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Cigna (CI) stock

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NYSE: CI NYSE Health Care Services Next results ~November 5, 2026

C Fundamentals grade

The Cigna Group is a global health company. Through its Evernorth Health Services arm it runs pharmacy benefit management under the Express Scripts brand, home-delivery and specialty pharmacy (including Accredo), the CuraScript SD specialty distributor, and care services such as MD Live virtual care and EviCore benefits management. Its Cigna Healthcare arm sells medical, dental, behavioural health, stop-loss and related plans to employers, groups and individuals, plus coverage for globally mobile workers.

Customers include employers, health insurers, third-party administrators, unions, government programmes and individuals. Revenue comes from insurance premiums on fully insured plans, administrative fees on self-funded (administrative services only) arrangements, and charges for pharmacy and specialty services. Major clients named include Centene, Prime Therapeutics and the TRICARE military programme.

The business is organised into two reporting segments, Evernorth Health Services and Cigna Healthcare, alongside Other Operations and Corporate. It operates across more than 30 markets and jurisdictions, employs roughly 67,700 people, reports more than 185 million customer relationships, and traces its incorporation in Delaware to 1981.

Based on Cigna's 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$570

Cash-flow model

Base case. Range ~$410–$790 across our lower- and higher-growth cases (6.3%–16.3% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 94% above it.

Price used: $295.19, November 2, 2026

Cigna valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Cigna files

Where Cigna stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $282.4bn, up 7.8% on a year earlier, slower than 8.8% a quarter earlier. Free-cash-flow margin rose to 3.6% from 2.0% a year earlier. The diluted share count is down 3.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $862 a share, against a share price of $306.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Cigna's trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of 2.7%. Where it stands out: change in share count of -3.8% ranks 8 of 39 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$570 per share in the base case (~$410–$790 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 186.1% while net income grew 27.9%: a 158pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $295.19 is 54% below our value per share of $460.
  • Shrinking share count. Diluted shares fell 3.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Gross margin slipping. Gross margin is down 3.7 points on a year ago.
  • Below peers: change in growth rate. Change in growth rate of -1.1pp ranks 32 of 41 health care services companies we cover (median +1.1pp).

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
$7.78 against an average estimate of $7.60: beat by 2.4%
Revenue
$71.67bn, up 6.7% on a year earlier
Share reaction
-5.9% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
adjusted Income from Operations, per share $30.45 (full year 2026); evernorth Adjusted Income from Operations, Pre-Tax $6,900m (Full Year Ending December 31, 2026)
Next report
November 5, 2026; average EPS estimate $7.51

Cigna's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week-3.5%
  • 1 month+9.1%
  • This year+9.1%
  • 1 year+23.5%
  • 5 years+48.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$282B
Operating margin
3.5%
Net margin
2.3%
EPS (TTM, diluted)
$24.19

Growth

Revenue growth
+7.8%
Change in growth rate
−1.1 pts
Share count change
−3.8%

Cash

Free cash flow (TTM)
$7.6B
FCF margin
2.7%

Earnings

Last results
July 30, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Dividend
  4. Announcement
  5. Leadership
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Insider trade
  11. Results
  12. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cigna valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$460
Price used
$293.28close November 3, 2026
Implied change
▲ +55%
Uncertainty
Medium

How we got here: the combined value of 4 valuation models built for a business like Cigna (see the models table below and how they are combined) , with a 7.14% cost of equity. The models span ~$320–~$570; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cigna's free cash flow after stock-based pay ( $6.9B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cigna as a health plan, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.49 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$510 ~$440–$650 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$570 ~$410–$790 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$320 ~$220–$510 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$370 ~$300–$490 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$460 ~$320–$570 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cigna with health plans in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −38%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $279$414$593$828$1135$1532
8.5% $190$288$417$586$804$1086
10% $137$213$312$441$607$821

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$119.88$182.57$170.77$183.92$187.28$210.29$308.46$283.86$266.07$270.64$295.19
Market value$31.1bn$46.6bn$42.7bn$69.9bn$69.0bn$71.7bn$96.6bn$84.3bn$75.4bn$72.7bn$78.3bn
+ Net debt (− = net cash)−$3.2bn$2.5bn$38.6bn$32.8bn$22.7bn$28.6bn$25.2bn$23.1bn$24.4bn$23.8bn$25.6bn
Enterprise value$27.9bn$49.0bn$81.4bn$102.6bn$91.7bn$100.3bn$121.7bn$107.4bn$99.8bn$96.5bn$103.9bn
Multiples
Price / sales 0.8x1.1x0.9x0.5x0.4x0.4x0.5x0.4x0.3x0.3x0.3x
Price / earnings 16.7x20.8x16.2x13.7x8.2x13.4x14.4x16.3x21.9x12.2x12.2x
Price / free cash flow 8.7x12.9x13.2x8.3x6.7x10.0x11.2x7.1x7.3x7.6x7.6x
EV / EBITDA 7.6x10.9x16.8x8.8x8.4x9.2x10.7x9.3x8.2x8.1x8.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

57 /100

Moderate moat

How hard Cigna's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 27.4% of total assets over 7 years.

  • Pricing power 6 / 20

    Gross margin has been a median 31.3%, moving by 7.9 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median 4.4%; its worst year was 3.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 8 years, at a median 3.3% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 25.5% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (62 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $72.4bn and EPS of $7.51 (range $7.42 to $7.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $30.51 +2% $287.4bn +5%
Next $33.49 +10% $299.2bn +4%

Next year's EPS estimate has moved 0.0% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 3 analysts raised Cigna's forecast and 1 cut it.

Consensus EPS forecast Cigna, last 90 days
$30.00 $31.00 $32.00 $33.00 $34.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $30.41 Current fiscal year, 60 days ago: $30.51 Current fiscal year, 30 days ago: $30.51 Current fiscal year, 7 days ago: $30.51 Current fiscal year, Now: $30.51 $30.51 Next fiscal year, 90 days ago: $33.48 Next fiscal year, 60 days ago: $33.47 Next fiscal year, 30 days ago: $33.45 Next fiscal year, 7 days ago: $33.48 Next fiscal year, Now: $33.49 $33.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $30.41$33.48
60 days ago $30.51$33.47
30 days ago $30.51$33.45
7 days ago $30.51$33.48
Now $30.51$33.49

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $7.60 $7.78 +2.4%
Mar 2026 $7.61 $7.79 +2.4%
Dec 2025 $7.88 $8.08 +2.5%
Sept 2025 $7.64 $7.83 +2.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • Adjusted Income from Operations, per share full year 2026 about $30.45 Non-GAAP Raised
    “2026 outlook 2 for adjusted income from operations 1,2 increased to at least $30.45 per share 2” source
  • Evernorth Adjusted Income from Operations, Pre-Tax · Evernorth Health Services Full Year Ending December 31, 2026 about $6,900m Non-GAAP
    “Evernorth Adjusted Income from Operations, Pre-Tax 1,2 at least $6,900” source
  • Cigna Healthcare Adjusted Income from Operations, Pre-Tax Full Year Ending December 31, 2026 about $4,550m Non-GAAP Raised
    “Cigna Healthcare Adjusted Income from Operations, Pre-Tax 1,2 at least $4,550 +$25” source
  • Cigna Healthcare Medical Care Ratio Full Year Ending December 31, 2026 83.7% to 84.7%
    “Cigna Healthcare Medical Care Ratio 2,4 83.7% to 84.7%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cigna's revenue by +6.2% next year and +8.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.9%, weight 70%) and the company's own record (+11.3%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1771%
Hold729%
Sell00%

Monthly trend

  1. Oct 2026512724
  2. Sep 2026612624
  3. Aug 2026613524
  4. Jul 2026515424

Counts of recommendations published by analysts covering Cigna, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
4.15
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
1.4%
of shares
Employees
65,669
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.5%

$238.99 on October 31, 2025 to $295.19

ThenNowEffect
Revenue (last 12 months) $262.0bn $282.4bn +7.8%
Net margin 1.9% 2.3% +18.6%
P/E multiple 13.1x 12.2x −7.1%
Share count 276m 265m +4.0%

Biggest factor: net margin.

Last 3 years +0.7%

$293.10 on November 3, 2023 to $295.19

ThenNowEffect
Revenue (last 12 months) $186.1bn $282.4bn +51.7%
Net margin 3.6% 2.3% −36.7%
P/E multiple 13.3x 12.2x −8.0%
Share count 302m 265m +13.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CI+12%+47%−8%−6%+2%+9%
Industry peers (median)−3%−28%+8%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CI50%83%42%50%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CI−28%−11%−27%−27%−27%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from January 26, 2018 to March 23, 2020. Getting back needed a 74% gain, reached on January 20, 2021, 303 days after the low.

Price behaviour

52-week range
$250.70 – $315.88
From 52-week high
−6.5%
vs 50-day average
+4.0%
vs 200-day average
+5.6%
Volatility (1 year)
27%
Beta vs S&P 500
0.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.4%
After a week
3 up, 9 down
typical move ±5.7%
After a month
5 up, 7 down
typical move ±5.9%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −5.9% +2.4% −7.2% −5.9%
April 30, 2026 −3.2% +1.3% −2.8% −6.2%
February 5, 2026 +7.5% +0.6% +5.9% −0.2%
October 30, 2025 −18.3% −0.8% −14.3% −8.5%
July 31, 2025 −12.0% −2.0% −9.0% +1.0%
May 2, 2025 −0.6% +0.9% −0.5% −6.6%
January 30, 2025 −3.0% 0.0% −5.3% +2.7%
October 31, 2024 +1.2% −1.5% +2.1% +7.7%
August 1, 2024 −3.3% −3.3% −3.9% +3.8%
May 2, 2024 −4.4% +2.2% −1.7% −4.4%
February 2, 2024 +4.5% +0.7% +9.0% +8.7%
November 2, 2023 +0.4% +2.8% −6.6% −15.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cigna’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.49× the last 60 days’ realised volatility , richer than 92% of the 229 stocks we screen today.
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is 1.49x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cigna in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cigna
$150B $200B $250B $300B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $189.9B Revenue (TTM), FY23 Q4: $195.3B Revenue (TTM), FY24 Q1: $206B Revenue (TTM), FY24 Q2: $217.9B Revenue (TTM), FY24 Q3: $232.6B Revenue (TTM), FY24 Q4: $247.1B Revenue (TTM), FY25 Q1: $255.4B Revenue (TTM), FY25 Q2: $262B Revenue (TTM), FY25 Q3: $268.1B Revenue (TTM), FY25 Q4: $274.9B Revenue (TTM), FY26 Q1: $277.9B Revenue (TTM), FY26 Q2: $282.4B $282.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $189.9B
FY23 Q4 $195.3B
FY24 Q1 $206B
FY24 Q2 $217.9B
FY24 Q3 $232.6B
FY24 Q4 $247.1B
FY25 Q1 $255.4B
FY25 Q2 $262B
FY25 Q3 $268.1B
FY25 Q4 $274.9B
FY26 Q1 $277.9B
FY26 Q2 $282.4B
Revenue growth, TTM YoY Cigna
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.2% Revenue growth, TTM YoY, FY23 Q4: 8.2% Revenue growth, TTM YoY, FY24 Q1: 12.6% Revenue growth, TTM YoY, FY24 Q2: 17.1% Revenue growth, TTM YoY, FY24 Q3: 22.5% Revenue growth, TTM YoY, FY24 Q4: 26.6% Revenue growth, TTM YoY, FY25 Q1: 24.0% Revenue growth, TTM YoY, FY25 Q2: 20.2% Revenue growth, TTM YoY, FY25 Q3: 15.3% Revenue growth, TTM YoY, FY25 Q4: 11.2% Revenue growth, TTM YoY, FY26 Q1: 8.8% Revenue growth, TTM YoY, FY26 Q2: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.2%
FY23 Q4 8.2%
FY24 Q1 12.6%
FY24 Q2 17.1%
FY24 Q3 22.5%
FY24 Q4 26.6%
FY25 Q1 24.0%
FY25 Q2 20.2%
FY25 Q3 15.3%
FY25 Q4 11.2%
FY26 Q1 8.8%
FY26 Q2 7.8%
Operating margin (TTM) Cigna
3% 3.5% 4% 4.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.3% Operating margin (TTM), FY23 Q4: 4.4% Operating margin (TTM), FY24 Q1: 4.3% Operating margin (TTM), FY24 Q2: 4.1% Operating margin (TTM), FY24 Q3: 4.0% Operating margin (TTM), FY24 Q4: 3.8% Operating margin (TTM), FY25 Q1: 3.6% Operating margin (TTM), FY25 Q2: 3.4% Operating margin (TTM), FY25 Q3: 3.4% Operating margin (TTM), FY25 Q4: 3.3% Operating margin (TTM), FY26 Q1: 3.4% Operating margin (TTM), FY26 Q2: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.3%
FY23 Q4 4.4%
FY24 Q1 4.3%
FY24 Q2 4.1%
FY24 Q3 4.0%
FY24 Q4 3.8%
FY25 Q1 3.6%
FY25 Q2 3.4%
FY25 Q3 3.4%
FY25 Q4 3.3%
FY26 Q1 3.4%
FY26 Q2 3.5%
FCF margin (TTM) Cigna
0% 2% 4% 6% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.0% FCF margin (TTM), FY23 Q4: 4.5% FCF margin (TTM), FY24 Q1: 4.2% FCF margin (TTM), FY24 Q2: 2.9% FCF margin (TTM), FY24 Q3: 1.6% FCF margin (TTM), FY24 Q4: 3.1% FCF margin (TTM), FY25 Q1: 1.9% FCF margin (TTM), FY25 Q2: 1.0% FCF margin (TTM), FY25 Q3: 2.2% FCF margin (TTM), FY25 Q4: 2.5% FCF margin (TTM), FY26 Q1: 2.2% FCF margin (TTM), FY26 Q2: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.0%
FY23 Q4 4.5%
FY24 Q1 4.2%
FY24 Q2 2.9%
FY24 Q3 1.6%
FY24 Q4 3.1%
FY25 Q1 1.9%
FY25 Q2 1.0%
FY25 Q3 2.2%
FY25 Q4 2.5%
FY26 Q1 2.2%
FY26 Q2 2.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cigna took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $275B
  2. Cost of revenue $215B · 78.2%
  3. Gross profit $59.9B · 21.8%
  4. Selling, general and admin $14.6B · 5.3%
  5. Other operating costs $36.1B · 13.1%
  6. Operating income $9.2B · 3.3%
  7. Income tax $1.5B · 0.5%
  8. Interest and other $1.8B · 0.6%
  9. Net income $6B · 2.2%

Shares of revenue. Source: Cigna's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 39.8 41.8 48.7 153.6 160.4 174.1 180.5 195.3 247.1 274.9 282.4
Gross profit 37.4 39.4 43.9 55.9 56.9 56.5 55.7 61.5 64.6 59.9 58.3
EBITDA 3.7 4.5 4.9 11.7 11.0 10.9 11.4 11.6 12.2 12.0 12.7
Operating income 3.1 3.9 4.2 8.1 8.2 7.9 8.5 8.5 9.4 9.2 10.0
Net income 1.9 2.2 2.6 5.1 8.5 5.4 6.7 5.2 3.4 6.0 6.4
Diluted EPS $7.19 $8.77 $10.54 $13.44 $22.96 $15.75 $21.41 $17.39 $12.12 $22.18 $24.19
Growth (year on year)
Revenue — +4.9% +16.4% +215.7% +4.5% +8.5% +3.7% +8.2% +26.6% +11.2% +7.8%
EBITDA — +21.9% +7.7% +141.6% −6.6% −0.8% +4.8% +1.6% +5.4% −1.8% +8.6%
Operating income — +27.7% +5.5% +94.2% +0.9% −2.6% +6.4% +1.0% +10.3% −2.3% +10.3%
Net income — +19.8% +17.9% +93.6% +65.7% −36.5% +24.8% −23.0% −33.5% — —
Diluted EPS — +22.0% +20.2% +27.5% +70.8% −31.4% +35.9% −18.8% −30.3% — —
Margins
Gross margin 93.8% 94.1% 90.1% 36.4% 35.5% 32.5% 30.8% 31.5% 26.1% 21.8% 20.6%
EBITDA margin 9.3% 10.8% 10.0% 7.6% 6.8% 6.2% 6.3% 5.9% 4.9% 4.4% 4.5%
Operating margin 7.8% 9.4% 8.6% 5.3% 5.1% 4.6% 4.7% 4.4% 3.8% 3.3% 3.5%
Net margin 4.7% 5.4% 5.4% 3.3% 5.3% 3.1% 3.7% 2.6% 1.4% 2.2% 2.3%
Free-cash-flow margin 8.9% 8.6% 6.7% 5.5% 6.5% 4.1% 4.8% 6.0% 4.2% 3.5% 3.6%
Cash flow
Cash from operations 4.0 4.1 3.8 9.5 10.4 7.2 8.7 11.8 10.4 9.6 10.3
Capital spending 0.5 0.5 0.5 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 3.6 3.6 3.2 8.4 10.4 7.2 8.7 11.8 10.4 9.6 10.3
Stock-based pay 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 —
Free cash flow after stock pay 3.4 3.4 3.1 8.1 10.1 6.9 8.4 11.5 10.1 9.3 —
Balance sheet
Cash 3.2 3.0 3.9 4.6 10.2 5.1 5.9 7.8 7.6 7.7 6.3
Total debt 0.0 5.4 42.5 37.4 32.9 33.7 31.1 30.9 32.0 31.5 31.9
Net debt (negative = net cash) −3.2 2.5 38.6 32.8 22.7 28.6 25.2 23.1 24.4 23.8 25.6
Diluted shares 260m 255m 250m 380m 368m 341m 313m 297m 283m 269m 265m
Returned to shareholders
Dividends — — — 0.0 0.0 1.3 1.4 1.5 1.6 1.6 1.6
Buybacks 0.1 2.7 0.3 2.0 4.0 7.7 7.6 2.3 7.0 3.6 1.3
Total returned 0.1 2.7 0.3 2.0 4.1 9.1 9.0 3.7 8.6 5.2 2.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $157.1bn
Short-term assets $47.0bnLonger-term assets $110.1bn
What it owes, and who funded it · $156.8bn
Short-term liabilities $55.6bnLonger-term liabilities $58.6bnShareholders' equity $42.6bn
  • Short-term assets cover short-term liabilities $47.0bn of assets due within a year against $55.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $47.0bn short-term assets against $58.6bn of longer-dated liabilities.
  • More cash than debt $6.3bn of cash against $31.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 75% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 66% to 75% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.3bn of operating cash flow against $31.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $10.0bn against $1.4bn of interest.

From Cigna's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.3B
Dividends (TTM)
$1.6B
Returned to shareholders
38%
of free cash flow
Buybacks, last 3 fiscal years
$12.9B
Diluted share count
−3.8%
year over year
Total shareholder yield
3.7%
dividends 2.1% + buybacks 1.6% of market value
Dividend payout ratio
25%
of net income paid out
Sales & admin spending
5.0%
of revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated CI CVS BTSG LH DVA DGX Median
Revenue, last 12 months $282.4bn $415.1bn $15.3bn $14.6bn $14.2bn $11.8bn $1.2bn
Revenue growth, last 12 months 7.8% 7.4% 35.9% 6.0% 6.4% 9.1% 7.3%
Revenue growth, 3-year average 14.9% 7.0% — 6.6% 6.0% 8.4% 11.3%
Revenue growth, latest quarter 6.7% 7.3% 26.4% 6.9% 4.6% 10.0% 8.5%
Gross margin 20.6% 44.5% 12.5% 29.0% — 33.1% 27.9%
Operating margin 3.5% 2.0% 3.4% 10.3% 15.0% 14.6% 2.3%
Operating margin, 3-year average 3.7% 2.6% 2.0% 8.6% 15.2% 13.9% 2.3%
Net margin 2.3% 1.2% 2.7% 6.9% 6.5% 9.5% 1.2%
Cash from operations / revenue 3.6% 3.6% 4.0% 12.4% 13.2% 16.5% 6.1%
Free-cash-flow margin 2.7% 2.8% 3.2% 8.8% 9.1% 11.6% 5.1%
Free-cash-flow margin, 3-year average 2.2% 1.8% 1.9% 8.5% 10.0% 11.7% 3.6%
Stock pay / revenue — 0.2% 0.4% 0.9% 0.9% 0.7% 1.1%
Change in share count −3.8% 1.2% 6.4% −1.9% −14.1% −1.1% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 7.8% 7.3% 19 of 41
Change in growth rate Growth -1.1pp +1.1pp 32 of 41
Gross margin Profitability 20.6% 29.0% 19 of 27
Operating margin Profitability 3.5% 2.6% 17 of 40
Net margin Profitability 2.3% 1.2% 19 of 41
Free-cash-flow margin Cash generation 2.7% 5.1% 25 of 40
Long-term debt as % of assets Balance sheet 18.5% 27.7% 13 of 31
Change in share count Balance sheet -3.8% 0.4% 8 of 39

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $217B ▲ 16.9%
Services $16.9B ▲ 14.4%
Service Fees and Other Revenues $16.9B ▲ 14.4%
Other services $696M ▲ 19.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Cigna's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$65.5B
Institutions reporting
1,684
Shares held vs prior quarter
▲ 1.0%
Positions opened / closed
133 / 100

Top buyers and sellers, Q2 2026: 806 institutions bought and 673 sold ; the biggest buyer was Hotchkis & Wiley Capital Management LLC (+1.5M shares) and the biggest seller FMR LLC (−2.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.5B 23.4M 9.9% ▲ 3.7%
Vanguard Capital Management LLC $4.8B 17.3M 7.3% ▲ 0.9%
State Street Corp $3.5B 12.7M 5.3% ▲ 3.2%
Dodge & Cox $3.4B 12.2M 5.1% ▲ 5.3%
Massachusetts Financial Services Co $2.9B 10.4M 4.4% ▼ 9.9%
Sanders Capital, LLC $2.8B 10.1M 4.3% ▼ 1.4%
FMR LLC $2.2B 8.0M 3.4% ▼ 26.8%
Geode Capital Management, LLC $1.7B 6.3M 2.6% ▲ 1.1%
Vanguard Portfolio Management LLC $1.7B 6.2M 2.6% ▲ 1.1%
GQG Partners LLC $1.6B 5.9M 2.5% ▼ 1.6%
Jpmorgan Chase & Co $1.4B 5.2M 2.2% ▼ 10.5%
Morgan Stanley $1B 3.7M 1.6% ▲ 7.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cigna's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $999,916 1 trade by 1 insider, last 12 months Insider sales History → $66.8M 19 trades by 4 insiders · 100% under pre-set plans
Net ▼ $65.8M net selling
Insider Date Trade Shares Price Value
Neville Everett See Remarks September 3, 2026 Sell pre-set plan 617 $284.05 $175,259
Jones Nicole S See Remarks August 18, 2026 Sell pre-set plan 2,677 $279.61 $748,516
Jones Nicole S See Remarks August 4, 2026 Sell pre-set plan 19,436 $276.27 $5.4M
Kates Jamie G Chief Accounting Officer June 12, 2026 Sell 899 $298.61 $268,452
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 2,231 $298.53 $666,027
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 15,319 $298.24 $4.6M
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 2,017 $296.84 $598,718
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 34,641 $295.98 $10.3M
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 38,487 $294.98 $11.4M
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 2,142 $293.92 $629,574
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 7,861 $292.88 $2.3M
Cordani David Chairman & CEO May 12, 2026 Sell pre-set plan 12,315 $291.95 $3.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 79 trades and filings

In the last 12 months, 3 members of Congress disclosed 1 purchase and 6 sales of Cigna shares.

  • Jared Moskowitz(D-FL 23):Sale (full), $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026
  • Jared Moskowitz(D-FL 23):Sale (full), $1,001 - $15,000, traded March 23, 2026, filed April 30, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025
  • May 2, 2025

Recent SEC filings

Data status

When each part of this page on Cigna was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cigna in brief

What does Cigna do?
Cigna is a US-listed company in the health care services industry. Its financial year ends in December.
What is Cigna's stock ticker?
Cigna trades under the ticker CI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cigna's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cigna reported revenue of $282B, 7.8% higher than a year earlier, according to its SEC filings.
What is Cigna's free cash flow?
Cigna's free-cash-flow margin is 2.7% of revenue over the trailing twelve months, ranking 25 of the 40 health care services companies we cover.
What is Cigna's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cigna's free cash flow after stock-based pay gives ~$570 per share in the base case, and ~$410–$790 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cigna's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cigna buying back stock, and does it pay a dividend?
Cigna spent $1.3B on share repurchases over the trailing twelve months, and its diluted share count fell 3.8% over the year.
What is Cigna's market cap?
On November 2, 2026, Cigna's market capitalisation was about $78.3B, with a price-to-earnings ratio of 12.2 and net debt of $25.6B. Market figures come from third-party market data and may be delayed.
Does Cigna pay a dividend?
Yes: Cigna paid $1.6B in dividends over the trailing twelve months, a dividend yield of 2.09% and a payout ratio of 25.3%.
How much debt does Cigna have?
Cigna's debt-to-equity ratio is 74.8%, from its latest balance sheet (66.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cigna's competitors?
In our Health Care Services peer group, the companies closest to Cigna are CVS Health, Brightspring Health Services, Inc., Labcorp, DaVita and Quest Diagnostics. The side-by-side comparison below sets their revenue, margins and growth against Cigna's.
Are insiders buying or selling Cigna stock?
Over the last 12 months, Cigna's directors and officers reported 1 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Cigna's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cigna announces its own schedule.