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Segment Reporting (Tables) | 6 Months Ended
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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 revenues | 20 |  |  | 6,338 |  |  | 11,115 |  |  | — |  |  | 17,473 |
Net investment income (loss) | 407 |  |  | (3) |  |  | — |  |  | 83 |  |  | 487 |
Total revenues | 36,258 |  |  | 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 costs | 30,740 |  |  | 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 expense |  |  |  |  |  |  |  |  | 763 |
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 revenues | 18 |  |  | 3,479 |  |  | 9,864 |  |  | — |  |  | 13,361 |
Net investment income (loss) | 300 |  |  | (2) |  |  | — |  |  | 96 |  |  | 394 |
Total revenues | 32,475 |  |  | 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 costs | 27,458 |  |  | 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 expense |  |  |  |  |  |  |  |  | 732 |
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 revenues | 38 |  |  | 11,690 |  |  | 21,474 |  |  | — |  |  | 33,202 |
Net investment income | 794 |  |  | 11 |  |  | — |  |  | 202 |  |  | 1,007 |
Total revenues | 71,068 |  |  | 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 costs | 59,377 |  |  | 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 expense |  |  |  |  |  |  |  |  | 1,548 |
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 revenues | 36 |  |  | 7,298 |  |  | 18,951 |  |  | — |  |  | 26,285 |
Net investment income (loss) | 653 |  |  | (2) |  |  | — |  |  | 197 |  |  | 848 |
Total revenues | 64,711 |  |  | 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 costs | 54,916 |  |  | 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 expense |  |  |  |  |  |  |  |  | 1,448 |
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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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