# The Cigna Group (CI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CI/thesis · /stocks/CI/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CI/fundamental

## Navigation

- Overview: /stocks/CI
- Financials (this page): /stocks/CI/financials
- Thesis: /stocks/CI/thesis
- Investment Memo: /stocks/CI/memo
- Coverage universe: /stocks