CVS Health

At September 30, 2025 CVS reported cash and cash equivalents of about 9.1 billion dollars and total debt near 65.8 billion dollars (short‑term, current portion of long‑term, and long‑term), implying net debt around 56–57 billion dollars.

Interest paid was approximately 2.5 billion dollars over the first nine months of 2025, against 7.2 billion dollars of operating cash flow in that period. The balance sheet can service obligations, but leverage is not low by our standards and limits strategic optionality.

Dividend continuity at 0.665 dollars per quarter is covered by cash flow; repurchases were paused in 2025 after a 3.0 billion dollar ASR in early 2024 as priorities shifted to stabilization and debt.