greeksoup/ stock research
Stock research / United States / CI / FY2025

Cigna Group (CI) FY2025 results: revenue $274.9 billion, up 11.2% on the year

Cigna Group (CI) reported revenue of $274.9 billion for fiscal 2025, the year ended 31 December 2025, up 11.2% on the year before. Net income was $6.0 billion, up 73.5%, and diluted earnings per share $22.18. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$274.9 billion
+11.2% on the year
FY2018FY2025
Operating margin
3.3%
3.8% a year earlier
FY2018FY2025
Net income
$6.0 billion
+73.5% on the year
FY2018FY2025
Diluted EPS
$22.18
+83.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 13 new.

  • Full-year revenue rose 11%: Total revenues were $274.9 billion for 2025, up 11%, and $72.5 billion for the fourth quarter, up 10%; the company credited Evernorth Health Services and specialty pharmacy growth.
  • Adjusted EPS rose to $29.84: Adjusted income from operations was $8.0 billion, or $29.84 per share, for 2025, against $27.33 in 2024; fourth quarter was $2.1 billion, or $8.08 per share.
  • Fourth-quarter adjusted income up 16%: Adjusted income from operations for the fourth quarter rose 16% to $2.1 billion, or $8.08 per share, with higher contributions mainly from Cigna Healthcare and Evernorth.
  • Pharmacy income fell on investments: Pharmacy Benefit Services adjusted pre-tax income fell 4% in the fourth quarter and 2% for 2025, which management attributed to investments and initiatives for growth and the patient experience.
  • Revenue up 7% excluding divestiture: Cigna Healthcare adjusted revenues fell 11% for 2025 after the HCSC sale of Medicare businesses; excluding the divested businesses, revenues rose 7%, driven by premium rate increases.
Read the Q4 FY2025 earnings call summary

From this 10-K

The Cigna Group is two businesses that fit together: one that manages pharmacy benefits and care services, and one that sells health insurance. At the end of 2025 it had a workforce of about 67,700 people and reported more than 185 million customer relationships in more than 30 markets and jurisdictions, alongside about 1.7 million relationships with health care providers, clinics and facilities.

Cigna Group, the 10-K for 2025

The Cigna Group is two businesses that fit together: one that manages pharmacy benefits and care services, and one that sells health insurance. At the end of 2025 it had a workforce of about 67,700 people and reported more than 185 million customer relationships in more than 30 markets and jurisdictions, alongside about 1.7 million relationships with health care providers, clinics and facilities.

Evernorth Health Services

The health services side, made up of two operating segments: Pharmacy Benefit Services, and Specialty and Care Services. The company describes it as providing independent and coordinated health solutions and capabilities intended to make the health care system work better.

Cigna Healthcare

The health benefits side, made up of the U.S. Healthcare and International Health operating segments, selling medical cover and coordinated solutions to clients and customers.

Why the two sit together

The company's own explanation is worth reporting, because it is the argument for the group existing in this shape: Evernorth and Cigna Healthcare combine pharmacy and medical capabilities to create solutions the company says improve affordability, transparency and health outcomes, and that combination is what lets it anticipate needs and deliver at scale.

What is outside the two segments

Other Operations holds the remainder of the business, including certain continuing, run-off and other non-strategic businesses. Corporate holds amounts not allocated to the operating segments, among them net interest expense.

How the company describes itself

Cigna states that it is a global health company committed to creating a better future for every individual and community, and that its mission is to improve the health and vitality of those it serves by staying grounded in the needs of its customers and patients, delivering what it calls a personalised, transparent and affordable health care experience.

From The Cigna Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue274,900247,121195,265+11.2%
Cost of revenue214,991182,509133,801+17.8%
Gross profit59,90964,61261,464-7.3%
Gross margin21.8%26.1%31.5%
Selling, general and administrative14,61714,84414,822-1.5%
Operating income9,2009,4178,536-2.3%
Operating margin3.3%3.8%4.4%
Interest expense1,4001,5001,400-6.7%
Pre-tax income7,7815,2695,513+47.7%
Income tax1,4931,491141+0.1%
Effective tax rate19.2%28.3%2.6%
Net income5,9573,4345,164+73.5%
Net margin2.2%1.4%2.6%
Diluted EPS$22.18$12.12$17.39+83.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,60110,36311,813-7.4%
Cash from investing-4,407-2,102-5,174
Cash from financing-6,421-7,647-4,294
Depreciation and amortisation2,7752,7753,0350.0%
Share-based compensation291308286-5.5%
Buybacks3,6217,0342,284-48.5%
Dividends paid1,6111,5671,450+2.8%
Dividend per share$6.04$5.60$4.92+7.9%
Diluted shares, weighted269m283m297m-5.2%
Shares outstanding at period end263m274m293m-3.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity41,71341,03346,223+1.7%
Non-controlling interest16121021.0-23.3%
Redeemable equity0.00.0107
Debt31,46331,97230,930-1.6%
Operating lease liabilitiesn/an/a340
Finance lease liabilities68.041.066.0+65.9%
Other liabilities84,51482,62575,074+2.3%
Total liabilities and equity157,919155,881152,761+1.3%
Fixed assets3,651n/an/a
Goodwill44,92444,37044,259+1.2%
Intangible assets28,56029,41730,863-2.9%
Investments19,52715,79318,910+23.6%
Cash and equivalents7,6767,5507,822+1.7%
Receivables28,76824,22717,722+18.7%
Inventory7,3386,6925,645+9.7%
Other assets17,47527,83227,540-37.2%
Total assets157,919155,881152,761+1.3%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.