Cvs Health annual operating margin
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2025
Cvs Health Operating Margin Growth & History (CVS)
Cvs Health's operating margin was 1.16% for fiscal 2025.
View full Cvs Health company overviewCvs Health annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 1.16% | −1.13 pp |
| 2024 | 2024-12-31 | 2.28% | −1.56 pp |
| 2023 | 2023-12-31 | 3.84% | +1.37 pp |
| 2022 | 2022-12-31 | 2.47% | −2.09 pp |
| 2021 | 2021-12-31 | 4.56% | −0.62 pp |
| 2020 | 2020-12-31 | 5.18% | +0.51 pp |
| 2019 | 2019-12-31 | 4.67% | +2.59 pp |
| 2018 | 2018-12-31 | 2.07% | −3.09 pp |
| 2017 | 2017-12-31 | 5.16% | −0.69 pp |
| 2016 | 2016-12-31 | 5.85% | −0.33 pp |
| 2015 | 2015-12-31 | 6.18% | −0.13 pp |
| 2014 | 2014-12-31 | 6.31% | −0.03 pp |
| 2013 | 2013-12-31 | 6.34% | +0.48 pp |
| 2012 | 2012-12-31 | 5.86% | −0.06 pp |
| 2011 | 2011-12-31 | 5.91% | −0.50 pp |
| 2010 | 2010-12-31 | 6.41% | −0.13 pp |
| 2009 | 2009-12-31 | 6.54% | −0.37 pp |
| 2008 | 2008-12-31 | 6.91% | +0.63 pp |
| 2007 | 2007-12-29 | 6.28% | — |
Cvs Health quarterly operating margin
Q2.08
Q3.08
Q1.09
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Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
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Q4.12
Q1.13
Q2.13
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Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
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Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 4.43% | +2.03 pp |
| Q1 2026 | 2026-03-31 | 4.66% | +1.09 pp |
| Q4 2025 | 2025-12-31 | 2.00% | −0.43 pp |
| Q3 2025 | 2025-09-30 | −3.12% | −3.99 pp |
| Q2 2025 | 2025-06-30 | 2.41% | −0.93 pp |
| Q1 2025 | 2025-03-31 | 3.57% | +1.00 pp |
| Q4 2024 | 2024-12-31 | 2.42% | −1.17 pp |
| Q3 2024 | 2024-09-30 | 0.87% | −3.24 pp |
| Q2 2024 | 2024-06-30 | 3.34% | −0.30 pp |
| Q1 2024 | 2024-03-31 | 2.57% | −1.47 pp |
| Q4 2023 | 2023-12-31 | 3.60% | −0.77 pp |
| Q3 2023 | 2023-09-30 | 4.11% | +8.94 pp |
| Q2 2023 | 2023-06-30 | 3.64% | −2.15 pp |
| Q1 2023 | 2023-03-31 | 4.04% | −0.57 pp |
| Q4 2022 | 2022-12-31 | 4.36% | +1.30 pp |
| Q3 2022 | 2022-09-30 | −4.83% | −8.98 pp |
| Q2 2022 | 2022-06-30 | 5.79% | −0.17 pp |
| Q1 2022 | 2022-03-31 | 4.61% | −0.56 pp |
| Q4 2021 | 2021-12-31 | 3.06% | −0.57 pp |
| Q3 2021 | 2021-09-30 | 4.15% | −0.70 pp |
| Q2 2021 | 2021-06-30 | 5.96% | −1.21 pp |
| Q1 2021 | 2021-03-31 | 5.18% | −0.00 pp |
| Q4 2020 | 2020-12-31 | 3.63% | −0.86 pp |
| Q3 2020 | 2020-09-30 | 4.85% | +0.31 pp |
| Q2 2020 | 2020-06-30 | 7.16% | +1.89 pp |
| Q1 2020 | 2020-03-31 | 5.18% | +0.80 pp |
| Q4 2019 | 2019-12-31 | 4.49% | +2.97 pp |
| Q3 2019 | 2019-09-30 | 4.54% | −0.91 pp |
| Q2 2019 | 2019-06-30 | 5.28% | +8.22 pp |
| Q1 2019 | 2019-03-31 | 4.38% | +0.01 pp |
| Q4 2018 | 2018-12-31 | 1.52% | −4.95 pp |
| Q3 2018 | 2018-09-30 | 5.45% | +0.03 pp |
| Q2 2018 | 2018-06-30 | −2.94% | −7.57 pp |
| Q1 2018 | 2018-03-31 | 4.37% | +0.34 pp |
| Q4 2017 | 2017-12-31 | 6.47% | −0.10 pp |
| Q3 2017 | 2017-09-30 | 5.41% | −0.92 pp |
| Q2 2017 | 2017-06-30 | 4.63% | −0.76 pp |
| Q1 2017 | 2017-03-31 | 4.03% | −1.03 pp |
| Q4 2016 | 2016-12-31 | 6.57% | −0.11 pp |
| Q3 2016 | 2016-09-30 | 6.33% | +0.30 pp |
| Q2 2016 | 2016-06-30 | 5.39% | −0.70 pp |
| Q1 2016 | 2016-03-31 | 5.06% | −0.81 pp |
| Q4 2015 | 2015-12-31 | 6.68% | +0.42 pp |
| Q3 2015 | 2015-09-30 | 6.03% | −0.38 pp |
| Q2 2015 | 2015-06-30 | 6.09% | −0.30 pp |
| Q1 2015 | 2015-03-31 | 5.87% | −0.32 pp |
| Q4 2014 | 2014-12-31 | 6.26% | −0.49 pp |
| Q3 2014 | 2014-09-30 | 6.41% | −0.33 pp |
| Q2 2014 | 2014-06-30 | 6.38% | +0.07 pp |
| Q1 2014 | 2014-03-31 | 6.19% | +0.68 pp |
| Q4 2013 | 2013-12-31 | 6.75% | −0.53 pp |
| Q3 2013 | 2013-09-30 | 6.75% | +0.74 pp |
| Q2 2013 | 2013-06-30 | 6.31% | +0.75 pp |
| Q1 2013 | 2013-03-31 | 5.51% | +0.95 pp |
| Q4 2012 | 2012-12-31 | 7.28% | +0.36 pp |
| Q3 2012 | 2012-09-30 | 6.00% | +0.06 pp |
| Q2 2012 | 2012-06-30 | 5.56% | −0.06 pp |
| Q1 2012 | 2012-03-31 | 4.56% | −0.52 pp |
| Q4 2011 | 2011-12-31 | 6.92% | −0.27 pp |
| Q3 2011 | 2011-09-30 | 5.94% | −0.30 pp |
| Q2 2011 | 2011-06-30 | 5.62% | −0.63 pp |
| Q1 2011 | 2011-03-31 | 5.08% | −0.86 pp |
| Q4 2010 | 2010-12-31 | 7.19% | −0.24 pp |
| Q3 2010 | 2010-09-30 | 6.23% | −0.12 pp |
| Q2 2010 | 2010-06-30 | 6.25% | −0.18 pp |
| Q1 2010 | 2010-03-31 | 5.93% | +0.05 pp |
| Q4 2009 | 2009-12-31 | 7.44% | +0.41 pp |
| Q3 2009 | 2009-09-30 | 6.36% | −0.64 pp |
| Q2 2009 | 2009-06-30 | 6.43% | — |
| Q1 2009 | 2009-03-31 | 5.89% | — |
| Q3 2008 | 2008-09-27 | 7.03% | — |
| Q2 2008 | 2008-06-28 | 6.99% | — |
Cvs Health operating margin trends
Over the last five reported fiscal years, Cvs Health's operating margin decreased from 5.18% to 1.16%, a change of −4.02 percentage points. The latest reported quarter, Q2 2026, shows 4.43%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Cvs Health filings at SEC.gov ↗