Care Costs Payable - Components of Change in Health Care Costs Payable (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Health care costs payable, beginning of the period $ 15,064 $ 12,049
Less: Reinsurance recoverables 81 5
Less: Impact of discount rate on long-duration insurance reserves (1) (23)
Health care costs payable, beginning of the period, net 14,984 12,067
Add: Components of incurred health care costs    
Current year 30,293 28,212
Prior years (1,651) (479)
Total incurred health care costs 28,642 27,733
Less: Claims paid    
Current year 19,312 16,263
Prior years 9,749 9,150
Total claims paid 29,061 25,413
Health care costs payable, end of the period, net 14,565 14,387
Add: Premium deficiency reserve 431 0
Add: Reinsurance recoverables 114 4
Add: Impact of discount rate on long-duration insurance reserves 2 (23)
Health care costs payable, end of the period 15,112 14,368
Health Care Benefits    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities 16 23
Corporate/ Other    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities $ 46 $ 47
v3.25.1
Health Care Costs Payable - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Health Care And Other Insurance Liabilities [Abstract]    
Decrease in prior years' healthcare costs payable $ 1,651 $ 479
Incurred but not reported (IBNR) claims liability, net $ 10,700  
v3.25.1
Other Insurance Liabilities and Separate Accounts - Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Present value of expected future policy benefits        
Effect of changes in discount rate assumptions $ 2 $ (23) $ (1) $ (23)
Large Case Pensions        
Present value of expected future policy benefits        
Liability for future policy benefits, beginning of the period - current discount rate 1,917 2,139    
Beginning liability for future policy benefits at original (locked-in) discount rate 2,090 2,251    
Effect of changes in cash flow assumptions     0 0
Effect of actual variances from expected experience     (4) (8)
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     2,086 2,243
Issuances 9 20    
Interest accrual (using locked-in discount rate) 21 24    
Benefit payments (actual) (61) (63)    
Ending liability for future policy benefits at original (locked-in) discount rate 2,055 2,224    
Effect of changes in discount rate assumptions (151) (151)    
Liability for future policy benefits, end of the period - current discount rate 1,904 2,073    
Net liability for future policy benefits 1,904 2,073    
Less: Reinsurance recoverable 0 0    
Net liability for future policy benefits, net of reinsurance recoverable 1,904 2,073    
Long-Term Care        
Present value of expected net premiums        
Liability for future policy benefits, beginning of the period - current discount rate 275 293    
Beginning liability for future policy benefits at original (locked-in) discount rate 280 288    
Effect of changes in cash flow assumptions     0 0
Effect of actual variances from expected experience     1 5
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     281 293
Interest accrual (using locked-in discount rate) 3 4    
Net premiums (actual) (10) (10)    
Ending liability for future policy benefits at original (locked-in) discount rate 274 287    
Effect of changes in discount rate assumptions (2) (2)    
Liability for future policy benefits, end of the period - current discount rate 272 285    
Present value of expected future policy benefits        
Liability for future policy benefits, beginning of the period - current discount rate 1,552 1,640    
Beginning liability for future policy benefits at original (locked-in) discount rate 1,647 1,632    
Effect of changes in cash flow assumptions     0 0
Effect of actual variances from expected experience     (2) 0
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     $ 1,645 $ 1,632
Issuances 0 0    
Interest accrual (using locked-in discount rate) 20 21    
Benefit payments (actual) (19) (18)    
Ending liability for future policy benefits at original (locked-in) discount rate 1,646 1,635    
Effect of changes in discount rate assumptions (77) (41)    
Liability for future policy benefits, end of the period - current discount rate 1,569 1,594    
Net liability for future policy benefits 1,297 1,309    
Less: Reinsurance recoverable 0 0    
Net liability for future policy benefits, net of reinsurance recoverable $ 1,297 $ 1,309    
v3.25.1
Other Insurance Liabilities and Separate Accounts - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Large Case Pensions    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future benefit payments $ 2,973 $ 3,213
Expected gross premiums 0 0
Long-Term Care    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future benefit payments 3,170 3,215
Expected gross premiums $ 390 $ 411
v3.25.1
Other Insurance Liabilities and Separate Accounts - Weighted-average Interest Rates and Durations (Details)
Mar. 31, 2025
Mar. 31, 2024
Large Case Pensions    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.20% 4.20%
Current discount rate 5.31% 5.22%
Weighted-average duration of long-duration insurance liabilities 7 years 3 months 18 days 7 years 3 months 18 days
Long-Term Care    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 5.11% 5.11%
Current discount rate 5.60% 5.36%
Weighted-average duration of long-duration insurance liabilities 11 years 7 months 6 days 12 years
v3.25.1
Other Insurance Liabilities and Separate Accounts - Separate Account Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 1,924 $ 3,311    
Separate accounts liabilities 1,924 3,311 $ 3,271 $ 3,250
Recurring        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,899 3,499    
Recurring | Other Receivables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 25      
Recurring | Other Payables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts liabilities   188    
Recurring | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 160 165    
Recurring | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 396 856    
Recurring | Debt securities | U.S. government securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 26 186    
Recurring | Debt securities | States, municipalities and political subdivisions        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 12 14    
Recurring | Debt securities | U.S. corporate securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 293 524    
Recurring | Debt securities | Foreign securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 48 51    
Recurring | Mortgage-backed securities | Residential mortgage-backed securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 9 71    
Recurring | Mortgage-backed securities | Commercial mortgage-backed securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 3 3    
Recurring | Other asset-backed securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 5 7    
Recurring | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 1,343 $ 2,478    
v3.25.1
Other Insurance Liabilities and Separate Accounts - Roll Forward of Separate Accounts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Separate Account, Liability [Roll Forward]    
Separate Accounts liability, beginning of the period $ 3,311 $ 3,250
Premiums and deposits 236 201
Surrenders and withdrawals (1,309) (93)
Benefit payments (243) (223)
Investment earnings (61) 128
Net transfers from general account 3 2
Other (13) 6
Separate Accounts liability, end of the period 1,924 3,271
Cash surrender value, end of the period $ 844 $ 2,201
v3.25.1
Shareholders' Equity - Share Repurchases (Details) - USD ($)
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Nov. 17, 2022
Dec. 09, 2021
2022 Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount     $ 10,000,000,000.0  
Stock repurchase program, remaining authorized repurchase amount $ 10,000,000,000.0      
2021 Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount       $ 10,000,000,000.0
Stock repurchase program, remaining authorized repurchase amount $ 1,500,000,000      
Stock repurchased during period (in shares) 0.0 39.7    
Stock repurchased during period, value   $ 3,000,000,000    
v3.25.1
Shareholders' Equity - Accelerated Share Repurchases (Details) - 2021 Repurchase Program - Morgan Stanley & Co. LLC - USD ($)
shares in Millions, $ in Billions
Jan. 04, 2024
Mar. 31, 2024
Equity, Class of Treasury Stock [Line Items]    
ASR agreement, amount $ 3.0 $ 3.0
Payments for ASR, amount $ 3.0  
ASR percent of notional amount received in shares 85.00%  
Shares repurchased under ASR agreement (in shares) 31.4 8.3
Transfer of shares to treasury stock value $ 2.6  
ASR, shares to be received at the end of program as a percent of notional amount   15.00%
Forward contract    
Equity, Class of Treasury Stock [Line Items]    
Forward contract, notional amount $ 0.4  
v3.25.1
Shareholders' Equity - Dividends (Details) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity [Abstract]    
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665
v3.25.1
Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period $ 75,730 $ 76,636
Other comprehensive income (loss) 179 (44)
Balance at end of period 77,110 74,150
Gains expected to be reclassified 16  
AOCI Including Portion Attributable to Noncontrolling Interest    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period (120) (297)
Balance at end of period 59 (341)
Net unrealized investment losses:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period (399) (429)
Other comprehensive income (loss) before reclassifications, net of tax 187 (156)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 29 48
Other comprehensive income (loss) 216 (108)
Balance at end of period (183) (537)
Other comprehensive income (loss) before reclassifications, pretax 188 (162)
Amounts reclassified from accumulated other comprehensive income (loss), pretax 32 54
Change in discount rate on long-duration insurance reserves:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 265 152
Other comprehensive income (loss) before reclassifications, net of tax (33) 68
Other comprehensive income (loss) (33) 68
Balance at end of period 232 220
Other comprehensive income (loss) before reclassifications, pretax (41) 88
Foreign currency translation adjustments:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period (4) 0
Other comprehensive income (loss) 0 0
Balance at end of period (4) 0
Net cash flow hedges:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period 229 244
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (4) (4)
Other comprehensive income (loss) (4) (4)
Balance at end of period 225 240
Amounts reclassified from accumulated other comprehensive income (loss), pretax (6) (6)
Pension and other postretirement benefits:    
Changes in Accumulated Other Comprehensive Income (Loss) by Component    
Balance at beginning of period (211) (264)
Other comprehensive income (loss) 0 0
Balance at end of period $ (211) $ (264)
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator for earnings per share calculation:    
Net income attributable to CVS Health, basic $ 1,779 $ 1,113
Net income attributable to CVS Health, diluted $ 1,779 $ 1,113
Denominator for earnings per share calculation:    
Weighted average shares, basic (in shares) 1,261 1,260
Weighted average shares, diluted (in shares) 1,264 1,267
Earnings per share:    
Basic (in dollars per share) $ 1.41 $ 0.88
Diluted (in dollars per share) $ 1.41 $ 0.88
Restricted stock units and performance stock units    
Denominator for earnings per share calculation:    
Effect of dilutive securities (in shares) 2 5
Stock options and stock appreciation rights    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of EPS (in shares) 10 6
Denominator for earnings per share calculation:    
Effect of dilutive securities (in shares) 1 2
v3.25.1
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Apr. 30, 2025
USD ($)
Aug. 31, 2022
USD ($)
Mar. 31, 2025
claim
lease
state
Commitments and Contingencies Disclosure [Abstract]      
Guarantor obligations, number of leases | lease     60
Settlement Framework      
Loss Contingencies [Line Items]      
Number of states that elected to join the settlement | state     45
Number of states under separate settlement agreements | state     4
Federal Court in Ohio Judgment | Pending Litigation      
Loss Contingencies [Line Items]      
Legal settlement awarded to other party | $   $ 651  
Legal settlement, period of payment   15 years  
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. | Subsequent Event      
Loss Contingencies [Line Items]      
Damages awarded | $ $ 136    
Damages awarded per statute | $ $ 407    
Stockholder Matters, Class Action Complaints      
Loss Contingencies [Line Items]      
Number of claims filed     2
In re CVS Health Corporation Derivative Litigation      
Loss Contingencies [Line Items]      
Number of claims filed     2
In re CVS Health Corporation Stockholder Derivative Litigation      
Loss Contingencies [Line Items]      
Number of claims filed     2
In re CVS Health Corporation Stockholder Derivative Litigation and Davidow v. Lynch, et al.      
Loss Contingencies [Line Items]      
Number of claims filed     3
v3.25.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.1
Segment Reporting - Reconciliation of Financial Measures of Segments to Consolidated Totals (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenues from external customers $ 94,068 $ 87,983
Net investment income 520 454
Total revenues 94,588 88,437
Less: Net realized capital gains (losses) (21) (18)
Cost of products sold 51,057 48,073
Health care costs 29,135 27,803
Reconciliation of principal measure of segment performance to consolidated operating income:    
Amortization of intangible assets 499 508
Net realized capital losses 21 18
Acquisition-related transaction and integration costs 45 60
Loss on Accountable Care assets 247  
Office real estate optimization charges 6  
Litigation charge 387 100
Operating income 3,374 2,271
Interest expense 785 716
Other income (28) (25)
Income before income tax provision 2,617 1,580
Depreciation and amortization 1,154 1,138
Health Care Benefits    
Segment Reporting Information [Line Items]    
Revenues from external customers 34,405 31,865
Net investment income 387 353
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 405 392
Health Services    
Segment Reporting Information [Line Items]    
Revenues from external customers 38,096 36,466
Net investment income 14 0
Reconciliation of principal measure of segment performance to consolidated operating income:    
Loss on Accountable Care assets 247  
Depreciation and amortization 261 261
Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Revenues from external customers 21,553 19,638
Net investment income 0 0
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 384 388
Corporate/ Other    
Segment Reporting Information [Line Items]    
Revenues from external customers 14 14
Net investment income 119 101
Reconciliation of principal measure of segment performance to consolidated operating income:    
Depreciation and amortization 104 97
Intersegment Eliminations    
Segment Reporting Information [Line Items]    
Net investment income 0 0
Total revenues (15,729) (12,924)
Intersegment Eliminations | Health Care Benefits    
Segment Reporting Information [Line Items]    
Total revenues (18) (18)
Intersegment Eliminations | Health Services    
Segment Reporting Information [Line Items]    
Total revenues (5,352) (3,819)
Intersegment Eliminations | Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Total revenues (10,359) (9,087)
Operating Segments and Corporate/ Other    
Segment Reporting Information [Line Items]    
Total revenues 110,317 101,361
Adjusted operating income (loss) 4,579 2,957
Operating Segments | Health Care Benefits    
Segment Reporting Information [Line Items]    
Net investment income 387 353
Total revenues 34,810 32,236
Less: Net realized capital gains (losses) (21) (10)
Cost of products sold 0 0
Health care costs 28,637 27,458
Other segment items 4,201 4,056
Adjusted operating income (loss) 1,993 732
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses 21 10
Operating Segments | Health Services    
Segment Reporting Information [Line Items]    
Net investment income 14 0
Total revenues 43,462 40,285
Less: Net realized capital gains (losses) 15 0
Cost of products sold 40,115 37,532
Health care costs 1,047 701
Other segment items 682 689
Adjusted operating income (loss) 1,603 1,363
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses (15) 0
Co-payments 3,700 3,400
Operating Segments | Pharmacy & Consumer Wellness    
Segment Reporting Information [Line Items]    
Net investment income 0 0
Total revenues 31,912 28,725
Less: Net realized capital gains (losses) 0 0
Cost of products sold 25,804 22,760
Health care costs 0 0
Other segment items 4,795 4,788
Adjusted operating income (loss) 1,313 1,177
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses 0 0
Corporate/ Other | Corporate/ Other    
Segment Reporting Information [Line Items]    
Net investment income 119 101
Total revenues 133 115
Less: Net realized capital gains (losses) (15) (8)
Cost of products sold 0 0
Health care costs 46 47
Other segment items 432 391
Adjusted operating income (loss) (330) (315)
Reconciliation of principal measure of segment performance to consolidated operating income:    
Net realized capital losses $ 15 $ 8