Cigna Group financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cigna Group files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	39,838	41,806	48,650	153,566	160,401	174,069	180,518	195,265	247,121	274,900
Cost of revenue	2,468	2,456	4,793	97,668	103,484	117,553	124,834	133,801	182,509	214,991
Gross profit	37,370	39,350	43,857	55,898	56,917	56,516	55,684	61,464	64,612	59,909
Selling, general and administrative	9,790	10,030	11,934	14,053	14,072	13,012	13,174	14,822	14,844	14,617
Operating income	3,088	3,942	4,160	8,077	8,153	7,941	8,450	8,536	9,417	9,200
Interest expense	251	243	507	1,600	1,400	1,300	1,300	1,400	1,500	1,400
Other non-operating income	-278	-252	-498	-1,682	-1,438	-1,208	-1,228	-1,446	-1,435	-1,408
Pre-tax income	2,979	3,606	3,581	6,570	10,868	6,790	8,397	5,513	5,269	7,781
Income tax	1,136	1,374	935	1,450	2,379	1,370	1,615	141	1,491	1,493
Net income to minority interests	-24	-5	9	16	31	50	78	208	344	331
Net income	1,867	2,237	2,637	5,104	8,458	5,370	6,704	5,164	3,434	5,957
EBITDA	3,698	4,508	4,855	11,728	10,955	10,864	11,387	11,571	12,192	11,975
EPS, basic	7.31	8.92	10.69	13.58	23.17	15.89	21.66	17.57	12.25	22.33
EPS, diluted	7.19	8.77	10.54	13.44	22.96	15.75	21.41	17.39	12.12	22.18
Shares, diluted (weighted)	260	255	250	380	368	341	313	297	283	269
Dividend per share		0.04	0.04	0.04	0.04	4.00	4.48	4.92	5.60	6.04

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,185	2,972	3,855	4,619	10,182	5,081	5,924	7,822	7,550	7,676
Short-term investments		2,136	2,045	937	1,331	920	905	925	665	1,056
Receivables		3,155	10,473	10,716	12,191	15,071	17,218	17,722	24,227	28,768
Inventory		228	2,821	2,661	3,165	3,722	4,777	5,645	6,692	7,338
Other current assets		820	1,236	1,400	930	1,283	1,298	2,169	2,732	2,976
Total current assets		9,311	20,430	29,845	27,799	36,134	30,122	37,351	48,870	47,814
Property, plant and equipment		1,563	4,562	4,417	4,205	3,692	3,774	3,695	3,654	3,651
Lease right-of-use assets				536	552		375	370
Goodwill	5,980	6,164	44,505	44,602	44,648	45,811	45,811	44,259	44,370	44,924
Intangible assets		345	39,003	36,562	35,179	34,102	32,492	30,863	29,417	28,560
Long-term investments		26,483	26,929	21,542	23,262	18,438	16,288	17,985	15,128	18,471
Other non-current assets		1,431	1,630	2,283	2,687	3,405	2,704	3,421	2,786	2,885
Total assets		61,759	153,226	155,774	155,451	154,889	143,885	152,761	155,881	157,919
Accounts payable		184	4,366	5,090	5,478	6,655	7,775	8,553	9,294	10,659
Short-term debt		240	2,955	5,514	3,374	2,545	2,993	2,775	3,035	592
Total current liabilities		11,009	31,895	40,138	36,022	43,572	41,225	48,716	57,979	56,342
Long-term debt		5,199	39,523	31,893	29,545	31,125	28,100	28,155	28,937	30,871
Lease liabilities				465	491		346	340
Other non-current liabilities		2,838	3,470	4,460	4,629	3,762	2,766	3,441	3,215	4,238
Total liabilities		47,999	112,154	110,395	105,065	107,705	99,131	106,410	114,638	116,045
Total debt		131	39,523	31,893	29,545	31,125	28,100	28,155	28,937	30,871
Paid-in capital		2,940	27,751	28,306	28,975	29,574	30,233	30,669	31,288	31,790
Retained earnings		15,800	15,088	20,162	28,575	32,593	37,940	41,652	43,519	47,865
Treasury stock		-4,021	-104	-2,193	-6,372	-14,175	-21,844	-24,238	-31,437	-35,140
Other comprehensive income		-1,082	-1,711	-941	-861	-884	-1,658	-1,864	-2,341	-2,806
Shareholders' equity		13,711	41,028	45,338	50,321	47,112	44,675	46,223	41,033	41,713
Minority interests		0	7	6	7	18	13	21	210	161
Total equity	13,703	13,711	41,035	45,344	50,189	46,976	44,688	46,244	41,243	41,874
Total liabilities and equity		61,759	153,226	155,774	155,451	154,889	143,885	152,761	155,881	157,919
Shares outstanding	0	0	381	373	355	323	299	293	274	263

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,843	2,232	2,646	5,120	8,489	5,420	6,782	5,372	3,778	6,288
Depreciation and amortization	610	566	695	3,651	2,802	2,923	2,937	3,035	2,775	2,775
Stock-based compensation	128	178	180	299	289	268	264	286	308	291
Deferred income tax	74	242	-101	-313	-386	-216	-472	-1,659	-95	326
Change in inventory	30	-72	-107	149	-504	-557	-1,055	-868	-1,032	-646
Cash from operations	4,026	4,086	3,770	9,485	10,350	7,191	8,656	11,813	10,363	9,601
Capital expenditures	-461	-471	-528	-1,050
Acquisitions	-4	-209	-24,455	-153	-139	-1,833	0	-447	-131	-597
Sales and maturities of investments	1,755	2,051	2,151	3,077	2,186
Cash from investing	-2,574	-1,703	-26,378	-734	2,976	-3,611	3,098	-5,174	-2,102	-4,407
Debt issued	0	1,581	22,856	0	3,465	4,260	0	1,491	4,462	4,458
Debt repaid	0	-1,250	-131	-4,491	-8,047	-4,578	-500	-2,967	-3,000	-4,197
Stock issued	36	131	68	224	376	326	389	187	305	203
Share buybacks	-139	-2,725	-342	-1,987	-4,042	-7,742	-7,607	-2,284	-7,034	-3,621
Dividends paid				-15	-15	-1,341	-1,384	-1,450	-1,567	-1,611
Cash from financing	-225	-2,651	23,515	-7,187	-8,533	-8,212	-11,240	-4,294	-7,647	-6,421
Exchange rate effect	-10	55	-24
Net change in cash	1,217	-213	883	1,556	4,834	-4,697	428	2,361	594	-1,195
Free cash flow	3,565	3,615	3,242	8,435
Interest paid	244	240	267	1,645	1,439	1,253	1,229	1,330	1,342	1,350
Income taxes paid	1,064	1,036	1,019	1,776	1,837	2,240	1,850	1,471	898	399

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $272.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.6%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
EBITDA margin	4.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.1%	Pre-tax income / revenue.
Net margin	2.3%	Net income / revenue.
Operating cash flow margin	3.6%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.1%	Net income / average total assets.
Return on invested capital (ROIC)	12.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.0%	Selling, general and administrative expense / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	73.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-6.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	83.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	172.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-5.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.85x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.5%	Total debt / total assets.
Liabilities / assets	72.7%	Total liabilities / total assets.
Net debt	$21.83B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.22x	Operating income / interest expense.
Working capital	-$8.57B	Current assets - current liabilities.
Goodwill and intangibles / assets	46.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$29.85B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.80x	Revenue / average total assets.
Fixed asset turnover	75.6x	Revenue / average property, plant and equipment.
Inventory turnover	38.3x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	9.17x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	32 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$24.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1,070.00	Revenue / diluted weighted shares.
Operating cash flow per share	$38.93	Cash from operations / diluted weighted shares.
Book value per share	$161.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$113.07	Tangible book value / shares outstanding.
Cash per share	$27.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	25.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$71.88B	Share price x shares outstanding.
Enterprise value	$93.71B	Market cap + total debt - cash - short-term investments.
P/E	11.2x	Market cap / net income. Only when net income is positive.
P/S	0.25x	Market cap / revenue.
P/B	1.69x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	6.99x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
EV/EBIT	9.41x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.39x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	9.46x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Cigna Group's revenue in fiscal 2025?

Cigna Group reported revenue of $274.90B for fiscal 2025, 11.2% higher than the year before.

Was Cigna Group profitable in fiscal 2025?

Yes. Net income was $5.96B, a net margin of 2.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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