Cigna : First Quarter 2026 Earnings Release Press Release
CI
Published on 04/30/2026 at 09:58 am EDT
Press Release
INVESTOR RELATIONS CONTACT:
Ralph Giacobbe 860-787-7968
MEDIA CONTACT:
Justine Sessions 860-810-6523
Total revenues for the first quarter 2026 increased 5% to $68.5 billion
Shareholders' net income for the first quarter 2026 was $1.7 billion, or $6.26 per share
Adjusted income from operations1 for the first quarter 2026 was $2.1 billion, or $7.79 per share
2026 outlook2 for adjusted income from operations1,2 increased to at least $30.35 per share2
"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.
The following table includes highlights of results and reconciliations of total revenues to adjusted revenues3 and
shareholders' net income to adjusted income from operations1:
2026
March 31,
2025
December 31,
2025
Total Revenues
$ 68,494
$ 65,502 $
72,472
Net Investment Results from Equity Method Investments3
23
(50)
23
Adjusted Revenues3 $ 68,517
$ 65,452 $ 72,495
Consolidated Earnings, net of taxes
Shareholders' Net Income $ 1,654
$ 1,323 $ 1,234
Net Investment (Gains) Losses1 (233)
(48) 104
Amortization of Acquired Intangible Assets1 315
336 327
Special Items1 322
229 483
Adjusted Income from Operations1 $ 2,058
$ 1,840 $ 2,148
Shareholders' Net Income, per share $ 6.26
$ 4.85 $ 4.64
Adjusted Income from Operations1, per share $ 7.79
$ 6.74 $ 8.08
first quarter 2025, primarily driven
by growth in
Total revenues for first quarter 2026 increased 5% relative to
Evernorth Health Services, partially offset by the impact of the HCSC transaction4.
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.
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.
The debt-to-capitalization ratio was 42.3% at March 31, 2026, compared to 43.0% at December 31, 2025.
The following table summarizes The Cigna Group's medical customers and overall customer relationships:
As of the Periods Ended
March 31,
December 31,
2026
2025
2025
Total Pharmacy Customers6
121,020
122,283
123,603
U.S. Healthcare
16,623
16,364
16,423
International Health
1,711
1,679
1,695
Total Medical Customers6
18,334
18,043
18,118
Behavioral Care
27,558
23,416
28,269
Dental
18,558
18,466
18,438
Total Customer Relationships6
185,470
182,208
188,428
Total customer relationships6 at March 31, 2026 decreased 2% from December 31, 2025 to 185.5 million.
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.
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.
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):
Three Months Ended
March 31,
December 31,
2026
2025
2025
Total Adjusted Revenues
Pharmacy Benefit Services
$ 33,002
$ 29,742
$ 36,339
Specialty and Care Services
$ 25,440
$ 23,939
$ 26,717
Adjusted Revenues3
$ 58,442
$ 53,681
$ 63,056
Adjusted Income from Operations, Pre-Tax
Pharmacy Benefit Services
$ 394
$ 544
$ 1,154
Specialty and Care Services
$ 1,072
$ 890
$ 1,034
Adjusted Income from Operations, Pre-Tax1
$ 1,466
$ 1,434
$ 2,188
Margin, Pre-Tax7
2.5%
2.7%
3.5%
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.
For Pharmacy Benefit Services first quarter 2026 relative to first quarter 2025:
Adjusted revenues3 increased 11% primarily due to drug mix.
Adjusted income from operations, pre-tax1, decreased 28%, primarily reflecting expected lower contributions from large client relationships, consistent with prior commentary.
For Specialty and Care Services first quarter 2026 relative to first quarter 2025:
Adjusted revenues3 increased 6% reflecting strong specialty volume growth.
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.
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):
Three Months Ended
March 31,
December 31,
2026
2025
2025
Adjusted Revenues3,8
$ 11,477
$ 14,482
$ 11,172
Adjusted Income from Operations, Pre-Tax1
$ 1,514
$ 1,287
$ 734
Margin, Pre-Tax7
13.2%
8.9%
6.6%
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.
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.
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.
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.
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):
Three Months Ended
March 31,
December 31,
2026
2025
2025
Adjusted (Loss) from Operations, Pre-Tax1
$ (377)
$ (411)
$ (373)
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.
Projection for Full Year Ending
Change from
2026 Consolidated Metrics
December 31, 2026
Prior Projection
Adjusted Income from Operations, per share1,2 at least $30.35 +$0.10
Evernorth Adjusted Income from Operations, Pre-Tax1,2 at least $6,900
Cigna Healthcare Adjusted Income from Operations, Pre-Tax1,2 at least $4,525 +$25
Cigna Healthcare Medical Care Ratio2,4 83.7% to 84.7%
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
Passcode: 04302026
Replay
It is strongly suggested you dial in to the conference call by 8:15 a.m. ET.
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.
2026
March 31,
2025
December 31,
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
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 https://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.
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
Three Months Ended
March 31, 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
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.
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.
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.
Disclaimer
The CIGNA Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 13:52 UTC.