“Over the 2024 and 2025 calendar years, we expect that our business will generate operating cash flows of $15.6 billion, which when combined with improving operating performance will help put us back on the path to our target leverage levels.”

In context

“iness over time. We expect interest expense to increase approximately $300 million as we annualize the expense associated with our debt offerings in May and December of 2024. We project our tax rate to be approximately 25.5%. We also expect our share count to increase modestly to approximately 1.271 billion shares, and we are not contemplating any share repurchases in 2025. Finally, we expect cash flow from operations to be approximately $6.5 billion. The operating cash flow decline versus 2024 is primarily driven by late year timing items that were pulled forward into 2024 cash flow, as well as the impact of lower risk membership on healthcare costs payable reserves and risk-adjusted revenue accruals, partially offset by improved operating performance in our healthcare benefits business. Over the 2024 and 2025 calendar years, we expect that our business will generate operating cash flows of $15.6 billion, which when combined with improving operating performance will help put us back on the path to our target leverage levels. As you think about the cadence of earnings in 2025, we expect earnings to be more weighted to the first half than the second half, likely at 55/45 split. Seasonal patterns in most of our segments should remain largely unchanged compared to 2024, with the notable exception of our healthcare benefits segment, where the Part D changes due to the Inflation Reduction Act and the timing of premium deficiency reserves recorded in 2024 will significantly change the progression of earnings. You can find additional details on the components of our 2025 guidance on our Investor Relations website. We are encouraged by our opportunities in 2025 and are excited to demonstrate the enormous potential that we see across CVS Health to unlock embedded earnings. We are working tirelessly to restore Aetna to”