CVS Health Executive Compensation (FY25)

Name: CVS Health (CVS) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

CVS · Executive and director compensation, fiscal 2022 to 2025

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Data as of September 7, 2026Latest filing (8-K): May 18, 2026

14 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

Published by Velarion Company Intelligence

CVS Health brief$1,500Get the executive brief

364 figures on this page: 355 cited to the filing that reported them, 9 calculated from figures it prints. See the citations

Chief executive, fiscal 2025

◇

J. David Joyner

Median of the other named officers

$10,977,716

5 officers, excluding the chief executive

Latest say-on-pay support

May 14, 2026

Chief executive pay ratio

◇

To the median employee

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — J. David Joyner: $17,808,792 → $21,214,084 (19.1% higher)

CEO pay ratio: 299:1 → 336:1 (12.4% higher)

Frequently asked questions

Answers drawn from the data on this page.

Who is CVS Health's chief executive and what were they paid?

Total compensation for J. David Joyner, President and Chief Executive Officer, came to $21,214,084 in fiscal 2025. Joyner's total moved 19.1% higher from the $17,808,792 reported for fiscal 2024.

What was CVS Health's say-on-pay result?

Shareholders supported the say-on-pay proposal with 94.0% of votes cast including abstentions in favor at the meeting held May 14, 2026 for fiscal 2025.

Which companies are in CVS Health's peer group?

The disclosed peer group names Agilent Technologies, Inc., Align Technology, Inc., Amgen Inc., Baxter International Inc. and Becton, Dickinson and Company, among others. The 2025 Compensation Peer Group includes AbbVie Inc., Bristol-Myers Squibb Company, Cardinal Health, Inc., Cencora, Inc. and Centene Corporation, among others.

What is CVS Health's chief executive pay ratio?

For fiscal 2025, the company reported a chief executive pay ratio of 336:1, against median employee compensation of $63,262.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Karen Lynch President and Chief Executive Officer	◇	—	◇	◇	◇	—	◇	◇
Shawn Guertin Executive Vice President and Chief Financial Officer	◇	—	◇	◇	◇	—	◇	◇
Prem Shah President, Pharmacy & Consumer Wellness and Chief Pharmacy Officer	◇	—	◇	◇	◇	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Karen Lynch President and Chief Executive Officer	◇	—	◇	◇	◇	—	◇	◇
Shawn Guertin Executive Vice President and Chief Financial Officer	◇	—	◇	◇	◇	—	◇	◇
Samrat Khichi Executive Vice President, Chief Policy Officer and General Counsel	◇	◇	◇	◇	◇	—	◇	◇
Tilak Mandadi Executive Vice President, Chief Technology & Digital Officer	◇	—	◇	◇	◇	—	◇	◇
Prem Shah President, Pharmacy & Consumer Wellness and Chief Pharmacy Officer	◇	—	◇	◇	◇	—	◇	◇
Thomas Cowhey Former Executive Vice President and Chief Financial Officer	◇	—	◇	◇	◇	◇	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Karen S. Lynch Former President and Chief Executive Officer Departed during or after this year	◇	—	◇	◇	◇	—	◇	◇
J. David Joyner President and Chief Executive Officer	◇	—	◇	◇	—	—	◇	◇
Prem S. Shah Executive Vice President and Group President	◇	—	◇	◇	—	—	◇	◇
Tilak Mandadi Executive Vice President Ventures, and Chief Digital, Data, Analytics and Technology Officer	◇	—	◇	◇	◇	—	◇	◇
Thomas F. Cowhey Executive Vice President and Chief Financial Officer	◇	—	◇	◇	◇	◇	◇	◇
Heidi B. Capozzi Executive Vice President and Chief People Officer	◇	◇	◇	—	—	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
J. David Joyner President and Chief Executive Officer	◇	—	◇	—	◇	◇	◇	◇
Prem Shah Executive Vice President and Group President	◇	—	◇	◇	◇	—	◇	◇
Steven Nelson Executive Vice President and President, Aetna	◇	—	◇	◇	◇	—	◇	◇
Tilak Mandadi Executive Vice President, Ventures and Chief Experience and Technology Officer	◇	—	◇	◇	◇	—	◇	◇
Brian Newman Executive Vice President and Chief Financial Officer	◇	—	◇	◇	◇	—	◇	◇
Thomas Cowhey Former Executive Vice President and Chief Financial Officer Departed during or after this year	◇	—	◇	◇	—	◇	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Brian Newman	Equity	◇	—	—	◇	—	—	◇
Brian Newman	PSU	◇	—	—	—	—	—	◇
Brian Newman	OPTION	◇	—	—	◇	—	◇	◇
J. David Joyner	Equity	◇	—	—	—	—	—	◇
J. David Joyner	RSU	◇	—	—	◇	—	—	◇
Prem Shah	OPTION	◇	—	—	◇	—	◇	◇
Prem Shah	Equity	◇	—	—	◇	—	—	◇
Prem Shah	PSU	◇	—	—	—	—	—	◇
Steven Nelson	PSU	◇	—	—	—	—	—	◇
Steven Nelson	OPTION	◇	—	—	◇	—	◇	◇
Steven Nelson	Equity	◇	—	—	◇	—	—	◇
Thomas Cowhey	PSU	◇	—	—	—	—	—	◇
Thomas Cowhey	OPTION	◇	—	—	◇	—	◇	◇
Thomas Cowhey	Equity	◇	—	—	◇	—	—	◇
Tilak Mandadi	Equity	◇	—	—	◇	—	—	◇
Tilak Mandadi	PSU	◇	—	—	—	—	—	◇
Tilak Mandadi	OPTION	◇	—	—	◇	—	◇	◇

Fiscal 2023, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
J. David Joyner	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	4/1/2033
	RSU	◇	◇	—	—
	Option	◇	—	◇	11/30/2031
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
Tilak Mandadi	RSU	◇	◇	—	—
	PSU	◇	◇	—	—
	Option	◇	—	◇	4/1/2035
	Option	◇	—	◇	4/1/2034
	Option	◇	—	◇	4/1/2033
	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Thomas Cowhey	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	2/28/2027
	PSU	◇	◇	—	—
	Option	◇	—	◇	2/28/2027
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	2/28/2027
	RSU	◇	◇	—	—
	Option	◇	—	◇	2/28/2027
Steven Nelson	PSU	◇	◇	—	—
	Option	◇	—	◇	4/1/2035
	Option	◇	—	◇	11/30/2031
	RSU	◇	◇	—	—
Prem Shah	PSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	4/1/2033
	Option	◇	—	◇	4/1/2032
	Option	◇	—	◇	11/30/2031
	PSU	◇	◇	—	—
	Option	◇	—	◇	4/1/2035
	Option	◇	—	◇	4/1/2034
	RSU	◇	◇	—	—
Brian Newman	PSU	◇	◇	—	—
	Option	◇	—	◇	5/31/2035
	RSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Brian Newman

Executive Vice President and Chief Financial Officer · Severance agreement · citing a 2025 filing

Change-in-control trigger	◇
Benefits continuation	◇
Clawback	◇

J. David Joyner

President and Chief Executive Officer · Severance agreement

Change-in-control trigger	◇
Benefits continuation	◇
Excise tax treatment	◇
Clawback	◇

Prem Shah

Executive Vice President · Severance agreement · citing a 2025 filing

Benefits continuation	◇
Clawback	◇

Steven Nelson

Executive Vice President and President, Aetna · citing a 2025 filing

Benefits continuation	◇
Clawback	◇

Thomas Cowhey

Severance agreement · citing a 2025 filing

Benefits continuation	◇
Clawback	◇

Tilak Mandadi

Executive Vice President, Ventures and Chief Experience and Technology Officer

Change-in-control trigger	◇
Benefits continuation	◇
Excise tax treatment	◇
Clawback	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Michael F. Mahoney Lead independent director	◇	◇	—	—	—	—	◇
Fernando Aguirre	◇	◇	—	—	—	—	◇
C. David Brown II	◇	◇	—	—	—	—	◇
Jeffrey R. Balser	◇	◇	—	—	—	—	◇
Anne M. Finucane	◇	◇	—	—	—	◇	◇
Douglas H. Shulman	◇	◇	—	—	—	—	◇
Guy P. Sansone	◇	◇	—	—	—	—	◇
Alecia A. DeCoudreaux	◇	◇	—	—	—	—	◇
J. Scott Kirby	◇	◇	—	—	—	◇	◇
Larry M. Robbins	—	◇	—	—	—	◇	◇
Leslie V. Norwalk	◇	◇	—	—	—	—	◇

Nancy-Ann M. DeParle, J. David Joyner, Jean-Pierre Millon, Roger N. Farah and Mary L. Schapiro served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Lead independent director premium	◇
Audit committee chair	◇
Compensation committee chair	◇
Nominating and governance chair	◇

Equity is delivered as Common Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Agilent Technologies, Inc. A
Align Technology, Inc. ALGN
Amgen Inc. AMGN
Baxter International Inc. BAX
Becton, Dickinson and Company BDX
Bio-Techne Corporation TECH
Biogen Inc. BIIB
Boston Scientific Corporation BSX
Charles River Laboratories International, Inc. CRL
Danaher Corporation DHR
DaVita Inc. DVA
DexCom, Inc. DXCM
Edwards Lifesciences Corporation EW
Eli Lilly and Company LLY
GE Healthcare Technologies Inc. GEHC
Gilead Sciences, Inc. GILD
Henry Schein, Inc. HSIC
Hologic, Inc. HOLX
IDEXX Laboratories, Inc. IDXX
Incyte Corporation INCY
Insulet Corp. PODD
Intuitive Surgical, Inc. ISRG
IQVIA Holdings Inc. IQV
Labcorp Holdings Inc. LH
Medtronic plc MDT
Mettler-Toledo International Inc. MTD
Moderna, Inc. MRNA
Molina Healthcare Inc. MOH
Quest Diagnostics Incorporated DGX
Regeneron Pharmaceuticals, Inc. REGN
ResMed Inc. RMD
Revvity, Inc. RVTY
Solventum Corporation SOLV
STERIS plc STE
Stryker Corporation SYK
Teleflex Incorporated TFX
The Cooper Companies, Inc. COO
Thermo Fisher Scientific Inc. TMO
Universal Health Services, Inc. UHS
Vertex Pharmaceuticals Incorporated VRTX
Viatris Inc. VTRS
Waters Corporation WAT
West Pharmaceutical Services, Inc. WST
Zimmer Biomet Holdings, Inc. ZBH
Zoetis Inc. ZTS

2025 Compensation Peer Group

AbbVie Inc. ABBV
Bristol-Myers Squibb Company BMY
Cardinal Health, Inc. CAH
Cencora, Inc. COR
Centene Corporation CNC
Elevance Health, Inc. ELV
HCA Healthcare, Inc. HCA
Humana Inc. HUM
International Business Machines Corporation IBM
Johnson & Johnson JNJ
McKesson Corporation MCK
Merck & Co., Inc. MRK
Microsoft Corporation MSFT
Pfizer Inc. PFE
Target Corporation TGT
The Cigna Group CI
UnitedHealth Group Incorporated UNH
Walgreens Boots Alliance, Inc. WBA
Walmart Inc. WMT

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	May 14, 2026	=	◇	◇	◇
2024	May 15, 2025	=	◇	◇	◇
2023	May 16, 2024	=	◇	◇	◇
2022	May 18, 2023	=	◇	◇	◇
2021	May 11, 2022	=	◇	◇	◇
2020	May 13, 2021	=	◇	◇	◇
2019	May 14, 2020	=	◇	◇	◇
2018	May 16, 2019	=	◇	◇	◇
2017	June 4, 2018	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

What this page does not include

Everything above is a fact CVS Health disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where CVS Health sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $1,500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $1,500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

Board Governance Report — $1,200

Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

Velarion Intelligence

Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

Inquire about access

Multiple companies at once

Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

364 figures on this page: 355 cited to the filing that reported them, 9 calculated from figures it prints.

355 cited to the filing

9 calculated from the filing

Documents cited

8-K, filed May 18, 2026
0000064803-26-000082
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 3, 2026
0001308179-26-000201
ADDITIONAL ANNUAL COMPENSATION ( · CEO Pay Ratio · Grants of Plan-Based Awards · Grants of Plan-Based Awards – 2025 · and 3 more sections
8-K, filed May 20, 2025
0000064803-25-000015
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 4, 2025
0001308179-25-000386
Summary Compensation Table
8-K, filed May 22, 2024
0000064803-24-000019
DEF 14A, filed April 5, 2024
0001308179-24-000463
Summary Compensation Table
8-K, filed May 24, 2023
0000064803-23-000019
DEF 14A, filed April 7, 2023
0001308179-23-000606
Summary Compensation Table
8-K, filed May 16, 2022
0000064803-22-000018
8-K, filed May 17, 2021
0000064803-21-000019
8-K, filed May 19, 2020
0000064803-20-000017
8-K, filed May 17, 2019
0001193125-19-150598
8-K, filed June 5, 2018
0001193125-18-184593
Filing
0000064803-25-000007
EX-10.54

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14 filings cited on this page

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Peers CVS Health discloses

The companies named in CVS's own disclosed peer group.

Agilent Technologies, Inc.Align Technology, Inc.Amgen Inc.Baxter International Inc.Becton, Dickinson and Company Bio-Techne Corporation Biogen Inc.Boston Scientific Corporation Charles River Laboratories International, Inc.Danaher Corporation DaVita Inc.DexCom, Inc.Edwards Lifesciences Corporation Eli Lilly and Company GE Healthcare Technologies Inc.Gilead Sciences, Inc.Henry Schein, Inc.Hologic, Inc.IDEXX Laboratories, Inc.Incyte Corporation Insulet Corp.Intuitive Surgical, Inc.IQVIA Holdings Inc.Labcorp Holdings Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

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Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}