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CICigna

Health care · Health Insurance · NYSE

The Cigna Group®, together with its subsidiaries (either individually or collectively referred to as the "Company," "we," "us" or "our"), is a global health company. 10-K, Item 1

CI quote by TradingView
Employees
67,700
Headquarters
Bloomfield, CT
CEO
David Cordani
Next results
around Feb 4, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)22.68Sales (ttm)286.3BNet income (ttm)6.0BSales growth+11.2%EPS growth+83.0%Sales Q/Q+5.6%
Free cash flow-Gross margin20.7%Oper. margin3.4%Net margin2.1%FCF margin-ROE13.8%
ROA3.8%R&D / sales-Dividend6.04Debt/Eq0.68Curr. ratio0.84Cash6.2B
Op. cash flow (ttm)9.4BEBITDA12.0BEBITDA margin4.4%Net debt23.2BQuick ratio0.71Interest cover6.57
ROIC10.2%Payout ratio27.2%Tax rate19.2%Stock pay / sales0.1%Shares out.263.5MShares Y/Y-5.2%
Book / share164.64Cash / share23.48Sales / share1,086.58Asset turnover1.82Inventory turns29.30Days sales out.38
Sales 3Y CAGR+15.0%Sales 5Y CAGR+11.4%EPS 3Y CAGR+1.2%EPS 5Y CAGR-0.7%Employees67,700Sales / employee4.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +11.2%+26.6% → +11.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

CI against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
CIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+11.2%15th of 60 · median +7.1%
Net margin
2.1%49th of 60 · median 9.6%
Return on equity
13.8%23rd of 54 · median 13.1%
Debt / equity (less is better)
0.6826th of 49 · median 0.66
CI and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
CI Cigna$286.3B +11.2%20.7%2.1%13.8%-0.68
COR Cencora$332.8B +9.3%4.0%0.8%86.0%1.2%3.93
CAH Cardinal Health$257.8B +14.2%3.9%0.7%-1.9%-
CNC Centene Corporation$203.9B +19.4%7.9%0.7%6.6%1.9%0.70
ELV Elevance Health$201.8B +12.5%89.0%2.5%11.5%3.2%0.69
HUM Humana$154.2B +10.1%-0.8%6.6%2.0%0.66

From $174.1B of sales to $5.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $56.5BRevenue to Cost of revenue: $117.6BGross profit to Operating profit: $7.9BGross profit to Operating expenses: $48.6BOperating profit to Net profit: $5.4BOperating profit to Tax & other: $2.6B Revenue: $174.1B Revenue$174.1B +9% Y/Y Gross profit: $56.5B · 32% margin Gross profit$56.5B32% margin Cost of revenue: $117.6B · 68% of revenue Cost of revenue$117.6B68% of revenue Operating profit: $7.9B · 5% margin Operating profit$7.9B5% margin −3% Y/Y Operating expenses: $48.6B · 28% of revenue Operating expenses$48.6B28% of revenue Net profit: $5.4B · 3% margin Net profit$5.4B3% margin −37% Y/Y Tax & other: $2.6B · 1% of revenue Tax & other$2.6B1% of revenue

Swipe sideways for the whole flow →

From $180.5B of sales to $6.7B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $55.7BRevenue to Cost of revenue: $124.8BGross profit to Operating profit: $8.4BGross profit to Operating expenses: $47.2BOperating profit to Net profit: $6.7BOperating profit to Tax & other: $1.7B Revenue: $180.5B Revenue$180.5B +4% Y/Y Gross profit: $55.7B · 31% margin Gross profit$55.7B31% margin Cost of revenue: $124.8B · 69% of revenue Cost of revenue$124.8B69% of revenue Operating profit: $8.4B · 5% margin Operating profit$8.4B5% margin +6% Y/Y Operating expenses: $47.2B · 26% of revenue Operating expenses$47.2B26% of revenue Net profit: $6.7B · 4% margin Net profit$6.7B4% margin +25% Y/Y Tax & other: $1.7B · 1% of revenue Tax & other$1.7B1% of revenue

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From $195.3B of sales to $5.2B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $61.5BRevenue to Cost of revenue: $133.8BGross profit to Operating profit: $8.5BGross profit to Operating expenses: $52.9BOperating profit to Net profit: $5.2BOperating profit to Tax & other: $3.4B Revenue: $195.3B Revenue$195.3B +8% Y/Y Gross profit: $61.5B · 31% margin Gross profit$61.5B31% margin Cost of revenue: $133.8B · 69% of revenue Cost of revenue$133.8B69% of revenue Operating profit: $8.5B · 4% margin Operating profit$8.5B4% margin +1% Y/Y Operating expenses: $52.9B · 27% of revenue Operating expenses$52.9B27% of revenue Net profit: $5.2B · 3% margin Net profit$5.2B3% margin −23% Y/Y Tax & other: $3.4B · 2% of revenue Tax & other$3.4B2% of revenue

Swipe sideways for the whole flow →

From $247.1B of sales to $3.4B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $64.6BRevenue to Cost of revenue: $182.5BGross profit to Operating profit: $9.4BGross profit to Operating expenses: $55.2BOperating profit to Net profit: $3.4BOperating profit to Tax & other: $6.0B Revenue: $247.1B Revenue$247.1B +27% Y/Y Gross profit: $64.6B · 26% margin Gross profit$64.6B26% margin Cost of revenue: $182.5B · 74% of revenue Cost of revenue$182.5B74% of revenue Operating profit: $9.4B · 4% margin Operating profit$9.4B4% margin +10% Y/Y Operating expenses: $55.2B · 22% of revenue Operating expenses$55.2B22% of revenue Net profit: $3.4B · 1% margin Net profit$3.4B1% margin −34% Y/Y Tax & other: $6.0B · 2% of revenue Tax & other$6.0B2% of revenue

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From $274.9B of sales to $6.0B of profit

FY2025, from the 10-K income statement and revenue by segment
Evernorth to Revenue: $235.0BCigna Healthcare to Revenue: $47.4BAll Other Segments to Revenue: $674.0MRevenue to Gross profit: $59.9BRevenue to Cost of revenue: $215.0BGross profit to Operating profit: $9.2BGross profit to Operating expenses: $50.7BOperating profit to Net profit: $6.0BOperating profit to Tax & other: $3.2B Evernorth: $235.0B · 83% Evernorth$235.0B83% Cigna Healthcare: $47.4B · 17% Cigna Healthcare$47.4B17% All Other Segments: $674.0M · 0% All Other Segments$674.0M0% Revenue: $274.9B Revenue$274.9B +11% Y/Y Gross profit: $59.9B · 22% margin Gross profit$59.9B22% margin Cost of revenue: $215.0B · 78% of revenue Cost of revenue$215.0B78% of revenue Operating profit: $9.2B · 3% margin Operating profit$9.2B3% margin −2% Y/Y Operating expenses: $50.7B · 18% of revenue Operating expenses$50.7B18% of revenue Net profit: $6.0B · 2% margin Net profit$6.0B2% margin +73% Y/Y Tax & other: $3.2B · 1% of revenue Tax & other$3.2B1% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median2.1% vs 9.6%
  • !
    Return on equity below 15%13.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 4.7% → 2.2%

Cash and shareholders

2 of 2
  • ✓
    Share count down over 5 years−27.1%
  • ✓
    Dividend per share up over 5 years$0.04 → $6.04
Free cash flow, FY2016 to FY2025: 3.6B → 8.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $29.3B Debt$29.3B Long-term debt: $28.8B · 91% Long-term debt$28.8B · 91% Commercial paper: $500.0M · 2% Commercial paper$500.0M · 2% Next 12 months: $550.0M · 2% Next 12 months$550.0M · 2% Year 2: $2.4B · 7% Year 2$2.4B · 7% Year 3: $3.8B · 12% Year 3$3.8B · 12% Year 4: $1.0B · 3% Year 4$1.0B · 3% Year 5: $2.4B · 8% Year 5$2.4B · 8% After year 5: $21.5B · 68% After year 5$21.5B · 68%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
4.375% Notes due October 2028Notes and bonds4.38%not stated$3.8B
4.900% Notes due December 2048Notes and bonds4.90%not stated$3.0B
4.800% Notes due August 2038Notes and bonds4.80%not stated$2.2B
5.250% Notes due January 2036Notes and bonds5.25%not stated$1.5B
3.400% Notes due March 2027Notes and bonds3.40%not stated$1.5B
2.375% Notes due March 2031Notes and bonds2.38%not stated$1.5B
4.800% Notes due July 2046Notes and bonds4.80%not stated$1.5B
5.600% Notes due February 2054Notes and bonds5.60%not stated$1.5B
3.400% Notes due March 2051Notes and bonds3.40%not stated$1.4B
2.400% Notes due March 2030Notes and bonds2.40%not stated$1.4B
4.500% Notes due February 2026Notes and bonds4.50%not stated$1.3B
4.875% Notes due September 2032Notes and bonds4.88%not stated$1.2B
5.250% Notes due February 2034Notes and bonds5.25%not stated$1.2B
4.125% Notes due November 2025,Notes and bonds4.12%not stated$1.2B
3.400% Notes due March 2050Notes and bonds3.40%not stated$1.2B
4.500% Notes due September 2030Notes and bonds4.50%not stated$1.0B
5.000% Notes due May 2029Notes and bonds5.00%not stated$1.0B
3.875% Notes due October 2047Notes and bonds3.88%not stated$1.0B
3.250% Notes due April 2025Notes and bonds3.25%not stated$900.0M
5.400% Notes due March 2033Notes and bonds5.40%not stated$800.0M
6.000% Notes due January 2056Notes and bonds6.00%not stated$750.0M
5.125% Notes due May 2031Notes and bonds5.12%not stated$750.0M
3.200% Notes due March 2040Notes and bonds3.20%not stated$750.0M
5.685% Notes due March 2026Notes and bonds5.68%not stated$700.0M
3.050% Notes due October 2027Notes and bonds3.05%not stated$600.0M
1.250% Notes due March 2026Notes and bonds1.25%not stated$550.0M
6.125% Notes due November 2041Notes and bonds6.12%not stated$448.0M
5.375% Notes due February 2042Notes and bonds5.38%not stated$317.0M
7.875% Debentures due May 2027Notes and bonds7.88%not stated$259.0M
6.150% Notes due November 2036Notes and bonds6.15%not stated$190.0M
5.875% Notes due March 2041Notes and bonds5.88%not stated$121.0M
Step Down Notes due January 2033Notes and bonds8.08%not stated$45.0M
All 32 lines

From the debt note in the 10-K's XBRL (0001739940-26-000006), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 274.9B Net income 6.0B
FY2016 revenue 39.8B · Revenues, 0001047469-19-000792 FY2016 net income 1.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001047469-19-000792 39.8B FY2016 FY2017 revenue 41.8B · Revenues, 0001739940-20-000006 FY2017 net income 2.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-20-000006 41.8B FY2017 FY2018 revenue 48.6B · Revenues, 0001739940-21-000007 FY2018 net income 2.6B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-21-000007 48.6B FY2018 FY2019 revenue 153.6B · Revenues, 0001739940-22-000007 FY2019 net income 5.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-22-000007 153.6B FY2019 FY2020 revenue 160.4B · Revenues, 0001739940-23-000008 FY2020 net income 8.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-23-000008 160.4B FY2020 FY2021 revenue 174.1B · Revenues, 0001739940-24-000005 FY2021 net income 5.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-24-000005 174.1B FY2021 FY2022 revenue 180.5B · Revenues, 0001739940-25-000009 FY2022 net income 6.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001739940-25-000009 180.5B FY2022 FY2023 revenue 195.3B · Revenues, 0001739940-26-000006 FY2023 net income 5.2B · NetIncomeLoss, 0001739940-26-000006 195.3B FY2023 FY2024 revenue 247.1B · Revenues, 0001739940-26-000006 FY2024 net income 3.4B · NetIncomeLoss, 0001739940-26-000006 247.1B FY2024 FY2025 revenue 274.9B · Revenues, 0001739940-26-000006 FY2025 net income 6.0B · NetIncomeLoss, 0001739940-26-000006 274.9B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

CI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue274.9B
FY2016: 39.8BFY2017: 41.8BFY2018: 48.6BFY2019: 153.6BFY2020: 160.4BFY2021: 174.1BFY2022: 180.5BFY2023: 195.3BFY2024: 247.1BFY2025: 274.9B FY2017FY2019FY2021FY2023FY2025
Net income6.0B
FY2016: 1.9BFY2017: 2.2BFY2018: 2.6BFY2019: 5.1BFY2020: 8.5BFY2021: 5.4BFY2022: 6.7BFY2023: 5.2BFY2024: 3.4BFY2025: 6.0B FY2017FY2019FY2021FY2023FY2025
Free cash flow8.4B
FY2016: 3.6BFY2017: 3.6BFY2018: 3.2BFY2019: 8.4BFY2020: -FY2021: -FY2022: -FY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
EPS (diluted)22.18
FY2016: 7.19FY2017: 8.77FY2018: 10.54FY2019: 13.44FY2020: 22.96FY2021: 15.75FY2022: 21.41FY2023: 17.39FY2024: 12.12FY2025: 22.18 FY2017FY2019FY2021FY2023FY2025
Dividend per share6.04
FY2016: -FY2017: 0.04FY2018: 0.04FY2019: 0.04FY2020: 0.04FY2021: 4.00FY2022: 4.48FY2023: 4.92FY2024: 5.60FY2025: 6.04 FY2017FY2019FY2021FY2023FY2025
Diluted shares268.6M
FY2016: 259.6MFY2017: 255.1MFY2018: 250.2MFY2019: 379.8MFY2020: 368.4MFY2021: 341.0MFY2022: 313.1MFY2023: 296.9MFY2024: 283.2MFY2025: 268.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Evernorth 235.0B85.5% +16.3%
Cigna Healthcare 47.4B17.2% -10.7%
All Other Segments 674.0M0.2% -18.6%

10-K 0001739940-26-000006, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Pharmacy revenues 216.7B78.8% +16.9%
Service, Fees And Other Revenues 16.9B6.2% +14.4%
Service 16.9B6.2% +14.4%
Other revenue 696.0M0.3% +19.2%

10-K 0001739940-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue39.8B41.8B48.6B153.6B160.4B174.1B180.5B195.3B247.1B274.9B
Cost of revenue2.5B2.5B4.8B97.7B103.5B117.6B124.8B133.8B182.5B215.0B
SG&A9.8B10.0B11.9B14.1B14.1B13.0B13.2B14.8B14.8B14.6B
Operating income3.1B3.9B4.2B8.1B8.2B7.9B8.4B8.5B9.4B9.2B
Interest expense251.0M243.0M507.0M1.6B1.4B1.3B1.3B1.4B1.5B1.4B
Pretax income3.0B3.6B3.6B6.6B10.9B6.8B8.4B5.5B5.3B7.8B
Income tax1.1B1.4B935.0M1.4B2.4B1.4B1.6B141.0M1.5B1.5B
Net income1.9B2.2B2.6B5.1B8.5B5.4B6.7B5.2B3.4B6.0B
EPS (diluted)7.198.7710.5413.4422.9615.7521.4117.3912.1222.18
Diluted shares259.6M255.1M250.2M379.8M368.4M341.0M313.1M296.9M283.2M268.6M
Depreciation & amortization610.0M566.0M695.0M3.7B2.8B2.9B2.9B3.0B2.8B2.8B
EBITDA3.7B4.5B4.9B11.7B11.0B10.9B11.4B11.6B12.2B12.0B
Operating margin7.8%9.4%8.6%5.3%5.1%4.6%4.7%4.4%3.8%3.3%
Net margin4.7%5.4%5.4%3.3%5.3%3.1%3.7%2.6%1.4%2.2%
Revenue growth-+4.9%+16.4%+216%+4.5%+8.5%+3.7%+8.2%+26.6%+11.2%
EPS growth-+22.0%+20.2%+27.5%+70.8%-31.4%+35.9%-18.8%-30.3%+83.0%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash3.2B3.0B3.9B4.6B10.2B5.1B5.9B7.8B7.5B7.7B
Short-term investments-2.1B2.0B937.0M1.3B920.0M905.0M925.0M665.0M1.1B
Receivables-3.2B10.5B10.7B12.2B15.1B17.2B17.7B24.2B28.8B
Inventory-228.0M2.8B2.7B3.2B3.7B4.8B5.6B6.7B7.3B
Current assets-9.3B20.4B29.8B27.8B36.1B30.1B37.4B48.9B47.8B
Property & equipment-1.6B4.6B4.4B4.2B3.7B3.8B--3.7B
Goodwill6.0B6.2B44.5B44.6B44.6B45.8B45.8B44.3B44.4B44.9B
Total assets-61.8B153.2B155.8B155.5B154.9B143.9B152.8B155.9B157.9B
Accounts payable-184.0M4.4B5.1B5.5B6.7B7.8B8.6B9.3B10.7B
Current liabilities-11.0B31.9B40.1B36.0B43.6B41.2B48.7B58.0B56.3B
Total debt-5.4B41.0B32.8B30.6B33.2B28.1B29.4B29.8B30.9B
Total liabilities-48.0B112.2B110.4B105.1B107.7B99.1B106.4B114.6B116.0B
Shareholders' equity13.7B13.7B41.0B45.3B50.3B47.1B44.7B46.2B41.0B41.7B
Retained earnings-15.8B15.1B20.2B28.6B32.6B37.9B41.7B43.5B47.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow4.0B4.1B3.8B9.5B10.3B7.2B8.7B11.8B10.4B9.6B
Capital spending461.0M471.0M528.0M1.1B------
Free cash flow3.6B3.6B3.2B8.4B------
Stock-based pay (added back)128.0M178.0M180.0M299.0M289.0M268.0M264.0M286.0M308.0M291.0M
Dividends paid---15.0M15.0M1.3B1.4B1.4B1.6B1.6B
Buybacks139.0M2.7B342.0M2.0B4.0B7.7B7.6B2.3B7.0B3.6B
Acquisitions4.0M209.0M24.5B153.0M139.0M1.8B0447.0M131.0M597.0M
Debt raised01.6B22.9B03.5B4.3B01.5B4.5B4.5B
Debt repaid01.2B131.0M4.5B8.0B4.6B500.0M3.0B3.0B4.2B
Investing cash flow-2.6B-1.7B-26.4B-734.0M3.0B-3.6B3.1B-5.2B-2.1B-4.4B
Financing cash flow-225.0M-2.7B23.5B-7.2B-8.5B-8.2B-11.2B-4.3B-7.6B-6.4B
Dividend per share-0.040.040.040.044.004.484.925.606.04

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)128.0M178.0M180.0M299.0M289.0M268.0M264.0M286.0M308.0M291.0M
Stock-based pay / revenue0.3%0.4%0.4%0.2%0.2%0.2%0.1%0.1%0.1%0.1%
Operating lease cost---188.0M190.0M170.0M124.0M115.0M--
Operating lease cash paid---173.0M189.0M167.0M148.0M132.0M--
Finance lease principal paid---25.0M26.0M22.0M33.0M39.0M--
Right-of-use assets---536.0M552.0M-375.0M370.0M--
Operating lease liabilities---631.0M643.0M-460.0M445.0M--
Finance lease liabilities---88.0M54.0M51.0M99.0M108.0M--

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CI/export.csv") into a cell.