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Shareholders' Equity | 9 Months Ended
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Sep. 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 September 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 nine months ended September 30, 2025, the Company did not repurchase any shares of its common stock. During the nine months ended September 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 September 30, 2025 and 2024. Cash dividends declared by the Board were $1.995 per share in both the nine months ended September 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.

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