# The Cigna Group: Recent Events (through the third quarter 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.