The Cigna Group (CI)

Business

Source: FY2025 Form 10-K, accession 0001739940-26-000006 (Item 1 and Item 7).

The Cigna Group is a US health company that earns most of its revenue by managing prescription drug benefits, and much of the rest by running medical benefit plans for employers. It has two operating segments. Evernorth Health Services runs the Express Scripts pharmacy benefit manager (PBM), the Accredo specialty pharmacy, a specialty drug distributor and care-management businesses, and sells to health plans, employers and government programs. Cigna Healthcare offers medical, dental, behavioral and stop-loss coverage, mainly to US employers and mostly on a self-funded, fee-for-service basis, along with an international health business. In 2025 total revenues were $274.9 billion. Pharmacy revenues were $216.7 billion of that, premiums $40.3 billion, and fees and other revenues $16.9 billion. Evernorth produced $235.0 billion of adjusted revenues and $7.2 billion of pre-tax adjusted income from operations. Cigna Healthcare produced $47.2 billion and $4.2 billion. The company reported more than 185 million customer relationships in more than 30 markets and jurisdictions and about 67,700 employees at December 31, 2025.

Segments and how they make money:

• Evernorth, Pharmacy Benefit Services. This unit adjudicates drug claims, administers retail pharmacy networks (more than 65,000 participating pharmacies), manages formularies and negotiates manufacturer rebates. It also runs Express Scripts home-delivery pharmacies, plus the EnGuide Pharmacy for GLP-1 patients, which was established in 2025. Express Scripts says it passed through over 95% of the formulary rebates it received in 2025 to integrated pharmacy benefit clients, and more than two-thirds of those clients received 100% of rebates. Most clients take the greater of a minimum rebate guarantee or a contractual percentage. In some contracts Express Scripts bears the risk of securing enough rebate value to meet the guarantee. FY2025 adjusted revenues were $132.1 billion (+18%) and pre-tax adjusted income was $3.5 billion (−2%).
• Evernorth, Specialty and Care Services. This unit includes the Accredo specialty pharmacy (35 licensed pharmacies), CuraScript SD specialty distribution to clinics and hospitals, EviCore benefits management and MD Live virtual care. FY2025 adjusted revenues were $102.8 billion (+14%) and pre-tax adjusted income was $3.7 billion (+8%).
• Cigna Healthcare, U.S. Healthcare and International Health. These units provide employer medical plans across National Accounts, Middle Market, Select and Small segments, along with ACA individual and family plans (IFP) in 11 states, stop-loss, dental and behavioral coverage. International Health serves multinational employers, globally mobile individuals and local markets including China, Singapore, Hong Kong, Spain and India. Administrative-services-only (ASO) arrangements made up about 32% of 2025 segment revenues but 79% of medical customers. Insured guaranteed-cost and experience-rated business made up about 68% of revenues and 21% of customers. The company had 18.1 million medical customers at year-end 2025. Its U.S. network had about 1.7 million physicians and more than 6,000 hospitals.
• Other Operations and Corporate. Other Operations holds corporate-owned life insurance and run-off blocks (settlement annuities, reinsured variable annuity reinsurance, and life and retirement businesses sold through reinsurance). Corporate carries net interest expense, frozen pension costs and intersegment eliminations.

Concentration and key relationships. Evernorth names three clients that each drive significant segment revenue:

• Centene: a multiyear pharmacy benefit agreement that began January 1, 2024.
• Prime Therapeutics: network, specialty pharmacy and manufacturer-value agreements.
• TRICARE: the US military health program, now under the Department of War.

A single pharmacy benefit client accounted for about 19% of total revenue from external customers in 2025 (16% in 2024). The 10-K says contracts with the business's three largest clients have been renewed or extended through the end of the decade. On the supply side, Evernorth buys about half of its pharmaceuticals through one wholesaler.

Portfolio changes that shape the business today:

• Medicare exit. On March 19, 2025 Cigna sold its Medicare Advantage, stand-alone Part D, Medicare supplemental and CareAllies businesses to Health Care Service Corporation (HCSC). Final purchase price and cash proceeds were $4.9 billion, most of it used for share repurchases.
• Shields Health Solutions. In the third quarter of 2025 Cigna invested $3.5 billion in preferred stock of Shields Health Solutions, a specialty pharmacy management company. The investment was partly funded by a $2.0 billion term loan, repaid in September 2025. Cigna records the compounding dividend on the preferred stock in fees and other revenues.
• China joint venture. Cigna holds a 50% interest in an insurance joint venture in China, accounted for under the equity method.
• Rebate-free pharmacy model. Evernorth has announced a model that makes manufacturer discounts available to patients at the pharmacy counter. Cigna Healthcare will adopt it for fully insured customers beginning in 2027, and it becomes the standard Evernorth offering for PBM clients beginning in 2028.

Regulatory backdrop. The Consolidated Appropriations Act, 2026, enacted in February 2026, contains PBM provisions with staggered start dates:

• August 2028: PBMs serving ERISA employer plans must remit 100% of certain rebates, fees and other remuneration to plan sponsors.
• January 2028: in Medicare Part D, PBM compensation can no longer be linked to drug list prices and is limited to bona fide service fees.
• January 2029: Part D plan sponsors must contract with any pharmacy willing to meet standard terms.

The company says the full impact cannot yet be determined. The 10-K also notes that one state has enacted a law barring PBMs from owning pharmacies in the state; that law is in litigation. The enhanced ACA premium subsidies expired on December 31, 2025.

Risk Factors

Source: FY2025 Form 10-K, accession 0001739940-26-000006 (Item 1A).

The risks that bear most directly on Cigna's earnings fall into four groups.

Pricing, competition and the PBM model:

• Medical cost pricing. Premiums are set for a year and priced well in advance. Small errors in predicting utilization or unit cost swing results. The 10-K flags IFP exchange business specifically for mix and volume uncertainty.
• PBM price competition and client concentration. Express Scripts contracts generally run three years and are periodically renegotiated. Clients routinely rebid through consultants, and the loss or repricing of a large client could materially hurt results. Competition has pushed PBMs to pass more rebates to clients. The company says failing to respond effectively, including through its rebate-free model, could hurt margins.
• Drug pricing benchmarks and government negotiation. Contracts rely on third-party pricing benchmarks. The Inflation Reduction Act lets CMS negotiate prices for high-cost Part D and Part B drugs, and manufacturers' resulting pricing changes can ripple through commercial markets.
• Manufacturer and pharmacy relationships. Manufacturer contracts are nonexclusive and terminable on short notice, and the rebate-free commitment "may alter manufacturer contracting dynamics." The ten largest retail chains represent about 47% of stores in Cigna's largest pharmacy network, so losing a major chain could impair access and breach client guarantees.
• Reserve adequacy. Medical claims reserves rest on judgment about completion factors and cost trend. The 10-K's sensitivity: a 100-basis-point rise in medical cost trend would add about $115 million to Cigna Healthcare's unpaid claims liability, and a 50-basis-point fall in completion factors about $180 million.

Regulation, litigation and government programs:

• PBM and insurance regulation. Federal and state PBM, drug-pricing and insurance-market reforms could force changes to how the business operates.
• FTC insulin case. In September 2024 the FTC filed an administrative complaint against Express Scripts and other PBMs over insulin rebate practices. In February 2026 Cigna settled all FTC matters without a monetary penalty or admission of liability, but agreed to change certain business practices on medication affordability.
• Medicare indemnification. Cigna may still owe indemnification for regulatory audits of the sold Medicare businesses that were open when the HCSC deal closed.
• Government funding. Government clients and programs depend on appropriations and can cancel on short notice.

Operations, data and technology:

• Cyber and data security. Cigna handles large volumes of protected health information. The ransomware attack on Change Healthcare, a service provider for some of its pharmacy benefit services, caused limited disruption to certain Cigna services in February 2024.
• Artificial intelligence. The company is currently defending litigation alleging improper use of AI in claims evaluation, and new AI regulation could restrict how it uses these tools.
• Third-party dependence. Cigna relies on vendors, suppliers, manufacturers and shipping carriers for key functions, including claims processing and prescription dispensing. A vendor failure or contract dispute, or a supply-chain disruption, could interrupt service.

Strategic and financial:

• Goodwill and intangibles. These totaled about $73.5 billion at December 31, 2025, or 47% of total assets, and are exposed to impairment if acquired businesses underperform. Cigna fully impaired its VillageMD investment in 2024, recording a $2.7 billion loss.
• Debt. Total debt was about $31.5 billion at year-end 2025. That leverage limits flexibility and raises exposure to interest rates and to rating downgrades, which would also hurt insurance sales.
• Economy, investments and reinsurers. Economic downturns, investment portfolio losses, pension funding needs and reinsurer credit risk are further exposures. Cigna stays liable to policyholders if a reinsurer defaults.

Management's Discussion, Fiscal 2025

Source: FY2025 Form 10-K, accession 0001739940-26-000006 (Item 7).

Consolidated results. Total revenues rose 11% to $274.9 billion in 2025. The main driver was a 17% rise in pharmacy revenues on customer growth in Evernorth, partly offset by a 12% fall in premiums after the HCSC sale. Shareholders' net income rose 73% to $5,957 million ($22.18 per diluted share), mainly because 2024 had carried the VillageMD impairment. Adjusted income from operations was $8,014 million ($29.84 per share, up 9%). The effective tax rate fell to 19.2% from 28.3%.

Evernorth Health Services. Adjusted revenues rose 16% to $234,953 million, driven by higher prescription utilization from customer growth and by claims composition. Pre-tax adjusted income rose 3% to $7,221 million. Specialty pharmacy growth outweighed strategic investments in the PBM. Pre-tax margin fell to 3.1% from 3.5%, and pharmacy claims rose 5% to 2,222 million adjusted scripts. Management told investors to expect investment and transition costs for the rebate-free model, along with proactive contract renewals, to weigh on Evernorth earnings in the short term.

Cigna Healthcare. Adjusted revenues fell 11% ($5,751 million) to $47,163 million. The HCSC sale removed $8,498 million, partly offset by higher employer-insured (+$1,276 million) and stop-loss (+$855 million) premiums. Pre-tax adjusted income fell 2% to $4,153 million on weaker IFP results. The medical care ratio (MCR) rose 120 basis points to 84.4%, driven by IFP medical costs. Medical customers fell 5% to 18.1 million.

Restructuring. A strategic optimization program launched in the first quarter of 2025 cost $749 million pre-tax in 2025 and is expected to produce at least $500 million of annualized after-tax savings.

Cash and capital:

• Cash flow. Operating cash flow was $9,601 million, down from $10,363 million, reflecting large 2024 client onboardings and the timing of receivable factoring.
• Capital spending. Capital expenditures were $1.2 billion, with about $1.3 billion planned for 2026.
• Leverage and liquidity. Debt-to-capitalization was 43.0%. At year-end the company had $6.5 billion of undrawn revolver capacity (a facility maturing April 2030) and $7.9 billion of cash and short-term investments.
• Subsidiary dividends. Dividends from US-regulated subsidiaries were $0.9 billion. Most Evernorth operations are not subject to regulatory dividend limits, which gives the parent flexibility.

Current Quarter, Third Quarter 2026

Sources: Form 10-Q for the quarter ended September 30, 2026, accession 0001739940-26-000071; third-quarter earnings release (Exhibit 99.1), accession 0001140361-26-042030.

Headline. Revenue kept growing and adjusted earnings held steady. Cigna Healthcare and specialty pharmacy earnings rose strongly, while the PBM's profit fell sharply because of large client contract renewals and strategic investments.

• Revenues. Total revenues rose 6% to $73,683 million. Pharmacy revenues rose 5% on changes in claims composition, premiums 9% on rate increases, and net investment income 23% on real estate and partnership returns.
• GAAP earnings. Shareholders' net income fell 23% to $1,442 million ($5.47 per diluted share, versus $6.98). The 10-Q attributes the decline mainly to the absence of the after-tax gain on sale of businesses booked in the third quarter of 2025 (−13 points) and to lower net investment performance (−6 points). The effective tax rate rose to 19.1% from 14.0%, mainly because the prior-year quarter included a benefit from the HCSC sale.
• Adjusted earnings. Adjusted income from operations was $2,104 million, versus $2,096 million. Adjusted EPS was $7.98, up 2% from $7.83.
• Nine months. Shareholders' net income was $4,756 million ($18.02 per share, +3%). Adjusted income from operations was $6,216 million ($23.55 per share, +8%).

Evernorth Health Services. Adjusted revenues rose 6% to $63,774 million, but pre-tax adjusted income fell 4% to $1,829 million. Margin narrowed to 2.9% from 3.2%. The two units moved in opposite directions:

• Pharmacy Benefit Services. Revenue rose 9% to $37,276 million on drug mix, while pre-tax adjusted income fell 22% to $765 million. The release attributes the drop to large client contract renewals and strategic investments. In the 10-Q's attribution of Evernorth's total change, client- and customer-focused initiatives in the PBM (renewals, rebate-free model investment and Inflation Reduction Act recontracting) subtracted 13 points.
• Specialty and Care Services. Revenue grew 1% to $26,498 million, as strong specialty distribution growth was offset by lower specialty pharmacy revenue from biosimilar and specialty-generic adoption. Pre-tax adjusted income rose 15% to $1,064 million on organic specialty growth.
• Volume. Pharmacy claims fell 2% to 546 million adjusted scripts.

Cigna Healthcare. Adjusted revenues rose 9% ($953 million) to $11,708 million. Higher premiums contributed $748 million, mostly employer-insured (+$313 million) and stop-loss (+$283 million). Pre-tax adjusted income rose 15% to $1,193 million on higher net investment income and a lower SG&A ratio (19.6% versus 19.9%). The MCR was 85.0% against 84.8%. A higher ratio in the U.S. Employer business, due to business mix (+80 basis points), was partly offset by a lower IFP ratio (−70 basis points). Medical customers rose 2% year over year to 18.45 million, led by Middle Market and Select. Favorable prior-year reserve development was $356 million pre-tax for the nine months, against $319 million a year earlier.

What changes the business ahead:

• IFP exit. As the 10-Q notes, the company announced in April 2026 that it will exit the Individual and Family Plans medical business as of January 1, 2027. IFP costs were the main driver of the 120-basis-point rise in Cigna Healthcare's medical care ratio in 2025.
• Cost program. Announced at the September 2026 Investor Day, "Accelerate to One" is described in the 10-Q as a multi-year enterprise modernization and productivity initiative to generate cost savings through 2030. Part of the savings is to be reinvested in growth and part is meant to benefit operating results; the company says timing and size will vary.
• Restructuring costs. The 2025 strategic optimization program continues as a discrete restructuring program under the new initiative and is expected to run through 2028. It cost $85 million pre-tax in the quarter and $535 million year to date, mostly severance, for $1,284 million program-to-date.
• Litigation charges. Special items included $60 million pre-tax of litigation charges in the quarter ($126 million year to date). The 10-Q does not describe the matters individually.

Cash, capital and balance sheet:

• Cash flow. Nine-month operating cash flow was $3,281 million, versus $3,452 million. The 10-Q cites an unfavorable net cash impact from the Inflation Reduction Act and lower insurance liabilities, largely offset by receivables timing and lower inventory purchases.
• Debt. Cigna repaid $550 million of 1.250% notes at their March 2026 maturity. It had $0.5 billion of commercial paper outstanding at September 30, and debt-to-capitalization improved to 41.8% from 43.0% at year-end.
• Shareholder returns. Repurchases slowed sharply: 1.8 million shares for about $500 million in the first nine months, versus 8.2 million shares for $2.6 billion a year earlier. About $6.23 billion of authorization remained at September 30.
• Liquidity. Cash and short-term investments were $6.5 billion, of which about $1.2 billion sat at the parent or non-regulated subsidiaries. Subsidiary dividends to the parent were $1.0 billion year to date.

Subsequent Events

Source: Form 10-Q for the quarter ended September 30, 2026, accession 0001739940-26-000071 (Note 5 and cover page).

The 10-Q has no separate subsequent-events note, and it discloses no acquisitions, divestitures, new borrowings or debt issuances after September 30, 2026. It discloses two post-quarter items:

• Dividend. On October 28, 2026 the Board declared a fourth-quarter cash dividend of $1.56 per share, payable December 17, 2026 to shareholders of record on December 3, 2026.
• Share count. 263,502,561 common shares were outstanding as of October 30, 2026.

Filings that contain financial statements

The Cigna Group's earnings press releases, furnished as Exhibit 99.1 to Form 8-K, carry summary results tables (revenues, shareholders' net income, adjusted income from operations, segment results, per-share amounts and reconciliations). They do not contain a full balance sheet or cash flow statement. Two periodic reports do contain full statements:

• Form 10-Q for the quarter ended September 30, 2026, accession 0001739940-26-000071: three- and nine-month statements of income, the balance sheet at September 30, 2026, and nine-month cash flows.
• Annual Report on Form 10-K for the fiscal year ended December 31, 2025, accession 0001739940-26-000006.

The earnings releases are summary results tables:

• Third quarter 2026 (three and nine months ended September 30, 2026): Form 8-K filed November 5, 2026, accession 0001140361-26-042030.
• Second quarter 2026: Form 8-K filed July 30, 2026, accession 0001140361-26-030135.
• First quarter 2026: Form 8-K filed April 30, 2026, accession 0001140361-26-017971.
• Fourth quarter and full year 2025: Form 8-K filed February 5, 2026, accession 0001140361-26-003768.
• Third quarter 2025: Form 8-K filed October 30, 2025, accession 0001140361-25-039777.

Earnings and guidance

• November 5, 2026, third quarter 2026 results (0001140361-26-042030). Total revenues rose 6% to $73.7 billion. Shareholders' net income was $1.4 billion, or $5.47 per share, against $1.9 billion, or $6.98 per share, a year earlier; the company attributes the decline to the absence of an after-tax gain on sale recognized in the third quarter of 2025. Adjusted income from operations was $2.1 billion, or $7.98 per share, against $7.83 a year earlier. Evernorth Health Services pre-tax adjusted income from operations fell 4% to $1.83 billion (Pharmacy Benefit Services down 22%, citing large client contract renewals and strategic investments; Specialty and Care Services up 15%). Cigna Healthcare pre-tax adjusted income from operations rose 15% to $1.19 billion, with a medical care ratio of 85.0% against 84.8%. The company raised its 2026 outlook for adjusted income from operations to at least $30.60 per share (up $0.15), raised Cigna Healthcare pre-tax adjusted income from operations to at least $4.6 billion (up $50 million), kept Evernorth at at least $6.9 billion, and narrowed the Cigna Healthcare medical care ratio to 84.2% plus or minus 25 basis points. The release reports 1.8 million shares repurchased for about $500 million year to date through November 4, 2026, and a debt-to-capitalization ratio of 41.8% at September 30, 2026.
• July 30, 2026, second quarter 2026 results (0001140361-26-030135). Total revenues rose 7% to $71.7 billion; adjusted income from operations was $7.78 per share. 2026 outlook raised to at least $30.45 per share (up $0.10).
• April 30, 2026, first quarter 2026 results (0001140361-26-017971). Total revenues rose 5% to $68.5 billion; adjusted income from operations was $7.79 per share. 2026 outlook raised to at least $30.35 per share (up $0.10).
• February 5, 2026, fourth quarter and full year 2025 results (0001140361-26-003768). 2025 adjusted income from operations was $8.0 billion, or $29.84 per share. Initial 2026 outlook: adjusted income from operations of at least $7.95 billion, or at least $30.25 per share; Evernorth pre-tax at least $6.9 billion; Cigna Healthcare pre-tax at least $4.5 billion. The quarterly dividend was increased to $1.56 per share. The company repurchased 11.9 million shares for about $3.6 billion in 2025.
• October 30, 2025, third quarter 2025 results (0001140361-25-039777). The 2025 outlook of at least $29.60 per share was reaffirmed. The release also announced a new rebate-free pharmacy benefit model designed to lower costs, improve transparency, and support local pharmacies. Per the 2025 Form 10-K (0001739940-26-000006, Item 1), Cigna Healthcare adopts the model for fully insured customers beginning in 2027, and it becomes the standard Evernorth Health Services pharmacy benefit offering beginning in 2028. The Form 10-Q for the quarter ended September 30, 2026 (0001739940-26-000071) lists investments to support the rebate-free model among the client- and customer-focused initiatives that reduced Pharmacy Benefit Services earnings.
• Outlook reaffirmations (Regulation FD). The company reaffirmed its outlook on September 2, 2025 (at least $29.60 per share for 2025; 0001140361-25-033536), February 27, 2026 (at least $30.25; 0001140361-26-007049) and May 13, 2026 (at least $30.35; 0001140361-26-020906).

Investor Day and long-term targets

• September 30, 2026 (0001140361-26-038056). At its Investor Day the company introduced a "Lead to One" strategy and reaffirmed 2026 guidance: adjusted revenues of about $280 billion, adjusted EPS of at least $30.45, Evernorth pre-tax adjusted income from operations of at least $6.9 billion, Cigna Healthcare of at least $4.55 billion, and a Cigna Healthcare medical care ratio of 83.7% to 84.7%. It set 2026 to 2030 targets of 10% to 14% adjusted EPS compound annual growth and about $50 billion of cumulative operating cash flow, and announced a new multi-year $3 billion series of modernization and productivity initiatives (named "Accelerate to One" in the November 5, 2026 release).

Management and board

• March 3, 2026 (0001140361-26-007450). The Board appointed Brian C. Evanko, then President and Chief Operating Officer, as Chief Executive Officer effective July 1, 2026, succeeding David M. Cordani, who became Executive Chair on that date. Evanko was elected to the Board effective April 1, 2026, and Eric J. Foss became Lead Independent Director on April 1, 2026, succeeding Eric C. Wiseman. The company reaffirmed its 2026 outlook in the announcement.
• October 20, 2025 (0001140361-25-038670). Director Elder Granger announced his retirement from the Board effective December 31, 2025, under the Board's retirement age policy.
• October 9, 2026 (0001140361-26-039271). Director Donna F. Zarcone informed the Board she will retire effective December 31, 2026, with no disagreement with the company.
• November 18, 2025 (0001140361-25-042597). Board committee restructuring effective January 1, 2026: the Compliance Committee ceases as a standing committee, the Audit Committee becomes the Audit and Compliance Committee, and the Finance Committee becomes the Finance and Technology Committee.
• April 27, 2026 (0001140361-26-017123). Annual meeting held April 22, 2026; shareholders elected all twelve director nominees.

Capital actions and financing

• September 4, 2025 (0001140361-25-033986). The company completed an offering of $4.5 billion of senior notes: $1.0 billion of 4.500% notes due 2030, $1.25 billion of 4.875% notes due 2032, $1.5 billion of 5.250% notes due 2036 and $750 million of 6.000% notes due 2056. Proceeds were to repay $2.0 billion borrowed under an August 5, 2025 term loan, which had funded a strategic investment in another company, with the remainder for general corporate purposes.
• Dividend. The quarterly dividend was raised to $1.56 per share (February 5, 2026, 0001140361-26-003768). The Board declared the fourth quarter dividend of $1.56 per share on October 28, 2026, payable December 17, 2026 to holders of record on December 3, 2026 (Form 10-Q, accession 0001739940-26-000071).

Business developments

• Individual and Family Plans exit. The November 5, 2026 release (0001140361-26-042030) states that in April 2026 the company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027. The company did not file a Form 8-K for the April 2026 announcement; the exit is also stated in the Form 10-Q for the quarter ended September 30, 2026 (0001739940-26-000071).
• Customer relationships. At September 30, 2026, total customer relationships were 177.6 million, down 6% from December 31, 2025, which the company attributes to lower pharmacy customers (expected client transitions and lower health plan client membership) and the termination of a government behavioral care contract, with minimal impact on revenue and adjusted income.

M&A

No signed or pending acquisition was disclosed in the company's Form 8-K filings or in the Form 10-Q for the quarter ended September 30, 2026 (0001739940-26-000071). The only M&A-related items are historical: a Form 8-K governance filing (0001140361-25-042597) refers to the company's March 2025 sale of its Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies businesses.

About this file

CI annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

CI quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

CI year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

CI trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

Adjustments

Notes

• The Cigna Group runs two main businesses: Evernorth Health Services (pharmacy benefit services, specialty pharmacy and care services) and Cigna Healthcare (medical coverage and administration for employers and individuals in the U.S. and internationally). Pharmacy revenues are about four-fifths of total revenues, so neither a manufacturer's revenue / cost of goods / gross profit frame nor a pure insurer's premiums frame describes it. This record follows the company's own income statement lines and adds the insurer measures the company reports for Cigna Healthcare (medical care ratio, medical customers) and its segment results.
• Annual figures are from the FY2025 Form 10-K (accession 0001739940-26-000006): income statements and cash flows for 2025, 2024 and 2023, and balance sheets at December 31, 2025 and 2024 (the 10-K prints two balance sheet dates, so FY2023 carries no balance sheet). Quarterly and nine-month figures are from the Form 10-Q for the quarter ended September 30, 2026 (accession 0001739940-26-000071). The 10-Q's December 31, 2025 balance sheet column agrees with the 10-K line for line.
• The 10-Q prints the three months ended September 30, 2026 and 2025 and the nine months ended on those dates; the quarters ended March 31 and June 30, 2026 are not presented in it and are not part of this record. The 10-Q's balance sheet compares September 30, 2026 with December 31, 2025, so the year-ago quarter (Q3 FY2025) carries no balance sheet.
• The 10-Q's cash flow statement covers the nine months only. No three-month cash flow figures are printed, so the quarterly entries carry no cash flow; the nine-month cash flows are in the year-to-date view.
• Signs follow the statements. Cash outflows (property and equipment purchases, acquisitions, share repurchases, dividends paid) are negative. Interest expense and other is negative. net_gain_loss_on_sale_of_businesses and net_investment_gains_losses are positive for a gain and negative for a loss; the 10-K captions these lines "Net gain (loss) on sale of businesses" and "Net investment losses" and the 10-Q "Gain on sale of businesses" and "Net investment gains", and one name is used for each across all periods.
• net_income is net income including the share attributable to noncontrolling interests. Earnings per share are struck on shareholders' net income (net_income_attributable_to_shareholders), as the company reports them. Weighted-average share counts are from the earnings per share notes, which print them in thousands.
• Derived figures: free_cash_flow is net cash provided by operating activities plus the (negative) "Property and equipment purchases, net" line; the company does not print a free cash flow figure. total_debt is short-term debt plus long-term debt, the definition of total debt the company uses in its debt-to-capitalization ratio. The trailing twelve months ended September 30, 2026 are FY2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025.
• Adjusted revenues, adjusted income from operations (after tax, in total and per diluted share) and pre-tax adjusted income from operations are the company's own measures and are not defined by U.S. generally accepted accounting principles. Adjusted income from operations is shareholders' net income excluding net investment results, amortization of acquired intangible assets and items the company designates as special items. Adjusted revenues exclude the company's share of certain investment results of joint ventures reported in Cigna Healthcare under the equity method (and, in 2024, a special item for the impairment of a dividend receivable). The GAAP figures they reconcile to are carried in the income statement lines.
• Segment figures are from the segment information notes of the 10-K and 10-Q. Segment total revenues include intersegment revenues, which are eliminated within Corporate and Eliminations, so the four columns sum to consolidated total revenues, adjusted revenues and pre-tax adjusted income from operations. The Evernorth split between Pharmacy Benefit Services and Specialty and Care Services, and pharmacy claim volume, are from the Evernorth selected financial information in MD&A. Pharmacy claim volume counts non-specialty network prescriptions filled through 90-day programs and home delivery prescriptions as three claims and all other prescriptions as one.
• The Cigna Healthcare medical care ratio is medical costs as a percentage of premiums for that segment's insured businesses, as the company computes and prints it; it cannot be recomputed from the consolidated lines. Medical customers are a point-in-time count at each period end (printed in thousands), so they appear on the quarters and fiscal years only.
• Dividends declared per share are as printed in the statements of changes in total equity. The debt-to-capitalization ratio is as stated in MD&A (41.8% at September 30, 2026; 43.0% at December 31, 2025; 43.8% at December 31, 2024).
• Comparability: on March 19, 2025 the company completed the sale of its Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies businesses to Health Care Service Corporation. Premiums and medical costs fall after that date, which is why nine-month 2026 premiums are below 2025 while third-quarter premiums rose. The 2024 net investment loss of $2.7 billion mainly reflects the impairment of VillageMD equity securities. The third quarter of 2025 included a gain on sale of businesses whose absence the company cites as the main reason third-quarter 2026 shareholders' net income fell.
• The Cigna Group has had no stock splits in the periods presented, does not have an American depositary receipt programme and reports in U.S. dollars, so no split, depositary-ratio or currency adjustment was applied.

Uncertainties

• The trailing-twelve-month per-share figures (diluted EPS and adjusted income from operations per share) are the sum of the per-period figures (FY2025 plus nine months 2026 less nine months 2025), not a twelve-month total divided by a twelve-month share count, so they can differ from a recomputed figure by a few cents.
• No three-month cash flow, capital expenditure or free cash flow figure is available for the third quarter of 2026 or 2025 from these filings; quarterly cash generation can only be read from the nine-month and trailing-twelve-month views.

Company details

Fiscal period

Source filings