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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 millions			June 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 millions			June 30, 2025						December 31, 2024
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

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 millions															2025						2024
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

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 millions			Health 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
Premiums			34,184						—						—						11						—						34,195
Net investment income (loss)			407						(3)						—						83						—						487
Other			1,667						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)
Other									2,180
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
Premiums			30,654						—						—						13						—						30,667
Net investment income (loss)			300						(2)						—						96						—						394
Other			1,521						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)
Other									2,674
Total									$	42,171

In millions			Health 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
Premiums			66,992						—						—						23						—						67,015
Net investment income			794						11						—						202						—						1,007
Other			3,282						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 income									11
Other									4,446
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
Premiums			61,033						—						—						25						—						61,058
Net investment income (loss)			653						(2)						—						197						—						848
Other			3,025						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)
Other									5,233
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 millions			June 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

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