Cigna (CI) financials
NYSE · Healthcare · Medical - Healthcare Plans · 66,685 employees · CEO Brian C. Evanko
- Price
- $298.23 -0.06%
- Market cap
- $78.8B
- Enterprise value
- $104B
- Last report
- Q2 '26 filed 2026-07-30
- Next report
- 2026-11-05 EPS est. $7.52
Revenue (TTM)$282B+7.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)3.5%0.0 pp vs a year agoOperating income $9.76B
Net income (TTM)$6.42B+27.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$9.11B+131.1% vs a year agoCapex $1.16B
Diluted EPS (TTM)$24.16+31.9% vs a year agoSum of the last 4 quarters
Net cash-$25.6B+0.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $78.8B EV $104B
- Revenue
- $282B Trailing 12 months
- Revenue growth
- +5% FY2026 consensus
- Profit margin
- 2.3% Net income / revenue, TTM
- P/E
- 12.3× Forward 9.8× (FY2026)
- P/S
- 0.3× Price / sales, TTM
- EV / EBITDA
- 8.3× TTM
- Free cash flow
- $9.11B Trailing 12 months
- Net income
- $6.42B Trailing 12 months
- Revenue estimate
- $287B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $72.6B
- Dividend
- $6.19 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-30): revenue beat by 2.2%, EPS beat by 2.4%Revenue $71.7B vs $70.1B expected (+2.2%); EPS $7.78 vs $7.60 (+2.4%).
- Revenue growth slowing: 6.6% year on yearQ2 '26 revenue $71.7B, against an average of 8.9% over the four quarters before.
- Operating margin 3.5% (TTM), 0.0 pp on a year agoOperating income grew 6.6% while revenue grew 7.7%.
- 15.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $8.45B vs operating income $9.76B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.4% of revenue (a year ago 0.5%)$1.16B invested in the last 4 quarters (-13.6% on a year earlier). Free cash flow $9.11B = 142.0% of net income.
- Returned $2.91B to shareholders = 31.9% of free cash flowBuybacks $1.28B (a year earlier $4.64B), dividends $1.62B, stock-based pay $0 (TTM).
- Diluted share count down 1.6% in a year264M diluted shares in Q2 '26, 268M a year earlier.
- Net debt $25.6BCash + short-term investments $6.3B, debt incl. leases $31.9B; a year ago net debt $25.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $71.7B | $67.2B | +6.6% |
| Gross margin | 20.9% | 11.7% | +9.2 pp |
| Operating income | $2.68B | $2.43B | +10.0% |
| Operating margin | 3.7% | 3.6% | +0.1 pp |
| Net income | $1.66B | $1.53B | +8.4% |
| Diluted EPS | $6.29 | $5.71 | +10.2% |
| Operating cash flow | -$421M | -$1.89B | +77.7% |
| Capex | $297M | $285M | +4.2% |
| Free cash flow | -$718M | -$2.17B | +66.9% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-07-30| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $71.7B | $70.1B | +2.2% |
| EPS (as estimated) | $7.78 | $7.60 | +2.4% |
From the report of 2026-07-30 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Evernorth | $61.5B | +6.3% | 83.9% | $245B | -5.2% | |
| Cigna Healthcare | $11.8B | +9.6% | 16.1% | $46.8B | -19.8% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.3B
- Capex
- -$1.16B
- Buybacks
- -$1.28B
- Dividends
- -$1.62B
- Acquisitions
- $1.78B
- Net debt issued
- $1.06B
- Stock-based compensation
- $0
- Free cash flow
- $9.11B
- Returned to shareholders / FCF
- 31.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 12.3× | 16.3× | 12.3× – 22.5× |
| EV / EBITDA | 8.3× | 9.3× | 8.2× – 11.2× |
| EV / Sales | 0.4× | 0.5× | 0.4× – 0.7× |
| Price / FCF | 8.6× | 10.6× | 8.6× – 14.1× |
| Price / Book | 1.8× | 1.9× | 1.6× – 2.3× |
| FCF yield | 11.6% | 9.9% | 7.1% – 11.6% |
| Return on invested capital | 7.7% | 6.8% | 5.6% – 7.8% |
| Return on equity | 15.2% | 12.0% | 8.4% – 14.9% |
Analysts
Consensus target $342.08 (+14.7%)
range $302.00 – $400.00 · rating Buy
Strong buy0
Buy29
Hold10
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $287B | +4.5% | $30.51 | +37.6% | 9.8× | 15 |
| FY2027 | $300B | +4.3% | $33.49 | +9.8% | 8.9× | 15 |
| FY2028 | $316B | +5.4% | $37.14 | +10.9% | 8.0× | 12 |
| FY2029 | $336B | +6.2% | $41.33 | +11.3% | 7.2× | 9 |
| FY2030 | $348B | +3.6% | $46.63 | +12.8% | 6.4× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 263 figures Cigna Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Other Receivables, Net, Current | $218M | $758M | -71.2% | $239M | – | – |
| Accounts Payable, Current | $10.4B | $9.94B | +4.7% | $10.7B | $9.29B | +14.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $195M | $388M | -49.7% | $199M | $84M | +136.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $10.1B2025-12-31 | – | – | $10.1B | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.36B | -$2.82B | -54.9% | -$2.81B | -$2.34B | -19.9% |
| Additional Paid in Capital, Common Stock | $32.1B | $31.6B | +1.6% | $31.8B | $31.3B | +1.6% |
| Additions to Contract Holders Funds | $35M | $38M | -7.9% | $152M | $166M | -8.4% |
| Amortization of Intangible Assets | $389M | $422M | -7.8% | $1.74B | $1.7B | +2.3% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $11.3B2025-12-31 | $11.3B | 0.0% | $11.3B | $11.3B | 0.0% |
| AociMarketRiskBenefitInstrumentSpecificCreditRiskBeforeTax | $34M | $56M | -39.3% | $40M | $53M | -24.5% |
| Assets | $157B | $152B | +3.6% | $158B | $156B | +1.3% |
| Assets Held by Insurance Regulators | $300M2025-12-31 | $400M | -25.0% | $300M | $400M | -25.0% |
| Assets, Current | $47B | $44.7B | +5.1% | $47.8B | $48.9B | -2.2% |
| Benefits, Losses and Expenses | $69B | $64.9B | +6.4% | $266B | $238B | +11.8% |
| Cash and Cash Equivalents, at Carrying Value | $6.3B | $4.33B | +45.5% | $7.68B | $7.55B | +1.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $6.36B | $4.39B | +44.9% | $7.74B | $7.59B | +1.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | $02025-12-31 | $1.34B | -100.0% | $0 | $1.34B | -100.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $7.74B2025-12-31 | $8.93B | -13.4% | $7.74B | $8.93B | -13.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$724M | -$3.99B | +81.9% | -$1.2B | $594M | -301.2% |
| Commercial Paper | $1B | – | – | $0 | $880M | -100.0% |
| CommercialPaperAverageRatePaid | – | – | – | 4.7%2024-12-31 | 5.6% | -17.4% |
| Common Stock, Dividends, Per Share, Declared | $1.56 | $1.51 | +3.3% | $6.04 | $5.60 | +7.9% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 600M | 600M | 0.0% | 600M | 600M | 0.0% |
| Common Stock, Shares, Issued | 406M | 404M | +0.5% | 405M | 403M | +0.5% |
| Common Stock, Shares, Outstanding | 263M2025-12-31 | 274M | -3.8% | 263M | 274M | -3.8% |
| Common Stock, Value, Issued | $4M | $4M | 0.0% | $4M | $4M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | – | – | – | $331M | $344M | -3.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $897M | $1.31B | -31.3% | $5.49B | $2.96B | +85.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.11B | $1.41B | -20.9% | $5.82B | $3.3B | +76.4% |
| Cost of Goods and Services Sold | $56.7B | $53.3B | +6.4% | $215B | $183B | +17.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $807M | $1.17B | -30.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $191M | $248M | -23.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.17B | $1.59B | -26.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $169M | $171M | -1.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $159M | $172M | -7.6% | $206M | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $401M | $456M | -12.1% | $367M | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $1.87B | $2.03B | -7.9% | $1.97B | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $2.03B | $2.28B | -10.8% | $2.03B | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.99B | $3.59B | +11.3% | $3.7B | – | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $600M | $620M | -3.2% | $695M | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $1.71B | $1.84B | -7.1% | $1.82B | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $2.01B | $2.2B | -9.0% | $2B | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.94B | $3.56B | +10.7% | $3.7B | – | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $574M | $543M | +5.7% | $598M | – | – |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $247M | $277M | -10.8% | $267M | – | – |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $227M | $249M | -8.8% | $244M | – | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $4.86B | $4.25B | +14.3% | $3.73B | – | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $401M | $456M | -12.1% | $367M | – | – |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,882 position | 1,560 position | +20.6% | 1,273 position | – | – |
| Debt, Current | $2.79B | $4.29B | -34.9% | $592M | $3.04B | -80.5% |
| DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest | $51M | $124M | -58.9% | $137M | – | – |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $8.74B | $8.8B | -0.6% | $8.66B | – | – |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $8.45B | $8.39B | +0.7% | $8.36B | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$69M | -$142M | +51.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $447M | $64M | +598.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $326M | -$95M | +443.2% |
| Deferred Income Tax Liabilities, Net | $6.73B | $6.78B | -0.7% | $7.15B | $6.98B | +2.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$52M | -$17M | -205.9% |
| Deferred Tax Assets, Capital Loss Carryforwards | $237M2025-12-31 | $773M | -69.3% | $237M | $773M | -69.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01