Revenue growth has normalized to 4.6% as of 2026Q1, while gross margins remain volatile, dropping to a low of 7.7% in 2025Q4 due to shifting drug pricing and medical utilization trends.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 277.94B | 274.95B | 247.12B | 195.26B | 180.52B | 174.07B | 160.4B | 153.57B | 48.65B | 41.81B | 39.84B | 37.88B | 34.91B | 32.38B | 29.12B | 21.63B | 21.07B | 18.41B | 19.1B | 17.62B | 16.55B | 16.68B | 18.18B | 18.81B | 19.35B | 18.61B | 19.53B | 18.73B | 17.65B | 11.78B | 18.95B |
| Revenue Growth % | 8.84% | 11.26% | 26.56% | 8.17% | 3.7% | 8.52% | 4.45% | 215.65% | 16.37% | 4.94% | 5.18% | 8.48% | 7.83% | 11.2% | 34.62% | 2.65% | 14.44% | -3.6% | 8.39% | 6.5% | -0.82% | -8.21% | -3.36% | -2.79% | 3.98% | -4.71% | 4.27% | 6.09% | 49.83% | -37.83% | -0.03% |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 25.85B | 25.99B | 25.96B | 25.18B | 23.5B | 22.95B | 24.21B | 25.08B | 16.33B | 14.09B | 13.03B | 12.45B | 11.67B | 0 | 0 | 21.63B | 21.07B | 18.41B | 19.1B | 17.62B | 16.55B | 16.68B | 18.18B | 18.81B | 19.35B | 18.61B | 19.53B | 18.73B | 17.65B | 11.78B | 18.95B |
| Gross Margin % | 9.3% | 9.45% | 10.51% | 12.89% | 13.02% | 13.18% | 15.09% | 16.33% | 33.56% | 33.7% | 32.7% | 32.88% | 33.43% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 0.08% | 3.13% | 7.14% | 2.39% | -5.19% | -3.48% | 53.59% | 15.92% | 8.12% | 4.63% | 6.67% | - | - | -100% | 2.65% | 14.44% | -3.6% | 8.39% | 6.5% | -0.82% | -8.21% | -3.36% | -2.79% | 3.98% | -4.71% | 4.27% | 6.09% | 49.83% | -37.83% | -0.03% |
| Operating Expenses | 16.33B | 16.86B | 16.55B | 16.64B | 15.05B | 15.01B | 16.05B | 17B | 12.17B | 10.14B | 9.94B | 92M | 85M | 0 | 26.37B | 19.75B | 19.27B | 16.52B | 18.72B | 15.99B | 14.82B | 14.89B | 15.8B | 17.91B | 19.92B | 17.62B | 18.03B | 17.51B | 15.79B | 18.39B | 17.35B |
| OpEx % of Revenue | - | 6.13% | 6.7% | 8.52% | 8.34% | 8.62% | 10.01% | 11.07% | 25.01% | 24.27% | 24.95% | 0.24% | 0.24% | - | 90.57% | 91.33% | 91.45% | 89.69% | 98% | 90.75% | 89.54% | 89.25% | 86.93% | 95.2% | 102.94% | 94.68% | 92.33% | 93.49% | 89.47% | 156.08% | 91.55% |
| Selling, General & Admin | 13.92B | 14B | 14.57B | 14.32B | 13.04B | 12.79B | 13.66B | 13.31B | 11.23B | 9.85B | 9.63B | 92M | 85M | 0 | 0 | 5.9B | 5.74B | 5.28B | 5.53B | 4.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 5.09% | 5.9% | 7.34% | 7.23% | 7.35% | 8.52% | 8.67% | 23.08% | 23.55% | 24.16% | 0.24% | 0.24% | - | - | 27.28% | 27.26% | 28.7% | 28.96% | 26.91% | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 9.52B | 9.13B | 9.42B | 8.54B | 8.45B | 7.94B | 8.15B | 8.08B | 4.16B | 3.94B | 3.09B | 12.36B | 11.59B | 32.38B | 2.88B | 1.88B | 1.8B | 1.9B | 382M | 1.63B | 1.73B | 1.79B | 2.38B | 903M | -569M | 989M | 1.5B | 1.22B | 1.86B | -6.61B | 1.6B |
| Operating Margin % | 3.42% | 3.32% | 3.81% | 4.37% | 4.68% | 4.56% | 5.08% | 5.26% | 8.55% | 9.43% | 7.75% | 32.63% | 33.19% | 100% | 9.87% | 8.67% | 8.55% | 10.31% | 2% | 9.25% | 10.46% | 10.75% | 13.07% | 4.8% | -2.94% | 5.32% | 7.67% | 6.51% | 10.53% | -56.08% | 8.45% |
| Operating Income Growth % | - | -3.06% | 10.32% | 1.02% | 6.41% | -2.6% | 0.94% | 94.16% | 5.53% | 27.66% | -75.02% | 6.66% | -64.21% | 1026.26% | 53.25% | 4.11% | -5.06% | 396.86% | -76.58% | -5.78% | -3.46% | -24.51% | 163.01% | 258.7% | -157.53% | -33.93% | 22.81% | -34.39% | 128.12% | -512.68% | 537.85% |
| EBITDA | 12.13B | 11.76B | 11.17B | 10.35B | 10.31B | 9.74B | 9.96B | 10.84B | 4.52B | 4.19B | 3.38B | 12.66B | 11.9B | 32.38B | 0 | 2.22B | 2.09B | 2.17B | 626M | 1.82B | 1.94B | 2.01B | 2.6B | 1.15B | -348M | 1.22B | 1.72B | 1.44B | 2.08B | -6.43B | 1.6B |
| EBITDA Margin % | 4.36% | 4.28% | 4.52% | 5.3% | 5.71% | 5.6% | 6.21% | 7.06% | 9.28% | 10.03% | 8.47% | 33.43% | 34.1% | 100% | - | 10.27% | 9.94% | 11.76% | 3.28% | 10.36% | 11.72% | 12.07% | 14.33% | 6.11% | -1.8% | 6.58% | 8.8% | 7.71% | 11.76% | -54.56% | 8.45% |
| EBITDA Growth % | 2.41% | 5.29% | 7.95% | 0.4% | 5.8% | -2.15% | -8.19% | 140.12% | 7.73% | 24.21% | -73.35% | 6.37% | -63.24% | - | -100% | 6.06% | -3.32% | 246.01% | -65.7% | -5.88% | -3.72% | -22.69% | 126.72% | 430.17% | -128.43% | -28.75% | 18.98% | -30.44% | 132.3% | -501.5% | 537.85% |
| D&A (Non-Cash Add-back) | 2.61B | 2.63B | 1.75B | 1.81B | 1.86B | 1.8B | 1.8B | 2.77B | 356M | 250M | 287M | 302M | 316M | 0 | -2.88B | 345M | 292M | 268M | 244M | 194M | 208M | 221M | 230M | 246M | 221M | 235M | 221M | 225M | 218M | 179M | 0 |
| EBIT | 9.32B | 8.97B | 9.69B | 9.03B | 8.58B | 8.16B | 8.56B | 8.81B | 4.86B | 4.13B | 3.25B | 3.49B | 3.3B | 0 | 0 | 2.17B | 2.05B | 2.06B | -244M | -194M | 1.73B | 1.79B | -230M | 903M | -221M | -235M | 1.5B | -225M | -218M | -179M | 0 |
| Net Interest Income | -1.38B | -1.38B | -1.44B | -1.45B | -1.23B | -1.21B | -1.44B | -1.68B | -498M | -252M | -278M | 0 | 0 | -264M | 0 | -202M | -182M | -166M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 268M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.38B | 1.38B | 1.44B | 1.45B | 1.23B | 1.21B | 1.44B | 1.68B | 498M | 252M | 278M | 0 | 0 | 264M | 0 | 202M | 182M | 166M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 8.21B | 7.59B | 5.27B | 5.51B | 8.4B | 6.79B | 10.87B | 6.57B | 3.58B | 3.61B | 2.98B | 3.33B | 3.3B | 2.18B | 2.48B | 1.88B | 1.8B | 1.9B | 382M | 1.63B | 1.73B | 1.79B | 2.38B | 848M | -569M | 0 | 0 | 1.22B | 1.86B | 0 | 1.6B |
| Pretax Margin % | 2.96% | 2.76% | 2.13% | 2.82% | 4.65% | 3.9% | 6.78% | 4.28% | 7.36% | 8.63% | 7.48% | 8.78% | 9.46% | 6.72% | 8.51% | 8.67% | 8.55% | 10.31% | 2% | 9.25% | 10.46% | 10.75% | 13.07% | 4.51% | -2.94% | - | - | 6.51% | 10.53% | - | 8.45% |
| Income Tax | 1.51B | 1.34B | 1.49B | 141M | 1.61B | 1.37B | 2.38B | 1.45B | 935M | 1.37B | 1.14B | 1.25B | 1.21B | 698M | 853M | 615M | 519M | 594M | 92M | 511M | 572M | 517M | 798M | 264M | -172M | 498M | 506M | 520M | 672M | 416M | 545M |
| Effective Tax Rate % | 18.44% | 17.71% | 28.3% | 2.56% | 19.23% | 20.18% | 21.89% | 22.07% | 26.11% | 38.1% | 38.13% | 37.57% | 36.62% | 32.08% | 34.44% | 32.78% | 28.8% | 31.3% | 24.08% | 31.33% | 33.04% | 28.83% | 33.6% | 31.13% | 30.23% | - | - | 42.66% | 36.17% | - | 34.04% |
| Net Income | 6.29B | 5.96B | 3.43B | 5.16B | 6.7B | 5.37B | 8.46B | 5.1B | 2.64B | 2.24B | 1.87B | 2.09B | 2.1B | 1.48B | 1.62B | 1.26B | 1.28B | 1.3B | 292M | 1.11B | 1.16B | 1.63B | 1.44B | 632M | -447M | 939M | 945M | 1.77B | 1.29B | 1.09B | 1.06B |
| Net Margin % | 2.26% | 2.17% | 1.39% | 2.64% | 3.71% | 3.08% | 5.27% | 3.32% | 5.42% | 5.35% | 4.69% | 5.53% | 6.02% | 4.56% | 5.57% | 5.83% | 6.07% | 7.07% | 1.53% | 6.33% | 6.98% | 9.74% | 7.91% | 3.36% | -2.31% | 5.05% | 4.84% | 9.47% | 7.32% | 9.22% | 5.57% |
| Net Income Growth % | 24.91% | 73.47% | -33.5% | -22.97% | 24.84% | -36.51% | 65.71% | 93.55% | 17.88% | 19.82% | -10.84% | -0.38% | 42.41% | -9.06% | 28.81% | -1.49% | -1.77% | 345.89% | -73.81% | -3.46% | -28.92% | 13% | 127.53% | 241.39% | -147.6% | -0.63% | -46.73% | 37.31% | 18.97% | 2.84% | 400.47% |
| Net Income (Continuing) | 6.7B | 6.25B | 3.78B | 5.37B | 6.78B | 5.42B | 8.49B | 5.12B | 2.65B | 2.23B | 1.84B | 2.08B | 2.09B | 1.48B | 0 | 1.26B | 1.28B | 1.3B | 290M | 1.12B | 1.16B | 1.28B | 1.58B | 584M | -446M | 921M | 939M | 699M | 1.19B | 812M | 1.06B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 4M | 0 | 0 | 349M | 0 | 48M | -1M | 18M | 6M | 1.17B | 106M | 274M | 0 |
| Minority Interest | 232M | 161M | 210M | 128M | 79M | 72M | 65M | 41M | 44M | 49M | 62M | 78M | 105M | 110M | 114M | 0 | 18M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 23.80 | 22.17 | 12.12 | 17.39 | 21.41 | 15.75 | 22.96 | 13.44 | 10.54 | 9.17 | 7.19 | 8.04 | 7.83 | 5.18 | 5.61 | 4.59 | 4.65 | 4.73 | 1.05 | 3.87 | 3.43 | 4.17 | 3.48 | 1.50 | -1.06 | 2.08 | 1.95 | 3.00 | 2.02 | 1.63 | 1.54 |
| EPS Growth % | 30.56% | 82.92% | -30.3% | -18.78% | 35.94% | -31.4% | 70.83% | 27.51% | 14.94% | 27.54% | -10.57% | 2.68% | 51.16% | -7.66% | 22.22% | -1.29% | -1.69% | 350.48% | -72.87% | 12.83% | -17.75% | 19.83% | 132% | 241.51% | -150.96% | 6.67% | -35% | 48.51% | 23.93% | 5.84% | 381.25% |
| EPS (Basic) | - | 22.30 | 12.25 | 17.57 | 21.66 | 15.89 | 23.17 | 13.58 | 10.69 | 9.17 | 7.31 | 8.17 | 7.97 | 5.28 | 5.70 | 4.65 | 4.69 | 4.75 | 1.05 | 3.94 | 3.49 | 4.25 | 3.51 | 1.51 | -1.06 | 2.08 | 1.96 | 3.04 | 2.04 | 1.64 | 1.54 |
| Diluted Shares Outstanding | 264.22M | 265.95M | 283.22M | 296.88M | 313.06M | 340.97M | 368.39M | 379.82M | 246.65M | 243.97M | 259.65M | 260.59M | 268.6M | 284.69M | 289.53M | 274.25M | 275.29M | 275.36M | 278.84M | 283.19M | 336.74M | 389.38M | 413.62M | 421.33M | 423.03M | 452.17M | 485.44M | 591.99M | 640.66M | 668.29M | 686.66M |
| Basic Shares Outstanding | 262.54M | 265.95M | 280.29M | 296.88M | 313.06M | 337.96M | 364.98M | 375.92M | 246.65M | 243.97M | 255.36M | 256.15M | 263.89M | 279.3M | 284.82M | 270.69M | 272.87M | 274.06M | 277.32M | 283.19M | 330.95M | 382.05M | 409.3M | 419.47M | 423.03M | 452.17M | 482.14M | 583.55M | 633.33M | 661.51M | 686.21M |
| Dividend Payout Ratio | - | 27.04% | 45.63% | 28.08% | 20.64% | 24.97% | 0.18% | 0.29% | - | - | - | - | 0.52% | 0.75% | 0.68% | 0.87% | 0.86% | 0.84% | 4.79% | 0.99% | 1.04% | 0.8% | 6.95% | 29.27% | - | 20.23% | 21.16% | 13.42% | - | - | - |
Regulatory PBM rebate reform
According to quarterly financial data, Cigna's year-over-year revenue growth has decelerated significantly from the 29.9% peak observed in 2024Q3 to 4.6% by 2026Q1, suggesting that the initial tailwinds from recent contract wins and service expansion are beginning to moderate across the core business segments.
The sharp decline in top-line growth rates indicates that the company is transitioning from a period of aggressive scaling to a more mature, steady-state environment. Investors should monitor whether this deceleration reflects a saturation of the employer-sponsored market or a strategic shift toward prioritizing margin quality over raw volume.
As reported in recent income statements, Cigna's gross margin has exhibited notable instability, fluctuating from a high of 12.9% in 2023Q4 to a recent low of 7.7% in 2025Q4, which highlights the inherent sensitivity of the PBM and insurance models to medical utilization and drug pricing.
The compression in gross margins suggests that the company is struggling to fully pass through rising medical costs and pharmaceutical inflation to its clients. This volatility warrants further investigation into whether the current margin profile is a temporary byproduct of contract repricing cycles or a structural deterioration in pricing power.
Based on the provided income statement figures, operating income has failed to scale consistently with gross profit, as evidenced by operating margins hovering in the narrow 3.0% to 4.0% range despite significant fluctuations in quarterly revenue and gross profit contributions over the last ten periods.
The lack of meaningful operating leverage suggests that Cigna's cost base is largely fixed or tied to variable service delivery requirements that do not benefit from economies of scale. This implies that future earnings growth will likely be driven by top-line expansion rather than significant improvements in operational efficiency.
Financial statements reveal significant quarterly EPS volatility, including a sharp swing from a $0.97 loss in 2024Q1 to a $6.97 profit in 2025Q3, which suggests that reported net income is heavily influenced by non-operating items or actuarial adjustments rather than pure operational performance.
The inconsistency in bottom-line results indicates that investors should look past headline EPS to understand the underlying cash-generating capability of the business. The reliance on reserve adjustments or one-time items may obscure the true trajectory of the core health services and insurance segments.
While management emphasizes the growth of the Evernorth segment, the income statement data suggests that the company remains vulnerable to legislative scrutiny, as evidenced by the inconsistent margin performance that may reflect the market's growing skepticism regarding the sustainability of current PBM rebate-based revenue models.
Short-sellers may focus on the potential for federal mandates to force a transition toward a transparent, fee-for-service model, which could fundamentally reset the profitability of the Evernorth segment. The current reliance on high-volume, low-margin pharmacy services leaves little room for error if regulatory headwinds intensify.
Quick answers to the most common questions about buying CI stock.
For fiscal year 2025, Cigna Corporation (CI) reported total revenue of $274.95B. This represents a 1350.9% increase compared to $18.95B in 1996.
Cigna Corporation (CI) is profitable, generating $5.96B in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Cigna Corporation (CI) reported an operating income of $9.13B, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cigna Corporation (CI) generated $25.99B in gross profit for the year, representing a gross profit margin of 9.5%. This demonstrates the company's core pricing power and production efficiency.