Integrated health care platform
CVS Health
CVS Health earns revenue from Aetna premiums, CVS Caremark pharmacy benefit services, retail pharmacies, and care delivery. It pays pharmaceutical distributors for medicines and has acquired care-delivery businesses to connect insurance, pharmacy benefits, and clinical care.
CVS Updated Sep 11, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, CVS Health is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 17 companies within two hops; the links are backed by 8 dated sources, 5 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2025 total revenue: $402.067 billion
- Segments · Health Care Benefits · Health Services · Pharmacy & Consumer Wellness · Corporate/Other
Revenue from
- U.S. Centers for Medicare & Medicaid Services (CMS) High confidence· Count 4,267,000 members · 2025-12-31 · CVS Health Medicare Advantage medical membership
CVS Health contracts annually with CMS to offer Medicare Advantage HMO and PPO products. Medicare Advantage medical membership was 4.267 million at year-end 2025. - Elevance Health, Inc. High confidence
CVS Health, through its subsidiary CaremarkPCS Health, performs certain core pharmacy benefit functions for CarelonRx, including claims and network services, under a current term that runs through December 2027, with payments not disclosed. - California Public Employees' Retirement System (CalPERS) Medium confidence· Count 587,000 members · 2026-2030 · Members covered by the CalPERS pharmacy benefit contract with CVS Caremark
CalPERS selected CVS Caremark to manage pharmacy benefits for five years beginning in 2026. The contract covers approximately 587,000 members.Confirms EN Healthcare Dive Published Jul 16, 2025: CVS beats out UnitedHealth for CalPERS pharmacy benefits contract
Pays to
- Cardinal Health High confidence· Revenue share 30 percent · FY2025 · Share of Cardinal Health revenue from sales to CVS Health
Cardinal Health supplies CVS Health through its pharmaceutical and specialty distribution business. CVS was Cardinal Health's largest customer at 30% of fiscal 2025 revenue. - McKesson Corporation High confidence· Revenue share 24 percent · FY2025 · Share of McKesson consolidated revenue from sales to CVS Health
McKesson distributes pharmaceuticals to CVS Health. CVS was McKesson's largest customer at 24% of fiscal 2025 consolidated revenue, and the distribution partnership runs through June 2027. - Target Corporation High confidence
CVS Health operates pharmacies and clinics inside Target stores under a perpetual operating agreement through which Target receives annual occupancy income, but the counterparty-specific amount is not disclosed.
Investments
- Oak Street Health High confidence· Amount $10.6B · 2023 acquisition · Announced cash consideration for the acquisition of Oak Street Health
CVS Health agreed to acquire Medicare-focused primary care provider Oak Street Health for $10.6 billion in cash and completed the transaction in 2023. CVS Health's 2025 Form 10-K also confirms the acquisition.Confirms KO Yonhap News Agency Published Feb 9, 2023: CVS Health and Walgreens Compete to Secure Primary Care Clinics
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Elevance Health, Inc. | lead1 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| CVS Health | node | +54.9 | -7.6 | -12.5 | -40.8 | +84.3 | +24.7 |
| Target Corporation | benef1 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Cardinal Health, Inc. | benef1 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +21.1 |
| McKesson Corporation | benef1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +11 |
| Moderna | benef2 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| Merck & Co. | benef2 | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +44.9 |
| Amgen | benef2 | +0.9 | +20.4 | +13.5 | -6.8 | +29.7 | +36.3 |
| Johnson & Johnson | benef2 | +11.4 | +6 | -8.6 | -4.8 | +47.5 | +35.1 |
| Bristol-Myers Squibb Company | benef2 | +2.9 | +19 | -26.1 | +15.8 | +0.1 | +28.1 |
| Starbucks Corp | benef2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Gilead Sciences, Inc. | benef2 | +30 | +23.6 | -2 | +18.7 | +36.6 | +24.5 |
| Becton, Dickinson and Company | benef2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Vertex Pharmaceuticals Incorporated | benef2 | -7.1 | +31.5 | +40.9 | -1 | +12.6 | +20.5 |
| Pfizer Inc. | benef2 | +66.7 | -10.4 | -41.3 | -2.2 | +0.6 | +20.2 |
| Apple | benef2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| AbbVie | benef2 | +32.4 | +24 | -0.2 | +18.9 | +33.1 | +14.9 |
| Lilly (Eli) | benef2 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +7.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
CVS Health operates across Integrated health care platform. It is +24.7% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. It pays pharmaceutical distributors for medicines and has acquired care-delivery businesses to connect insurance, pharmacy benefits, and clinical care.
Analysis generated from returns as of 2026-09-04