--- title: "Cigna | 10-K: FY2025 Revenue Beats Estimate at USD 274.9 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277076235.md" datetime: "2026-02-26T17:11:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277076235.md) - [en](https://longbridge.com/en/news/277076235.md) - [zh-HK](https://longbridge.com/zh-HK/news/277076235.md) --- # Cigna | 10-K: FY2025 Revenue Beats Estimate at USD 274.9 B Revenue: As of FY2025, the actual value is USD 274.9 B, beating the estimate of USD 269.86 B. EPS: As of FY2025, the actual value is USD 22.18, missing the estimate of USD 24.0607. EBIT: As of FY2025, the actual value is USD 9.562 B. ### Overall Company Financial Highlights - \#### Shareholders’ Net Income - 2025: $5,957 million - 2024: $3,434 million - 2023: $5,164 million - 2025 vs. 2024 Change: 73% increase - 2024 vs. 2023 Change: -34% decrease - \#### Adjusted Income from Operations - 2025: $8,014 million - 2024: $7,741 million - 2023: $7,448 million - 2025 vs. 2024 Change: 4% increase - 2024 vs. 2023 Change: 4% increase - \#### Medical Customers (in thousands) - 2025: 18,118 - 2024: 19,147 - 2023: 19,780 - 2025 vs. 2024 Change: -5% decrease - 2024 vs. 2023 Change: -3% decrease - \#### Consolidated Effective Tax Rate - 2025: 19.2% - 2024: 28.3% - 2023: 2.6% - 2025 vs. 2024 Change: -910 bps - 2024 vs. 2023 Change: 2,570 bps ### Evernorth Health Services Segment - \#### Adjusted Revenues - 2025: $234,953 million - 2024: $202,155 million - 2023: $153,499 million - 2025 vs. 2024 Change: 16% increase - 2024 vs. 2023 Change: 32% increase - \#### Pre-tax Adjusted Income from Operations - 2025: $7,221 million - 2024: $7,001 million - 2023: $6,442 million - 2025 vs. 2024 Change: 3% increase - 2024 vs. 2023 Change: 9% increase - \#### Pre-tax Margin - 2025: 3.1% - 2024: 3.5% - 2023: 4.2% - 2025 vs. 2024 Change: -40 bps - 2024 vs. 2023 Change: -70 bps - \#### SG&A Expense Ratio - 2025: 1.8% - 2024: 1.9% - 2023: 2.2% - 2025 vs. 2024 Change: -10 bps - 2024 vs. 2023 Change: -30 bps - \#### Pharmacy Claim Volume (in millions) - 2025: 2,222 - 2024: 2,120 - 2023: 1,585 - 2025 vs. 2024 Change: 5% increase - 2024 vs. 2023 Change: 34% increase #### Evernorth Health Services - Operating Sub-segments - \##### Pharmacy Benefit Services - Adjusted Revenues - 2025: $132,126 million - 2024: $111,822 million - 2023: $76,792 million - 2025 vs. 2024 Change: 18% increase - 2024 vs. 2023 Change: 46% increase - \##### Pharmacy Benefit Services - Pre-tax Adjusted Income from Operations - 2025: $3,506 million - 2024: $3,577 million - 2023: $3,469 million - 2025 vs. 2024 Change: -2% decrease - 2024 vs. 2023 Change: 3% increase - \##### Specialty and Care Services - Adjusted Revenues - 2025: $102,827 million - 2024: $90,333 million - 2023: $76,707 million - 2025 vs. 2024 Change: 14% increase - 2024 vs. 2023 Change: 18% increase - \##### Specialty and Care Services - Pre-tax Adjusted Income from Operations - 2025: $3,715 million - 2024: $3,424 million - 2023: $2,973 million - 2025 vs. 2024 Change: 8% increase - 2024 vs. 2023 Change: 15% increase ### Cigna Healthcare Segment - \#### Adjusted Revenues - 2025: $47,163 million - 2024: $52,914 million - 2023: $51,205 million - 2025 vs. 2024 Change: -11% decrease - 2024 vs. 2023 Change: 3% increase - \#### Pre-tax Adjusted Income from Operations - 2025: $4,153 million - 2024: $4,229 million - 2023: $4,478 million - 2025 vs. 2024 Change: -2% decrease - 2024 vs. 2023 Change: -6% decrease - \#### Pre-tax Margin - 2025: 8.8% - 2024: 8.0% - 2023: 8.7% - 2025 vs. 2024 Change: 80 bps - 2024 vs. 2023 Change: -70 bps - \#### Medical Care Ratio - 2025: 84.4% - 2024: 83.2% - 2023: 81.3% - 2025 vs. 2024 Change: 120 bps - 2024 vs. 2023 Change: 190 bps - \#### SG&A Expense Ratio - 2025: 20.2% - 2024: 20.4% - 2023: 21.6% - 2025 vs. 2024 Change: -20 bps - 2024 vs. 2023 Change: -120 bps - \#### Medical Customers (in thousands) - **U.S. Healthcare**: - 2025: 2,548 - 2024: 3,853 - 2023: 4,280 - 2025 vs. 2024 Change: -34% decrease - 2024 vs. 2023 Change: -10% decrease - **International Health**: - 2025: 1,260 - 2024: 1,211 - 2023: 1,184 - 2025 vs. 2024 Change: 4% increase - 2024 vs. 2023 Change: 2% increase - **Insured**: - 2025: 3,808 - 2024: 5,064 - 2023: 5,464 - 2025 vs. 2024 Change: -25% decrease - 2024 vs. 2023 Change: -7% decrease - **Administrative Services Only**: - 2025: 14,310 - 2024: 14,083 - 2023: 14,316 - 2025 vs. 2024 Change: 2% increase - 2024 vs. 2023 Change: -2% decrease - \#### Unpaid Claims and Claim Expenses - 2025: $4,241 million - 2024: $5,018 million - 2023: $5,092 million - 2025 vs. 2024 Change: -15% decrease - 2024 vs. 2023 Change: -1% decrease ### Other Operations Segment - \#### Adjusted Revenues - 2025: $674 million - 2024: $828 million - 2023: $596 million - 2025 vs. 2024 Change: -19% decrease - 2024 vs. 2023 Change: 39% increase - \#### Pre-tax Adjusted Income (Loss) from Operations - 2025: $89 million - 2024: - $9 million - 2023: $96 million - 2025 vs. 2024 Change: N/M - 2024 vs. 2023 Change: N/M - \#### Pre-tax Margin - 2025: 13.2% - 2024: -1.1% - 2023: 16.1% - 2025 vs. 2024 Change: 1,430 bps - 2024 vs. 2023 Change: -1,720 bps ### Corporate Segment - \#### Pre-tax Adjusted Loss from Operations - 2025: - $1,593 million - 2024: - $1,688 million - 2023: - $1,698 million - 2025 vs. 2024 Change: -6% decrease - 2024 vs. 2023 Change: -1% decrease ### Cash Flow - \#### Operating Activities - 2025: $9,601 million - 2024: $10,363 million - 2023: $11,813 million - \#### Investing Activities - 2025: - $4,407 million - 2024: - $2,102 million - 2023: - $5,174 million - \#### Financing Activities - 2025: - $6,421 million - 2024: - $7,647 million - 2023: - $4,294 million ### Other Key Metrics - \#### Debt-to-Capitalization Ratio - 2025: 43.0% - 2024: 43.8% - \#### Share Repurchases - 2025: 11.9 million shares for approximately $3.6 billion - 2024: 20.9 million shares for approximately $7.0 billion - \#### Capital Expenditures - 2025: $1.2 billion - 2024: $1.4 billion - \#### Common Dividends Declared (per share) - 2025: $6.04 - 2024: $5.60 - 2023: $4.92 - \#### Revenues from a Single Pharmacy Benefit Client - 2025: Approximately 19% of total revenue from external customers - 2024: Approximately 16% of total revenue from external customers - \#### Revenues from U.S. Federal Government Agencies - 2024: 11% of total revenue from external customers - 2023: 15% of total revenue from external customers - \#### Workforce Demographics (as of year-end 2025) - Total Employees: Approximately 67,700 worldwide - U.S. Employees: Approximately 88% of global workforce - Full-time Workforce: Approximately 97% - Gender Split: Approximately 69% women and 31% men - U.S. Ethnic Minorities: Approximately 40% - Voluntary Turnover Rate: Approximately 9% ### Outlook / Guidance \[The Cigna Group\] expects to deploy approximately $1.3 billion in capital expenditures in 2026, primarily funded by operating cash flows, and anticipates its strategic optimization program will generate at least $500 million in annualized after-tax savings . The company plans to pay regular quarterly dividends, subject to Board approval . Furthermore, \[The Cigna Group\] does not foresee future declines in investment fair values or commercial mortgage loan losses materially affecting its financial condition or liquidity, despite projected volatility in private equity and real estate fund performance . ### Related Stocks - [CI.US](https://longbridge.com/en/quote/CI.US.md) ## Related News & Research - [Does Strong Q1 Beat And Outlook Shift Change The Bull Case For Cigna Group (CI)?](https://longbridge.com/en/news/287694325.md) - [Cigna Group (NYSE:CI) Stock Rating Lowered by Barclays](https://longbridge.com/en/news/287640352.md) - [Trillion Energy Announces filing of Year-Ended December 31, 2025 Financial Statements | TRLEF Stock News](https://longbridge.com/en/news/287711383.md) - [CANADA Q1 GDP -0.1% Y/Y VS +0.7% IN Q4 2025](https://longbridge.com/en/news/288070186.md) - [Brödernas publishes the audited annual consolidated financial statements of the Group for the year ended December 31, 2025](https://longbridge.com/en/news/287597545.md)