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The Cigna Group
The Cigna Group (CI) investor relations material
The Cigna Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved full-year 2025 adjusted revenue of $275 billion, up 11% year-over-year, and adjusted EPS of $29.84, a 9% increase, with strong performance across Evernorth and Cigna Healthcare.
Completed the sale of the Medicare business and expanded specialty capabilities, including investment in Shields Health Solutions.
Resolved FTC matters with a global settlement, providing $7 billion in out-of-pocket cost relief over 10 years and increasing transparency.
Returned over $5 billion to shareholders through dividends and share repurchases in 2025.
Shareholders' net income for 2025 was $6.0 billion ($22.18 per share), up from $3.4 billion ($12.12 per share) in 2024, which included a one-time investment loss.
Financial highlights
Full-year 2025 consolidated adjusted revenues reached $275 billion; adjusted after-tax earnings were $8 billion.
Evernorth's specialty and care services revenue grew 14% year-over-year to $26.7 billion; pharmacy benefit services revenue was $36.3 billion.
Cigna Healthcare delivered Q4 adjusted revenues of $11.2 billion and pre-tax adjusted earnings of $734 million.
Fourth quarter cash flow from operations was strong, with $9.6 billion for the full year.
SG&A expense ratio improved to 5.0% for Q4 2025 and 5.3% for the full year, reflecting a favorable business mix shift.
Outlook and guidance
2026 consolidated adjusted revenues expected to be approximately $280 billion; adjusted EPS guidance of at least $30.25.
2026 adjusted income from operations projected at least $7.95 billion (at least $30.25 per share).
Evernorth 2026 adjusted earnings expected at least $6.9 billion; Cigna Healthcare at least $4.5 billion.
Projected 2026 medical care ratio (MCR) for Cigna Healthcare is 83.7%-84.7%, with total medical customers expected at 18.1 million.
2026 cash flow from operations expected at $9 billion, with $1.3 billion in capital expenditures and $1.6 billion in dividends.
PBM income decline despite revenue growth?
Cigna Healthcare MCR outlook vs 2025 trend?
Medical customer growth post-HCSC transaction?
New PBM model: margin and tax rate impact?
Key drivers of specialty business growth?
Drivers of Cigna Healthcare flat membership?
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Next The Cigna Group earnings date
Q1 20261 May, 2026
The Cigna Group
Next The Cigna Group earnings date
Q1 20261 May, 2026
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Frequently asked questions
A provider of healthcare services to individuals and organizations
Cigna is a global health services company that provides a range of healthcare solutions to individuals and organizations around the world.
The company operates through two main business segments:
Health Services: This segment includes the company's insurance operations, which offer a range of health and wellness products to individuals and employers.
Integrated Medical: This segment includes the company's clinical operations, which provide a range of medical services, including primary care, behavioral health, and pharmacy services.
The business model
Cigna's business model is based on providing innovative and personalized healthcare solutions to its customers. The company offers a range of insurance products, including medical, dental, vision, and disability insurance, as well as wellness and health management programs. In addition, Cigna's clinical operations provide a range of medical services to its customers, including primary care, behavioral health, and pharmacy services.
How Cigna makes money
Cigna generates revenue through a range of sources, including insurance premiums, fees for services, and investments. The company's insurance operations generate the majority of its revenue, with premiums and fees for services accounting for the bulk of its income. In addition, Cigna's investments in various businesses and ventures also generate a significant amount of revenue.
Interesting facts about Cigna
Interesting facts about Cigna include that it was founded in 1792 as the Insurance Company of North America (INA), making it one of the oldest insurance companies in the United States. The company has also been recognized for its commitment to social responsibility and sustainability, with a focus on promoting health and wellness in the communities where it operates. Three competitors of Cigna in the healthcare industry include UnitedHealth Group, Humana, and CVS Health.
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