The Cigna Group
CIFinancial Snapshot
ticker: CI step: 04 generated: 2026-05-12 source: quick-research
The Cigna Group (CI) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|---|---|---|---|---|
| Revenue | $195.3B | $247.1B | $274.9B | +11.3% |
| Adjusted Income from Operations | ~$6.8B | $7.7B | $8.0B | +3.9% |
| Adjusted EPS (non-GAAP) | $24.79 | $27.33 | $29.84 | +9.2% |
| GAAP Net Income | $5.2B | $3.4B (after $2.7B one-time loss) | $6.0B | +76% |
| GAAP EPS (diluted) | $17.30 | $12.12 | $22.18 | +83% |
Notes: FY2024 GAAP net income compressed by a one-time non-cash after-tax investment loss of $2.7B ($9.53/sh). FY2025 reflects sale of Medicare Advantage / Part D businesses to HCSC for $3.7B (closed March 2025) — Cigna Healthcare segment revenue declined from $52.9B (FY2024) to $47.2B (FY2025) as a result.
Segment Performance (FY2025)
| Segment | FY2024 Revenue | FY2025 Revenue | YoY |
|---|---|---|---|
| Evernorth Health Services | $202.2B | $234.95B | +16.2% |
| Cigna Healthcare | $52.9B | $47.2B | -10.8% (MA divestiture) |
| Pharmacy customers | 118.3M | 123.6M | +4.5% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$10–12B |
| Capex | ~$1.5B |
| Free Cash Flow | ~$8–10B |
| Cash & Investments | ~$10B |
| Total Debt | ~$33B |
| MA divestiture proceeds (FY2025): $3.7B |
Capital Return (FY2025)
- Share repurchases: 11.9M shares repurchased
- Quarterly dividend raised to $1.56/share in early 2026 (FY2026 annual dividend run-rate ~$6.24)
- Total capital return is robust — Cigna has been one of the most active buyback executors in managed care
Key Ratios (approximate, May 2026)
- P/E (adj, fwd FY2026): ~10x | EV/EBITDA: ~9x | FCF Yield: ~10%
- Revenue Growth (TTM): ~11% | Adj. Operating Margin: ~3% (consistent with high-volume, low-margin pharmacy services)
- Trading at ~9.5x 2025 expected earnings — significant discount to UNH and historical CI multiple
Growth Profile
The Cigna Group is in the cleanest position of any major US managed-care company entering 2026:
- Cigna already exited Medicare Advantage / Part D — avoiding the medical-loss-ratio crisis hitting UNH, Humana, Elevance through 2024/2025
- Evernorth (pharmacy + specialty services) is growing 16%+ — the dominant earnings driver
- FTC settlement (Feb 2026) is comprehensive — no monetary fines, structural reforms largely aligned with Cigna's own rebate-free pivot
- Anthem's Express Scripts contract remains intact and is the single largest external PBM relationship in US healthcare
Forward Estimates
2026 guidance (Feb 2026, then raised):
- Consolidated adjusted revenues ~$280B
- Adjusted EPS at least $30.35 (raised from $30.25)
- Evernorth adjusted earnings ≥ $6.9B
- Cigna Healthcare adjusted earnings ≥ $4.5B
The "rebate-free model" transition to 2028 is the main P&L drag in 2026/2027, expected to compress pharmacy gross profit moderately. Bull-side scenarios pencil in EPS toward $33 by FY2027 as PBM transparency builds long-term client trust + buybacks compound. Bear-side scenarios bake in faster regulatory pressure (state-level PBM mandates, additional FTC action), Anthem contract risk, and slower Evernorth Care Group ramp.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CI.