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v3.25.3

Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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 | September 30, 2025 |  | December 31, 2024 |  |
Cash and cash equivalents | $ | 9,098 |  |  | $ | 8,586 |  |  |
Restricted cash (included in other current assets) | 57 |  |  | 95 |  |  |
Restricted cash (included in other assets) | 197 |  |  | 203 |  |  |
Total cash, cash equivalents and restricted cash in the statements of cash flows | $ | 9,352 |  |  | $ | 8,884 |  |  |
Schedule of Accounts Receivable, Net | Accounts receivable, net at September 30, 2025 and December 31, 2024 was composed of the following:
In millions | September 30, 2025 |  | December 31, 2024
Trade receivables | $ | 11,221 |  |  | $ | 9,881 |
Vendor and manufacturer receivables | 17,779 |  |  | 13,891 |
Premium receivables | 4,878 |  |  | 4,731 |
Other receivables | 9,979 |  |  | 7,966 |
Total accounts receivable, net | $ | 43,857 |  |  | $ | 36,469 |
Rollforward of Deferred Acquisition Costs | The following is a roll forward of deferred acquisition costs for the nine months ended September 30, 2025 and 2024:
|  |  | Nine Months Ended September 30,
In millions |  |  |  |  | 2025 |  | 2024
Deferred acquisition costs, beginning of the period |  |  |  |  | $ | 1,747 |  | $ | 1,502
Capitalization |  |  |  |  | 389 |  | 405
Amortization expense |  |  |  |  | (255) |  | (217)
Deferred acquisition costs, end of the period |  |  |  |  | $ | 1,881 |  | $ | 1,690
Schedule of Disaggregation of Revenue | The following tables disaggregate the Company’s revenue by major source in each segment for the three and nine months ended September 30, 2025 and 2024:
In millions | Health Care Benefits |  | Health Services |  | Pharmacy & Consumer Wellness |  | Corporate/ Other |  | Intersegment Eliminations |  | Consolidated Totals
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 46,800 |  |  | $ | 30,428 |  |  | $ | — |  |  | $ | (17,680) |  |  | $ | 59,548 |
Front Store | — |  |  | — |  |  | 5,192 |  |  | — |  |  | — |  |  | 5,192 |
Premiums | 33,739 |  |  | — |  |  | — |  |  | 11 |  |  | (31) |  |  | 33,719 |
Net investment income (loss) | 513 |  |  | (1) |  |  | — |  |  | 120 |  |  | — |  |  | 632 |
Other | 1,741 |  |  | 2,467 |  |  | 594 |  |  | 2 |  |  | (1,024) |  |  | 3,780 |
Total | $ | 35,993 |  |  | $ | 49,266 |  |  | $ | 36,214 |  |  | $ | 133 |  |  | $ | (18,735) |  |  | $ | 102,871 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | $ | 26,408 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 20,392 |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | (1) |  |  |  |  |  |  |  |  |
Other |  |  | 2,467 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 49,266 |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 41,350 |  |  | $ | 26,666 |  |  | $ | — |  |  | $ | (13,357) |  |  | $ | 54,659 |
Front Store | — |  |  | — |  |  | 5,196 |  |  | — |  |  | — |  |  | 5,196 |
Premiums | 30,914 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 30,925 |
Net investment income (loss) | 423 |  |  | (1) |  |  | — |  |  | 128 |  |  | — |  |  | 550 |
Other | 1,659 |  |  | 2,780 |  |  | 561 |  |  | 3 |  |  | (905) |  |  | 4,098 |
Total | $ | 32,996 |  |  | $ | 44,129 |  |  | $ | 32,423 |  |  | $ | 142 |  |  | $ | (14,262) |  |  | $ | 95,428 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | $ | 24,136 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 17,214 |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | (1) |  |  |  |  |  |  |  |  |
Other |  |  | 2,780 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 44,129 |  |  |  |  |  |  |  |  |
In millions | Health Care Benefits |  | Health Services |  | Pharmacy & Consumer Wellness |  | Corporate/ Other |  | Intersegment Eliminations |  | Consolidated Totals
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 132,258 |  |  | $ | 84,135 |  |  | $ | — |  |  | $ | (48,989) |  |  | $ | 167,404 |
Front Store | — |  |  | — |  |  | 15,803 |  |  | — |  |  | — |  |  | 15,803 |
Premiums | 100,731 |  |  | — |  |  | — |  |  | 34 |  |  | (31) |  |  | 100,734 |
Net investment income | 1,307 |  |  | 10 |  |  | — |  |  | 322 |  |  | — |  |  | 1,639 |
Other | 5,023 |  |  | 6,913 |  |  | 1,769 |  |  | 6 |  |  | (2,917) |  |  | 10,794 |
Total | $ | 107,061 |  |  | $ | 139,181 |  |  | $ | 101,707 |  |  | $ | 362 |  |  | $ | (51,937) |  |  | $ | 296,374 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | $ | 74,187 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 58,071 |  |  |  |  |  |  |  |  |
Net investment income |  |  | 10 |  |  |  |  |  |  |  |  |
Other |  |  | 6,913 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 139,181 |  |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Major goods/services lines: |  |  |  |  |  |  |  |  |  |  |
Pharmacy | $ | — |  |  | $ | 118,575 |  |  | $ | 73,463 |  |  | $ | — |  |  | $ | (38,002) |  |  | $ | 154,036 |
Front Store | — |  |  | — |  |  | 15,847 |  |  | — |  |  | — |  |  | 15,847 |
Premiums | 91,947 |  |  | — |  |  | — |  |  | 36 |  |  | — |  |  | 91,983 |
Net investment income (loss) | 1,076 |  |  | (3) |  |  | — |  |  | 325 |  |  | — |  |  | 1,398 |
Other | 4,684 |  |  | 8,013 |  |  | 1,676 |  |  | 7 |  |  | (2,545) |  |  | 11,835 |
Total | $ | 97,707 |  |  | $ | 126,585 |  |  | $ | 90,986 |  |  | $ | 368 |  |  | $ | (40,547) |  |  | $ | 275,099 |
Health Services distribution channel: |  |  |  |  |  |  |  |
Pharmacy network (1) |  |  | $ | 66,448 |  |  |  |  |  |  |  |  |
Mail & specialty (2) |  |  | 52,127 |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | (3) |  |  |  |  |  |  |  |  |
Other |  |  | 8,013 |  |  |  |  |  |  |  |  |
Total |  |  | $ | 126,585 |  |  |  |  |  |  |  |  |
_____________________________________________ (1)Health Services pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including pharmacies owned by the Company, 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 | September 30, 2025 |  | December 31, 2024
Trade receivables (included in accounts receivable, net) | $ | 11,221 |  |  | $ | 9,881 |
Contract liabilities (included in accrued expenses and other current liabilities) | 58 |  |  | 144 |

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