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Cigna vs Elevance Health: revenue, profit, margins and growth compared

Cigna brought in $274.9B of revenue in fiscal 2025, Elevance Health $199.1B in fiscal 2025. Revenue changed by +11.2% at Cigna and +12.5% at Elevance Health on the year before, so Elevance Health grew faster. Cigna kept 2.2% of its revenue as net profit, Elevance Health 2.8%.

Side by side, latest fiscal year

CIELV
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$274.9B$199.1B
Revenue growth+11.2%+12.5%
Net income$6B$5.7B
Net margin2.2%2.8%
Free cash flown/a$3.2B
Free cash flow marginn/a1.6%
Earnings per share (diluted)$22.18$25.21
Cash$7.7B$9.5B
Debt$30.9B$31.9B
Price to earnings12.315.7
Market value$71.9B$85.9B
Dividend yield2.22%n/a
Rank by revenue in sector#4 of 523 · Health care#6 of 523 · Health care

Over the years

Revenue
CI FY2018: $48.7BCI FY2019: $153.6BCI FY2020: $160.4BCI FY2021: $174.1BCI FY2022: $180.5BCI FY2023: $195.3BCI FY2024: $247.1BCI FY2025: $274.9BELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BFY18FY19FY20FY21FY22FY23FY24FY25
CI $274.9BELV $199.1B
Net income
CI FY2018: $2.6BCI FY2019: $5.1BCI FY2020: $8.5BCI FY2021: $5.4BCI FY2022: $6.7BCI FY2023: $5.2BCI FY2024: $3.4BCI FY2025: $6BELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BFY18FY19FY20FY21FY22FY23FY24FY25
CI $6BELV $5.7B
Net margin
CI FY2018: 5.4%CI FY2019: 3.3%CI FY2020: 5.3%CI FY2021: 3.1%CI FY2022: 3.7%CI FY2023: 2.6%CI FY2024: 1.4%CI FY2025: 2.2%ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%FY18FY19FY20FY21FY22FY23FY24FY25
CI 2.2%ELV 2.8%
Revenue growth
CI FY2019: +215.7%CI FY2020: +4.5%CI FY2021: +8.5%CI FY2022: +3.7%CI FY2023: +8.2%CI FY2024: +26.6%CI FY2025: +11.2%ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
CI +11.2%ELV +12.5%
Free cash flow
CI FY2018: $3.2BCI FY2019: $8.4BELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
CI $8.4BELV $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Cigna and Elevance Health

Which is bigger by revenue, Cigna or Elevance Health?

Cigna is bigger by revenue: $274.9B in fiscal 2025, against $199.1B for Elevance Health in fiscal 2025.

Which keeps more of its revenue as profit, Cigna or Elevance Health?

Cigna had a net margin of 2.2% in fiscal 2025; Elevance Health had 2.8% in fiscal 2025.

Which grew revenue faster, Cigna or Elevance Health?

In their latest fiscal years revenue changed by +11.2% at Cigna and +12.5% at Elevance Health.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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