What company is bigger, CVS or Walgreens?

Editorial team Published on

CVS is bigger than Walgreens in both store count and total revenue.

Store Count and Revenue

  • CVS Pharmacy operates nearly 9,000 retail locations across the United States. Its parent company, CVS Health, generates over $159 billion in annual revenue.
  • Walgreens operates around 8,000 retail locations. Its parent company, Walgreens Boots Alliance, generates roughly $91 billion in annual revenue.

CVS also holds a larger market share because of its massive corporate size, which includes its pharmacy benefit manager (Caremark) and health insurance provider (Aetna).

Who is richer, CVS or Walgreens?

CVS is significantly richer and larger than Walgreens by every major financial metric.

📊 Financial Comparison

  • 💰 Market Capitalization
    • CVS Health: ~$113.9 billion
    • Walgreens Boots Alliance: ~$10.4 billion
  • 📈 Annual Revenue
    • CVS Health: ~$374 billion to $415 billion
    • Walgreens Boots Alliance: ~$147 billion to $154 billion
  • 🏢 Business Diversity
    • CVS: Owns Aetna insurance and Caremark Pharmacy Benefit Manager
    • Walgreens: Relies mostly on traditional retail storefronts

Which is higher, CVS or Walgreens?

CVS is higher than Walgreens in overall revenue, market share, and total number of store locations.

Key Comparisons

  • Revenue: CVS Health generates about $374 billion annually, while Walgreens brings in roughly $147 billion, largely due to CVS owning the insurance company Aetna and pharmacy benefit manager Caremark.
  • Store Locations: CVS Pharmacy operates nearly 9,000 stores across the U.S., whereas Walgreens has around 8,000 locations.
  • Market Share: CVS holds about 21% to 24.5% of the market share, while Walgreens holds around 18% to 20%.
  • Pricing: Studies on everyday retail items show that CVS is often slightly cheaper on average than Walgreens, though prices vary by specific product.

Who is more successful, CVS or Walgreens?

CVS is significantly more successful than Walgreens in total revenue, market share, and overall financial health.

Financial Performance & Revenue

  • CVS Health brings in annual revenue of about $374 billion.
  • Walgreens brings in roughly $147 billion annually.
  • Credit Health: CVS maintains a stable investment-grade credit rating, while Walgreens faces financial pressure with a non-investment grade credit status.

Market Share & Footprint

  • Market Share: CVS leads the U.S. retail pharmacy market with roughly 21% to 26% share, compared to Walgreens at around 18% to 20%.
  • Store Count: Walgreens operates a slightly larger traditional U.S. store footprint in some counts (~10,000 locations), while CVS operates around 8,800 to 9,000 retail locations.

Business Model Differences

  • CVS Health expanded into a massive healthcare conglomerate by acquiring the health insurer Aetna and the pharmacy benefit manager CVS Caremark. This vertical integration shields it from purely retail pharmacy declines.
  • Walgreens relies more heavily on traditional retail partnerships and storefront operations, which have faced heavier profit losses and strategic shifts in recent years. However, some users on Quora note a consensus that Walgreens often receives better marks for in-store operational efficiency and staffing levels at the pharmacy counter compared to CVS.

What makes more money, CVS or Walgreens?

CVS makes significantly more money than Walgreens in total annual revenue and profit.

Revenue Comparison

  • CVS Health brings in over $370 billion per year, bolstered by massive health services and insurance divisions like Aetna and Caremark.
  • Walgreens Boots Alliance brings in roughly $147 billion per year, making it considerably smaller by total financial volume.

Why CVS Earns More

  • Diversified Business: CVS operates a massive health care benefits segment (insurance) and pharmacy benefit management (PBM) alongside its retail storefronts.
  • Walgreens Focus: Walgreens relies heavily on traditional retail pharmacy and international storefronts, which pull in lower overall totals compared to CVS's multi-sector healthcare model.

Walgreens vs. CVS

9 related questions found

Does Warren Buffett own CVS?

No, Warren Buffett does not currently own any shares of CVS Health.

📊 CVS and Berkshire Hathaway History

  • Initial Stake: Berkshire Hathaway bought a stake in CVS in late 2011.
  • Complete Exit: Buffett sold off the remaining shares in 2012.
  • Current Status: Berkshire Hathaway holds no active position in CVS.

💡 The "Secret Portfolio" Misconception

  • NEAM Connection: Media reports sometimes link CVS to Buffett's "secret portfolio" because New England Asset Management (NEAM) owns CVS shares.
  • Subsidiary Holding: NEAM is a subsidiary of Berkshire Hathaway, but its portfolio is managed independently, not by Buffett himself.

Is CVS Pharmacy struggling?

Yes, CVS Pharmacy and its parent company, CVS Health, have faced significant financial and operational struggles, though they continue to bring in massive overall revenue.

Key Financial and Operational Pressures

  • High-Cost Acquisitions: CVS absorbed massive impairment charges—including a nearly $5.7 billion hit tied to its 2023 acquisition of primary care provider Oak Street Health, which underperformed relative to expectations.
  • Insurance Segment Strain: The Aetna health insurance division faced headwinds from high medical utilization rates and underpriced Medicare Advantage plans, prompting leadership changes and a retreat from the Affordable Care Act individual exchange market.
  • Retail and Staffing Challenges: Retail locations have dealt with understaffing, pharmacist burnout, falling prescription reimbursement rates, and intense competition from online retailers and big-box stores.

Strategic Retrenchment

  • Store Closures and Layoffs: CVS has cut thousands of corporate jobs and closed hundreds of underperforming retail and clinic locations.
  • Footprint Realignment: The company has begun testing smaller, pharmacy-focused store formats rather than traditional large-footprint retail layouts.
  • Revenue Resilience: Despite these deep structural pressures and strategic shifts, core pharmacy segments continue to post revenue growth, and the company maintains multi-hundred-billion-dollar revenue forecasts.

Which is older, CVS or Walgreens?

Walgreens is older than CVS.

Founding Dates

  • Walgreens: Founded in 1901 in Chicago, Illinois, by Charles Rudolph Walgreen.
  • CVS: Founded in 1963 in Lowell, Massachusetts, originally standing for Consumer Value Stores.

Walgreens predates CVS by 62 years.

What is the #1 pharmacy in the US?

CVS Health is the number one pharmacy in the United States based on total prescription revenue and market share.

According to industry data tracked by Drug Channels, CVS Health leads the nation. Different rankings depend on how you measure "number one":

By Revenue and Market Share

  • CVS Health: Earns the top spot with about $119 billion in prescription revenue and holds over 26% of the U.S. market share.
  • Walgreens Boots Alliance: Ranks second with about $90.8 billion in revenue.
  • Express Scripts (Cigna): Ranks third, operating largely as a giant mail-order and specialty pharmacy.

By Store Count

  • CVS Pharmacy: Operates the highest number of traditional retail storefronts, with roughly 9,000 locations across the country.
  • Walgreens: Follows closely with nearly 8,000 retail locations.

By Customer Satisfaction

  • Health Mart and Good Neighbor Pharmacy: Frequently rank #1 in customer satisfaction among chain drug store pharmacies in consumer studies by J.D. Power. These are networks of independent, locally owned community pharmacies.

Who is the least expensive pharmacy?

For generic medications, Mark Cuban Cost Plus Drug Company generally offers the most competitive direct-to-consumer cash pricing, while big-box retailers like Costco and Walmart consistently provide the lowest everyday retail prices.

Because prescription costs change depending on the specific drug, your location, and whether you use insurance or cash-pay programs, no single pharmacy is always the cheapest.

Top Low-Cost Options

  • Online/Direct-to-Consumer: Mark Cuban Cost Plus Drug Company sells generic drugs at wholesale-plus flat markups, though shipping fees can add up for single prescriptions. Amazon Pharmacy offers competitive delivery pricing (especially with Prime benefits), alongside subscription add-ons like RxPass.
  • Brick-and-Mortar Retailers: Costco and Walmart consistently beat traditional drugstores like CVS and Walgreens on generic retail prescriptions. (Note: You often do not need a membership to use a Costco pharmacy, though member pricing may vary.)
  • Discount and Coupon Services: Platforms like GoodRx and SingleCare can dramatically lower out-of-pocket costs at local brick-and-mortar pharmacies, often beating insurance co-pays or standard cash prices.