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CVS Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.9B in Q3 2026 · $15.6B over twelve months

Operating cash flow$4.7B
Capital spending−$817M
Free cash flow+$3.9B
Cash / net income2.2×
Cash conversion cycle36 days

Analysis

In Q3 2026, CVS Health generated $4.7B of operating cash flow and spent $817M on capital projects, leaving free cash flow of $3.9B. That is $3.8B more than in Q3 2025 ($98.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $18.7B; the largest uses were net borrowing (+) / repaid (−) ($5.3B), other investing ($4.4B), dividends ($3.4B); besides operations, cash came from shares issued ($425M); the cash balance rose by $2.6B.

Operating cash flow was $4.7B against net income of $2.2B — 2.2× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$3.4B, receivables −$1.7B, depreciation & amortization +$1.1B.

Its cash conversion cycle was 36 days (receivables 35 + inventory 27 − payables 26).

Free cash flow

CVS Health: free cash flow by quarterCVS Health: free cash flow by quarter$1.1BQ4 2024$3.8BQ1 2025$1.3BQ2 2025$98.0MQ3 2025$2.6BQ4 2025$3.4BQ1 2026$5.7BQ2 2026$3.9BQ3 2026
Operating cash flow less capital spending.
CVS Health: operating cash flow against capital spendingCVS Health: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$768MQ4 2024$4.6B$743MQ1 2025$1.9B$607MQ2 2025$796M$698MQ3 2025$3.4B$784MQ4 2025$4.2B$849MQ1 2026$6.3B$691MQ2 2026$4.7B$817MQ3 2026
Latest (Q3 2026): Operating cash flow $4.7B, Capital spending $817M.

Capital allocation, year by year

CVS Health: where the cash came from (up) and went (down), by fiscal yearCVS Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $18.3BFY2021: Net borrowing −$9.3BFY2021: Shares issued $549MFY2021: Capital spending −$2.5BFY2021: Acquisitions −$146MFY2021: Dividends −$2.6B$18.8BFY2021FY2022: Operating cash flow $16.2BFY2022: Net borrowing −$4.2BFY2022: Shares issued $551MFY2022: Asset sales −$1.2BFY2022: Capital spending −$2.7BFY2022: Acquisitions −$139MFY2022: Buybacks −$3.5BFY2022: Dividends −$2.9B$16.7BFY2022FY2023: Operating cash flow $13.4BFY2023: Net borrowing $7.9BFY2023: Shares issued $277MFY2023: Capital spending −$3.0BFY2023: Acquisitions −$16.6BFY2023: Buybacks −$2.0BFY2023: Dividends −$3.1B$21.6BFY2023FY2024: Operating cash flow $9.1BFY2024: Net borrowing $5.1BFY2024: Shares issued $361MFY2024: Capital spending −$2.8BFY2024: Acquisitions −$95.0MFY2024: Buybacks −$3.0BFY2024: Dividends −$3.4B$14.5BFY2024FY2025: Operating cash flow $10.6BFY2025: Net borrowing −$1.8BFY2025: Shares issued $394MFY2025: Capital spending −$2.8BFY2025: Acquisitions −$436MFY2025: Dividends −$3.4B$11.0BFY2025
Over these 5 years operating cash flow totalled $67.6B; the largest uses were acquisitions ($17.4B) and dividends ($15.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$14.9B
Debt$60.7B
Net debt$45.8B
Due within a year$4.0B

CVS Health funds itself: free cash flow was $15.6B over the last twelve months, and $14.9B of cash and investments stands against $60.7B of debt ($4.0B due within a year, 3.7× covered by cash).

CVS Health: debt maturities by year (FY2025)CVS Health: debt maturities by year (FY2025)$4.0BYear 1$3.4BYear 2$5.0BYear 3$3.8BYear 4$4.3BYear 5$43.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $14.9B of cash and investments now.

Where the cash came from and went

CVS Health: sources (+) and uses (−) of cash, Q3 2026CVS Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$4.7BOther investing−$2.0BDividends−$853MCapital spending−$817MNet borrowing (+) / repaid (−)−$770MCash drawn (+) / kept (−)−$411MShares issued$122MTaxes on employees’ shares−$21.0MAcquisitions−$6.0MOther financing−$4.0M
CVS Health: sources (+) and uses (−) of cash, TTM to Q3 2026CVS Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$18.7BNet borrowing (+) / repaid (−)−$5.3BOther investing−$4.4BDividends−$3.4BCapital spending−$3.1BCash drawn (+) / kept (−)−$2.6BShares issued$425MTaxes on employees’ shares−$188MOther financing−$59.0MAcquisitions−$22.0M

From profit to cash

CVS Health: net income to operating cash flow, Q3 2026CVS Health: net income to operating cash flow, Q3 2026Net income$2.2BDepreciation & amortization$1.1BStock-based pay$168MReceivables−$1.7BInventory−$618MPayables$753MPrepaid and other assets−$823MOther liabilities$3.4BOperating cash flow$4.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202635272636
Q2 202635272636
Q1 202636302838
Q4 202536302839
Q3 202538292839
Q2 202537292838
Q1 202536312939
Q4 202434302638

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$4.7B−$817M−$6.0M−$853M−$770M$122M−$411M$3.9B
Q2 2026$6.3B−$691M−$4.0M−$878M−$1.8B$114M−$1.8B$5.7B
Q1 2026$4.2B−$849M−$5.0M−$847M−$1.5B$103M−$1.1B$3.4B
Q4 2025$3.4B−$784M−$7.0M−$845M−$1.3B$86.0M$640M$2.6B
Q3 2025$796M−$698M−$290M−$846M−$671M$117M$2.7B$98.0M
Q2 2025$1.9B−$607M−$119M−$866M$1.8B$47.0M−$1.7B$1.3B
Q1 2025$4.6B−$743M−$20.0M−$840M−$1.6B$144M−$1.5B$3.8B
Q4 2024$1.9B−$768M−$10.0M−$838M$1.2B$19.0M−$1.7B$1.1B

CVS Health: income statement and cash flow

CVS Health, Q3 2026: revenue $108.4B (+5% year over year), operating margin 3.3%. The chart follows the revenue to costs, profit and cash.

CVS Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.