Cvs Health (CVS) Operating Expenses (2009 - 2026)
Cvs Health's Operating Expenses came in at $101.39 billion for Q2 2026, up 5.0% from $96.53 billion a year earlier and up 5.9% from the prior quarter.
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Analysis
Cvs Health (CVS) Operating Expenses (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Cvs Health reported Operating Expenses of $406.8 billion, up 7.7% year-over-year; for FY2025, it was $397.41 billion, up 9.1% from FY2024.
- Operating Expenses has increased in each of the last 16 years, with a five-year compound annual growth rate of 9.3% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $364.29 billion in FY2024 (+5.9%), $344.03 billion in FY2023 (+9.4%), $314.51 billion in FY2022 (+12.8%) and $278.8 billion in FY2021 (+9.4%).
- The five-year range for quarterly Operating Expenses is $70.73 billion (Q3 2021) to $106.08 billion (Q3 2025).
- Year-over-year, Operating Expenses has increased for 30 consecutive quarters, with growth averaging 7.7% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 1.2% in Q3 2023 to 20.3% in Q3 2022.
- Business Quant data shows CVS's Operating Expenses at $95.75 billion (Q1 2026), $103.58 billion (Q4 2025) and $106.08 billion (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 356.05 Bn | 236.68 Bn | 35.71 Bn | 106.13 Bn |
| 2 | Mckesson | 123.13 Bn | 104.51 Bn | 3.96 Bn | 2.35 Bn |
| 3 | Cvs Health | 109.04 Bn | 57.80 Bn | 47.21 Bn | 104.83 Bn |
| 4 | Elevance Health | 90.56 Bn | -52.02 Bn | 13.65 Bn | 49.64 Bn |
| 5 | Cigna | 77.41 Bn | 46.27 Bn | 15.09 Bn | 71.29 Bn |
| 6 | Cencora | 66.63 Bn | 55.53 Bn | 3.61 Bn | 2.28 Bn |
| 7 | Cardinal Health | 63.51 Bn | 46.67 Bn | 2.60 Bn | 1.69 Bn |
| 8 | Humana | 50.79 Bn | -37.07 Bn | 5.50 Bn | 39.51 Bn |
| 9 | Centene | 33.94 Bn | -60.76 Bn | 9.52 Bn | 50.95 Bn |
| 10 | Molina Healthcare | 10.37 Bn | -24.63 Bn | 1.36 Bn | 10.98 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 104.83 Bn |
| Jun 30, 2026 | 101.39 Bn |
| Mar 31, 2026 | 95.75 Bn |
| Dec 31, 2025 | 103.58 Bn |
| Sep 30, 2025 | 106.08 Bn |
| Jun 30, 2025 | 96.53 Bn |
| Mar 31, 2025 | 91.21 Bn |
| Dec 31, 2024 | 95.34 Bn |
| Sep 30, 2024 | 94.60 Bn |
| Jun 30, 2024 | 88.19 Bn |
| Mar 31, 2024 | 86.17 Bn |
| Dec 31, 2023 | 90.44 Bn |
| Sep 30, 2023 | 86.07 Bn |
| Jun 30, 2023 | 85.69 Bn |
| Mar 31, 2023 | 81.83 Bn |
| Dec 31, 2022 | 80.19 Bn |
| Sep 30, 2022 | 85.08 Bn |
| Jun 30, 2022 | 75.97 Bn |
| Mar 31, 2022 | 73.28 Bn |
| Dec 31, 2021 | 74.26 Bn |
API Access
Cvs Health Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=CVS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "CVS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=CVS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();