The Cigna Group Reports Strong Third Quarter 2025 Results, Reaffirms 2025 Adjusted EPS Outlook

BLOOMFIELD, Conn., Oct. 30, 2025 /PRNewswire/ -- Global health company The Cigna Group (NYSE: CI) today reported third quarter 2025 results that reflect strategic execution across its diverse portfolio of businesses.

"Our strong quarterly results reflect the breadth of our businesses and focused execution on our growth strategy, even in a dynamic environment," said David M. Cordani, chairman and CEO of The Cigna Group. "We continue to lead positive change and are addressing some of healthcare's biggest challenges. Our new market-defining rebate-free pharmacy benefit model will further lower costs and enhance transparency for the benefit of those we serve."

Shareholders' net income for third quarter 2025 was $1.9 billion, or $6.98 per share. This compares with $0.7 billion, or $2.63 per share, for third quarter 2024, which included a one-time non-cash after-tax investment loss of $1.0 billion, or $3.69 per share.

The Cigna Group's adjusted income from operations 1 for third quarter 2025 was $2.1 billion, or $7.83 per share, compared with $2.1 billion, or $7.51 per share, for third quarter 2024.

A reconciliation of shareholders' net income to adjusted income from operations 1 is provided on the following page and on Exhibit 1 of this earnings release.

CONSOLIDATED HIGHLIGHTS

The following table includes highlights of results and reconciliations of total revenues to adjusted revenues 3 and shareholders' net income to adjusted income from operations 1:

Consolidated Financial Results (dollars in millions):

Three Months Ended

Nine Months

Ended

September 30,

June 30,

September 30,

2025

2024

2025

Total Revenues

$ 69,748

$ 63,694

$ 67,178

$ 202,428

Net Investment Results from Equity Method Investments 3

(178)

(177)

(44)

(272)

Special Item related to Impairment of dividend receivable 3

—

182

—

Adjusted Revenues 3

$ 69,570

$ 63,699

$ 67,134

$ 202,156

Consolidated Earnings, net of taxes

Shareholders' Net Income

$ 1,868

$ 739

$ 1,532

$ 4,723

Net Investment (Gains) Losses 1

(43)

740

(103)

(194)

Amortization of Acquired Intangible Assets 1

332

333

330

998

Special Items 1

(61)

300

171

339

Adjusted Income from Operations 1

$ 2,096

$ 2,112

$ 1,930

$ 5,866

Shareholders' Net Income, per share

$ 6.98

$ 2.63

$ 5.71

$ 17.52

Adjusted Income from Operations 1, per share

$ 7.83

$ 7.51

$ 7.20

$ 21.76

CUSTOMER RELATIONSHIPS

The following table summarizes The Cigna Group's medical customers and overall customer relationships:

Customer Relationships (in thousands):

As of the Periods Ended

September 30,

June 30,

December 31,

2025

2024

2025

2024

Total Pharmacy Customers 5

122,486

119,996

121,892

118,304

U.S. Healthcare

16,352

17,406

16,355

17,502

International Health

1,707

1,642

1,691

1,645

Total Medical Customers 5

18,059

19,048

18,046

19,147

Behavioral Care

23,526

23,662

23,852

23,932

Dental

18,419

18,251

18,446

18,258

Medicare Part D

—

2,557

—

2,571

Total Customer Relationships 5

182,490

183,514

182,236

182,212

HIGHLIGHTS OF SEGMENT RESULTS

See Exhibit 1 for a reconciliation of adjusted income from operations 1 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

Nine Months

Ended

September 30,

June 30,

September 30,

2025

2024

2025

Total Adjusted Revenues

Pharmacy Benefit Services

$ 34,091

$ 28,812

$ 31,954

$ 95,787

Specialty and Care Services

$ 26,300

$ 23,825

$ 25,871

$ 76,110

Adjusted Revenues 3

$ 60,391

$ 52,637

$ 57,825

$ 171,897

Adjusted Income from Operations, Pre-Tax

Pharmacy Benefit Services

$ 975

$ 1,038

$ 833

$ 2,352

Specialty and Care Services

$ 928

$ 838

$ 863

$ 2,681

Adjusted Income from Operations, Pre-Tax 1

$ 1,903

$ 1,876

$ 1,696

$ 5,033

Margin, Pre-Tax 7

3.2 %

3.6 %

2.9 %

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 health plans. 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") 6 on March 19, 2025.

Financial Results (dollars in millions):

Three Months Ended

Nine Months

Ended

September 30,

June 30,

September 30,

2025

2024

2025

Adjusted Revenues 3,8

$ 10,755

$ 13,163

$ 10,754

$ 35,991

Adjusted Income from Operations, Pre-Tax 1

$ 1,038

$ 1,174

$ 1,094

$ 3,419

Margin, Pre-Tax 7

9.7 %

8.9 %

10.2 %

9.5 %

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

Nine Months

Ended

September 30,

June 30,

September 30,

2025

2024

2025

Adjusted (Loss) from Operations, Pre-Tax 1

$ (363)

$ (431)

$ (357)

$ (1,131)

2025 OUTLOOK 2

The Cigna Group's outlook 2 for full year 2025 consolidated adjusted income from operations 1,2 is at least $29.60 per share 2. Additionally, this outlook includes the impact of expected future share repurchases and anticipated 2025 dividends.

(dollars in millions, except where noted and per share amounts)

2025 Consolidated Metrics

Projection for Full Year Ending

December 31, 2025

Adjusted Income from Operations, per share 1,2

at least $29.60

Evernorth Adjusted Income from Operations, Pre-Tax 1,2

at least $7,200

Cigna Healthcare Adjusted Income from Operations, Pre-Tax 1,2

at least $4,125

Cigna Healthcare Medical Care Ratio 2,4

83.2% to 84.2%

The foregoing statements represent the Company's current estimates of The Cigna Group's 2025 consolidated and segment adjusted income from operations 1,2 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 third quarter 2025 results and discuss full year 2025 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: 10302025

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 more than 180 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 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.

2. 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.

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 2025 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 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. Operating ratios are defined as follows:

5. Customer relationships are defined as follows:

6. 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").

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

Nine Months

Ended

September 30,

June 30,

September 30,

2025

2024

2025

Cigna Healthcare Adjusted Revenues 3

$ 10,755

$ 13,163

$ 10,754

$ 35,991

Less: U.S. Healthcare - divested businesses

revenues

—

2,998

—

3,850

Cigna Healthcare Adjusted Revenues 3

excluding U.S. Healthcare - divested

businesses revenues

$ 10,755

$ 10,165

$ 10,754

$ 32,141

9. Medical costs payable within the Cigna Healthcare segment are presented net of reinsurance and other recoverables. The gross medical costs payable balance was $4.68 billion as of September 30, 2025, $4.64 billion as of June 30, 2025, and $5.09 billion as of September 30, 2024.

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 2025 (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 achieve our strategic and operational initiatives; our ability to adapt to changes in an evolving and rapidly changing industry; our ability to compete effectively, differentiate our products and services from those of our competitors and maintain or increase market share; 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; 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; 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; changes in drug pricing or industry pricing benchmarks; 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; 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; dependence on success of relationships with third parties; risk of significant disruption within our operations or among key suppliers or third parties; potential liability in connection with managing medical practices and operating pharmacies, onsite clinics and other types of medical facilities; 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; uncertainties surrounding participation in government-sponsored programs and providing services to payors who participate in government-sponsored programs; the outcome of litigation, regulatory audits and investigations; compliance with applicable privacy, security and data laws, regulations and standards; potential failure of our prevention, detection and control systems; 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

Nine Months Ended

Three Months Ended

September 30,

June 30,

(Dollars in millions, except per share amounts)

2025

2024

2025

2024

2025

REVENUES

Pharmacy revenues

$ 56,054

$ 48,284

$ 158,336

$ 135,421

$ 53,649

Premiums

9,081

11,436

30,973

34,493

9,156

Fees and other revenues

4,380

3,889

12,412

10,862

4,137

Net investment income

233

707

696

236

Total revenues

69,748

63,694

202,428

181,472

67,178

Net investment results from certain equity method investments

(178)

(177)

(272)

(238)

(44)

Special item related to impairment of dividend receivable

—

182

—

182

—

Adjusted revenues (1)

$ 69,570

$ 63,699

$ 202,156

$ 181,416

$ 67,134

Shareholders' net income

$ 1,868

$ 739

$ 4,723

$ 2,010

$ 1,532

Pre-tax adjusted income (loss) from operations by segment

Evernorth Health Services

$ 1,903

$ 1,876

$ 5,033

$ 4,855

$ 1,696

Cigna Healthcare

1,038

1,174

3,419

3,718

1,094

Corporate and Other Operations

(363)

(431)

(1,131)

(1,273)

(357)

Adjusted income tax expense

(482)

(507)

(1,455)

(1,404)

(503)

Consolidated after-tax adjusted income from operations

$ 2,096

$ 2,112

$ 5,866

$ 5,896

$ 1,930

Weighted average shares (in thousands)

267,530

281,396

269,527

285,042

268,154

Common shares outstanding (in thousands)

267,072

279,839

266,901

SHAREHOLDERS' EQUITY at September 30,

$ 41,805

$ 42,095

SHAREHOLDERS' EQUITY PER SHARE at September 30,

$ 156.53

$ 150.43

Three Months Ended

Nine Months Ended

Three Months Ended

September 30,

June 30,

2025

2024

2025

2024

2025

(Dollars in millions, except per share amounts)

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

SHAREHOLDERS' NET INCOME

Shareholders' net income

$ 1,868

$ 739

$ 4,723

$ 2,010

$ 1,532

Adjustments to reconcile adjusted income from operations

Net investment (gains) losses (2)

$ (204)

(43)

$ 744

740

$ (348)

(194)

$ 2,567

2,547

$ (96)

(103)

Amortization of acquired intangible assets

436

332

436

333

1,280

998

1,279

972

422

330

Special Items

Strategic optimization program

222

168

—

566

429

—

129

Integration and transaction-related costs

297

226

177

135

(Gain) loss on sale of businesses

(38)

(241)

(79)

(356)

106

—

(Benefits) associated with litigation matters

(17)

(13)

—

(17)

(13)

—

Deferred tax expenses, net

—

Impairment of dividend receivable

—

182

138

—

182

138

—

Adjusted income from operations (3)

$ 2,096

$ 2,112

$ 5,866

$ 5,896

$ 1,930

DILUTED EARNINGS PER SHARE

Shareholders' net income

$ 6.98

$ 2.63

$ 17.52

$ 7.05

$ 5.71

Adjustments to reconcile to adjusted income from operations

Net investment (gains) losses (2)

$ (0.76)

(0.16)

$ 2.64

2.63

$ (1.29)

(0.72)

$ 9.00

8.93

$ (0.36)

(0.38)

Amortization of acquired intangible assets

1.63

1.24

1.55

1.18

4.74

3.70

4.49

3.41

1.57

1.23

Special Items

Strategic optimization program

0.82

0.63

—

2.10

1.59

—

0.48

0.37

Integration and transaction-related costs

0.03

0.02

0.27

0.21

1.10

0.84

0.62

0.48

0.28

0.21

(Gain) loss on sale of businesses

(0.14)

(0.90)

0.31

0.22

(0.29)

(1.32)

0.37

0.07

—

(Benefits) associated with litigation matters

(0.06)

(0.05)

—

(0.06)

(0.05)

—

Deferred tax expenses, net

—

0.07

—

0.15

—

0.20

—

0.26

—

0.06

Impairment of dividend receivable

—

0.65

0.49

—

0.64

0.48

—

Adjusted income from operations (3)

$ 7.83

$ 7.51

$ 21.76

$ 20.68

$ 7.20

(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.

INVESTOR RELATIONS CONTACT:

Ralph Giacobbe

860-787-7968

Ralph.Giacobbe@TheCignaGroup.com

MEDIA CONTACT:

Justine Sessions

860-810-6523

Justine.Sessions@Evernorth.com

SOURCE The Cigna Group