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Data last updated: Jul 06, 2026
Snapshot (as of Jul 06, 2026): CVS Health Corp. (CVS) pays a $2.66 annual dividend ($0.67 quarterly), yielding 2.54% at $104.72/share. Next ex-dividend date 2026-04-23. 19 consecutive years of dividend growth. Source: Yahoo Finance, aggregated by MerryDiv.
Dividend Yield: 2.54%
Annual Dividend: $2.66 per share
Payout Ratio: 116.1%
Ex-Dividend Date: 2026-04-23
Dividend Frequency: quarterly
Sector: Healthcare
Years of Dividend History: 42
CVS Health Corp. dividend income comes from one of the largest integrated health solutions companies in the U.S., spanning retail pharmacies, pharmacy benefit management, and health insurance through its Health Care Benefits segment. The company currently pays $2.66 per share annually, distributed quarterly, with the next ex-dividend date on April 23, 2026. That works out to a 2.55% yield at current prices. CVS stock carries a beta of 0.623, making it a lower-volatility option within the healthcare sector for dividend investors prioritizing steadiness over aggressive growth.
CVS Health Corp. pays out 116.1% of earnings as dividends, a payout ratio classified as high (above 75%). A payout ratio above 100% means the company is currently paying more in dividends than it earns, which is not a position that can persist indefinitely without earnings recovery. CVS Health Corp. dividend safety is therefore the central question for income investors, and the answer hinges on whether earnings from its pharmacy, PBM, and health benefits operations recover enough to bring that ratio back below 100%. The most significant data-supported pressure point is that ratio itself: at 116.1%, there is no earnings cushion if business conditions deteriorate further.
CVS Health Corp. dividend history shows a CAGR of 12.7% per year from 2011 to 2025. The per-share payment grew from $0.50 to $2.66 over that period (2026 is a partial year and excluded from the growth calculation). Growth was not linear, however: the dividend held flat at $2.00 from 2018 through 2021, a four-year stretch with zero increases, before resuming with a 10% raise in 2022. The largest single-year jump in the window was 38.5% in 2013.
| Period | CAGR | From | To |
|---|---|---|---|
| 3-Year | +6.5% | $2.20 (2022) | $2.66 (2025) |
| 5-Year | +5.9% | $2.00 (2020) | $2.66 (2025) |
| 10-Year | +6.6% | $1.40 (2015) | $2.66 (2025) |
CVS Health Corp. stock fits dividend investors who want moderate income from a large, diversified healthcare operation and can tolerate an elevated payout ratio. The current 2.55% yield falls in the moderate (2-4%) range and sits above the 5-year average yield of 2.29%, which means income buyers are getting a slightly better entry yield than the historical norm. The trade-off is real: a 116.1% payout ratio means the dividend is not covered by current earnings, and the four-year freeze between 2018 and 2021 shows CVS has paused growth before when financial conditions tightened. What an investor gets is a 19-year dividend increase streak backed by a broad healthcare platform. What they accept is meaningful payout sustainability risk until earnings recover.
| Payment Date | Amount per Share |
|---|---|
| 2026-04-23 | $0.6650 |
| 2026-01-22 | $0.6650 |
| 2025-10-23 | $0.6650 |
| 2025-07-22 | $0.6650 |
| 2025-04-22 | $0.6650 |
| 2025-01-23 | $0.6650 |
| 2024-10-21 | $0.6650 |
| 2024-07-22 | $0.6650 |
| 2024-04-19 | $0.6650 |
| 2024-01-19 | $0.6650 |
| Year | Total Dividends |
|---|---|
| 2026 | $1.3300 |
| 2025 | $2.6600 |
| 2024 | $2.6600 |
| 2023 | $2.4200 |
| 2022 | $2.2000 |
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