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CICigna

Health care · Health Insurance · NYSE
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The 10-K against last year's

211 changes: 39 added, 52 removed, 115 reworded, 5 quiet changes

10-K Feb 26, 2026 vs Feb 27, 2025
Risk FactorsRedline ↓
33.5%
of the text changed · 11,124 words now
19.8%
of the text changed · 8,952 words now
Legal ProceedingsRedline ↓
32.7%
of the text changed · 688 words now
Accounting PoliciesRedline ↓
16.7%
of the text changed · 2,275 words now

10-K 0001739940-26-000006 (2026-02-26) vs 10-K 0001739940-25-000009 (2025-02-27)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 288 words changed in this paragraph; it is 32% similar to last year's version.
We must identify, assess and respond to new trends in the legislative and regulatory environment, as well as comply with the various existing laws and regulations applicable to our business and respond to policymakers and enforcement agencies accordingly. There are currently pending, and in the future there will likely be, legislative or regulatory proposals or executive actions which seek to manage or significantly change the health services industry, including managing prescription drug costs and health records as well as regulating drug distribution. These and other legislative ideas and executive actions could adversely affect our business. Federal and state governments have enacted, and we We expect federal and state governments to continue to enact and seriously consider, many broad-based legislative and regulatory proposals reforms that will or could materially impact various aspects of the health care and related services system, including pharmacy benefits system. In addition, manager, drug pricing or insurance market reforms. These reforms could result in material changes to government policies not specifically targeted to the health services industry, such as a change in tax laws way we conduct our business and could impact the corporate tax rate, government spending or program cuts or changes, imposition of tariffs across an industry sector such as pharmaceuticals could have significant impacts on market for our business, results of operations, financial condition and liquidity. There can be no assurance that our effective tax rate or tax payments will not be adversely affected by legislation resulting from these initiatives both within the United States and other foreign jurisdictions in which we operate. In addition, tax laws and regulations are extremely complex and subject to varying interpretations. While we believe that our historical tax positions are consistent with applicable laws, regulations and existing precedent, there can be no assurance that our tax positions will not be challenged by relevant tax authorities or that we would be successful in any such challenge. The trading price of our securities may react to the announcement of such proposals. As disclosed in Part II, Item 5 of this Form 10-K, we have an active share repurchase program authorized by our Board of Directors (the "Board"). products.

Source: Item 1A, 10-K 0001739940-26-000006 vs Item 1A, 10-K 0001739940-25-000009

MD&A 179 words changed in this paragraph; it is 42% similar to last year's version.
In segment discussions, we present "adjusted revenues" and "pre-tax adjusted income (loss) from operations," defined as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, net investment gains/losses, amortization of acquired intangible assets and special items. The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability. The Cigna Group share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management, including the chief operating decision maker, believes are not representative of the underlying results of operations due to their nature or size. Ratios presented in this segment discussion exclude the same items as adjusted revenues and pre-tax adjusted income (loss) from operations. See Note 22 23 to the Consolidated Financial Statements for additional discussion of these metrics and a reconciliation of income (loss) before income taxes to pre-tax adjusted income (loss) from operations, as well as a reconciliation of Total revenues to adjusted revenues. Note 22 23 to the Consolidated Financial Statements also explains that segment revenues include both external revenues and sales between segments that are eliminated in Corporate. Ratios presented in the segment discussion exclude the same items as adjusted revenues and pre-tax adjusted income (loss) from operations.

Source: Item 7, 10-K 0001739940-26-000006 vs Item 7, 10-K 0001739940-25-000009

Accounting Policies 159 words changed in this paragraph; it is 32% similar to last year's version.
The Patient Protection and Affordable Care Act ("ACA") prescribed established a risk adjustment program to mitigate the risk for participating health insurance companies selling individual coverage on the public exchanges. The risk adjustment program reallocates that transfers funds from among insurers with lower risk populations to insurers with higher risk populations based on the relative risk scores of participants. their covered populations of individuals who purchased insurance on a public exchange. We estimate our receivable recognize receivables or payable based on payables from the risk of our customers compared Centers for Medicare and Medicaid Services ("CMS") for the Company's Individual and Family Plans as adjustments to the risk of other customers in the same state premium revenue when amounts are reasonably estimable and market, considering data obtained from collection is reasonably assured, using year-to-date experience and industry studies and data. Final settlements are determined by the United States Department of Health and Human Services ("HHS"). Receivables or payables are recorded as adjustments to premium revenue based on our year-to-date experience when the amounts are reasonably estimable and collection is reasonably assured. Final revenue adjustments are determined by HHS ("HHS") in the year following the policy subsequent year.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001739940-26-000006 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001739940-25-000009

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CI's Risk Factors and MD&A, 10-K 2026-02-26 against 10-K 2025-02-27. Each links to the text at sec.gov.

AddedRisk Factors
A significant loss of customers or clients resulting from our need to increase or maintain premiums, administrative fees or reimbursement levels could adversely affect our business, cash flows, financial condition and results of operations. In addition, as brokers and benefit consultants seek to enhance their revenue streams, they look to take on services that we typically provide. Each of these events could negatively impact our financial results.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
•the impact or consequences of legislation, executive actions or regulatory changes including premium rate increases, public debates over drug pricing, government involvement in drug pricing and purchasing, and public debate over current or proposed legislation;

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
We maintain relationships with numerous pharmaceutical manufacturers, which provide us with, among other things, discounts for drugs we purchase to be dispensed from our home delivery and specialty pharmacies; discounts, in the form of rebates, for drug utilization; fees for administering rebate programs, including invoicing, allocating and collecting rebates; fees for services provided to pharmaceutical manufacturers by our specialty pharmacies; and access to limited distribution specialty pharmaceuticals by our specialty pharmacies.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
We must identify, assess and respond to new trends in the legislative and regulatory environment, as well as comply with the various existing laws and regulations applicable to our business and respond to policymakers and enforcement agencies accordingly. We expect federal and state governments to continue to enact legislative and regulatory reforms that will or could materially impact various aspects of the health services system, including pharmacy benefits manager, drug pricing or insurance market reforms. These reforms could result in material changes to the way we conduct our business and could impact the market for our products.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Our effective tax rate or tax payments could also be adversely affected by new laws or regulations, both within the United States and in other foreign jurisdictions in which we operate. While we believe that our historical tax positions are consistent with applicable laws, regulations and existing precedent, our tax positions could be challenged by relevant tax authorities, and we may not be successful in any such challenge. The market price of our securities may react to the announcement of such proposals.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Customers, investors, employees and other stakeholders have focused on corporate governance, environmental stewardship and social matters. Environmental, social and governance-related laws and regulations, including those aimed at restricting the consideration of these factors by companies and requiring climate- and sustainability-related disclosures, and related stakeholder expectations have resulted, and may in the future result, in increased expenses and management time and attention spent complying with or meeting such laws, regulations or expectations. Overall, environmental, social and governance matters, and related stakeholder reactions, which may be conflicting or divergent, may impact our reputation and have other business impacts which could adversely affect our business.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Most of our activities involve the receipt, use, storage, transmission or other processing of a substantial amount of PII, including PHI, as well as financial information (including payment card information) and other confidential and sensitive information about our clients and employees. The processing of such information is regulated at the federal, state, international and industry levels, and requirements are imposed on us by industry standards and contracts with clients. In some cases, such laws, rules, regulations, industry

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
standards and contractual requirements also apply to our vendors and require us to obtain written assurances of their compliance with such requirements.

Read it in 10-K 2026-02-26 at sec.gov ↗

Show the other 16
AddedRisk Factors
We also have incurred and likely will continue to incur liability for practices and claims related to our health care business, such as marketing misconduct; failure to timely or appropriately pay for or provide health care services; provider network structure; poor outcomes for care delivered or arranged; provider disputes, including disputes over compensation or contractual provisions; ERISA claims; allegations related to calculations of cost-sharing; and claims related to our administration of self-funded business.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
Extensive health care regulation and enforcement, including fraud, waste and abuse laws, could increase our compliance costs, restrict our operations and expose us to significant liability.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
and attract clients and customers, establish reserves, report financial results accurately and in a timely manner, and maintain regulatory compliance, among other things.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedRisk Factors
provide employee awareness training around phishing, malware and other cyber risks; however, such measures may not be effective against all types of security incidents.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Financial highlights by segment For the Years Ended December 31, Change Change (Dollars in millions, except per share amounts) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 Revenues Adjusted revenues by segment Evernorth Health Services $ 234,953 $ 202,155 $ 153,499 16% 32% Cigna Healthcare 47,163 52,914 51,205 (11) 3 Other Operations 674 828 596 (19) 39 Corporate, net of eliminations (8,139) (8,798) (9,978) (7) (12) Adjusted revenues 274,651 247,099 195,322 11 27 Net investment results from certain equity method investments 249 204 (57) 22 N/M Special item related to impairment of dividend receivable — (182) — N/M N/M Total revenues $ 274,900 $ 247,121 $ 195,265 11% 27% Shareholders' net income $ 5,957 $ 3,434 $ 5,164 73% (34)% Adjusted income from operations $ 8,014 $ 7,741 $ 7,448 4% 4% Earnings per share (diluted) Shareholders' net income $ 22.18 $ 12.12 $ 17.39 83% (30)% Adjusted income from operations $ 29.84 $ 27.33 $ 25.09 9% 9% Pre-tax adjusted income (loss) from operations by segment Evernorth Health Services $ 7,221 $ 7,001 $ 6,442 3% 9% Cigna Healthcare 4,153 4,229 4,478 (2) (6) Other Operations 89 (9) 96 N/M N/M Corporate, net of eliminations (1,593) (1,688) (1,698) (6) (1) Consolidated pre-tax adjusted income from operations 9,870 9,533 9,318 4 2 Income attributable to noncontrolling interests 475 405 146 17 177 Net investment gains (losses) (1) 225 (2,533) (135) N/M N/M Amortization of acquired intangible assets (1,743) (1,703) (1,819) 2 (6) Special items (1,046) (433) (1,997) 142 (78) Income before income taxes $ 7,781 $ 5,269 $ 5,513 48% (4)%

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
In the first quarter of 2025, the Company commenced an enterprise-wide initiative to evolve our business and deliver a more efficient and improved experience for our patients, providers and customers. In 2025, we reported total costs of $749 million, pre-tax ($565 million, after-tax) associated with this initiative. As we continue to evaluate additional opportunities to improve the overall efficiency and effectiveness of our operations, we anticipate future charges. See Note 16 to the Consolidated Financial Statements for further information.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Premiums decreased 12%, primarily driven by the impact of the HCSC transaction (-18%), partially offset by higher premium rates within our ongoing U.S. Healthcare businesses (+4%).

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
The Company has renewed or extended contracts with the business’s three largest clients through the end of the decade. Additionally, to further deliver value for the benefit of those we serve and to build a more sustainable model for health care, the Company will incur investment and transition costs to support its recently announced rebate-free model for pharmacy benefits, designed to lower

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
medication costs, improve transparency and support local pharmacies. As a result, we expect these efforts to impact pre-tax adjusted income from operations for Evernorth Health Services over the short term.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Medical customers include individuals who meet any of the following criteria: (i) are covered under a medical insurance policy, managed care arrangement or administrative services agreement issued by Cigna Healthcare; (ii) have access to the Cigna Healthcare provider network for covered services under their medical plan; or (iii) have medical claims that are administered by Cigna Healthcare.

Read it in 10-K 2026-02-26 at sec.gov ↗

AddedMD&A
Investing Activities. The increase in cash used in investing activities reflects higher investment purchases, partially offset by the net proceeds from the HCSC transaction.

Read it in 10-K 2026-02-26 at sec.gov ↗

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