The latest data point for CVS's operating expenses in Q4'25 shows SG&A expenses at $11.46B, with R&D expenses remaining at $0, resulting in total operating expenses of $11.46B for the quarter. Over the period from Q1'23 to Q4'25, SG&A expenses exhibited a steady upward trend, increasing from $9.58B to $11.46B, reflecting consistent growth of approximately 19.6% overall, with notable acceleration in 2025 quarters (e.g., from $10.29B in Q1'24 to $11.46B in Q4'25). R&D expenses were consistently $0 across all quarters, indicating no allocation in this category, while the stacked bar chart highlights SG&A as the sole driver of operating expenses, suggesting stable but rising cost pressures in administrative and selling functions without research investments.