Strong Q1 2026 lifts outlook at The Cigna Group (NYSE: CI)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Cigna Group reported strong first quarter 2026 results with broad-based growth across its businesses and a higher full-year outlook. Total revenues were $68.5 billion for the quarter, up from $65.5 billion a year earlier, driven mainly by pharmacy-related operations. Shareholders’ net income rose to $1.65 billion, or $6.26 per share, compared with $1.32 billion, or $4.85 per share, in first quarter 2025.
Adjusted income from operations was $2.06 billion, or $7.79 per share, versus $1.84 billion, or $6.74 per share, a year ago. Evernorth Health Services generated $58.4 billion in adjusted revenues and $1.47 billion in pre-tax adjusted income, while Cigna Healthcare delivered $11.5 billion in adjusted revenues and $1.51 billion in pre-tax adjusted income with a 13.2% pre-tax margin. The company now expects full-year 2026 consolidated adjusted income from operations of at least $30.35 per share, modestly above its prior projection.
Positive
- Stronger profitability: Q1 2026 shareholders’ net income rose to $1.65 billion ($6.26 per share) from $1.32 billion ($4.85 per share) a year earlier, supported by growth across the enterprise.
- Improved underlying performance: Adjusted income from operations increased to $2.06 billion, or $7.79 per share, versus $1.84 billion, or $6.74 per share, in first quarter 2025.
- Guidance raised: Full-year 2026 consolidated adjusted income from operations outlook increased to at least $30.35 per share, $0.10 above the prior projection, signaling higher expected earnings.
Negative
- None.
Insights
Cigna delivered solid Q1 growth across segments and nudged 2026 guidance higher.
The Cigna Group reported first quarter 2026 adjusted income from operations of $2.06 billion, or $7.79 per share, up from $1.84 billion and $6.74 per share in first quarter 2025. Reported shareholders’ net income also increased to $1.65 billion, reflecting stronger performance across the enterprise.
Evernorth Health Services produced adjusted revenues of $58.44 billion and pre-tax adjusted income of $1.47 billion, while Cigna Healthcare delivered $11.48 billion in adjusted revenues and $1.51 billion in pre-tax adjusted income with a healthy 13.2% pre-tax margin for the quarter ended March 31, 2026.
The company raised its full-year 2026 outlook for consolidated adjusted income from operations to at least $30.35 per share, a $0.10 increase from its prior projection. It also outlined minimum pre-tax adjusted income targets of $6.9 billion for Evernorth and $4.53 billion for Cigna Healthcare. Future filings will show how quarterly performance tracks against these updated full-year goals.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $68,494 million
Shareholders’ net income: $1,654 million
Adjusted income from operations: $2,058 million
+5 more
8 metrics
Total revenues
$68,494 million
Three months ended March 31, 2026
Shareholders’ net income
$1,654 million
Three months ended March 31, 2026
Adjusted income from operations
$2,058 million
Three months ended March 31, 2026
Diluted EPS
$6.26 per share
Shareholders’ net income, Q1 2026
Adjusted EPS
$7.79 per share
Adjusted income from operations, Q1 2026
Evernorth adjusted revenues
$58,442 million
Three months ended March 31, 2026
Cigna Healthcare adjusted revenues
$11,477 million
Three months ended March 31, 2026
2026 adjusted EPS outlook
At least $30.35 per share
Full-year 2026 consolidated projection
Key Terms
adjusted income from operations, adjusted revenues, Medical Care Ratio, special items, +2 more
6 terms
adjusted income from operations financial
"The Cigna Group's adjusted income from operations1 for first quarter 2026 was $2.1 billion"
Adjusted income from operations is the profit a company earns from its core business activities after removing one-time, unusual, or non-cash items so the number shows the ongoing earning power of operations. Think of it as cleaning up a household budget by excluding a rare roof repair or a one-off gift to see what your normal monthly cash flow looks like. Investors use it to compare real operating performance across periods and companies, but the specific items removed can vary so details matter.
adjusted revenues financial
"A reconciliation of total revenues to adjusted revenues3 and shareholders’ net income"
Medical Care Ratio financial
"Cigna Healthcare Medical Care Ratio 2,4 | 83.7% to 84.7%"
Medical care ratio is the share of an insurer’s revenue that goes to paying policyholder medical claims and related care rather than administrative costs or profit. Think of it like the portion of a grocery budget spent on food versus other household bills: a higher ratio means more money is being spent directly on care, which can signal higher claims and lower underwriting profit, while a lower ratio can indicate better profitability but may raise regulatory or quality concerns. Investors use it to assess an insurer’s pricing, cost control and financial health.
special items financial
"Net Investment (Gains) Losses 1 ... Amortization of Acquired Intangible Assets 1 ... Special Items 1"
Special items are unusual or infrequent gains or losses that a company reports separately from its regular operating profit, such as restructuring costs, asset write-downs, legal settlements, or one-time gains from selling a business. Investors pay attention because these items can make reported profits look better or worse than the company’s ongoing performance—like a homeowner’s one-off roof repair affecting a single month’s budget but not the household’s regular income and expenses.
strategic optimization program financial
"Special Items | Strategic optimization program | 380"
Earnings Snapshot
Total revenues: $68,494 million · Guidance included
Q1 2026
Total revenues
$68,494 million
vs $65,502 million in Q1 2025
Shareholders’ net income
$1,654 million
vs $1,323 million in Q1 2025
Adjusted income from operations
$2,058 million
vs $1,840 million in Q1 2025
Diluted EPS
$6.26
vs $4.85 in Q1 2025
Adjusted EPS
$7.79
vs $6.74 in Q1 2025
Guidance
For full-year 2026, the company projects consolidated adjusted income from operations of at least $30.35 per share, including at least $6.9 billion pre-tax from Evernorth and $4.525 billion pre-tax from Cigna Healthcare.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (860 ) 226-6000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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On April 30, 2026, The Cigna Group issued a press release announcing results for the three months ended March 31, 2026. The press release is furnished as
Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act whether made before or after the date of this Current Report on Form 8-K, except as expressly set forth by specific reference in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit No.
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Description
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99.1
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Press release dated April 30, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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THE CIGNA GROUP
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Date: April 30, 2026
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By:
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/s/ Ann M. Dennison
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Ann M. Dennison
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Executive Vice President and Chief Financial Officer
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Exhibit 99.1
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Press Release
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INVESTOR RELATIONS CONTACT:
Ralph Giacobbe
860-787-7968
Ralph.Giacobbe@TheCignaGroup.com
MEDIA CONTACT:
Justine Sessions
860-810-6523
Justine.Sessions@Evernorth.com
The Cigna Group Reports Strong First Quarter 2026 Results, Raises 2026 Outlook
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Total revenues for the first quarter 2026 increased 5% to $68.5 billion
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Shareholders’ net income for the first quarter 2026 was $1.7 billion, or $6.26 per share
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| • |
Adjusted income from operations1 for the first quarter 2026 was $2.1 billion, or $7.79 per share
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| • |
2026 outlook2 for adjusted income from operations1,2 increased to at least $30.35 per share2
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BLOOMFIELD, CT, April 30, 2026 – Global health company The Cigna Group (NYSE: CI) today reported first quarter 2026 results, reflecting growth across its diversified portfolio of businesses.
“We continue to improve how people experience health care, leveraging innovation and technology to make it more personalized, more transparent and easier to navigate,”
said David M. Cordani, chairman and CEO of The Cigna Group. “Our strong first quarter results were driven by disciplined execution, deliberate portfolio shaping and a
continued focus on targeted innovation.”
Shareholders’ net income for first quarter 2026 was $1.7 billion, or $6.26 per share compared to $1.3 billion, or $4.85 per share, for first quarter 2025, reflecting growth across the enterprise.
The Cigna Group's adjusted income from operations1 for first quarter 2026 was $2.1 billion, or $7.79
per share, compared with $1.8 billion, or $6.74 per share, for first quarter 2025.
A reconciliation of shareholders’ net income to adjusted income from operations1 is provided on the following page and on Exhibit 1
of this earnings release.
2
CONSOLIDATED HIGHLIGHTS
The following table includes highlights of results and reconciliations
of total revenues to adjusted revenues3 and shareholders’ net income to adjusted income from operations1:
Consolidated Financial Results (unaudited, dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2026
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2025
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2025
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Total Revenues
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$
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68,494
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$
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65,502
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$
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72,472
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Net Investment Results from Equity Method Investments3
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23
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(50
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)
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23
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Adjusted Revenues3
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$
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68,517
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$
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65,452
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$
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72,495
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Consolidated Earnings, net of taxes
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Shareholders’ Net Income
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$
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1,654
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$
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1,323
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$
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1,234
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Net Investment (Gains) Losses1
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(233
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)
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(48
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)
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104
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Amortization of Acquired Intangible Assets1
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315
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336
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327
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Special Items1
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322
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229
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483
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Adjusted Income from Operations1
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$
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2,058
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$
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1,840
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$
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2,148
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Shareholders’ Net Income, per share
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$
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6.26
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$
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4.85
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$
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4.64
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Adjusted Income from Operations1, per share
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$
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7.79
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$
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6.74
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$
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8.08
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Total revenues for first quarter 2026 increased 5% relative to first quarter 2025, primarily driven by growth in Evernorth Health Services, partially offset by the impact of the HCSC transaction4.
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Adjusted income from operations1 for first quarter 2026 increased 12% relative to first quarter 2025, driven by higher contributions primarily from Cigna Healthcare, as well as Evernorth Health Services.
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The SG&A expense ratio5 and adjusted SG&A expense ratio5 were 5.4% and 4.8% for
first quarter 2026, compared to 6.4% and 5.8%, respectively, in first quarter 2025, reflecting business mix shift as well as improved operating efficiency.
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| • |
The debt-to-capitalization ratio was 42.3% at March 31, 2026, compared to 43.0% at December 31, 2025.
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3
CUSTOMER RELATIONSHIPS
The following table summarizes The Cigna Group’s medical customers and overall customer relationships:
Customer Relationships (in thousands):
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As of the Periods Ended
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March 31,
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December 31,
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2026
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2025
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2025
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Total Pharmacy Customers6
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121,020
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122,283
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123,603
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U.S. Healthcare
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16,623
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16,364
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16,423
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International Health
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1,711
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1,679
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1,695
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Total Medical Customers6
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18,334
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18,043
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18,118
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Behavioral Care
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27,558
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23,416
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28,269
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Dental
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18,558
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18,466
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18,438
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Total Customer Relationships6
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185,470
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182,208
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188,428
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Total customer relationships6 at March 31, 2026 decreased 2% from December 31, 2025 to 185.5 million.
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Total pharmacy customers6 at March 31, 2026 decreased 2% from December 31, 2025 to 121.0 million, reflecting expected
client transitions and lower membership from health plan clients.
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Total medical customers6 at March 31, 2026 increased 1% from December 31, 2025 to 18.3 million reflecting growth in
Middle, Select, and International markets, partially offset by lower membership in National Accounts.
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4
HIGHLIGHTS OF SEGMENT RESULTS
See Exhibit 1 for a reconciliation of adjusted income from operations1 to shareholders’ net income.
Evernorth Health Services
This segment includes the Pharmacy Benefit Services and Specialty and Care Services operating segments, which provide independent and coordinated
health solutions and capabilities to enable the health care system to work better and help people live healthier lives.
Pharmacy Benefit Services drives high-quality, cost-effective pharmacy care through various services such as drug claim adjudication, retail pharmacy
network administration, benefit design consultation, drug utilization review, drug formulary management and access to our home delivery pharmacy. Specialty and Care Services provides specialty drugs for the treatment of complex and rare diseases,
specialty distribution of pharmaceuticals and medical supplies, as well as clinical programs to help our clients drive better whole-person health outcomes through care services.
Financial Results (dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2026
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2025
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2025
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Total Adjusted Revenues
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Pharmacy Benefit Services
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$
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33,002
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$
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29,742
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$
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36,339
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Specialty and Care Services
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$
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25,440
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$
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23,939
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$
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26,717
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Adjusted Revenues3
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$
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58,442
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$
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53,681
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$
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63,056
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Adjusted Income from Operations, Pre-Tax
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Pharmacy Benefit Services
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$
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394
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$
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544
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$
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1,154
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Specialty and Care Services
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$
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1,072
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$
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890
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$
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1,034
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Adjusted Income from Operations, Pre-Tax1
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$
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1,466
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$
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1,434
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$
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2,188
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Margin, Pre-Tax7
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2.5
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%
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2.7
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%
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3.5
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%
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Evernorth Health Services first quarter 2026
adjusted revenues3 and adjusted income from operations, pre-tax1, increased 9% and 2%, respectively, relative to first quarter 2025.
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For Pharmacy Benefit Services first quarter 2026 relative to first quarter 2025:
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Adjusted revenues3 increased 11% primarily due to drug mix.
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Adjusted income from operations, pre-tax1, decreased 28%, primarily reflecting expected lower contributions from large client relationships, consistent with prior commentary.
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For Specialty and Care Services first quarter 2026 relative to first quarter 2025:
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Adjusted revenues3 increased 6% reflecting strong specialty volume growth.
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Adjusted income from operations, pre-tax1, increased 20% primarily reflecting strong organic growth in
specialty businesses, including increased generic and biosimilar adoption that continues to lower costs for clients and patients.
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5
Cigna Healthcare
This segment includes the U.S. Healthcare and International Health operating segments, which provide comprehensive medical and coordinated solutions to clients and
customers. U.S. Healthcare provides medical plans and other benefits and solutions for insured and self-insured clients as well as individual and family plan customers. International Health provides health care solutions in our international
markets, as well as health solutions for globally mobile individuals and employees of multinational organizations. U.S. Healthcare included the Medicare and related businesses until the divestiture of such businesses to Health Care Services
Corporation (“HCSC”)4 on March 19, 2025.
Financial Results (dollars in millions):
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Three Months Ended
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March 31,
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December 31,
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2026
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2025
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2025
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Adjusted Revenues3,8
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$
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11,477
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$
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14,482
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$
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11,172
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Adjusted Income from Operations, Pre-Tax1
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$
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1,514
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$
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1,287
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$
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734
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Margin, Pre-Tax7
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13.2
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%
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8.9
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%
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6.6
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%
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| • |
First quarter 2026 adjusted revenues3,8 decreased 21% relative to first
quarter 2025, primarily reflecting the impact of the HCSC transaction4,8. Excluding the impact of the HCSC transaction4,8, first quarter 2026 adjusted revenues3,8 increased 8% relative to first quarter 2025, primarily driven by premium rate increases to cover expected increases
in medical costs.
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First quarter 2026 adjusted income from operations, pre-tax1, increased 18% relative to first quarter 2025, driven by improved margins in U.S. Healthcare across both U.S. Employer and Individual and Family Plan
businesses.
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The Cigna Healthcare MCR5 was 79.8% for first
quarter 2026, compared to 82.2% for first quarter 2025, primarily reflecting the impact of the HCSC transaction4.
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| • |
Cigna Healthcare net medical costs payable9 was $4.78 billion at March 31, 2026, $4.09 billion at December 31, 2025, and $4.37 billion at March 31, 2025. The sequential increase reflects typical stop loss seasonality. Favorable prior year reserve development on a gross pre-tax basis was $188 million and $222 million for the three months ended March 31, 2026 and 2025, respectively.
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Corporate and Other Operations
Corporate reflects interest expense, amounts not
allocated to operating segments and includes intersegment eliminations. Other Operations is comprised of Corporate Owned Life Insurance (“COLI”), the Company’s run-off operations and other non-strategic businesses.
Financial Results (dollars in millions):
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Three Months Ended
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|||||||||||
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March 31,
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December 31,
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2026
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2025
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2025
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Adjusted (Loss) from Operations, Pre-Tax1
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$
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(377
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)
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$
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(411
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)
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$
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(373
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)
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6
2026 OUTLOOK2
The Cigna Group’s outlook for full year 2026 consolidated adjusted income from operations1,2
is at least $30.35 per share2. Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2026 dividends.
(dollars in millions, except where noted and per share amounts)
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2026 Consolidated Metrics
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Projection for Full Year Ending
December 31, 2026
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Change from Prior Projection
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Adjusted Income from Operations, per share1,2
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at least $30.35
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+$0.10
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Evernorth Adjusted Income from Operations, Pre-Tax1,2
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at least $6,900
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Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2
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at least $4,525
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+$25
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Cigna Healthcare Medical Care Ratio2,4
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83.7% to 84.7%
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7
The foregoing statements represent the Company’s current estimates of The Cigna Group's 2026 consolidated and segment adjusted income from operations1,2 and other key metrics as of the date of this release. Actual results may differ materially depending on a number of
factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates.
This quarterly earnings release and the Quarterly Financial Supplement are available on The Cigna Group’s website in the Investor Relations
section (https://investors.thecignagroup.com/overview/default.aspx). Management will be hosting a conference call to review first quarter 2026 results and discuss full year 2026 outlook beginning today at 8:30 a.m. ET. A link to the conference call is available in the Investor
Relations section of The Cigna Group's website located at https://investors.thecignagroup.com/events-and-presentations/default.aspx.
The call-in numbers for the conference call are as follows:
Live Call
(888) 566-1889 (Domestic)
(773) 799-3989
(International)
Passcode: 04302026
Replay
(866) 405-7290
(Domestic)
(203) 369-0603 (International)
It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.
About The Cigna Group
The Cigna Group (NYSE: CI) is a global health company committed to creating a better
future built on the vitality of every individual and every community. We relentlessly challenge ourselves to partner and innovate solutions for better health. The Cigna Group includes products and services
marketed under Evernorth Health Services, Cigna Healthcare, or its subsidiaries. The Cigna Group maintains sales capabilities in more than 30 markets and jurisdictions, and has over 185 million customer relationships around the world. Learn
more at thecignagroup.com.
Notes:
| 1. |
Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group’s management because it presents the
underlying results of operations of the Company’s businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders’ net income. Adjusted income (loss) from operations is defined as shareholders’ net income
(or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna
Group’s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative
of the underlying results of normal, recurring operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results.
Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders’ net income. See Exhibit 1 for a
reconciliation of consolidated adjusted income from operations to shareholders’ net income.
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Management is not able to provide a reconciliation of adjusted income from operations to shareholders’ net income, on a forward-looking basis because it is unable to predict,
without unreasonable effort, certain components thereof including (i) future net investment results and (ii) future special items. These items are inherently uncertain and depend on various factors, many of which are beyond The Cigna
Group’s control. As such, any associated estimate and its impact on shareholders’ net income and total revenues could vary materially.
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The Company’s outlook excludes the
potential effects of any other business combinations that may occur after the date of this earnings release. The Company’s outlook includes the potential effects of expected future share repurchases and anticipated 2026 dividends.
The timing and actual number of shares repurchased will depend on a variety of factors, including price,
general business and market conditions, and alternate uses of capital. The share repurchase program may be effected through open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including
through Rule 10b5-1 trading plans, or privately negotiated transactions. The program may be suspended or discontinued at any time.
| 3. |
Adjusted revenues is used by The Cigna Group’s management because it facilitates analysis of trends in underlying revenue. The Company defines adjusted revenues as total
revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are
matters that management believes are not representative of the underlying results of normal, recurring operations due to their nature or size. We exclude these
items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for
the most directly comparable GAAP measure, total revenues. See Exhibit 1 for a reconciliation of consolidated adjusted revenues to total revenues.
|
| 4. |
On March 19, 2025, the company completed the sale (the “HCSC transaction”) of its Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and
Other Supplemental Benefits, and CareAllies businesses to Health Care Services Corporation (“HCSC”).
|
| 5. |
Operating ratios are defined as follows:
|
| • |
The Cigna Healthcare medical care ratio (“MCR”) represents medical costs as a percentage of premiums for all Cigna Healthcare risk products provided through
guaranteed cost or experience-rated funding arrangements. Changes in percentages may be expressed in basis points ("bps").
|
| • |
SG&A expense ratio on a GAAP basis for the first quarter 2026 represents enterprise selling, general and administrative expenses of $3,722 million as a percentage of total revenue
of $68.5 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the first
quarter 2025 represents enterprise selling, general and administrative expenses of $4,213
million as a percentage of total revenue of $65.5 billion at a consolidated level.
|
9
| • |
Adjusted SG&A expense ratio for the first quarter 2026 represents enterprise selling, general and administrative expenses of $3,321 million excluding special items of $401 million as a percentage of adjusted revenue at a consolidated level. Adjusted SG&A expense ratio for the first quarter 2025 represents enterprise selling, general and administrative expenses of $3,799 million excluding special items of $414 million as a percentage of adjusted revenue at a consolidated level.
|
| 6. |
Customer relationships are defined as follows:
|
| • |
Total medical customers includes individuals who meet any one of the following criteria: (i) are covered under a medical insurance policy, managed care
arrangement, or administrative services agreement issued by Cigna Healthcare; (ii) have access to Cigna Healthcare's provider network for covered services under their medical plan; or (iii) have medical claims that are administered by
Cigna Healthcare.
|
| 7. |
Margin, pre-tax, is calculated by dividing adjusted income (loss) from operations, pre-tax by adjusted revenues for each segment.
|
| 8. |
The Cigna Group owns noncontrolling interests in certain operating joint ventures. As such, the adjusted revenues for the Cigna Healthcare segment only include the Company’s
share of the joint ventures’ earnings reported in Fees and Other Revenues using the equity method of accounting under GAAP.
|
Set forth below is a table that presents the impact of the HCSC transaction on Cigna Healthcare Adjusted
Revenues for the periods presented. Management believes that the presentation of this measure is useful to investors because it permits a comparison of the Company’s go-forward business across periods.
Financial Results (dollars in millions):
|
|
Three Months Ended
|
|||||||||||
|
|
March 31,
|
December 31,
|
||||||||||
|
|
2026
|
2025
|
2025
|
|||||||||
|
|
||||||||||||
|
Cigna Healthcare Adjusted Revenues3
|
$
|
11,477
|
$
|
14,482
|
$
|
11,172
|
||||||
|
Less: U.S. Healthcare - divested businesses revenues
|
—
|
3,850
|
—
|
|||||||||
|
Cigna Healthcare Adjusted Revenues3 excluding U.S. Healthcare - divested businesses
revenues
|
$
|
11,477
|
$
|
10,632
|
$
|
11,172
|
||||||
| 9. |
Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other
recoverables. The gross medical costs payable balance was $4.92 billion as of March 31, 2026,
$4.24 billion as of December 31, 2025, and $4.51 billion as of March 31, 2025.
|
10
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made in connection with this release, may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on The Cigna Group's current expectations and projections about future trends, events and uncertainties. These statements are not historical facts. Forward-looking statements may
include, among others, statements concerning our projected outlook for 2026 (including adjusted
revenues; adjusted income from operations, including on a per share, and segment basis; adjusted SG&A expense ratio; adjusted effective tax rate; cash flow from operations; capital expenditures; shareholder dividends; weighted average shares
outstanding; medical care ratio; and total medical customers); future financial or operating performance, including our ability to improve the health and vitality of those we serve; future growth, business strategy and strategic or operational
initiatives, including our ability to successfully implement actions across our business to strengthen our platform and build a more sustainable model for healthcare; economic, regulatory or competitive environments; capital deployment plans and
amounts available for future deployment; our prospects for growth in the coming years; and other statements regarding The Cigna Group’s future beliefs, expectations, plans, intentions, liquidity, cash flows, financial condition or performance.
You may identify forward-looking statements by the use of words such as “believe,” “expect,” “project,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “may,” “should,” “will” or other words or expressions of similar meaning,
although not all forward-looking statements contain such terms.
Forward-looking statements are subject to risks and uncertainties, both known and unknown, that could cause actual results to differ materially from those expressed
or implied in forward-looking statements. Such risks and uncertainties include, but are not limited to: our ability to manage health care costs and respond to price competition, inflation and other pressures that could compress our margins or
result in premiums that are insufficient to cover the cost of services delivered to our customers; our ability to compete effectively, differentiate our products and services from those of our competitors and adapt to changes in an evolving and
rapidly changing industry; our ability to develop and effectively implement products and services to improve the accessibility, affordability and transparency of health care; changes in drug pricing or industry pricing benchmarks; our ability to
maintain relationships with one or more key pharmaceutical manufacturers or if payments made or discounts provided decline; changes in the pharmacy provider marketplace or pharmacy networks; the potential for actual claims to exceed our estimates
related to expected medical claims; our ability to develop and maintain satisfactory relationships with health care payors, physicians, hospitals, other health service providers and with producers and consultants; potential liability in
connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; uncertainties surrounding participation in government-sponsored programs and providing services to payors who participate
in government-sponsored programs; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; compliance with applicable privacy, security and
data laws, regulations and standards; the outcome of litigation, regulatory audits and investigations; compliance costs and potential failure of our prevention, detection and control systems; our ability to invest in and properly maintain our
information technology and other business systems; our ability to prevent or contain effects of a potential cyberattack or other privacy or data security incident; risks related to our use of artificial intelligence and machine learning;
dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; political, legal, operational, regulatory, economic and other risks that could affect our
multinational operations, including currency exchange rates; risks related to strategic transactions and realization of the expected benefits of such transactions, as well as integration or separation difficulties or underperformance relative to
expectations which could lead to an impairment charge; our ability to achieve our strategic and operational initiatives; unfavorable economic and market conditions, the risk of a recession or other economic downturn and resulting impact on
employment metrics, stock market or changes in interest rates; risks related to a downgrade in financial strength ratings of our insurance subsidiaries; the impact of our significant indebtedness and the potential for further indebtedness in the
future; credit risk related to our reinsurers; as well as more specific risks and uncertainties discussed in our most recent report on Form 10-K and subsequent reports on Forms 10-Q and 8-K available through the Investor Relations section of
www.thecignagroup.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions
that are difficult to predict or quantify. The Cigna Group undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
|
THE CIGNA GROUP
|
Exhibit 1
|
|
COMPARATIVE SUMMARY OF FINANCIAL RESULTS (unaudited)
|
|
|
Three Months Ended
|
Three Months
Ended
|
|||||||||||
|
March 31,
|
December 31,
|
|||||||||||
|
(Dollars in millions, except per share amounts)
|
2026
|
2025
|
2025
|
|||||||||
|
REVENUES
|
||||||||||||
|
Pharmacy revenues
|
$
|
54,037
|
$
|
48,633
|
$
|
58,336
|
||||||
|
Premiums
|
9,812
|
12,736
|
9,288
|
|||||||||
|
Fees and other revenues
|
4,443
|
3,895
|
4,509
|
|||||||||
|
Net investment income
|
202
|
238
|
339
|
|||||||||
|
Total revenues
|
68,494
|
65,502
|
72,472
|
|||||||||
|
Net investment results from certain equity method investments
|
23
|
(50
|
)
|
23
|
||||||||
|
Adjusted revenues (1)
|
$
|
68,517
|
$
|
65,452
|
$
|
72,495
|
||||||
|
Shareholders' net income
|
$
|
1,654
|
$
|
1,323
|
$
|
1,234
|
||||||
|
Pre-tax adjusted income (loss) from operations by segment
|
||||||||||||
|
Evernorth Health Services
|
$
|
1,466
|
$
|
1,434
|
$
|
2,188
|
||||||
|
Cigna Healthcare
|
1,514
|
1,287
|
734
|
|||||||||
|
Corporate and Other Operations
|
(377
|
)
|
(411
|
)
|
(373
|
)
|
||||||
|
Adjusted income tax expense
|
(545
|
)
|
(470
|
)
|
(401
|
)
|
||||||
|
Consolidated after-tax adjusted income from operations
|
$
|
2,058
|
$
|
1,840
|
$
|
2,148
|
||||||
|
Weighted average shares (in thousands)
|
264,017
|
272,953
|
265,699
|
|||||||||
|
Common shares outstanding (in thousands)
|
264,498
|
269,773
|
263,464
|
|||||||||
|
SHAREHOLDERS' EQUITY at March 31,
|
$
|
42,210
|
$
|
40,226
|
||||||||
|
SHAREHOLDERS' EQUITY PER SHARE at March 31,
|
$
|
159.59
|
$
|
149.11
|
||||||||
|
Three Months Ended
March 31, |
Three Months
Ended
December 31, |
|||||||||||||||||||||||
|
2026
|
2025
|
2025 |
||||||||||||||||||||||
|
(Dollars in millions, except per share amounts)
|
Pre-tax
|
After-tax
|
Pre-tax
|
After-tax
|
Pre-tax
|
After-tax
|
||||||||||||||||||
|
|
||||||||||||||||||||||||
|
SHAREHOLDERS' NET INCOME
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Shareholders' net income
|
$
|
1,654
|
$
|
1,323
|
$
|
1,234
|
||||||||||||||||||
|
Adjustments to reconcile adjusted income from operations
|
||||||||||||||||||||||||
|
Net investment (gains) losses (2)
|
$
|
(235
|
)
|
(233
|
)
|
$
|
(48
|
)
|
(48
|
)
|
$
|
123
|
104
|
|||||||||||
|
Amortization of acquired intangible assets
|
390
|
315
|
422
|
336
|
463
|
327
|
||||||||||||||||||
|
Special Items
|
||||||||||||||||||||||||
|
Strategic optimization program
|
380
|
290
|
215
|
163
|
183
|
136
|
||||||||||||||||||
|
Integration and transaction-related costs
|
35
|
27
|
216
|
164
|
30
|
21
|
||||||||||||||||||
|
Deferred tax expenses, net
|
—
|
16
|
—
|
17
|
—
|
374
|
||||||||||||||||||
|
(Gain) loss on sale of businesses
|
—
|
(3
|
)
|
(41
|
)
|
(115
|
)
|
66
|
(48
|
)
|
||||||||||||||
|
(Benefits) associated with litigation matters
|
(11
|
)
|
(8
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
|
Adjusted income from operations (3)
|
$
|
2,058
|
$
|
1,840
|
$
|
2,148
|
||||||||||||||||||
|
|
||||||||||||||||||||||||
|
DILUTED EARNINGS PER SHARE
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Shareholders' net income
|
$
|
6.26
|
$
|
4.85
|
$
|
4.64
|
||||||||||||||||||
|
Adjustments to reconcile to adjusted income from operations
|
||||||||||||||||||||||||
|
Net investment (gains) losses (2)
|
$
|
(0.89
|
)
|
(0.88
|
)
|
$
|
(0.18
|
)
|
(0.18
|
)
|
$
|
0.46
|
0.39
|
|||||||||||
|
Amortization of acquired intangible assets
|
1.48
|
1.19
|
1.54
|
1.23
|
1.74
|
1.23
|
||||||||||||||||||
|
Special Items
|
||||||||||||||||||||||||
|
Strategic optimization program
|
1.44
|
1.10
|
0.79
|
0.60
|
0.69
|
0.51
|
||||||||||||||||||
|
Integration and transaction-related costs
|
0.13
|
0.10
|
0.79
|
0.60
|
0.11
|
0.08
|
||||||||||||||||||
|
Deferred tax expenses, net
|
—
|
0.06
|
—
|
0.06
|
—
|
1.41
|
||||||||||||||||||
|
(Gain) loss on sale of businesses
|
—
|
(0.01
|
)
|
(0.15
|
)
|
(0.42
|
)
|
0.25
|
(0.18
|
)
|
||||||||||||||
|
(Benefits) associated with litigation matters
|
(0.04
|
)
|
(0.03
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||||
|
Adjusted income from operations (3)
|
$
|
7.79
|
$
|
6.74
|
$
|
8.08
|
||||||||||||||||||
(1) Adjusted revenues is defined as total revenues excluding the following
adjustments: special items and The Cigna Group’s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. These items are excluded because they are not indicative
of past or future underlying performance of our businesses.
(2) Includes Net investment gains/losses as presented in our Consolidated
Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our
Consolidated Statements of Income.
(3) Adjusted income (loss) from operations is defined as shareholders’ net
income (or income before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding the following adjustments: net investment gains/losses, amortization of acquired intangible assets and
special items. The Cigna Group’s share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded.
FAQ
How did The Cigna Group (CI) perform financially in Q1 2026?
The Cigna Group reported Q1 2026 shareholders’ net income of $1.65 billion, or $6.26 per share. Adjusted income from operations was $2.06 billion, or $7.79 per share, compared with $1.84 billion and $6.74 per share in Q1 2025.
What were The Cigna Group’s Q1 2026 revenues?
Total revenues for Q1 2026 were $68.49 billion, up from $65.50 billion in Q1 2025. Adjusted revenues were $68.52 billion, reflecting strong contributions from Evernorth Health Services and Cigna Healthcare operations during the quarter.
How did Evernorth Health Services perform in Q1 2026 for CI?
Evernorth Health Services generated Q1 2026 adjusted revenues of $58.44 billion and pre-tax adjusted income of $1.47 billion. Its pre-tax margin was 2.5%, compared with 2.7% in Q1 2025 and 3.5% in the fourth quarter of 2025.
What were Cigna Healthcare’s Q1 2026 results for The Cigna Group?
Cigna Healthcare reported Q1 2026 adjusted revenues of $11.48 billion and pre-tax adjusted income from operations of $1.51 billion. The segment’s pre-tax margin improved to 13.2%, up from 8.9% in Q1 2025 and 6.6% in Q4 2025.
Did The Cigna Group change its 2026 earnings outlook?
Yes. The Cigna Group now expects full-year 2026 consolidated adjusted income from operations of at least $30.35 per share. This is an increase of $0.10 per share from the company’s prior projection for 2026 performance.
What 2026 segment targets did The Cigna Group provide?
For 2026, The Cigna Group projects pre-tax adjusted income from operations of at least $6.9 billion for Evernorth and at least $4.53 billion for Cigna Healthcare. It also expects a Cigna Healthcare medical care ratio between 83.7% and 84.7%.
How many customer relationships does The Cigna Group have?
As of March 31, 2026, The Cigna Group reported 185.47 million total customer relationships. This included 18.33 million total medical customers, 121.02 million pharmacy customers, plus behavioral care and dental customers across its global operations.