The Cigna Group

The Cigna Group has two main businesses. Evernorth Health Services provides pharmacy benefit services and specialty pharmacy and care services. Cigna Healthcare sells medical plans and stop loss coverage, mainly to U.S. employers, and health plans in international markets. At September 30, 2026, Cigna had 18.5 million medical customers and 117.7 million pharmacy customers.

Total revenues were $213.8 billion in the first nine months of 2026. Cigna sold its Medicare Advantage business to Health Care Service Corporation in March 2025 and plans to exit the Individual and Family Plans medical business on January 1, 2027. Brian Evanko is President and CEO.

The market prices Cigna for pressure on the profits of its pharmacy benefit business. Clients and government programs press pharmacy benefit managers to lower drug costs, and Cigna is moving to a rebate-free model that it announced in October 2025. Pre-tax adjusted income from Pharmacy Benefit Services fell 27% in Q2 2026 and 22% in Q3 2026 because of large client contract renewals and strategic investments. Pharmacy customers fell 5% in the first nine months of 2026 as some clients left.

For the gap to close, three things must be true. Specialty and Care Services must keep growing, as in Q3 2026, when its pre-tax adjusted income rose 15%. Pharmacy Benefit Services profit must stabilize after the move to the new model. Cigna must deliver adjusted EPS of at least $30.60 in 2026, its outlook raised in November 2026, and growth of 10% to 14% a year through 2030, the target from its Investor Day on September 30, 2026.

The 2027 outlook with the Q4 2026 report, estimated for about February 5, 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is new laws or rules on pharmacy benefit managers that cut their profits more than Cigna expects.

1. Nov 5, 2026Passed

   Q3 2026 earnings: pharmacy benefit profitAdjusted EPS guidance of at least $30.45 kept or raised and a smaller decline in Pharmacy Benefit Services income pass; a guidance cut or a larger decline fail.Outcome: Cigna raised its 2026 outlook to adjusted EPS of at least $30.60, and the fall in Pharmacy Benefit Services income was 22%, smaller than the 27% of Q2 2026.
2. Feb 5, 2027 · est.Pending

   2027 outlook2027 adjusted EPS guidance within the 10% to 14% long-term growth target pass; guidance below that range fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Cigna reported Q3 2026 results. Total revenues rose 6% to $73.7 billion, and adjusted EPS was $7.98, up from $7.83. Pre-tax adjusted income from Specialty and Care Services rose 15%, while Pharmacy Benefit Services fell 22%. The Cigna Healthcare medical care ratio was 85.0%. Cigna raised its 2026 outlook to adjusted EPS of at least $30.60 and bought back 1.8 million shares for about $500 million in 2026 through November 4.
• September 30, 2026Cigna held its Investor Day and introduced its Lead to One vision. It announced $3 billion of multi-year modernization and productivity initiatives, reaffirmed its 2026 guidance of adjusted EPS of at least $30.45, and set a target of 10% to 14% average annual adjusted EPS growth through 2030.
• July 30, 2026Cigna reported Q2 2026 results. Total revenues rose 7% to $71.7 billion, and adjusted EPS was $7.78, up from $7.20. Pre-tax adjusted income from Specialty and Care Services rose 22%, while Pharmacy Benefit Services fell 27%. The Cigna Healthcare medical care ratio was 84.5%. Cigna raised its 2026 outlook to adjusted EPS of at least $30.45.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · ci-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 9, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · ci-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled May 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · ci-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 27, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1739940)

• New laws, rules or client demands can change how pharmacy benefit managers earn money. Pre-tax adjusted income from Pharmacy Benefit Services fell 27% in Q2 2026 and 22% in Q3 2026 after large contract renewals. Further changes can cut profits more.
• The Cigna Healthcare medical care ratio was 85.0% in Q3 2026, up from 84.8% a year earlier, after 84.5% in Q2 2026. Higher medical costs than Cigna priced for lower insurance margins.
• Pharmacy customers fell 5% in the first nine months of 2026 because of client transitions and lower membership at health plan clients. The loss of more large clients lowers revenue and profit.
• Total debt was $31.1 billion at September 30, 2026, and much of the cash is held at regulated subsidiaries. The debt to capitalization ratio was 41.8%.

Cigna funds itself with senior notes and commercial paper. At September 30, 2026, short-term debt was $2.29 billion and long-term debt was $28.85 billion, for total debt of $31.14 billion, down from $31.88 billion at June 30, 2026. Read more

Yield at the current rate

2.1% (current annual rate, at today’s price)

Dividend yield

2.1% (last 12 months, at today’s price of $301.45)

Paid per share

$6.19 in the last 12 months (4 payments)

Current annual rate

$6.24 ($1.56 × 4 a year)

Payout ratio

27% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 8, 2026, $1.56 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 172.8% a year. From 2015 to 2025, the dividend grew by about 65.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.