CVS · 10-Q · 2026Q3 · Full report

Cash Flow and Liquidity

CVS HEALTH Corp · 2026-11-04 · Importance 69 · Surprise 64

Cash and cash equivalents totaled approximately $11.7 billion at September 30, 2026, including approximately $5.9 billion held by the parent company or nonrestricted subsidiaries. Nine-month operating cash flow rose $8.069 billion, or 111.3%, to $15.318 billion, primarily from the timing of receipts and payments and improved Health Care Benefits performance. Investing cash use increased $1.672 billion, or 43.2%, to $5.545 billion, primarily because of higher net purchases of investments. Financing cash use increased $3.629 billion, or 124.8%, to $6.537 billion, primarily because the prior-year period included proceeds from long-term senior note issuance.

Key facts

• CVS Health maintained three $2.5 billion, five-year unsecured backup revolving credit facilities, expiring in May 2029, 2030 and 2031, and paid a weighted-average quarterly facility fee of approximately 0.03% regardless of usage. source
• As of September 30, 2026, Fitch's outlook on CVS Health's long-term debt was Negative and S&P's was Stable; in August 2026, Moody's changed its outlook from Stable to Positive. source
• As of September 30, 2026, the maximum borrowing capacity available to a CVS Health subsidiary from the Federal Home Loan Bank of Boston was approximately $1.4 billion. source
• As of September 30, 2026, CVS Health's long-term debt was rated BBB by Fitch, Baa3 by Moody's and BBB by S&P; its commercial paper program was rated F2, P-3 and A-2, respectively. source
• As of September 30, 2026, CVS Health had no commercial paper outstanding. source
• As of September 30, 2026, CVS Health had no borrowings outstanding under its backup credit facilities. source
• As of September 30, 2026, CVS Health had no outstanding advances from the Federal Home Loan Bank of Boston. source
• CVS Health was in compliance with all debt covenants as of September 30, 2026. source