Cigna Group Q4 FY2023 results: revenue $51.1 billion, up 11.7% on the year

Cigna Group (CI) reported revenue of $51.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 11.7% on the same quarter a year earlier. Net income was $1.0 billion, down 12.0% on the year, and diluted earnings per share $3.49. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$51.1 billionup 11.7%

Net income$1.0 billiondown 12.0%

Diluted EPS$3.49

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	51,114	49,048	n/a	n/a
Cost of revenue	35,261	33,639	n/a	n/a
Gross profit	15,853	15,409	n/a	n/a
Gross margin	31.0%	31.4%	n/a
Selling, general and administrative	4,062	3,788	n/a	n/a
Operating income	2,060	2,240	n/a	n/a
Operating margin	4.0%	4.6%	n/a
Interest expense	352	353	n/a	n/a
Pre-tax income	188	1,840	n/a	n/a
Income tax	-919	391	n/a	n/a
Effective tax rate	-488.8%	21.2%	n/a
Net income	1,029	1,408	n/a	n/a
Net margin	2.0%	2.9%	n/a
Diluted EPS	$3.49	$4.74	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,467	2,826	n/a	n/a
Depreciation and amortisation	765	766	n/a	n/a
Buybacks	544	624	n/a	n/a
Dividends paid	358	362	n/a	n/a
Dividend per share	$1.23	$1.23	n/a	n/a
Diluted shares, weighted	297m	297m	n/a	n/a
Shares outstanding at period end	293m	293m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	152,761	149,645	n/a	n/a
Cash and equivalents	7,822	8,497	n/a	n/a
Receivables	17,722	19,083	n/a	n/a
Inventory	5,645	4,416	n/a	n/a
Goodwill	44,259	45,810	n/a	n/a
Long-term debt including finance leases	28,155	28,094	n/a	n/a
Operating lease liabilities	340	n/a	n/a	n/a
Finance lease liabilities	66.0	n/a	n/a	n/a
Shareholders' equity	46,223	45,691	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	49,048	51,114	57,255	60,523	63,694	65,649	65,502	67,178	69,748	72,472	68,494	71,668
Cost of revenue	33,639	35,261	41,431	44,492	47,565	49,021	48,398	53,268	55,530	57,795	54,100	56,703
Gross profit	15,409	15,853	15,824	16,031	16,129	16,628	17,104	13,910	14,218	14,677	14,394	14,965
Gross margin	31%	31%	28%	26%	25%	25%	26%	21%	20%	20%	21%	21%
SG&A	3,788	4,062	3,705	3,684	3,590	3,865	4,213	3,433	3,362	3,609	3,722	3,470
Operating income	2,240	2,060	2,256	2,412	2,576	2,173	1,971	2,306	2,578	2,345	2,358	2,676
Operating margin	5%	4%	4%	4%	4%	3%	3%	3%	4%	3%	3%	4%
Interest expense	353	352	369	378	380	373	362	338	363	337	357	359
Pre-tax income	1,840	188	79.0	1,989	1,192	2,009	1,648	2,021	2,295	1,817	2,270	2,257
Tax rate	21%	-489%	368%	18%	31%	24%	15%	19%	14%	30%	18%	17%
Net income	1,408	1,029	-277	1,548	739	1,424	1,323	1,532	1,868	1,234	1,654	1,660
Net margin	3%	2%	-0%	3%	1%	2%	2%	2%	3%	2%	2%	2%
Diluted EPS	$4.74	$3.49	-$0.97	$5.45	$2.63	$5.01	$4.85	$5.71	$6.98	$4.64	$6.26	$6.29
Operating cash flow	2,826	1,467	4,840	265	46.0	5,212	1,920	-1,886	3,418	6,149	1,131	-421
Buybacks	624	544	4,022	990	0.0	2,022	1,508	1,112	0.0	1,001	0.0	280
Dividends paid	362	358	401	392	390	384	412	401	402	396	417	409
Shares outstanding	293m	293m	284m	280m	278m	274m	267m	267m	267m	263m	265m	264m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001739940-24-000005: the filing on EDGAR. All of Cigna Group's filings: EDGAR company page.

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