CI earnings analysis
What we found in CI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Cigna Group reported Q1 2026 revenues of $68.5 billion, surpassing analysts' expectations of $66.31 billion, while EPS was slightly lower at $6.26 compared to the expected $7.61. The company increased its outlook for adjusted income from operations for the year, raising it to at least $30.35 per share. Growth was driven by strong pharmacy revenue, although premiums saw a notable decline due to the HCSC transaction.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Reported revenue for Q1 2026 was $68.5 billion, a 5% increase from $65.5 billion in Q1 2025.
- Increased Adjusted Income Outlook
- The adjusted income from operations outlook was raised to at least $30.35 per share.
- Substantial EPS Increase
- EPS rose 29% to $6.26 compared to $4.85 in Q1 2025.
- Pharmacy Revenue Increase
- Pharmacy revenues increased by 11% year-over-year.
- Lower Medical Costs
- Medical costs decreased by 25% to $7.92 billion, due mainly to the HCSC transaction.
- Decreased SG&A Expenses
- Selling, general and administrative expenses fell by 12% to $3.72 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Premiums
- Premiums decreased by 23%, heavily impacted by the HCSC transaction.
- Lower Net Investment Income
- Net investment income decreased 15% to $202 million, driven by lower average assets.
- Increased Effective Tax Rate
- The effective tax rate rose to 18.0%, up from 14.5% a year ago.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $6.26
- Segment
- Evernorth Health Services
- Segment
- Cigna Healthcare
- Segment
- Other Operations
What they said about what is next.
Guidance for adjusted income from operations raised to at least $30.35 per share.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 26, 2026
- Cigna Group (The Cigna Group) delivered strong top-line growth in 2025 with consolidated revenue increasing to $273.85 billion (sum of quarterly revenues) and sustained free cash generation (FY2025 FCF $8.39 billion).…
- 10-K · February 27, 2025
- The 10-K frames The Cigna Group around two disciplined growth platforms — Evernorth Health Services and Cigna Healthcare — that the company uses to drive cross-enterprise leverage. The filing highlights scale…
- 10-Q · November 3, 2022
- Cigna reported Q3 revenue of $45,280 million, up $992 million versus the prior-year quarter, and diluted EPS of $8.97 versus $4.80 a year ago. Results include a $1,735 million pre-tax gain on the July 1 divestiture…
- 10-K · February 24, 2022
- Cigna positions itself around two integrated platforms — Evernorth (services and PBM/pharmacy) and Cigna Healthcare (U.S. Commercial, U.S. Government and International Health) — to drive affordable, predictable and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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