CVS Health layoffs, on the record
Every job cut, severance charge and restructuring CVS Health reported in its annual reports, 2022 to 2025, quoted from the filings. Headcount went from over 300,000 to over 300,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | over 300,000 | December 31, 2022 |
| 10-K for 2023 | over 300,000 | As of December 31, 2023 |
| 10-K for 2024 | over 300,000 | December 31, 2024 |
Job cuts, severance and restructuring
Our summaryThe Pharmacy Services segment recorded restructuring and business integration costs in 2022, which drove higher operating expenses.
Word for word“The increase was primarily driven by restructuring and business integration costs recorded in 2022.” 10-K for 2022
Our summaryThe company adopted an enterprise-wide restructuring plan to streamline the organization, improve efficiency and cut costs, and ended certain transformation initiatives.
Word for word“During the second quarter of 2023, the Company developed an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs.” 10-K for 2023
Our summaryThe company recorded pre-tax restructuring charges for 2023, mostly severance and employee-related costs for corporate workforce optimization, plus asset impairments and a stock-based compensation charge.
Word for word“During 2023, the Company recorded $507 million in pre-tax restructuring charges, comprised of $344 million of severance and employee-related costs associated with corporate workforce optimization, $152 million of asset impairment charges and an $11 million stock-based compensation charge associated with the impacted employees.” 10-K for 2023
Our summaryThe company said the restructuring program was substantially complete at year end.
Word for word“As of December 31, 2023, the restructuring program was substantially complete.” 10-K for 2023
Our summaryThe company finalized an enterprise-wide restructuring plan in 2024 and recorded about $1.2 billion of pre-tax charges, including a store impairment, corporate workforce severance costs and non-core asset impairments.
Word for word“In connection with this restructuring plan, during 2024, the Company recorded pre-tax restructuring charges of approximately $ 1.2 billion, comprised of a $ 607 million store impairment charge, $ 293 million of costs associated with corporate workforce optimization, including severance and employee-related costs, a $ 10 million stock-based compensation charge associated with the impacted employees, which was reflected as an adjustment to common stock and capital surplus on the consolidated balance sheets, and $ 269 million of other asset impairments and related charges associated with the discontinuation of certain non-core assets.” 10-K for 2024
Our summaryThe company decided to close 271 more retail stores in 2025 as part of its restructuring plan.
Word for word“In connection with this initiative the Company determined it plans to close 271 retail stores in 2025.” 10-K for 2024
Our summaryThe company recorded severance and employee-related costs for corporate workforce optimization under the 2024 plan and paid part of them in 2024.
Word for word“In connection with its enterprise-wide restructuring plan, the Company recorded corporate workforce optimization costs of $ 293 million, which were recorded in accrued expenses and other current liabilities on the consolidated balance sheet.” 10-K for 2024
Our summaryIn 2023 the company ran a restructuring program that included severance and employee-related costs, asset impairments and a stock-based compensation charge.
Word for word“In connection with the restructuring plan, during 2023, the Company recorded $ 507 million in pre-tax restructuring charges, comprised of $ 344 million of severance and employee-related costs associated with corporate workforce optimization, $ 152 million of asset impairment charges and an $ 11 million stock-based compensation charge associated with the impacted employees.” 10-K for 2024
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2017-12-31 | — | $215 million |
| 2023-12-31 | $344 million | — |
| 2024-12-31 | $293 million | — |
CVS Health has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from CVS Health’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2026-02-10. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.