CVS HEALTH CORP, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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 $0.01 per share  
Trading Symbol CVS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,268,326,375
Entity Central Index Key 0000064803  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Premiums $ 34,195 $ 30,667 $ 67,015 $ 61,058
Net investment income 487 394 1,007 848
Total revenues 98,915 91,234 193,503 179,671
Operating costs:        
Cost of products sold 54,005 49,998 105,062 98,071
Health care costs 31,317 27,853 60,452 55,656
Operating expenses 11,212 10,338 22,234 20,628
Total operating costs 96,534 88,189 187,748 174,355
Operating income 2,381 3,045 5,755 5,316
Interest expense 763 732 1,548 1,448
Other income (29) (24) (57) (49)
Income before income tax provision 1,647 2,337 4,264 3,917
Income tax provision 634 569 1,469 1,025
Net income 1,013 1,768 2,795 2,892
Net (income) loss attributable to noncontrolling interests 8 2 5 (9)
Net income attributable to CVS Health $ 1,021 $ 1,770 $ 2,800 $ 2,883
Net income per share attributable to CVS Health:        
Basic (in dollars per share) $ 0.81 $ 1.41 $ 2.22 $ 2.29
Diluted (in dollars per share) $ 0.80 $ 1.41 $ 2.21 $ 2.28
Weighted average shares outstanding:        
Basic (in shares) 1,266 1,256 1,264 1,258
Diluted (in shares) 1,270 1,259 1,267 1,263
Cost, Product and Service [Extensible List] Products Products Products Products
Products        
Revenues:        
Revenues $ 60,607 $ 56,212 $ 118,276 $ 109,936
Services        
Revenues:        
Revenues $ 3,626 $ 3,961 $ 7,205 $ 7,829
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,013 $ 1,768 $ 2,795 $ 2,892
Other comprehensive income (loss), net of tax:        
Net unrealized investment gains (losses) 187 (27) 403 (135)
Change in discount rate on long-duration insurance reserves 23 53 (10) 121
Foreign currency translation adjustments 4 0 4 0
Net cash flow hedges (1) (4) (5) (8)
Other comprehensive income (loss) 213 22 392 (22)
Comprehensive income 1,226 1,790 3,187 2,870
Comprehensive (income) loss attributable to noncontrolling interests 8 2 5 (9)
Comprehensive income attributable to CVS Health $ 1,234 $ 1,792 $ 3,192 $ 2,861
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 11,787 $ 8,586
Investments 2,386 2,407
Accounts receivable, net 40,651 36,469
Inventories 17,447 18,107
Other current assets 3,378 3,076
Total current assets 75,649 68,645
Long-term investments 29,858 28,934
Property and equipment, net 12,825 12,993
Operating lease right-of-use assets 15,512 15,944
Goodwill 91,203 91,272
Intangible assets, net 26,224 27,323
Separate accounts assets 1,858 3,311
Other assets 5,214 4,793
Total assets 258,343 253,215
Liabilities:    
Accounts payable 17,258 15,892
Pharmacy claims and discounts payable 26,338 24,166
Health care costs payable 15,271 15,064
Accrued expenses and other current liabilities 23,101 20,810
Other insurance liabilities 1,088 1,183
Current portion of operating lease liabilities 1,906 1,751
Short-term debt 3,040 2,119
Current portion of long-term debt 6,160 3,624
Total current liabilities 94,162 84,609
Long-term operating lease liabilities 14,328 14,899
Long-term debt 57,290 60,527
Deferred income taxes 3,603 3,806
Separate accounts liabilities 1,858 3,311
Other long-term insurance liabilities 4,769 4,902
Other long-term liabilities 4,782 5,431
Total liabilities 180,792 177,485
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; 1,785 shares issued and 1,267 shares outstanding at June 30, 2025 and 1,778 shares issued and 1,260 shares outstanding at December 31, 2024 and capital surplus 50,020 49,661
Treasury stock, at cost: 518 shares at June 30, 2025 and December 31, 2024 (36,849) (36,818)
Retained earnings 63,936 62,837
Accumulated other comprehensive income (loss) 272 (120)
Total CVS Health shareholders’ equity 77,379 75,560
Noncontrolling interests 172 170
Total shareholders’ equity 77,551 75,730
Total liabilities and shareholders’ equity $ 258,343 $ 253,215
Shares repurchased (in shares) 518 518
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 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) 1,785,000,000 1,778,000,000
Common stock, shares outstanding (in shares) 1,267,000,000 1,260,000,000
Treasury stock (in shares) 518,000,000 518,000,000
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Cash receipts from customers $ 186,500 $ 173,728
Cash paid for inventory, prescriptions dispensed and health services rendered (101,198) (90,845)
Insurance benefits paid (58,844) (52,485)
Cash paid to other suppliers and employees (18,630) (21,124)
Interest and investment income received 972 839
Interest paid (1,484) (1,392)
Income taxes paid (863) (729)
Net cash provided by operating activities 6,453 7,992
Cash flows from investing activities:    
Proceeds from sales and maturities of investments 6,866 4,418
Purchases of investments (7,186) (6,781)
Purchases of property and equipment (1,350) (1,343)
Acquisitions (net of cash and restricted cash acquired) (139) (73)
Other 23 60
Net cash used in investing activities (1,786) (3,719)
Cash flows from financing activities:    
Commercial paper borrowings (repayments), net 921 (200)
Proceeds from issuance of long-term debt 0 4,959
Repayments of long-term debt (762) (37)
Repurchase of common stock 0 (3,024)
Dividends paid (1,706) (1,698)
Proceeds from exercise of stock options 191 228
Payments for taxes related to net share settlement of equity awards (125) (176)
Other (45) (30)
Net cash provided by (used in) financing activities (1,526) 22
Net increase in cash, cash equivalents and restricted cash 3,141 4,295
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 12,025 12,820
Reconciliation of net income to net cash provided by operating activities:    
Net income 2,795 2,892
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,325 2,289
Stock-based compensation 262 270
Loss on sale of subsidiary 236 0
Deferred income taxes and other items (283) (341)
Change in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, net (4,139) 2,798
Inventories 671 1,937
Other assets (969) (2,241)
Accounts payable and pharmacy claims and discounts payable 3,831 1,191
Health care costs payable and other insurance liabilities (34) 1,581
Other liabilities 1,758 (2,384)
Net cash provided by operating activities $ 6,453 $ 7,992
v3.25.2
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
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 [2] $ 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 [2]      
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) [2]      
Common stock dividends (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 [2] 61,873 (341) 182
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 0.665              
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 [2] 61,604 (297) 175
Shareholders' Equity [Roll Forward]                
Net income 2,892              
Other comprehensive income (loss) (22)              
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2024     1,777          
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2024 [1]       (521)        
Balance at end of period at Jun. 30, 2024 $ 75,111 74,930   $ (36,919) [1] 49,371 [2] 62,797 (319) 181
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 1.33              
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2024     1,771          
Treasury shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2024 [1]       (519)        
Balance at beginning of period at Mar. 31, 2024 $ 74,150 73,968   $ (36,773) [1] 49,209 [2] 61,873 (341) 182
Shareholders' Equity [Roll Forward]                
Net income 1,768 1,770       1,770   (2)
Other comprehensive income (loss) 22 22         22  
Stock option activity, stock awards and other (in shares)     6          
Stock option activity, stock awards and other 159 159     159 [2]      
Purchases of treasury shares, net of ESPP issuances (in shares) [1]       (2)        
Purchase of treasury shares, net of ESPP issuances (143) (143)   $ (146) [1] 3 [2]      
Common stock dividends (846) (846)       (846)    
Other increases (decreases) in noncontrolling interests 1 0           1
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2024     1,777          
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2024 [1]       (521)        
Balance at end of period at Jun. 30, 2024 $ 75,111 74,930   $ (36,919) [1] 49,371 [2] 62,797 (319) 181
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 0.665              
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) [3]        
Balance at beginning of period at Dec. 31, 2024 $ 75,730 75,560   $ (36,818) [3] 49,661 [4] 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 [4]      
ESPP issuances, net of purchase of treasury shares (in shares) [3]       1        
ESPP issuances, net of purchase of treasury shares 83 83   $ 83 [3]        
Common stock dividends (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 [3]       (517)        
Balance at end of period at Mar. 31, 2025 $ 77,110 76,929   $ (36,735) [3] 49,837 [4] 63,768 59 181
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 0.665              
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) [3]        
Balance at beginning of period at Dec. 31, 2024 $ 75,730 75,560   $ (36,818) [3] 49,661 [4] 62,837 (120) 170
Shareholders' Equity [Roll Forward]                
Net income 2,795              
Other comprehensive income (loss) $ 392              
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2025     1,785          
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2025 (518)     (518) [3]        
Balance at end of period at Jun. 30, 2025 $ 77,551 77,379   $ (36,849) [3] 50,020 [4] 63,936 272 172
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 1.33              
Shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2025     1,779          
Treasury shares outstanding, balance at beginning of period (in shares) at Mar. 31, 2025 [3]       (517)        
Balance at beginning of period at Mar. 31, 2025 $ 77,110 76,929   $ (36,735) [3] 49,837 [4] 63,768 59 181
Shareholders' Equity [Roll Forward]                
Net income 1,013 1,021       1,021   (8)
Other comprehensive income (loss) 213 213         213  
Stock option activity, stock awards and other (in shares)     6          
Stock option activity, stock awards and other 183 183     183 [4]      
Purchases of treasury shares, net of ESPP issuances (in shares) [3]       (1)        
Purchase of treasury shares, net of ESPP issuances (114) (114)   $ (114) [3]        
Common stock dividends (853) (853)       (853)    
Other increases (decreases) in noncontrolling interests $ (1) 0           (1)
Shares outstanding, balance at end of period (in shares) at Jun. 30, 2025     1,785          
Treasury shares outstanding, balance at end of period (in shares) at Jun. 30, 2025 (518)     (518) [3]        
Balance at end of period at Jun. 30, 2025 $ 77,551 $ 77,379   $ (36,849) [3] $ 50,020 [4] $ 63,936 $ 272 $ 172
Shareholders' Equity [Roll Forward]                
Dividends declared per share (in dollars per share) $ 0.665              
[1] Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2024, March 31, 2024 and December 31, 2023.
[2] Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2024, March 31, 2024 and December 31, 2023.
[3] Treasury shares include 1 million shares held in trust and treasury stock includes $29 million related to shares held in trust as of June 30, 2025, March 31, 2025 and December 31, 2024.
[4] Common stock and capital surplus includes the par value of common stock of $18 million as of June 30, 2025, March 31, 2025 and December 31, 2024.
v3.25.2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]                
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665 $ 0.665 $ 0.665 $ 1.33 $ 1.33    
Treasury shares held in trust (in shares) 1 1 1 1 1 1 1 1
Treasury shares held in trust $ 29 $ 29 $ 29 $ 29 $ 29 $ 29 $ 29 $ 29
Common stock $ 18 $ 18 $ 18 $ 18 $ 18 $ 18 $ 18 $ 18
v3.25.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 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 June 30, 2025, the Company had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 87 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. The Company plans to exit the states in which Aetna operates on the individual public health insurance exchanges effective January 2026.

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 June 30, 2025, the Pharmacy & Consumer Wellness segment operated approximately 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 millionsJune 30,
2025		December 31,
2024
Cash and cash equivalents$11,787 $8,586 
Restricted cash (included in other current assets)43 95 
Restricted cash (included in other assets)195 203 
Total cash, cash equivalents and restricted cash in the statements of cash flows$12,025 $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 June 30, 2025 and December 31, 2024 was composed of the following:
In millionsJune 30,
2025		December 31,
2024
Trade receivables$10,465 $9,881 
Vendor and manufacturer receivables15,248 13,891 
Premium receivables5,885 4,731 
Other receivables9,053 7,966 
   Total accounts receivable, net$40,651 $36,469 

The Company’s allowance for credit losses was $374 million and $407 million as of June 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
In millions20252024
Deferred acquisition costs, beginning of the period$1,747$1,502
Capitalization
262271
Amortization expense(172)(146)
Deferred acquisition costs, end of the period$1,837$1,627
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 remainder of 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. As of June 30, 2025, the premium deficiency reserve related to the individual exchange product line reflected in health care costs payable was $431 million.

Additionally, during the second quarter of 2025, the Company recorded a premium deficiency reserve of $471 million to health care costs related to its Group Medicare Advantage product line for the remainder of the 2025 coverage year, which was reflected in health care costs payable as of June 30, 2025.

The Company did not establish any other premium deficiency reserves during the three and six months ended June 30, 2025 and 2024.
Revenue Recognition

Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three and six months ended June 30, 2025 and 2024:
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Three Months Ended June 30, 2025
Major goods/services lines:
Pharmacy$— $44,276 $27,631 $— $(16,558)$55,349 
Front Store— — 5,368 — — 5,368 
Premiums34,184 — — 11 — 34,195 
Net investment income (loss)407 (3)— 83 — 487 
Other1,667 2,180 582 2 (915)3,516 
Total$36,258 $46,453 $33,581 $96 $(17,473)$98,915 
Health Services distribution channel:
Pharmacy network (1)
$24,665 
Mail & specialty (2)
19,611 
Net investment income (loss)(3)
Other2,180 
Total$46,453 
Three Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$— $39,499 $24,013 $— $(12,532)$50,980 
Front Store— — 5,281 — — 5,281 
Premiums30,654 — — 13 — 30,667 
Net investment income (loss)300 (2)— 96 — 394 
Other1,521 2,674 544 2 (829)3,912 
Total$32,475 $42,171 $29,838 $111 $(13,361)$91,234 
Health Services distribution channel:
Pharmacy network (1)
$21,848 
Mail & specialty (2)
17,651 
Net investment income (loss)(2)
Other2,674 
Total$42,171 
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Six Months Ended June 30, 2025
Major goods/services lines:
Pharmacy$— $85,458 $53,707 $— $(31,309)$107,856 
Front Store— — 10,611 — — 10,611 
Premiums66,992 — — 23 — 67,015 
Net investment income
794 11 — 202 — 1,007 
Other3,282 4,446 1,175 4 (1,893)7,014 
Total$71,068 $89,915 $65,493 $229 $(33,202)$193,503 
Health Services distribution channel:
Pharmacy network (1)
$47,779 
Mail & specialty (2)
37,679 
Net investment income11 
Other4,446 
Total$89,915 
Six Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$— $77,225 $46,797 $— $(24,645)$99,377 
Front Store— — 10,651 — — 10,651 
Premiums61,033 — — 25 — 61,058 
Net investment income (loss)653 (2)— 197 — 848 
Other3,025 5,233 1,115 4 (1,640)7,737 
Total$64,711 $82,456 $58,563 $226 $(26,285)$179,671 
Health Services distribution channel:
Pharmacy network (1)
$42,312 
Mail & specialty (2)
34,913 
Net investment income (loss)
(2)
Other5,233 
Total$82,456 
_____________________________________________
(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 millionsJune 30,
2025		December 31,
2024
Trade receivables (included in accounts receivable, net)$10,465 $9,881 
Contract liabilities (included in accrued expenses and other current liabilities)
61 144 

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 and six months ended June 30, 2025, the Company recorded expenses of $41 million and $288 million, respectively, which were included in the loss on Accountable Care assets and are 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 process of winding down its ACO REACH operations, the Company incurred costs of $41 million and $52 million during the three and six months ended June 30, 2025, respectively.

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 six months ended June 30, 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.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investments Investments
Total investments at June 30, 2025 and December 31, 2024 were as follows:
 June 30, 2025December 31, 2024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,251 $24,303 $26,554 $2,256 $23,777 $26,033 
Mortgage loans135 1,376 1,511 151 1,354 1,505 
Other investments— 4,179 4,179 — 3,803 3,803 
Total investments$2,386 $29,858 $32,244 $2,407 $28,934 $31,341 

Debt Securities

Debt securities available for sale at June 30, 2025 and December 31, 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2025
Debt securities:  
U.S. government securities$2,759 $35 $(11)$2,783 
States, municipalities and political subdivisions331 2 (12)321 
U.S. corporate securities13,387 207 (283)13,311 
Foreign securities2,742 45 (58)2,729 
Residential mortgage-backed securities837 6 (40)803 
Commercial mortgage-backed securities1,780 22 (41)1,761 
Other asset-backed securities4,806 30 (4)4,832 
Redeemable preferred securities14 — — 14 
Total debt securities (2)
$26,656 $347 $(449)$26,554 
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 June 30, 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 June 30, 2025, debt securities with a fair value of $501 million, gross unrealized capital gains of $8 million and gross unrealized capital losses of $21 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 June 30, 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$961 $963 
One year through five years10,984 11,070 
After five years through ten years4,534 4,564 
Greater than ten years2,754 2,561 
Residential mortgage-backed securities837 803 
Commercial mortgage-backed securities1,780 1,761 
Other asset-backed securities4,806 4,832 
Total$26,656 $26,554 
Summarized below are the debt securities the Company held at June 30, 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
June 30, 2025  
Debt securities:  
U.S. government securities46 $111 $4 92 $189 $7 138 $300 $11 
States, municipalities and political subdivisions40 86 3 95 140 9 135 226 12 
U.S. corporate securities911 1,217 32 1,931 2,553 251 2,842 3,770 283 
Foreign securities266 423 9 433 622 49 699 1,045 58 
Residential mortgage-backed securities53 158 1 328 303 39 381 461 40 
Commercial mortgage-backed securities77 243 2 144 286 39 221 529 41 
Other asset-backed securities135 272 2 41 38 2 176 310 4 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,528 $2,510 $53 3,068 $4,137 $396 4,596 $6,647 $449 
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 June 30, 2025 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of June 30, 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 June 30, 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$— $— $199 $2 $199 $2 
One year through five years68 2 2,271 68 2,339 70 
After five years through ten years35 3 1,027 65 1,062 68 
Greater than ten years124 15 1,623 209 1,747 224 
Residential mortgage-backed securities6 — 455 40 461 40 
Commercial mortgage-backed securities6 1 523 40 529 41 
Other asset-backed securities6 — 304 4 310 4 
Total$245 $21 $6,402 $428 $6,647 $449 

Mortgage Loans

The Company’s mortgage loans are collateralized by commercial real estate. During the three and six months ended June 30, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
New mortgage loans$64 $78 $97 $137 
Mortgage loans fully repaid34 32 64 34 
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 June 30, 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
June 30, 2025
1$— $— $— $— $— $6 $6 
2 to 483 315 290 287 176 284 1,435 
5 and 6— — — 30 13 27 70 
7— — — — — — — 
Total$83 $315 $290 $317 $189 $317 $1,511 
December 31, 2024
1$— $— $— $— $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 and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Debt securities$324 $265 $647 $509 
Mortgage loans21 19 42 36 
Other investments180 212 389 435 
Gross investment income525 496 1,078 980 
Investment expenses(11)(12)(23)(24)
Net investment income (excluding net realized losses)
514 484 1,055 956 
Net realized capital losses
(27)(90)(48)(108)
Net investment income
$487 $394 $1,007 $848 

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 and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Proceeds from sales$2,623 $1,616 $4,808 $2,881 
Gross realized capital gains10 6 22 14 
Gross realized capital losses48 71 87 123 
v3.25.2
Fair Value
 6 Months Ended
Jun. 30, 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 June 30, 2025 or December 31, 2024. Financial assets measured at fair value on a recurring basis on the unaudited condensed consolidated balance sheets at June 30, 2025 and December 31, 2024 were as follows:
In millionsLevel 1Level 2Level 3Total
June 30, 2025    
Cash and cash equivalents$3,266 $8,521 $— $11,787 
Debt securities:   
U.S. government securities2,770 13 — 2,783 
States, municipalities and political subdivisions— 321 — 321 
U.S. corporate securities— 13,272 39 13,311 
Foreign securities— 2,706 23 2,729 
Residential mortgage-backed securities— 803 — 803 
Commercial mortgage-backed securities— 1,761 — 1,761 
Other asset-backed securities— 4,832 — 4,832 
Redeemable preferred securities— 14 — 14 
Total debt securities2,770 23,722 62 26,554 
Equity securities191 — 134 325 
Total$6,227 $32,243 $196 $38,666 
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 and six months ended June 30, 2025, there were $19 million and $32 million, respectively, of transfers out of Level 3. During the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
June 30, 2025
Assets: 
Mortgage loans$1,511 $— $— $1,502 $1,502 
Equity securities (1)
554 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity292 — — 257 257 
Long-term debt63,450 59,956 — — 59,956 
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 investments as they represent 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 June 30, 2025 and December 31, 2024 were as follows:
 June 30, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $164 $— $165 
Debt securities30 355 1 386 186 669 1 856 
Common/collective trusts— 1,190 — 1,190 — 2,478 — 2,478 
Total (1)
$31 $1,699 $1 $1,731 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Health Care Costs Payable
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
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 year61,345 56,177 
  Prior years(1,900)(662)
Total incurred health care costs (2)
59,445 55,515 
Less: Claims paid
  Current year48,791 43,218 
  Prior years11,342 10,514 
Total claims paid60,133 53,732 
Health care costs payable, end of the period, net14,296 13,850 
Add: Premium deficiency reserves
902 — 
Add: Reinsurance recoverables103 59 
Add: Impact of discount rate on long-duration insurance reserves (1)
(30)(24)
Health care costs payable, end of the period$15,271 $13,885 
_____________________________________________
(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 six months ended June 30, 2025 and 2024 in the table above exclude $19 million and $48 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 $86 million and $93 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 six months ended June 30, 2025 also exclude $902 million for premium deficiency reserves for the 2025 coverage year related to the Company’s individual exchange and Group Medicare Advantage product lines.

The Company’s estimates of prior years’ health care costs payable decreased by $1.9 billion and $662 million, respectively, in the six months ended June 30, 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 June 30, 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 $10.4 billion. Substantially all of the Company’s liabilities for IBNR plus expected development on reported claims at June 30, 2025 related to the current year.
v3.25.2
Other Insurance Liabilities and Separate Accounts
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30, 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 experience2 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate282 
Interest accrual (using locked-in discount rate)7 
Net premiums (actual)(19)
Ending liability for future policy benefits at original (locked-in) discount rate270 
Effect of changes in discount rate assumptions— 
Liability for future policy benefits, end of the period - current discount rate$270 
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(3)4 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,087 1,651 
Issuances10 — 
Interest accrual (using locked-in discount rate)43 41 
Benefit payments (actual)(123)(39)
Ending liability for future policy benefits at original (locked-in) discount rate2,017 1,653 
Effect of changes in discount rate assumptions(139)(73)
Liability for future policy benefits, end of the period - current discount rate$1,878 $1,580 
Net liability for future policy benefits$1,878 $1,310 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,878 $1,310 
_____________________________________________
(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.
Six Months Ended
June 30, 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 experience9 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate297 
Interest accrual (using locked-in discount rate)8 
Net premiums (actual)(20)
Ending liability for future policy benefits at original (locked-in) discount rate285 
Effect of changes in discount rate assumptions(4)
Liability for future policy benefits, end of the period - current discount rate$281 
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(15)3 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,236 1,635 
Issuances26 — 
Interest accrual (using locked-in discount rate)46 41 
Benefit payments (actual)(129)(36)
Ending liability for future policy benefits at original (locked-in) discount rate2,179 1,640 
Effect of changes in discount rate assumptions(176)(77)
Liability for future policy benefits, end of the period - current discount rate$2,003 $1,563 
Net liability for future policy benefits$2,003 $1,282 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,003 $1,282 
_____________________________________________
(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 June 30, 2025 and 2024 were as follows:
In millionsJune 30,
2025		June 30,
2024
Large case pensions
Expected future benefit payments$2,915$3,159
Expected gross premiums——
Long-term care
Expected future benefit payments$3,161$3,207
Expected gross premiums383408

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of June 30, 2025 and 2024 were as follows:
June 30,
2025		June 30,
2024
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.24%5.42%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.59%5.57%

The weighted-average durations (in years) of the long-duration insurance liabilities as of June 30, 2025 and 2024 were as follows:
June 30,
2025		June 30,
2024
Large case pensions7.27.3
Long-term care11.411.9
Separate Accounts

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2025 and December 31, 2024:
In millionsJune 30,
2025		December 31,
2024
Cash and cash equivalents$155 $165 
Debt securities:
U.S. government securities34 186 
States, municipalities and political subdivisions11 14 
U.S. corporate securities287 524 
Foreign securities38 51 
Residential mortgage-backed securities8 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities386 856 
Common/collective trusts1,190 2,478 
Total (1)
$1,731 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.

The following table shows the components of the change in Separate Accounts liabilities during the six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
In millions20252024
Separate Accounts liability, beginning of the period$3,311 $3,250 
Premiums and deposits442 430 
Surrenders and withdrawals(1,312)(152)
Benefit payments(473)(449)
Investment earnings (losses)
(102)121 
Net transfers from general account5 4 
Other(13)(17)
Separate Accounts liability, end of the period$1,858 $3,187 
Cash surrender value, end of the period$836 $2,171 
The Company did not recognize any gains or losses on assets transferred to Separate Accounts during the six months ended June 30, 2025 and 2024.
v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 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
June 30, 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 six months ended June 30, 2025, the Company did not repurchase any shares of its common stock. During the six months ended June 30, 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 June 30, 2025 and 2024. Cash dividends declared by the Board were $1.33 per share in both the six months ended June 30, 2025 and 2024. CVS Health Corporation has paid cash dividends every quarter since becoming a public company. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Board.
v3.25.2
Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Net unrealized investment losses:
Beginning of period balance$(183)$(537)$(399)$(429)
Other comprehensive income (loss) before reclassifications ($136, $(121), $324, $(283) pretax)
136 (109)323 (265)
Amounts reclassified from accumulated other comprehensive loss ($55, $94, $87, $148 pretax) (1)
51 82 80 130 
Other comprehensive income (loss)
187 (27)403 (135)
End of period balance4 (564)4 (564)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance232 220 265 152 
Other comprehensive income (loss) before reclassifications ($29, $68, $(12), $156 pretax)
23 53 (10)121 
Other comprehensive income (loss)
23 53 (10)121 
End of period balance255 273 255 273 
Foreign currency translation adjustments:
Beginning of period balance(4)— (4)— 
Other comprehensive income before reclassifications
4 — 4 — 
Other comprehensive income
4 — 4 — 
End of period balance— — — — 
Net cash flow hedges:
Beginning of period balance225 240 229 244 
Other comprehensive income before reclassifications ($5, $0, $5, $0 pretax)
3 — 3 — 
Amounts reclassified from accumulated other comprehensive income ($(6), $(5), $(12), $(11) pretax) (2)
(4)(4)(8)(8)
Other comprehensive loss
(1)(4)(5)(8)
End of period balance224 236 224 236 
Pension and other postretirement benefits:
Beginning of period balance(211)(264)(211)(264)
Other comprehensive income
— — — — 
End of period balance(211)(264)(211)(264)
Total beginning of period accumulated other comprehensive income (loss)
59 (341)(120)(297)
Total other comprehensive income (loss)
213 22 392 (22)
Total end of period accumulated other comprehensive income (loss)
$272 $(319)$272 $(319)
_____________________________________________
(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.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 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 9 million and 10 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2025, respectively, because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. For the same reason, stock options and stock appreciation rights to purchase 7 million shares of common stock were outstanding, but were excluded from the calculation of diluted earnings per share for each of the three and six-month periods ended June 30, 2024.

The following is a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions, except per share amounts2025202420252024
Numerator for earnings per share calculation:
Net income attributable to CVS Health$1,021 $1,770 $2,800 $2,883 
Denominator for earnings per share calculation:
Weighted average shares, basic1,266 1,256 1,264 1,258 
Restricted stock units and performance stock units2 1 2 3 
Stock options and stock appreciation rights2 2 1 2 
Weighted average shares, diluted1,270 1,259 1,267 1,263 
Earnings per share:
Basic$0.81 $1.41 $2.22 $2.29 
Diluted$0.80 $1.41 $2.21 $2.28 
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 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 June 30, 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 and as otherwise noted, 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 private payors and government payors, and are based on different legal theories. Some of these cases are brought as putative class actions in which classes have been certified, and
one of the cases asserts state false claims act claims by several state attorneys general in an intervened complaint filed in April 2025 and unsealed in May 2025. 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. Following a two-week trial, the Court issued a split decision and ruled that the Company was liable under the False Claims Act as to certain claims. The Court has awarded damages and has invited briefing as to trebling under the statute and any applicable penalties and accordingly the Company recorded a litigation reserve related to this matter in the three months ended June 30, 2025. Once the Court enters judgment and sets a final award, the Company intends to appeal.

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. Trial in a case brought by a group of Florida hospitals is scheduled to begin in September 2025. 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 has been served with subpoenas 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 Corporation 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. Accordingly, a litigation reserve was recorded related to this matter in the three months ended March 31, 2025. The jury found no damages attributable to CVS Health Corporation. In July 2025, the Court awarded penalties against Omnicare for $542 million, for which the Company recorded an incremental litigation reserve in the three months ended June 30, 2025. The Court also found CVS Health Corporation to be jointly and severally liable for $165 million of the $542 million in penalties. The Company plans to appeal the verdict, including the damages and penalties, 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 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. On May 21, 2025, CMS announced it would audit every Medicare Advantage contract each payment year, with an expedited plan to complete audits for payment years 2018 through 2024 by early 2026.

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.

U.S. ex rel. Andrew Shea v. Aetna Life Insurance Company, et al.(U.S. District Court for the District of Massachusetts). In May 2025, the U.S. Attorney’s Office for the District of Massachusetts filed a complaint-in-intervention in this previously sealed qui tam case. The complaint alleges that the Company and two other large health insurance companies, paid kickbacks to insurance brokers to induce them to direct patients to their Medicare Advantage plans and, as a result, claims made to the government in connection with those plans violated the federal False Claims Act and Anti-Kickback Statute. The complaint also alleges that the Company engaged in discriminatory conduct. The Company is defending itself against these claims.
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 May 2025, the defendants filed a motion to dismiss the 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.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 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 June 30, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$35,831 $40,118 $22,466 $13 $98,428 
Intersegment revenues20 6,338 11,115 — 17,473 
Net investment income (loss)
407 (3)— 83 487 
Total revenues36,258 46,453 33,581 96 116,388 
Intersegment eliminations (2)
(17,473)
Total consolidated revenues$98,915 
Less: Net realized capital losses
(13)— — (14)
Cost of products sold— 43,080 27,554 — 
Health care costs30,740 1,101 — 40 
Other segment items (3)
4,223 697 4,689 483 
Adjusted operating income (loss)$1,308 $1,575 $1,338 $(413)$3,808 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
494 
Net realized capital losses (5)
27 
Acquisition-related integration costs (6)
28 
Office real estate optimization charges (7)
4 
Legacy litigation charges (8)
833 
Loss on Accountable Care assets (9)
41 
Operating income (GAAP measure)2,381 
Interest expense763 
Other income(29)
Income before income tax provision$1,647 
Depreciation and amortization$419 $260 $389 $103 $1,171 
Three Months Ended June 30, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$32,157 $38,694 $19,974 $15 $90,840 
Intersegment revenues18 3,479 9,864 — 13,361 
Net investment income (loss)
300 (2)— 96 394 
Total revenues32,475 42,171 29,838 111 104,595 
Intersegment eliminations (2)
(13,361)
Total consolidated revenues$91,234 
Less: Net realized capital losses
(71)— — (19)
Cost of products sold— 38,765 23,835 — 
Health care costs27,458 791 — 46 
Other segment items (3)
4,150 700 4,760 436 
Adjusted operating income (loss)$938 $1,915 $1,243 $(352)$3,744 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
507 
Net realized capital losses (5)
90 
Acquisition-related integration costs (6)
102 
Operating income (GAAP measure)3,045 
Interest expense732 
Other income(24)
Income before income tax provision$2,337 
Depreciation and amortization$397 $264 $389 $101 $1,151 
Six Months Ended June 30, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$70,236 $78,214 $44,019 $27 $192,496 
Intersegment revenues38 11,690 21,474 — 33,202 
Net investment income
794 11 — 202 1,007 
Total revenues71,068 89,915 65,493 229 226,705 
Intersegment eliminations (2)
(33,202)
Total consolidated revenues$193,503 
Less: Net realized capital gains (losses)
(34)15 — (29)
Cost of products sold— 83,195 53,358 — 
Health care costs59,377 2,148 — 86 
Other segment items (3)
8,424 1,379 9,484 915 
Adjusted operating income (loss)$3,301 $3,178 $2,651 $(743)$8,387 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
993 
Net realized capital losses (5)
48 
Acquisition-related integration costs (6)
73 
Office real estate optimization charges (7)
10 
Legacy litigation charges (8)
1,220 
Loss on Accountable Care assets (9)
288 
Operating income (GAAP measure)5,755 
Interest expense1,548 
Other income(57)
Income before income tax provision$4,264 
Depreciation and amortization$824 $521 $773 $207 $2,325 
Six Months Ended June 30, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$64,022 $75,160 $39,612 $29 $178,823 
Intersegment revenues36 7,298 18,951 — 26,285 
Net investment income (loss)
653 (2)— 197 848 
Total revenues64,711 82,456 58,563 226 205,956 
Intersegment eliminations (2)
(26,285)
Total consolidated revenues$179,671 
Less: Net realized capital losses
(81)— — (27)
Cost of products sold— 76,297 46,595 — 
Health care costs54,916 1,492 — 93 
Other segment items (3)
8,206 1,389 9,548 827 
Adjusted operating income (loss)$1,670 $3,278 $2,420 $(667)$6,701 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
1,015 
Net realized capital losses (5)
108 
Acquisition-related integration costs (6)
162 
Opioid litigation charge (10)
100 
Operating income (GAAP measure)5,316 
Interest expense1,448 
Other income(49)
Income before income tax provision$3,917 
Depreciation and amortization$789 $525 $777 $198 $2,289 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $2.7 billion and $2.8 billion of retail co-payments for the three months ended June 30, 2025 and 2024, respectively. Total revenues of the Health Services segment include approximately $6.4 billion and $6.2 billion of retail co-payments for the six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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.
(8)During the three and six months ended June 30, 2025, the Company recorded legacy litigation charges related to two court decisions associated with its past business practices.
In April 2025, a jury found Omnicare, L.L.C. (f/k/a Omnicare, Inc., “Omnicare”) and CVS Health Corporation liable 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. Accordingly, the Company recorded a litigation charge of $387 million during the first quarter of 2025. During the three months ended June 30, 2025, the Company recorded a charge of $542 million, reflecting penalties assessed under the False Claims Act. These litigation charges are reflected in operating expenses within the Pharmacy & Consumer Wellness segment. The Company intends to appeal the verdict once the judgment is entered.
In June 2025, a court found certain subsidiaries of CVS Health Corporation liable for damages in connection with a complaint filed in February 2014, in which the government declined to intervene, related to PBM direct and indirect remuneration reporting practices for two clients from 2010 through 2016, which the Company has since modified. In connection with this court decision, the Company recorded a litigation charge of $291 million during the three months ended June 30, 2025. This litigation charge is reflected in operating expenses within the Health Services segment. The judgment will not be final until the Court enters penalties at a later date. The Company intends to appeal the decision once the judgment is entered.
(9)During the three and six months ended June 30, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company’s MSSP operations, which the Company sold in March 2025, as well as costs incurred in connection with the process of winding down the Company’s ACO REACH operations. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.
(10)During the six months ended June 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,021 $ 1,770 $ 2,800 $ 2,883
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 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. The Company plans to exit the states in which Aetna operates on the individual public health insurance exchanges effective January 2026.

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 June 30, 2025, the Pharmacy & Consumer Wellness segment operated approximately 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.
v3.25.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 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 millionsJune 30,
2025		December 31,
2024
Cash and cash equivalents$11,787 $8,586 
Restricted cash (included in other current assets)43 95 
Restricted cash (included in other assets)195 203 
Total cash, cash equivalents and restricted cash in the statements of cash flows$12,025 $8,884 
Schedule of Accounts Receivable, Net Accounts receivable, net at June 30, 2025 and December 31, 2024 was composed of the following:
In millionsJune 30,
2025		December 31,
2024
Trade receivables$10,465 $9,881 
Vendor and manufacturer receivables15,248 13,891 
Premium receivables5,885 4,731 
Other receivables9,053 7,966 
   Total accounts receivable, net$40,651 $36,469 
Rollforward of Deferred Acquisition Costs
The following is a roll forward of deferred acquisition costs for the six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
In millions20252024
Deferred acquisition costs, beginning of the period$1,747$1,502
Capitalization
262271
Amortization expense(172)(146)
Deferred acquisition costs, end of the period$1,837$1,627
Schedule of Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source in each segment for the three and six months ended June 30, 2025 and 2024:
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Three Months Ended June 30, 2025
Major goods/services lines:
Pharmacy$— $44,276 $27,631 $— $(16,558)$55,349 
Front Store— — 5,368 — — 5,368 
Premiums34,184 — — 11 — 34,195 
Net investment income (loss)407 (3)— 83 — 487 
Other1,667 2,180 582 2 (915)3,516 
Total$36,258 $46,453 $33,581 $96 $(17,473)$98,915 
Health Services distribution channel:
Pharmacy network (1)
$24,665 
Mail & specialty (2)
19,611 
Net investment income (loss)(3)
Other2,180 
Total$46,453 
Three Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$— $39,499 $24,013 $— $(12,532)$50,980 
Front Store— — 5,281 — — 5,281 
Premiums30,654 — — 13 — 30,667 
Net investment income (loss)300 (2)— 96 — 394 
Other1,521 2,674 544 2 (829)3,912 
Total$32,475 $42,171 $29,838 $111 $(13,361)$91,234 
Health Services distribution channel:
Pharmacy network (1)
$21,848 
Mail & specialty (2)
17,651 
Net investment income (loss)(2)
Other2,674 
Total$42,171 
In millionsHealth Care
Benefits		Health
Services		Pharmacy &
Consumer
Wellness 		Corporate/
Other		Intersegment
Eliminations		Consolidated
Totals
Six Months Ended June 30, 2025
Major goods/services lines:
Pharmacy$— $85,458 $53,707 $— $(31,309)$107,856 
Front Store— — 10,611 — — 10,611 
Premiums66,992 — — 23 — 67,015 
Net investment income
794 11 — 202 — 1,007 
Other3,282 4,446 1,175 4 (1,893)7,014 
Total$71,068 $89,915 $65,493 $229 $(33,202)$193,503 
Health Services distribution channel:
Pharmacy network (1)
$47,779 
Mail & specialty (2)
37,679 
Net investment income11 
Other4,446 
Total$89,915 
Six Months Ended June 30, 2024
Major goods/services lines:
Pharmacy$— $77,225 $46,797 $— $(24,645)$99,377 
Front Store— — 10,651 — — 10,651 
Premiums61,033 — — 25 — 61,058 
Net investment income (loss)653 (2)— 197 — 848 
Other3,025 5,233 1,115 4 (1,640)7,737 
Total$64,711 $82,456 $58,563 $226 $(26,285)$179,671 
Health Services distribution channel:
Pharmacy network (1)
$42,312 
Mail & specialty (2)
34,913 
Net investment income (loss)
(2)
Other5,233 
Total$82,456 
_____________________________________________
(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 millionsJune 30,
2025		December 31,
2024
Trade receivables (included in accounts receivable, net)$10,465 $9,881 
Contract liabilities (included in accrued expenses and other current liabilities)
61 144 
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Total Investments
Total investments at June 30, 2025 and December 31, 2024 were as follows:
 June 30, 2025December 31, 2024
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$2,251 $24,303 $26,554 $2,256 $23,777 $26,033 
Mortgage loans135 1,376 1,511 151 1,354 1,505 
Other investments— 4,179 4,179 — 3,803 3,803 
Total investments$2,386 $29,858 $32,244 $2,407 $28,934 $31,341 
Schedule of Debt Securities Available For Sale
Debt securities available for sale at June 30, 2025 and December 31, 2024 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2025
Debt securities:  
U.S. government securities$2,759 $35 $(11)$2,783 
States, municipalities and political subdivisions331 2 (12)321 
U.S. corporate securities13,387 207 (283)13,311 
Foreign securities2,742 45 (58)2,729 
Residential mortgage-backed securities837 6 (40)803 
Commercial mortgage-backed securities1,780 22 (41)1,761 
Other asset-backed securities4,806 30 (4)4,832 
Redeemable preferred securities14 — — 14 
Total debt securities (2)
$26,656 $347 $(449)$26,554 
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 June 30, 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 June 30, 2025, debt securities with a fair value of $501 million, gross unrealized capital gains of $8 million and gross unrealized capital losses of $21 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 June 30, 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$961 $963 
One year through five years10,984 11,070 
After five years through ten years4,534 4,564 
Greater than ten years2,754 2,561 
Residential mortgage-backed securities837 803 
Commercial mortgage-backed securities1,780 1,761 
Other asset-backed securities4,806 4,832 
Total$26,656 $26,554 
Schedule of Debt Securities In An Unrealized Capital Loss Position
Summarized below are the debt securities the Company held at June 30, 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
June 30, 2025  
Debt securities:  
U.S. government securities46 $111 $4 92 $189 $7 138 $300 $11 
States, municipalities and political subdivisions40 86 3 95 140 9 135 226 12 
U.S. corporate securities911 1,217 32 1,931 2,553 251 2,842 3,770 283 
Foreign securities266 423 9 433 622 49 699 1,045 58 
Residential mortgage-backed securities53 158 1 328 303 39 381 461 40 
Commercial mortgage-backed securities77 243 2 144 286 39 221 529 41 
Other asset-backed securities135 272 2 41 38 2 176 310 4 
Redeemable preferred securities— — — 4 6 — 4 6 — 
Total debt securities 1,528 $2,510 $53 3,068 $4,137 $396 4,596 $6,647 $449 
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 $707 
The maturity dates for debt securities in an unrealized capital loss position at June 30, 2025 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$— $— $199 $2 $199 $2 
One year through five years68 2 2,271 68 2,339 70 
After five years through ten years35 3 1,027 65 1,062 68 
Greater than ten years124 15 1,623 209 1,747 224 
Residential mortgage-backed securities6 — 455 40 461 40 
Commercial mortgage-backed securities6 1 523 40 529 41 
Other asset-backed securities6 — 304 4 310 4 
Total$245 $21 $6,402 $428 $6,647 $449 
Schedule of Activity in Mortgage Loan Portfolio During the three and six months ended June 30, 2025 and 2024, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
New mortgage loans$64 $78 $97 $137 
Mortgage loans fully repaid34 32 64 34 
Mortgage loans foreclosed— — — — 
Schedule of Mortgage Loan Amortized Cost and Credit Quality Indicator
Based on the Company’s assessments at June 30, 2025 and December 31, 2024, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20252024202320222021PriorTotal
June 30, 2025
1$— $— $— $— $— $6 $6 
2 to 483 315 290 287 176 284 1,435 
5 and 6— — — 30 13 27 70 
7— — — — — — — 
Total$83 $315 $290 $317 $189 $317 $1,511 
December 31, 2024
1$— $— $— $— $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 and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Debt securities$324 $265 $647 $509 
Mortgage loans21 19 42 36 
Other investments180 212 389 435 
Gross investment income525 496 1,078 980 
Investment expenses(11)(12)(23)(24)
Net investment income (excluding net realized losses)
514 484 1,055 956 
Net realized capital losses
(27)(90)(48)(108)
Net investment income
$487 $394 $1,007 $848 
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 and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Proceeds from sales$2,623 $1,616 $4,808 $2,881 
Gross realized capital gains10 6 22 14 
Gross realized capital losses48 71 87 123 
v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 were as follows:
In millionsLevel 1Level 2Level 3Total
June 30, 2025    
Cash and cash equivalents$3,266 $8,521 $— $11,787 
Debt securities:   
U.S. government securities2,770 13 — 2,783 
States, municipalities and political subdivisions— 321 — 321 
U.S. corporate securities— 13,272 39 13,311 
Foreign securities— 2,706 23 2,729 
Residential mortgage-backed securities— 803 — 803 
Commercial mortgage-backed securities— 1,761 — 1,761 
Other asset-backed securities— 4,832 — 4,832 
Redeemable preferred securities— 14 — 14 
Total debt securities2,770 23,722 62 26,554 
Equity securities191 — 134 325 
Total$6,227 $32,243 $196 $38,666 
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 June 30, 2025 and December 31, 2024 were as follows:
Carrying
Value		 Estimated Fair Value
In millionsLevel 1Level 2Level 3Total
June 30, 2025
Assets: 
Mortgage loans$1,511 $— $— $1,502 $1,502 
Equity securities (1)
554 N/AN/AN/AN/A
Liabilities:
Investment contract liabilities:
With a fixed maturity1 — — 1 1 
Without a fixed maturity292 — — 257 257 
Long-term debt63,450 59,956 — — 59,956 
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 investments as they represent shares of unlisted companies.
Schedule of Fair Value of Separate Accounts by Major Category of Investment Separate Accounts financial assets as of June 30, 2025 and December 31, 2024 were as follows:
 June 30, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $164 $— $165 
Debt securities30 355 1 386 186 669 1 856 
Common/collective trusts— 1,190 — 1,190 — 2,478 — 2,478 
Total (1)
$31 $1,699 $1 $1,731 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2025 and December 31, 2024:
In millionsJune 30,
2025		December 31,
2024
Cash and cash equivalents$155 $165 
Debt securities:
U.S. government securities34 186 
States, municipalities and political subdivisions11 14 
U.S. corporate securities287 524 
Foreign securities38 51 
Residential mortgage-backed securities8 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities386 856 
Common/collective trusts1,190 2,478 
Total (1)
$1,731 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Health Care Costs Payable (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
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 year61,345 56,177 
  Prior years(1,900)(662)
Total incurred health care costs (2)
59,445 55,515 
Less: Claims paid
  Current year48,791 43,218 
  Prior years11,342 10,514 
Total claims paid60,133 53,732 
Health care costs payable, end of the period, net14,296 13,850 
Add: Premium deficiency reserves
902 — 
Add: Reinsurance recoverables103 59 
Add: Impact of discount rate on long-duration insurance reserves (1)
(30)(24)
Health care costs payable, end of the period$15,271 $13,885 
_____________________________________________
(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 six months ended June 30, 2025 and 2024 in the table above exclude $19 million and $48 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 $86 million and $93 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 six months ended June 30, 2025 also exclude $902 million for premium deficiency reserves for the 2025 coverage year related to the Company’s individual exchange and Group Medicare Advantage product lines.
v3.25.2
Other Insurance Liabilities and Separate Accounts (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30, 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 experience2 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate282 
Interest accrual (using locked-in discount rate)7 
Net premiums (actual)(19)
Ending liability for future policy benefits at original (locked-in) discount rate270 
Effect of changes in discount rate assumptions— 
Liability for future policy benefits, end of the period - current discount rate$270 
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(3)4 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,087 1,651 
Issuances10 — 
Interest accrual (using locked-in discount rate)43 41 
Benefit payments (actual)(123)(39)
Ending liability for future policy benefits at original (locked-in) discount rate2,017 1,653 
Effect of changes in discount rate assumptions(139)(73)
Liability for future policy benefits, end of the period - current discount rate$1,878 $1,580 
Net liability for future policy benefits$1,878 $1,310 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,878 $1,310 
_____________________________________________
(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.
Six Months Ended
June 30, 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 experience9 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate297 
Interest accrual (using locked-in discount rate)8 
Net premiums (actual)(20)
Ending liability for future policy benefits at original (locked-in) discount rate285 
Effect of changes in discount rate assumptions(4)
Liability for future policy benefits, end of the period - current discount rate$281 
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(15)3 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,236 1,635 
Issuances26 — 
Interest accrual (using locked-in discount rate)46 41 
Benefit payments (actual)(129)(36)
Ending liability for future policy benefits at original (locked-in) discount rate2,179 1,640 
Effect of changes in discount rate assumptions(176)(77)
Liability for future policy benefits, end of the period - current discount rate$2,003 $1,563 
Net liability for future policy benefits$2,003 $1,282 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,003 $1,282 
_____________________________________________
(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 June 30, 2025 and 2024 were as follows:
In millionsJune 30,
2025		June 30,
2024
Large case pensions
Expected future benefit payments$2,915$3,159
Expected gross premiums——
Long-term care
Expected future benefit payments$3,161$3,207
Expected gross premiums383408

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of June 30, 2025 and 2024 were as follows:
June 30,
2025		June 30,
2024
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.24%5.42%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.59%5.57%

The weighted-average durations (in years) of the long-duration insurance liabilities as of June 30, 2025 and 2024 were as follows:
June 30,
2025		June 30,
2024
Large case pensions7.27.3
Long-term care11.411.9
Summary of Separate Account Assets Separate Accounts financial assets as of June 30, 2025 and December 31, 2024 were as follows:
 June 30, 2025December 31, 2024
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $154 $— $155 $1 $164 $— $165 
Debt securities30 355 1 386 186 669 1 856 
Common/collective trusts— 1,190 — 1,190 — 2,478 — 2,478 
Total (1)
$31 $1,699 $1 $1,731 $187 $3,311 $1 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 2025 and December 31, 2024, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2025 and December 31, 2024:
In millionsJune 30,
2025		December 31,
2024
Cash and cash equivalents$155 $165 
Debt securities:
U.S. government securities34 186 
States, municipalities and political subdivisions11 14 
U.S. corporate securities287 524 
Foreign securities38 51 
Residential mortgage-backed securities8 71 
Commercial mortgage-backed securities3 3 
Other asset-backed securities5 7 
Total debt securities386 856 
Common/collective trusts1,190 2,478 
Total (1)
$1,731 $3,499 
_____________________________________________
(1)Excludes $127 million of other receivables and $188 million of other payables at June 30, 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 six months ended June 30, 2025 and 2024:
Six Months Ended
June 30,
In millions20252024
Separate Accounts liability, beginning of the period$3,311 $3,250 
Premiums and deposits442 430 
Surrenders and withdrawals(1,312)(152)
Benefit payments(473)(449)
Investment earnings (losses)
(102)121 
Net transfers from general account5 4 
Other(13)(17)
Separate Accounts liability, end of the period$1,858 $3,187 
Cash surrender value, end of the period$836 $2,171 
v3.25.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2025
November 17, 2022 (“2022 Repurchase Program”)$10.0 $10.0 
December 9, 2021 (“2021 Repurchase Program”)10.0 1.5 
v3.25.2
Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity included the following activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions2025202420252024
Net unrealized investment losses:
Beginning of period balance$(183)$(537)$(399)$(429)
Other comprehensive income (loss) before reclassifications ($136, $(121), $324, $(283) pretax)
136 (109)323 (265)
Amounts reclassified from accumulated other comprehensive loss ($55, $94, $87, $148 pretax) (1)
51 82 80 130 
Other comprehensive income (loss)
187 (27)403 (135)
End of period balance4 (564)4 (564)
Change in discount rate on long-duration insurance reserves:
Beginning of period balance232 220 265 152 
Other comprehensive income (loss) before reclassifications ($29, $68, $(12), $156 pretax)
23 53 (10)121 
Other comprehensive income (loss)
23 53 (10)121 
End of period balance255 273 255 273 
Foreign currency translation adjustments:
Beginning of period balance(4)— (4)— 
Other comprehensive income before reclassifications
4 — 4 — 
Other comprehensive income
4 — 4 — 
End of period balance— — — — 
Net cash flow hedges:
Beginning of period balance225 240 229 244 
Other comprehensive income before reclassifications ($5, $0, $5, $0 pretax)
3 — 3 — 
Amounts reclassified from accumulated other comprehensive income ($(6), $(5), $(12), $(11) pretax) (2)
(4)(4)(8)(8)
Other comprehensive loss
(1)(4)(5)(8)
End of period balance224 236 224 236 
Pension and other postretirement benefits:
Beginning of period balance(211)(264)(211)(264)
Other comprehensive income
— — — — 
End of period balance(211)(264)(211)(264)
Total beginning of period accumulated other comprehensive income (loss)
59 (341)(120)(297)
Total other comprehensive income (loss)
213 22 392 (22)
Total end of period accumulated other comprehensive income (loss)
$272 $(319)$272 $(319)
_____________________________________________
(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.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
The following is a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
In millions, except per share amounts2025202420252024
Numerator for earnings per share calculation:
Net income attributable to CVS Health$1,021 $1,770 $2,800 $2,883 
Denominator for earnings per share calculation:
Weighted average shares, basic1,266 1,256 1,264 1,258 
Restricted stock units and performance stock units2 1 2 3 
Stock options and stock appreciation rights2 2 1 2 
Weighted average shares, diluted1,270 1,259 1,267 1,263 
Earnings per share:
Basic$0.81 $1.41 $2.22 $2.29 
Diluted$0.80 $1.41 $2.21 $2.28 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$35,831 $40,118 $22,466 $13 $98,428 
Intersegment revenues20 6,338 11,115 — 17,473 
Net investment income (loss)
407 (3)— 83 487 
Total revenues36,258 46,453 33,581 96 116,388 
Intersegment eliminations (2)
(17,473)
Total consolidated revenues$98,915 
Less: Net realized capital losses
(13)— — (14)
Cost of products sold— 43,080 27,554 — 
Health care costs30,740 1,101 — 40 
Other segment items (3)
4,223 697 4,689 483 
Adjusted operating income (loss)$1,308 $1,575 $1,338 $(413)$3,808 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
494 
Net realized capital losses (5)
27 
Acquisition-related integration costs (6)
28 
Office real estate optimization charges (7)
4 
Legacy litigation charges (8)
833 
Loss on Accountable Care assets (9)
41 
Operating income (GAAP measure)2,381 
Interest expense763 
Other income(29)
Income before income tax provision$1,647 
Depreciation and amortization$419 $260 $389 $103 $1,171 
Three Months Ended June 30, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$32,157 $38,694 $19,974 $15 $90,840 
Intersegment revenues18 3,479 9,864 — 13,361 
Net investment income (loss)
300 (2)— 96 394 
Total revenues32,475 42,171 29,838 111 104,595 
Intersegment eliminations (2)
(13,361)
Total consolidated revenues$91,234 
Less: Net realized capital losses
(71)— — (19)
Cost of products sold— 38,765 23,835 — 
Health care costs27,458 791 — 46 
Other segment items (3)
4,150 700 4,760 436 
Adjusted operating income (loss)$938 $1,915 $1,243 $(352)$3,744 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
507 
Net realized capital losses (5)
90 
Acquisition-related integration costs (6)
102 
Operating income (GAAP measure)3,045 
Interest expense732 
Other income(24)
Income before income tax provision$2,337 
Depreciation and amortization$397 $264 $389 $101 $1,151 
Six Months Ended June 30, 2025
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$70,236 $78,214 $44,019 $27 $192,496 
Intersegment revenues38 11,690 21,474 — 33,202 
Net investment income
794 11 — 202 1,007 
Total revenues71,068 89,915 65,493 229 226,705 
Intersegment eliminations (2)
(33,202)
Total consolidated revenues$193,503 
Less: Net realized capital gains (losses)
(34)15 — (29)
Cost of products sold— 83,195 53,358 — 
Health care costs59,377 2,148 — 86 
Other segment items (3)
8,424 1,379 9,484 915 
Adjusted operating income (loss)$3,301 $3,178 $2,651 $(743)$8,387 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
993 
Net realized capital losses (5)
48 
Acquisition-related integration costs (6)
73 
Office real estate optimization charges (7)
10 
Legacy litigation charges (8)
1,220 
Loss on Accountable Care assets (9)
288 
Operating income (GAAP measure)5,755 
Interest expense1,548 
Other income(57)
Income before income tax provision$4,264 
Depreciation and amortization$824 $521 $773 $207 $2,325 
Six Months Ended June 30, 2024
In millions
Health Care
Benefits
Health
Services (1)
Pharmacy &
Consumer
Wellness
Corporate/
Other
Consolidated
Totals
Revenues from external customers$64,022 $75,160 $39,612 $29 $178,823 
Intersegment revenues36 7,298 18,951 — 26,285 
Net investment income (loss)
653 (2)— 197 848 
Total revenues64,711 82,456 58,563 226 205,956 
Intersegment eliminations (2)
(26,285)
Total consolidated revenues$179,671 
Less: Net realized capital losses
(81)— — (27)
Cost of products sold— 76,297 46,595 — 
Health care costs54,916 1,492 — 93 
Other segment items (3)
8,206 1,389 9,548 827 
Adjusted operating income (loss)$1,670 $3,278 $2,420 $(667)$6,701 
Reconciliation of principal measure of segment performance to consolidated operating income:
Amortization of intangible assets (4)
1,015 
Net realized capital losses (5)
108 
Acquisition-related integration costs (6)
162 
Opioid litigation charge (10)
100 
Operating income (GAAP measure)5,316 
Interest expense1,448 
Other income(49)
Income before income tax provision$3,917 
Depreciation and amortization$789 $525 $777 $198 $2,289 
_____________________________________________
(1)Total revenues of the Health Services segment include approximately $2.7 billion and $2.8 billion of retail co-payments for the three months ended June 30, 2025 and 2024, respectively. Total revenues of the Health Services segment include approximately $6.4 billion and $6.2 billion of retail co-payments for the six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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.
(8)During the three and six months ended June 30, 2025, the Company recorded legacy litigation charges related to two court decisions associated with its past business practices.
In April 2025, a jury found Omnicare, L.L.C. (f/k/a Omnicare, Inc., “Omnicare”) and CVS Health Corporation liable 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. Accordingly, the Company recorded a litigation charge of $387 million during the first quarter of 2025. During the three months ended June 30, 2025, the Company recorded a charge of $542 million, reflecting penalties assessed under the False Claims Act. These litigation charges are reflected in operating expenses within the Pharmacy & Consumer Wellness segment. The Company intends to appeal the verdict once the judgment is entered.
In June 2025, a court found certain subsidiaries of CVS Health Corporation liable for damages in connection with a complaint filed in February 2014, in which the government declined to intervene, related to PBM direct and indirect remuneration reporting practices for two clients from 2010 through 2016, which the Company has since modified. In connection with this court decision, the Company recorded a litigation charge of $291 million during the three months ended June 30, 2025. This litigation charge is reflected in operating expenses within the Health Services segment. The judgment will not be final until the Court enters penalties at a later date. The Company intends to appeal the decision once the judgment is entered.
(9)During the three and six months ended June 30, 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 process of winding down the Company’s ACO REACH operations. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.
(10)During the six months ended June 30, 2024, the opioid litigation charge relates to a change in the Company’s accrual related to ongoing opioid litigation matters.
v3.25.2
Significant Accounting Policies - Narrative (Details)
store in Thousands, clinic in Thousands, people in Millions, patient in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
clinic
people
patient
store
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
clinic
people
patient
store
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
program
Significant Accounting Policies [Line Items]            
Number of pharmacy plan members | people 87     87    
Number of patients served per year (more than) | patient 0.8     0.8    
Number of reportable segments | segment       4    
Allowance for credit losses $ 374     $ 374   $ 407
Total premium deficiency reserve     $ 0   $ 0  
Premium deficiency reserve 902   $ 0 902 0  
Loss on Accountable Care assets 41     288    
Pre-tax loss on divestiture       (236) $ 0  
Individual Exchange Product Line            
Significant Accounting Policies [Line Items]            
Total premium deficiency reserve   $ 448        
Premium deficiency reserve, charge of unamortized acquisition costs   17        
Premium deficiency reserve, charge to health care costs   $ 431        
Premium deficiency reserve 431     431    
Group Medicare Advantage Product Line            
Significant Accounting Policies [Line Items]            
Total premium deficiency reserve 471          
Premium deficiency reserve $ 471     $ 471    
Pharmacy & Consumer Wellness            
Significant Accounting Policies [Line Items]            
Number of retail locations | store 9     9    
Health Services            
Significant Accounting Policies [Line Items]            
Number of walk in medical clinics (more than) | clinic 1     1    
Number of programs administered | program           2
Loss on Accountable Care assets $ 41     $ 288    
Loss on termination of program $ 41     52    
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     37    
v3.25.2
Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 11,787 $ 8,586    
Restricted cash (included in other current assets) 43 95    
Restricted cash (included in other assets) 195 203    
Total cash, cash equivalents and restricted cash in the statements of cash flows $ 12,025 $ 8,884 $ 12,820 $ 8,525
v3.25.2
Significant Accounting Policies - Accounts Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Trade receivables $ 10,465 $ 9,881
Vendor and manufacturer receivables 15,248 13,891
Premium receivables 5,885 4,731
Other receivables 9,053 7,966
Total accounts receivable, net $ 40,651 $ 36,469
v3.25.2
Significant Accounting Policies - Deferred Acquisition Costs (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred acquisition costs, beginning of the period $ 1,747 $ 1,502
Capitalization 262 271
Amortization expense (172) (146)
Deferred acquisition costs, end of the period $ 1,837 $ 1,627
v3.25.2
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 98,428 $ 90,840 $ 192,496 $ 178,823
Net investment income (loss) 487 394 1,007 848
Total revenues 98,915 91,234 193,503 179,671
Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues 55,349 50,980 107,856 99,377
Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 5,368 5,281 10,611 10,651
Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 34,195 30,667 67,015 61,058
Other        
Disaggregation of Revenue [Line Items]        
Revenues 3,516 3,912 7,014 7,737
Health Care Benefits        
Disaggregation of Revenue [Line Items]        
Revenues 35,831 32,157 70,236 64,022
Net investment income (loss) 407 300 794 653
Health Services        
Disaggregation of Revenue [Line Items]        
Revenues 40,118 38,694 78,214 75,160
Net investment income (loss) (3) (2) 11 (2)
Pharmacy & Consumer Wellness        
Disaggregation of Revenue [Line Items]        
Revenues 22,466 19,974 44,019 39,612
Net investment income (loss) 0 0 0 0
Corporate/ Other        
Disaggregation of Revenue [Line Items]        
Revenues 13 15 27 29
Net investment income (loss) 83 96 202 197
Operating Segments | Health Care Benefits        
Disaggregation of Revenue [Line Items]        
Net investment income (loss) 407 300 794 653
Total revenues 36,258 32,475 71,068 64,711
Operating Segments | Health Care Benefits | Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Operating Segments | Health Care Benefits | Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Operating Segments | Health Care Benefits | Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 34,184 30,654 66,992 61,033
Operating Segments | Health Care Benefits | Other        
Disaggregation of Revenue [Line Items]        
Revenues 1,667 1,521 3,282 3,025
Operating Segments | Health Services        
Disaggregation of Revenue [Line Items]        
Net investment income (loss) (3) (2) 11 (2)
Total revenues 46,453 42,171 89,915 82,456
Operating Segments | Health Services | Pharmacy network        
Disaggregation of Revenue [Line Items]        
Total revenues 24,665 21,848 47,779 42,312
Operating Segments | Health Services | Mail & specialty        
Disaggregation of Revenue [Line Items]        
Total revenues 19,611 17,651 37,679 34,913
Operating Segments | Health Services | Other        
Disaggregation of Revenue [Line Items]        
Total revenues 2,180 2,674 4,446 5,233
Operating Segments | Health Services | Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues 44,276 39,499 85,458 77,225
Operating Segments | Health Services | Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Operating Segments | Health Services | Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Operating Segments | Health Services | Other        
Disaggregation of Revenue [Line Items]        
Revenues 2,180 2,674 4,446 5,233
Operating Segments | Pharmacy & Consumer Wellness        
Disaggregation of Revenue [Line Items]        
Net investment income (loss) 0 0 0 0
Total revenues 33,581 29,838 65,493 58,563
Operating Segments | Pharmacy & Consumer Wellness | Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues 27,631 24,013 53,707 46,797
Operating Segments | Pharmacy & Consumer Wellness | Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 5,368 5,281 10,611 10,651
Operating Segments | Pharmacy & Consumer Wellness | Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Operating Segments | Pharmacy & Consumer Wellness | Other        
Disaggregation of Revenue [Line Items]        
Revenues 582 544 1,175 1,115
Corporate/ Other | Corporate/ Other        
Disaggregation of Revenue [Line Items]        
Net investment income (loss) 83 96 202 197
Total revenues 96 111 229 226
Corporate/ Other | Corporate/ Other | Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate/ Other | Corporate/ Other | Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Corporate/ Other | Corporate/ Other | Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 11 13 23 25
Corporate/ Other | Corporate/ Other | Other        
Disaggregation of Revenue [Line Items]        
Revenues 2 2 4 4
Intersegment Eliminations        
Disaggregation of Revenue [Line Items]        
Net investment income (loss) 0 0 0 0
Total revenues (17,473) (13,361) (33,202) (26,285)
Intersegment Eliminations | Pharmacy        
Disaggregation of Revenue [Line Items]        
Revenues (16,558) (12,532) (31,309) (24,645)
Intersegment Eliminations | Front Store        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations | Premiums        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations | Other        
Disaggregation of Revenue [Line Items]        
Revenues (915) (829) (1,893) (1,640)
Intersegment Eliminations | Health Care Benefits        
Disaggregation of Revenue [Line Items]        
Total revenues (20) (18) (38) (36)
Intersegment Eliminations | Health Services        
Disaggregation of Revenue [Line Items]        
Total revenues (6,338) (3,479) (11,690) (7,298)
Intersegment Eliminations | Pharmacy & Consumer Wellness        
Disaggregation of Revenue [Line Items]        
Total revenues $ (11,115) $ (9,864) $ (21,474) $ (18,951)
v3.25.2
Significant Accounting Policies - Receivables and Contract Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Trade receivables (included in accounts receivable, net) $ 10,465 $ 9,881
Contract liabilities (included in accrued expenses and other current liabilities) $ 61 $ 144
v3.25.2
Investments - Total Investment Schedule (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Total Investments [Line Items]    
Current $ 2,386 $ 2,407
Long-term 29,858 28,934
Total 32,244 31,341
Debt securities available for sale    
Total Investments [Line Items]    
Current 2,251 2,256
Long-term 24,303 23,777
Total 26,554 26,033
Mortgage loans    
Total Investments [Line Items]    
Current 135 151
Long-term 1,376 1,354
Total 1,511 1,505
Other investments    
Total Investments [Line Items]    
Current 0 0
Long-term 4,179 3,803
Total $ 4,179 $ 3,803
v3.25.2
Investments - Debt Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 26,656 $ 26,562
Gross Unrealized Gains 347 178
Gross Unrealized Losses (449) (707)
Fair Value 26,554 26,033
Allowance for expected credit losses 0 0
Supporting experience-rated products    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 8 5
Gross Unrealized Losses (21) (30)
Fair Value 501 543
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,759 2,826
Gross Unrealized Gains 35 7
Gross Unrealized Losses (11) (38)
Fair Value 2,783 2,795
States, municipalities and political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 331 712
Gross Unrealized Gains 2 4
Gross Unrealized Losses (12) (18)
Fair Value 321 698
U.S. corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 13,387 13,043
Gross Unrealized Gains 207 94
Gross Unrealized Losses (283) (412)
Fair Value 13,311 12,725
Foreign securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,742 2,608
Gross Unrealized Gains 45 27
Gross Unrealized Losses (58) (111)
Fair Value 2,729 2,524
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 837 792
Gross Unrealized Gains 6 2
Gross Unrealized Losses (40) (54)
Fair Value 803 740
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,780 1,731
Gross Unrealized Gains 22 9
Gross Unrealized Losses (41) (67)
Fair Value 1,761 1,673
Other asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 4,806 4,834
Gross Unrealized Gains 30 35
Gross Unrealized Losses (4) (7)
Fair Value 4,832 4,862
Redeemable preferred securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 14 16
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value $ 14 $ 16
v3.25.2
Investments - Debt Securities by Maturity (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Less than one year $ 961  
One year through five years 10,984  
After five years through ten years 4,534  
Greater than ten years 2,754  
Amortized Cost 26,656 $ 26,562
Fair Value    
Less than one year 963  
One year through five years 11,070  
After five years through ten years 4,564  
Greater than ten years 2,561  
Fair Value 26,554 26,033
Residential mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 837  
Amortized Cost 837 792
Fair Value    
Debt securities, maturity, without single maturity date 803  
Fair Value 803 740
Commercial mortgage-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 1,780  
Amortized Cost 1,780 1,731
Fair Value    
Debt securities, maturity, without single maturity date 1,761  
Fair Value 1,761 1,673
Other asset-backed securities    
Amortized Cost    
Debt securities, maturity, without single maturity date 4,806  
Amortized Cost 4,806 4,834
Fair Value    
Debt securities, maturity, without single maturity date 4,832  
Fair Value $ 4,832 $ 4,862
v3.25.2
Investments - Unrealized Loss Position (Details)
$ in Millions
Jun. 30, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Number of Securities    
Number of Securities, Less than 12 months | security 1,528 4,502
Number of Securities, Greater than 12 months | security 3,068 4,174
Number of Securities | security 4,596 8,676
Fair Value    
Fair Value, Less than 12 months $ 2,510 $ 7,506
Fair Value, Greater than 12 months 4,137 5,734
Fair Value 6,647 13,240
Unrealized Losses    
Unrealized Losses, Less than 12 months 53 127
Unrealized Losses, Greater than 12 months 396 580
Unrealized Losses $ 449 $ 707
U.S. government securities    
Number of Securities    
Number of Securities, Less than 12 months | security 46 266
Number of Securities, Greater than 12 months | security 92 155
Number of Securities | security 138 421
Fair Value    
Fair Value, Less than 12 months $ 111 $ 1,053
Fair Value, Greater than 12 months 189 394
Fair Value 300 1,447
Unrealized Losses    
Unrealized Losses, Less than 12 months 4 18
Unrealized Losses, Greater than 12 months 7 20
Unrealized Losses $ 11 $ 38
States, municipalities and political subdivisions    
Number of Securities    
Number of Securities, Less than 12 months | security 40 100
Number of Securities, Greater than 12 months | security 95 137
Number of Securities | security 135 237
Fair Value    
Fair Value, Less than 12 months $ 86 $ 181
Fair Value, Greater than 12 months 140 201
Fair Value 226 382
Unrealized Losses    
Unrealized Losses, Less than 12 months 3 3
Unrealized Losses, Greater than 12 months 9 15
Unrealized Losses $ 12 $ 18
U.S. corporate securities    
Number of Securities    
Number of Securities, Less than 12 months | security 911 3,119
Number of Securities, Greater than 12 months | security 1,931 2,602
Number of Securities | security 2,842 5,721
Fair Value    
Fair Value, Less than 12 months $ 1,217 $ 4,144
Fair Value, Greater than 12 months 2,553 3,395
Fair Value 3,770 7,539
Unrealized Losses    
Unrealized Losses, Less than 12 months 32 64
Unrealized Losses, Greater than 12 months 251 348
Unrealized Losses $ 283 $ 412
Foreign securities    
Number of Securities    
Number of Securities, Less than 12 months | security 266 599
Number of Securities, Greater than 12 months | security 433 616
Number of Securities | security 699 1,215
Fair Value    
Fair Value, Less than 12 months $ 423 $ 810
Fair Value, Greater than 12 months 622 874
Fair Value 1,045 1,684
Unrealized Losses    
Unrealized Losses, Less than 12 months 9 21
Unrealized Losses, Greater than 12 months 49 90
Unrealized Losses $ 58 $ 111
Residential mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 53 89
Number of Securities, Greater than 12 months | security 328 361
Number of Securities | security 381 450
Fair Value    
Fair Value, Less than 12 months $ 158 $ 267
Fair Value, Greater than 12 months 303 342
Fair Value 461 609
Unrealized Losses    
Unrealized Losses, Less than 12 months 1 5
Unrealized Losses, Greater than 12 months 39 49
Unrealized Losses $ 40 $ 54
Commercial mortgage-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 77 186
Number of Securities, Greater than 12 months | security 144 237
Number of Securities | security 221 423
Fair Value    
Fair Value, Less than 12 months $ 243 $ 628
Fair Value, Greater than 12 months 286 464
Fair Value 529 1,092
Unrealized Losses    
Unrealized Losses, Less than 12 months 2 11
Unrealized Losses, Greater than 12 months 39 56
Unrealized Losses $ 41 $ 67
Other asset-backed securities    
Number of Securities    
Number of Securities, Less than 12 months | security 135 139
Number of Securities, Greater than 12 months | security 41 62
Number of Securities | security 176 201
Fair Value    
Fair Value, Less than 12 months $ 272 $ 414
Fair Value, Greater than 12 months 38 58
Fair Value 310 472
Unrealized Losses    
Unrealized Losses, Less than 12 months 2 5
Unrealized Losses, Greater than 12 months 2 2
Unrealized Losses $ 4 $ 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
v3.25.2
Investments - Unrealized Loss Position Maturities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value    
Less than one year $ 199  
One year through five years 2,339  
After five years through ten years 1,062  
Greater than ten years 1,747  
Fair Value 6,647 $ 13,240
Unrealized Losses    
Less than one year 2  
One year through five years 70  
After five years through ten years 68  
Greater than ten years 224  
Unrealized Losses 449 707
Residential mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 461  
Fair Value 461 609
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 40  
Unrealized Losses 40 54
Commercial mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 529  
Fair Value 529 1,092
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 41  
Unrealized Losses 41 67
Other asset-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 310  
Fair Value 310 472
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 4  
Unrealized Losses 4 $ 7
Supporting experience-rated products    
Fair Value    
Less than one year 0  
One year through five years 68  
After five years through ten years 35  
Greater than ten years 124  
Fair Value 245  
Unrealized Losses    
Less than one year 0  
One year through five years 2  
After five years through ten years 3  
Greater than ten years 15  
Unrealized Losses 21  
Supporting experience-rated products | Residential 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 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 6  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 0  
Supporting remaining products    
Fair Value    
Less than one year 199  
One year through five years 2,271  
After five years through ten years 1,027  
Greater than ten years 1,623  
Fair Value 6,402  
Unrealized Losses    
Less than one year 2  
One year through five years 68  
After five years through ten years 65  
Greater than ten years 209  
Unrealized Losses 428  
Supporting remaining products | Residential mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 455  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 40  
Supporting remaining products | Commercial mortgage-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 523  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses 40  
Supporting remaining products | Other asset-backed securities    
Fair Value    
Debt securities, maturity, without single maturity date, fair value 304  
Unrealized Losses    
Debt securities, maturity, without single maturity date, unrealized losses $ 4  
v3.25.2
Investments - Mortgage Loans (Details) - Commercial Real Estate - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mortgage Loans on Real Estate [Line Items]        
New mortgage loans $ 64 $ 78 $ 97 $ 137
Mortgage loans fully repaid 34 32 64 34
Mortgage loans foreclosed $ 0 $ 0 $ 0 $ 0
v3.25.2
Investments - Mortgage Loans Credit Ratings Indicator (Details) - Commercial Real Estate - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans $ 1,511 $ 1,505
1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 6 8
2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 1,435 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 83  
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 83  
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 315 315
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 315 315
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 290 292
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 290 292
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 317 324
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 287 320
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 189 218
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 176 205
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 317 356
Prior | 1    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 6 8
Prior | 2 to 4    
Mortgage Loans on Real Estate [Line Items]    
Mortgage loans 284 320
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
v3.25.2
Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 525 $ 496 $ 1,078 $ 980
Investment expenses (11) (12) (23) (24)
Net investment income (excluding net realized losses) 514 484 1,055 956
Net realized capital losses (27) (90) (48) (108)
Net investment income 487 394 1,007 848
Debt securities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 324 265 647 509
Mortgage loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 21 19 42 36
Other investments        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 180 $ 212 $ 389 $ 435
v3.25.2
Investments - Proceeds and Related Gross Realized Capital Gains and Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments [Abstract]        
Proceeds from sales $ 2,623 $ 1,616 $ 4,808 $ 2,881
Gross realized capital gains 10 6 22 14
Gross realized capital losses $ 48 $ 71 $ 87 $ 123
v3.25.2
Fair Value - Measurement on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 26,554 $ 26,033
U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,783 2,795
States, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 321 698
U.S. corporate securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13,311 12,725
Foreign securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,729 2,524
Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 803 740
Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 1,761 1,673
Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,832 4,862
Redeemable preferred securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 14 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 11,787 8,586
Debt securities 26,554 26,033
Equity securities 325 360
Total 38,666 34,979
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 3,266 4,948
Debt securities 2,770 2,777
Equity securities 191 234
Total 6,227 7,959
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 8,521 3,638
Debt securities 23,722 23,218
Equity securities 0 0
Total 32,243 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 62 38
Equity securities 134 126
Total 196 164
Recurring | U.S. government securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,783 2,795
Recurring | U.S. government securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,770 2,777
Recurring | U.S. government securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 13 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 321 698
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 321 698
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 13,311 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 13,272 12,687
Recurring | U.S. corporate securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 39 38
Recurring | Foreign securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 2,729 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 2,706 2,524
Recurring | Foreign securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 23 0
Recurring | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 803 740
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 803 740
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 1,761 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 1,761 1,673
Recurring | Commercial mortgage-backed securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 0 0
Recurring | Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities 4,832 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 4,832 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 14 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 14 16
Recurring | Redeemable preferred securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities $ 0 $ 0
v3.25.2
Fair Value - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value Disclosures [Abstract]        
Transfers out of Level 3 $ 19 $ 0 $ 32 $ 0
Transfers into Level 3   $ 0   $ 0
v3.25.2
Fair Value - Carrying Value and Fair Value Classified by Level (Details) - Nonrecurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Carrying Value    
Assets:    
Mortgage loans $ 1,511 $ 1,505
Equity securities 554 490
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 292 312
Long-term debt 63,450 64,151
Estimated Fair Value    
Assets:    
Mortgage loans 1,502 1,468
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 257 272
Long-term debt 59,956 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 59,956 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 1,502 1,468
Liabilities:    
Investment contracts liabilities with a fixed maturity 1 1
Investment contracts liabilities without a fixed maturity 257 272
Long-term debt $ 0 $ 0
v3.25.2
Fair Value - Separate Accounts Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 1,858 $ 3,311    
Separate accounts liabilities 1,858 3,311 $ 3,187 $ 3,250
Recurring        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,731 3,499    
Recurring | Other Receivables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 127      
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 155 165    
Recurring | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 386 856    
Recurring | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,190 2,478    
Recurring | Level 1        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 31 187    
Recurring | Level 1 | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1 1    
Recurring | Level 1 | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 30 186    
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 1,699 3,311    
Recurring | Level 2 | Cash and cash equivalents        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 154 164    
Recurring | Level 2 | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 355 669    
Recurring | Level 2 | Common/collective trusts        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,190 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    
v3.25.2
Health Care Costs Payable - Components of Change in Health Care Costs Payable (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 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 61,345 56,177
Prior years (1,900) (662)
Total incurred health care costs 59,445 55,515
Less: Claims paid    
Current year 48,791 43,218
Prior years 11,342 10,514
Total claims paid 60,133 53,732
Health care costs payable, end of the period, net 14,296 13,850
Add: Premium deficiency reserves 902 0
Add: Reinsurance recoverables 103 59
Add: Impact of discount rate on long-duration insurance reserves (30) (24)
Health care costs payable, end of the period 15,271 13,885
Health Care Benefits    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities 19 48
Corporate/ Other    
Less: Claims paid    
Benefit costs recorded in other insurance liabilities $ 86 $ 93
v3.25.2
Health Care Costs Payable - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Health Care And Other Insurance Liabilities [Abstract]    
Decrease in prior years' healthcare costs payable $ 1,900 $ 662
Incurred but not reported (IBNR) claims liability, net $ 10,400  
v3.25.2
Other Insurance Liabilities and Separate Accounts - Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Present value of expected future policy benefits        
Effect of changes in discount rate assumptions $ (30) $ (24) $ (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     (3) (15)
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     2,087 2,236
Issuances 10 26    
Interest accrual (using locked-in discount rate) 43 46    
Benefit payments (actual) (123) (129)    
Ending liability for future policy benefits at original (locked-in) discount rate 2,017 2,179    
Effect of changes in discount rate assumptions (139) (176)    
Liability for future policy benefits, end of the period - current discount rate 1,878 2,003    
Net liability for future policy benefits 1,878 2,003    
Less: Reinsurance recoverable 0 0    
Net liability for future policy benefits, net of reinsurance recoverable 1,878 2,003    
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     2 9
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     282 297
Interest accrual (using locked-in discount rate) 7 8    
Net premiums (actual) (19) (20)    
Ending liability for future policy benefits at original (locked-in) discount rate 270 285    
Effect of changes in discount rate assumptions 0 (4)    
Liability for future policy benefits, end of the period - current discount rate 270 281    
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     4 3
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate     $ 1,651 $ 1,635
Issuances 0 0    
Interest accrual (using locked-in discount rate) 41 41    
Benefit payments (actual) (39) (36)    
Ending liability for future policy benefits at original (locked-in) discount rate 1,653 1,640    
Effect of changes in discount rate assumptions (73) (77)    
Liability for future policy benefits, end of the period - current discount rate 1,580 1,563    
Net liability for future policy benefits 1,310 1,282    
Less: Reinsurance recoverable 0 0    
Net liability for future policy benefits, net of reinsurance recoverable $ 1,310 $ 1,282    
v3.25.2
Other Insurance Liabilities and Separate Accounts - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Large Case Pensions    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future benefit payments $ 2,915 $ 3,159
Expected gross premiums 0 0
Long-Term Care    
Liability for Future Policy Benefit, Activity [Line Items]    
Expected future benefit payments 3,161 3,207
Expected gross premiums $ 383 $ 408
v3.25.2
Other Insurance Liabilities and Separate Accounts - Weighted-average Interest Rates and Durations (Details)
Jun. 30, 2025
Jun. 30, 2024
Large Case Pensions    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.20% 4.20%
Current discount rate 5.24% 5.42%
Weighted-average duration of long-duration insurance liabilities 7 years 2 months 12 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 5.59% 5.57%
Weighted-average duration of long-duration insurance liabilities 11 years 4 months 24 days 11 years 10 months 24 days
v3.25.2
Other Insurance Liabilities and Separate Accounts - Separate Account Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets $ 1,858 $ 3,311    
Separate accounts liabilities 1,858 3,311 $ 3,187 $ 3,250
Recurring        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 1,731 3,499    
Recurring | Other Receivables        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 127      
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 155 165    
Recurring | Debt securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 386 856    
Recurring | Debt securities | U.S. government securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 34 186    
Recurring | Debt securities | States, municipalities and political subdivisions        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 11 14    
Recurring | Debt securities | U.S. corporate securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 287 524    
Recurring | Debt securities | Foreign securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 38 51    
Recurring | Mortgage-backed securities | Residential mortgage-backed securities        
Fair Value, Separate Account Investment [Line Items]        
Separate accounts assets 8 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 $ 1,190 $ 2,478    
v3.25.2
Other Insurance Liabilities and Separate Accounts - Roll Forward of Separate Accounts (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Separate Account, Liability [Roll Forward]    
Separate Accounts liability, beginning of the period $ 3,311 $ 3,250
Premiums and deposits 442 430
Surrenders and withdrawals (1,312) (152)
Benefit payments (473) (449)
Investment earnings (losses) (102) 121
Net transfers from general account 5 4
Other (13) (17)
Separate Accounts liability, end of the period 1,858 3,187
Cash surrender value, end of the period $ 836 $ 2,171
v3.25.2
Shareholders' Equity - Share Repurchases (Details) - USD ($)
shares in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 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    
v3.25.2
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  
v3.25.2
Shareholders' Equity - Dividends (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity [Abstract]            
Dividends declared per share (in dollars per share) $ 0.665 $ 0.665 $ 0.665 $ 0.665 $ 1.33 $ 1.33
v3.25.2
Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period $ 77,110 $ 75,730 $ 74,150 $ 76,636 $ 75,730 $ 76,636
Other comprehensive income (loss) 213 179 22 (44) 392 (22)
Balance at end of period 77,551 77,110 75,111 74,150 77,551 75,111
Gains expected to be reclassified 16       16  
AOCI Including Portion Attributable to Noncontrolling Interest            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period 59 (120) (341) (297) (120) (297)
Balance at end of period 272 59 (319) (341) 272 (319)
Net unrealized investment losses:            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period (183) (399) (537) (429) (399) (429)
Other comprehensive income (loss) before reclassifications, net of tax 136   (109)   323 (265)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 51   82   80 130
Other comprehensive income (loss) 187   (27)   403 (135)
Balance at end of period 4 (183) (564) (537) 4 (564)
Other comprehensive income (loss) before reclassifications, pretax 136   (121)   324 (283)
Amounts reclassified from accumulated other comprehensive income (loss), pretax 55   94   87 148
Change in discount rate on long-duration insurance reserves:            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period 232 265 220 152 265 152
Other comprehensive income (loss) before reclassifications, net of tax 23   53   (10) 121
Other comprehensive income (loss) 23   53   (10) 121
Balance at end of period 255 232 273 220 255 273
Other comprehensive income (loss) before reclassifications, pretax 29   68   (12) 156
Foreign currency translation adjustments:            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period (4) (4) 0 0 (4) 0
Other comprehensive income (loss) before reclassifications, net of tax 4   0   4 0
Other comprehensive income (loss) 4   0   4 0
Balance at end of period 0 (4) 0 0 0 0
Net cash flow hedges:            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period 225 229 240 244 229 244
Other comprehensive income (loss) before reclassifications, net of tax 3   0   3 0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (4)   (4)   (8) (8)
Other comprehensive income (loss) (1)   (4)   (5) (8)
Balance at end of period 224 225 236 240 224 236
Other comprehensive income (loss) before reclassifications, pretax 5   0   5 0
Amounts reclassified from accumulated other comprehensive income (loss), pretax (6)   (5)   (12) (11)
Pension and other postretirement benefits:            
Changes in Accumulated Other Comprehensive Income (Loss) by Component            
Balance at beginning of period (211) (211) (264) (264) (211) (264)
Other comprehensive income (loss) 0   0   0 0
Balance at end of period $ (211) $ (211) $ (264) $ (264) $ (211) $ (264)
v3.25.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator for earnings per share calculation:        
Net income attributable to CVS Health, basic $ 1,021 $ 1,770 $ 2,800 $ 2,883
Net income attributable to CVS Health, diluted $ 1,021 $ 1,770 $ 2,800 $ 2,883
Denominator for earnings per share calculation:        
Weighted average shares, basic (in shares) 1,266 1,256 1,264 1,258
Weighted average shares, diluted (in shares) 1,270 1,259 1,267 1,263
Earnings per share:        
Basic (in dollars per share) $ 0.81 $ 1.41 $ 2.22 $ 2.29
Diluted (in dollars per share) $ 0.80 $ 1.41 $ 2.21 $ 2.28
Restricted stock units and performance stock units        
Denominator for earnings per share calculation:        
Effect of dilutive securities (in shares) 2 1 2 3
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) 9 7 10 7
Denominator for earnings per share calculation:        
Effect of dilutive securities (in shares) 2 2 1 2
v3.25.2
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2025
USD ($)
Apr. 30, 2025
USD ($)
Aug. 31, 2022
USD ($)
Jun. 30, 2025
state
claim
lease
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. | Omnicare, Inc.        
Loss Contingencies [Line Items]        
Damages awarded   $ 136    
Damages awarded per statute   $ 407    
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. | Omnicare, Inc. | Subsequent Event        
Loss Contingencies [Line Items]        
Penalties awarded $ 542      
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp. | Omnicare, Inc and CVS Health Corporation | Subsequent Event        
Loss Contingencies [Line Items]        
Penalties awarded $ 165      
Stockholder Matters, Class Action Complaints        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Derivative Litigation        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Stockholder Derivative Litigation        
Loss Contingencies [Line Items]        
Number of claims filed | claim       2
In re CVS Health Corporation Stockholder Derivative Litigation and Davidow v. Lynch, et al.        
Loss Contingencies [Line Items]        
Number of claims filed | claim       3
v3.25.2
Segment Reporting - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.2
Segment Reporting - Reconciliation of Financial Measures of Segments to Consolidated Totals (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2025
client
Jun. 30, 2025
USD ($)
claim
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Segment Reporting Information [Line Items]            
Revenues from external customers   $ 98,428   $ 90,840 $ 192,496 $ 178,823
Net investment income (loss)   487   394 1,007 848
Total revenues   98,915   91,234 193,503 179,671
Less: Net realized capital gains (losses)   (27)   (90) (48) (108)
Cost of products sold   54,005   49,998 105,062 98,071
Health care costs   31,317   27,853 60,452 55,656
Reconciliation of principal measure of segment performance to consolidated operating income:            
Amortization of intangible assets   494   507 993 1,015
Net realized capital losses   27   90 48 108
Acquisition-related transaction and integration costs   28   102 73 162
Office real estate optimization charges   4     10  
Litigation charges   833     1,220 100
Loss on Accountable Care assets   41     288  
Operating income   2,381   3,045 5,755 5,316
Interest expense   763   732 1,548 1,448
Other income   (29)   (24) (57) (49)
Income before income tax provision   1,647   2,337 4,264 3,917
Depreciation and amortization   $ 1,171   1,151 2,325 2,289
Number of claims for which litigation charges were recorded | claim   2        
U.S. ex rel. Bassan et al. v. Omnicare, Inc. and CVS Health Corp.            
Reconciliation of principal measure of segment performance to consolidated operating income:            
Litigation charges   $ 542 $ 387      
United States Ex Rel. Behnke v. CVS Caremark Corporation, Et Al.            
Reconciliation of principal measure of segment performance to consolidated operating income:            
Litigation charges   291        
Number of clients | client 2          
Health Care Benefits            
Segment Reporting Information [Line Items]            
Revenues from external customers   35,831   32,157 70,236 64,022
Net investment income (loss)   407   300 794 653
Reconciliation of principal measure of segment performance to consolidated operating income:            
Depreciation and amortization   419   397 824 789
Health Services            
Segment Reporting Information [Line Items]            
Revenues from external customers   40,118   38,694 78,214 75,160
Net investment income (loss)   (3)   (2) 11 (2)
Reconciliation of principal measure of segment performance to consolidated operating income:            
Loss on Accountable Care assets   41     288  
Depreciation and amortization   260   264 521 525
Pharmacy & Consumer Wellness            
Segment Reporting Information [Line Items]            
Revenues from external customers   22,466   19,974 44,019 39,612
Net investment income (loss)   0   0 0 0
Reconciliation of principal measure of segment performance to consolidated operating income:            
Depreciation and amortization   389   389 773 777
Corporate/ Other            
Segment Reporting Information [Line Items]            
Revenues from external customers   13   15 27 29
Net investment income (loss)   83   96 202 197
Reconciliation of principal measure of segment performance to consolidated operating income:            
Depreciation and amortization   103   101 207 198
Intersegment Eliminations            
Segment Reporting Information [Line Items]            
Net investment income (loss)   0   0 0 0
Total revenues   (17,473)   (13,361) (33,202) (26,285)
Intersegment Eliminations | Health Care Benefits            
Segment Reporting Information [Line Items]            
Total revenues   (20)   (18) (38) (36)
Intersegment Eliminations | Health Services            
Segment Reporting Information [Line Items]            
Total revenues   (6,338)   (3,479) (11,690) (7,298)
Intersegment Eliminations | Pharmacy & Consumer Wellness            
Segment Reporting Information [Line Items]            
Total revenues   (11,115)   (9,864) (21,474) (18,951)
Operating Segments and Corporate/ Other            
Segment Reporting Information [Line Items]            
Total revenues   116,388   104,595 226,705 205,956
Adjusted operating income (loss)   3,808   3,744 8,387 6,701
Operating Segments | Health Care Benefits            
Segment Reporting Information [Line Items]            
Net investment income (loss)   407   300 794 653
Total revenues   36,258   32,475 71,068 64,711
Less: Net realized capital gains (losses)   (13)   (71) (34) (81)
Cost of products sold   0   0 0 0
Health care costs   30,740   27,458 59,377 54,916
Other segment items   4,223   4,150 8,424 8,206
Adjusted operating income (loss)   1,308   938 3,301 1,670
Reconciliation of principal measure of segment performance to consolidated operating income:            
Net realized capital losses   13   71 34 81
Operating Segments | Health Services            
Segment Reporting Information [Line Items]            
Net investment income (loss)   (3)   (2) 11 (2)
Total revenues   46,453   42,171 89,915 82,456
Less: Net realized capital gains (losses)   0   0 15 0
Cost of products sold   43,080   38,765 83,195 76,297
Health care costs   1,101   791 2,148 1,492
Other segment items   697   700 1,379 1,389
Adjusted operating income (loss)   1,575   1,915 3,178 3,278
Reconciliation of principal measure of segment performance to consolidated operating income:            
Net realized capital losses   0   0 (15) 0
Co-payments   2,700   2,800 6,400 6,200
Operating Segments | Pharmacy & Consumer Wellness            
Segment Reporting Information [Line Items]            
Net investment income (loss)   0   0 0 0
Total revenues   33,581   29,838 65,493 58,563
Less: Net realized capital gains (losses)   0   0 0 0
Cost of products sold   27,554   23,835 53,358 46,595
Health care costs   0   0 0 0
Other segment items   4,689   4,760 9,484 9,548
Adjusted operating income (loss)   1,338   1,243 2,651 2,420
Reconciliation of principal measure of segment performance to consolidated operating income:            
Net realized capital losses   0   0 0 0
Corporate/ Other | Corporate/ Other            
Segment Reporting Information [Line Items]            
Net investment income (loss)   83   96 202 197
Total revenues   96   111 229 226
Less: Net realized capital gains (losses)   (14)   (19) (29) (27)
Cost of products sold   0   0 0 0
Health care costs   40   46 86 93
Other segment items   483   436 915 827
Adjusted operating income (loss)   (413)   (352) (743) (667)
Reconciliation of principal measure of segment performance to consolidated operating income:            
Net realized capital losses   $ 14   $ 19 $ 29 $ 27