Cigna Group (CI) FY2022 results: revenue $180.5 billion, up 3.7% on the year

Cigna Group (CI) reported revenue of $180.5 billion for fiscal 2022, the year ended 31 December 2022, up 3.7% on the year before. Net income was $6.7 billion, up 25.0%, and diluted earnings per share $21.41. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$180.5 billion

+3.7% on the year

FY2016FY2022

Operating margin

4.7%

4.6% a year earlier

FY2016FY2022

Net income

$6.7 billion

+25.0% on the year

FY2016FY2022

Diluted EPS

$21.41

+36.1% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	180,516	174,078	160,401	+3.7%
Cost of revenue	124,834	117,553	103,484	+6.2%
Gross profit	55,682	56,525	56,917	-1.5%
Gross margin	30.8%	32.5%	35.5%
Selling, general and administrative	13,186	13,030	14,072	+1.2%
Operating income	8,450	7,935	8,153	+6.5%
Operating margin	4.7%	4.6%	5.1%
Interest expense	1,300	1,300	1,400	0.0%
Pre-tax income	8,397	6,782	10,868	+23.8%
Income tax	1,615	1,370	2,379	+17.9%
Effective tax rate	19.2%	20.2%	21.9%
Net income	6,704	5,365	8,458	+25.0%
Net margin	3.7%	3.1%	5.3%
Diluted EPS	$21.41	$15.73	$22.96	+36.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	8,656	7,191	10,350	+20.4%
Cash from investing	3,098	-3,611	2,976
Cash from financing	-11,240	-8,212	-8,533
Depreciation and amortisation	2,937	2,923	2,802	+0.5%
Share-based compensation	264	268	289	-1.5%
Buybacks	7,607	7,742	4,042	-1.7%
Dividends paid	1,384	1,341	15.0	+3.2%
Dividend per share	$4.48	$4.00	$0.04	+12.0%
Diluted shares, weighted	313m	341m	368m	-8.2%
Shares outstanding at period end	299m	323m	355m	-7.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	44,675	47,112	50,321	-5.2%
Non-controlling interest	13.0	18.0	7.0	-27.8%
Redeemable equity	66.0	54.0	58.0	+22.2%
Debt	31,093	33,670	32,919	-7.7%
Operating lease liabilities	346	n/a	491
Finance lease liabilities	66.0	28.0	36.0	+135.7%
Other liabilities	67,673	74,007	71,619	-8.6%
Total liabilities and equity	143,932	154,889	155,451	-7.1%
Fixed assets	3,774	3,692	4,205	+2.2%
Goodwill	45,811	45,811	44,648	0.0%
Intangible assets	32,492	34,102	35,179	-4.7%
Investments	17,193	19,358	24,593	-11.2%
Cash and equivalents	5,924	5,081	10,182	+16.6%
Receivables	17,218	15,071	12,191	+14.2%
Inventory	4,777	3,722	3,165	+28.3%
Other assets	16,743	28,052	21,288	-40.3%
Total assets	143,932	154,889	155,451	-7.1%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.