The Cigna Group (CI) Q4 2025 earnings summary

Executive summary

• Achieved full-year 2025 adjusted revenue of $275 billion, up 11% year-over-year, and adjusted EPS of $29.84, a 9% increase, with strong performance across Evernorth and Cigna Healthcare.

• Completed the sale of the Medicare business and expanded specialty capabilities, including investment in Shields Health Solutions.

• Resolved FTC matters with a global settlement, providing $7 billion in out-of-pocket cost relief over 10 years and increasing transparency.

• Returned over $5 billion to shareholders through dividends and share repurchases in 2025.

• Shareholders' net income for 2025 was $6.0 billion ($22.18 per share), up from $3.4 billion ($12.12 per share) in 2024, which included a one-time investment loss.

Financial highlights

• Full-year 2025 consolidated adjusted revenues reached $275 billion; adjusted after-tax earnings were $8 billion.

• Evernorth's specialty and care services revenue grew 14% year-over-year to $26.7 billion; pharmacy benefit services revenue was $36.3 billion.

• Cigna Healthcare delivered Q4 adjusted revenues of $11.2 billion and pre-tax adjusted earnings of $734 million.

• Fourth quarter cash flow from operations was strong, with $9.6 billion for the full year.

• SG&A expense ratio improved to 5.0% for Q4 2025 and 5.3% for the full year, reflecting a favorable business mix shift.

Outlook and guidance

• 2026 consolidated adjusted revenues expected to be approximately $280 billion; adjusted EPS guidance of at least $30.25.

• 2026 adjusted income from operations projected at least $7.95 billion (at least $30.25 per share).

• Evernorth 2026 adjusted earnings expected at least $6.9 billion; Cigna Healthcare at least $4.5 billion.

• Projected 2026 medical care ratio (MCR) for Cigna Healthcare is 83.7%-84.7%, with total medical customers expected at 18.1 million.

• 2026 cash flow from operations expected at $9 billion, with $1.3 billion in capital expenditures and $1.6 billion in dividends.