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).…
Earnings analysis · 10-Q
CI earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.26
- Segment
- Evernorth Health Services
- Segment
- Cigna Healthcare
- Segment
- Other Operations
What stood out
-
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.
What to watch
-
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.
Management's outlook
Guidance for adjusted income from operations raised to at least $30.35 per share.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.