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Consumer & Retail

CVS Health Executive Compensation (FY25)

CVS · Executive and director compensation, fiscal 2022 to 2025
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
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Data as of November 6, 2026Latest filing (8-K): May 18, 2026
14 filings cited on this page
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391 figures on this page: 382 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karen Lynch
President and Chief Executive Officer
◇—◇◇◇—◇◇
Shawn Guertin
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Tilak Mandadi
Executive Vice President and Chief Data, Digital and Technology Officer
◇◇◇—◇——◇
Alan Lotvin
Former Executive Vice President and President – Pharmacy Services
Departed during or after this year
◇—◇◇◇—◇◇
Prem Shah
President, Pharmacy & Consumer Wellness and Chief Pharmacy Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian O. NewmanOPTION◇——◇—◇◇
Brian O. NewmanRSU◇——◇——◇
Brian O. NewmanPSU◇◇◇—◇—◇
J. David JoynerRSU◇——◇——◇
J. David JoynerPSU◇◇◇—◇—◇
Prem S. ShahPSU◇◇◇—◇—◇
Prem S. ShahOPTION◇——◇—◇◇
Prem S. ShahRSU◇——◇——◇
Steven H. NelsonPSU◇◇◇—◇—◇
Steven H. NelsonOPTION◇——◇—◇◇
Steven H. NelsonRSU◇——◇——◇
Thomas F. CowheyOPTION◇——◇—◇◇
Thomas F. CowheyPSU◇◇◇—◇—◇
Thomas F. CowheyRSU◇——◇——◇
Tilak MandadiPSU◇◇◇—◇—◇
Tilak MandadiRSU◇——◇——◇
Tilak MandadiOPTION◇——◇—◇◇
Fiscal 2022, 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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
J. David JoynerOption◇—◇11/30/2031
PSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇4/1/2033
RSU◇◇——
RSU◇◇——
RSU◇◇——
Prem ShahOption◇—◇11/30/2031
Option◇—◇4/1/2035
PSU◇◇——
Option◇—◇4/1/2034
PSU◇◇——
Option◇—◇4/1/2033
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇4/1/2032
Brian NewmanOption◇—◇5/31/2035
PSU◇◇——
RSU◇◇——
Steven NelsonOption◇—◇4/1/2035
Option◇—◇11/30/2031
PSU◇◇——
RSU◇◇——
Tilak MandadiOption◇—◇4/1/2035
PSU◇◇——
Option◇—◇4/1/2034
PSU◇◇——
Option◇—◇4/1/2033
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Thomas CowheyPSU◇◇——
Option◇—◇2/28/2027
Option◇—◇2/28/2027
Option◇—◇2/28/2027
RSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇2/28/2027
RSU◇◇——
RSU◇◇——
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
Severance base◇
Benefits continuation◇
Clawback◇
J. David Joyner
President and Chief Executive Officer · Severance agreement
Severance base◇
Benefits continuation◇
Clawback◇
Prem Shah
Executive Vice President · Severance agreement
Severance base◇
Change-in-control trigger◇
Benefits continuation◇
Clawback◇
Steven Nelson
Executive Vice President and President, Aetna · Severance agreement
Benefits continuation◇
Clawback◇
Thomas Cowhey
Severance agreement
Benefits continuation◇
Clawback◇
Tilak Mandadi
Executive Vice President, Ventures and Chief Experience and Technology Officer · Severance agreement
Severance base◇
Benefits continuation◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
◇◇————◇
Larry M. Robbins
◇◇————◇
J. Scott Kirby
◇◇————◇
Leslie V. Norwalk
◇◇————◇
Roger N. Farah, Nancy-Ann M. DeParle, J. David Joyner, Jean-Pierre Millon 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.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 11, 2022=◇◇◇
2020May 13, 2021=◇◇◇
2019May 14, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017June 4, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- J. David Joyner (President and Chief Executive Officer), FY2025 total compensation $21,214,084 (base salary $1,500,000) [exec_comp, SEC accession 0001308179-26-000201, filed 2026-04-03]

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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.
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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.
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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.
391 figures on this page: 382 cited to the filing that reported them, 9 calculated from figures it prints.
382 cited to the filing
9 calculated from the filing

Documents cited

  1. 0000064803-26-000082
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001308179-26-000201
    ADDITIONAL ANNUAL COMPENSATION ( · CEO Pay Ratio · Grants of Plan-Based Awards · Non-Employee Director Compensation – 2025 · and 2 more sections
  3. 0000064803-25-000015
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001308179-25-000386
    Summary Compensation Table
  5. 0000064803-25-000007
    EX-10.54
  6. 0000064803-24-000019
  7. 0001308179-24-000463
    Summary Compensation Table
  8. 0000064803-23-000019
  9. 0001308179-23-000606
    Summary Compensation Table
  10. 0000064803-22-000018
  11. 0000064803-21-000019
  12. 0000064803-20-000017
  13. 0001193125-19-150598
  14. 0001193125-18-184593
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Velarion, “CVS Health executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CVS (accessed 2026).
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14 filings cited on this page
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Consumer & Retail rankings

Chief executive pay — Consumer & RetailCEO pay ratio — Consumer & RetailSay-on-pay support — Consumer & Retail

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 CompanyBio-Techne CorporationBiogen Inc.Boston Scientific CorporationCharles River Laboratories International, Inc.Danaher CorporationDaVita Inc.DexCom, Inc.Edwards Lifesciences CorporationEli Lilly and CompanyGE Healthcare Technologies Inc.Gilead Sciences, Inc.Henry Schein, Inc.Hologic, Inc.IDEXX Laboratories, Inc.Incyte CorporationInsulet Corp.Intuitive Surgical, Inc.IQVIA Holdings Inc.Labcorp Holdings Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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