November 5, 2026·45 min read
The Cigna Group (CI), Financial Analysis
Q3 2026 results from the Form 8-K of 5 Nov 2026, read against the Forms 10-K, 10-Q and 8-K filed since Nov 2025. Insights derived from analysing SEC filings; independent analysis, not a publication of the SEC.
Total revenues Q3 2026
$73.7bn
+5.6% year on year (Q3 2025 $69.7bn)
Medical care ratio, Cigna Healthcare Q3 2026
85.0%
+0.2 pts year on year (Q3 2025 84.8%)
Adjusted income from operations margin Q3 2026 (non GAAP)
2.86%
(0.15 pts) year on year (Q3 2025 3.01%)
Key findings
- Q3 2026 total revenues $73.7bn, +5.6%; adjusted EPS $7.98 against $7.83 (+1.9%). Shareholders net income $1.44bn ($5.47 per share) against $1.87bn ($6.98), as Q3 2025 included a $241m after tax gain on sale. The 2026 adjusted EPS outlook was raised by $0.15 to at least $30.60.
- Specialty and Care Services earned more than Pharmacy Benefit Services in Q1, Q2 and Q3 2026: pretax adjusted income $1.06bn, +14.7% year on year, against $765m, (21.5%), in Q3 2026, on revenues of $26.5bn and $37.3bn. The release cites biosimilar and specialty generic adoption for the first and large client renewals and strategic investments for the second.
- Express Scripts revenue grows while margin falls: Pharmacy Benefit Services revenues +9.3% on drug mix, pretax margin 2.1% against 2.9%; pharmacy customers 117.7m, (5%) since Dec 2025. The rebate free model becomes standard for Evernorth clients from 2028 and federal PBM rules take effect from 2028.
- Cigna Healthcare pretax adjusted income $1.19bn, +14.9%; medical care ratio 85.0% against 84.8%, with the 2026 range narrowed to 84.2% plus or minus 25 bps. Comparisons before Q2 2025 include the Medicare businesses sold to HCSC on 19 Mar 2025.
- Balance sheet and capital: debt to capitalization 41.8% at 30 Sep 2026 against 44.9% a year earlier; buybacks about $500m in 2026 to 4 Nov against $3.6bn in 2025. Investor Day targets for 2026 to 2030: 10% to 14% adjusted EPS CAGR and about $50bn cumulative operating cash flow. Brian Evanko became CEO on 1 Jul 2026.
- Shares at $315.48 on 5 Nov 2026, 13.9x TTM GAAP EPS and 10.0x TTM adjusted EPS. Three year scenario prices: base $383, best $518, worst $198.
Figures are read from the filings of The Cigna Group (central index key 1739940): the Forms 10-K for FY2022 to FY2025, the Forms 10-Q for Q1 2025 to Q2 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99.1), the CEO succession release, the Investor Day release of 30 Sep 2026 and the Regulation FD notices, the proxy statement of 13 Mar 2026, the Form 8-K Item 5.07 vote results, Schedules 13G and Forms 4, together with the filings of 8 peer companies used in chapters 2 to 6. Cigna files no separate CFO commentary; CFO statements are taken from the Investor Day release. The Form 10-Q for Q3 2026 was not filed by 5 Nov 2026: Q3 2026 figures come from the Form 8-K of 5 Nov 2026, and the balance sheet and cash flow use the latest filed period, 30 Jun 2026 and the twelve months to Q2 2026, until the 10-Q is filed. Segment profit is the company's pretax adjusted income from operations, a non GAAP measure. Accession numbers for every filing used appear in the Sources appendix. The share price is an intraday trade of 5 Nov 2026 after the release.
1 Revenue & Business Model
- Storyline: revenue grows in pharmacy, profit moves to specialty and medical. In Q3 2026 Evernorth produced 84.5% of segment adjusted revenues and 60.5% of segment pretax adjusted income; within Evernorth, Specialty and Care Services earned 58.2% of the profit on 41.5% of the revenue. Chapters 2 to 4 cover the three revenue drivers: Pharmacy Benefit Services, Specialty and Care Services, and Cigna Healthcare.
- Two segments, four operating segments: Evernorth Health Services holds Pharmacy Benefit Services (Express Scripts: claims, networks, formularies, home delivery) and Specialty and Care Services (Accredo specialty pharmacy, CuraScript specialty distribution, care services); Cigna Healthcare holds US Healthcare and International Health. About 67,700 employees at 31 Dec 2025 (FY2025 Form 10-K).
- Revenue FY2021 $174.1bn to FY2025 $274.9bn, a 12.1% CAGR; TTM Q3 2026 $286.3bn. Evernorth revenue rose 32% in FY2024 when the Centene pharmacy contract began on 1 Jan 2024; Cigna Healthcare revenue fell to $47.4bn in FY2025 from $53.1bn after the HCSC sale.
- Revenue by type, Q3 2026: pharmacy revenues $59.0bn (80.0%), premiums $9.9bn, fees and other $4.5bn and net investment income $287m. No revenue split by country is disclosed; International Health premiums were $4.13bn in FY2025.
- Customer relationships 177.6m at 30 Sep 2026, (6%) since Dec 2025: pharmacy 117.7m on client transitions; behavioral 23.0m, (19%), after a government contract ended, which the release says had minimal revenue impact; medical 18.45m, +2%.
- Largest client 19% of FY2025 revenue from external customers (16% in FY2024), reported in Evernorth; the Form 10-K does not name it and lists the multiyear Express Scripts agreement with Centene from 1 Jan 2024. Contracts with the three largest Evernorth clients were renewed or extended through the end of the decade.
Table 1.1 Segment revenues and pretax adjusted income, FY2021 to FY2025
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Evernorth Health Services revenues ($bn) | 131.9 | 140.3 | 153.5 | 202.0 | 235.0 |
| Cigna Healthcare revenues ($bn) | 44.6 | 44.9 | 51.1 | 53.1 | 47.4 |
| Other Operations revenues ($bn) | 3.99 | 2.26 | 0.60 | 0.83 | 0.67 |
| Corporate and eliminations ($bn) | (6.5) | (7.0) | (10.0) | (8.8) | (8.1) |
| Total revenues ($bn) | 174.1 | 180.5 | 195.3 | 247.1 | 274.9 |
| Evernorth Health Services, pretax adjusted income ($bn, non GAAP) | 5.82 | 6.13 | 6.44 | 7.00 | 7.22 |
| Pharmacy Benefit Services, pretax adjusted income ($bn, non GAAP) | n/a | n/a | 3.47 | 3.58 | 3.51 |
| Specialty and Care Services, pretax adjusted income ($bn, non GAAP) | n/a | n/a | 2.97 | 3.42 | 3.72 |
| Cigna Healthcare, pretax adjusted income ($bn, non GAAP) | 3.60 | 4.10 | 4.48 | 4.23 | 4.15 |
| Corporate, pretax adjusted income ($bn, non GAAP) | (1.34) | (1.47) | (1.70) | (1.69) | (1.59) |
Revenues as reported (US GAAP). Pretax adjusted income from operations is the company segment measure (non GAAP). Evernorth was split into two operating segments from 2024 reporting, with FY2023 recast.
Table 1.2 Segment adjusted revenues and pretax adjusted income, last five quarters
| Segment | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Pharmacy Benefit Services, adjusted revenues ($bn) | 34.1 | 36.3 | 33.0 | 34.5 | 37.3 |
| Pharmacy Benefit Services, pretax adjusted income ($bn) | 0.98 | 1.15 | 0.39 | 0.61 | 0.77 |
| Pharmacy Benefit Services, pretax margin (%) | 2.9 | 3.2 | 1.2 | 1.8 | 2.1 |
| Specialty and Care Services, adjusted revenues ($bn) | 26.3 | 26.7 | 25.4 | 27.0 | 26.5 |
| Specialty and Care Services, pretax adjusted income ($bn) | 0.93 | 1.03 | 1.07 | 1.05 | 1.06 |
| Specialty and Care Services, pretax margin (%) | 3.5 | 3.9 | 4.2 | 3.9 | 4.0 |
| Cigna Healthcare, adjusted revenues ($bn) | 10.8 | 11.2 | 11.5 | 11.7 | 11.7 |
| Cigna Healthcare, pretax adjusted income ($bn) | 1.04 | 0.73 | 1.51 | 1.28 | 1.19 |
| Cigna Healthcare, pretax margin (%) | 9.7 | 6.6 | 13.2 | 10.9 | 10.2 |
| Corporate and Other Operations ($bn) | (0.36) | (0.37) | (0.38) | (0.39) | (0.37) |
| Adjusted income from operations, after tax ($bn) | 2.10 | 2.15 | 2.06 | 2.05 | 2.10 |
Company measures from the quarterly earnings releases (non GAAP). Adjusted income from operations is after tax; segment figures are pretax.
Table 1.3 Revenues by type, last five quarters ($bn)
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Pharmacy revenues ($bn) | 56.05 | 58.34 | 54.04 | 57.17 | 58.98 |
| Premiums ($bn) | 9.08 | 9.29 | 9.81 | 9.86 | 9.89 |
| Fees and other revenues ($bn) | 4.38 | 4.51 | 4.44 | 4.37 | 4.53 |
| Net investment income ($bn) | 0.23 | 0.34 | 0.20 | 0.27 | 0.29 |
Table 1.4 Customer relationships at quarter end (m)
| Customers | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|
| Pharmacy customers (m) | 122.49 | 123.60 | 121.02 | 118.24 | 117.70 |
| Medical customers (m) | 18.06 | 18.12 | 18.33 | 18.41 | 18.45 |
| of which US Healthcare (m) | 16.35 | 16.42 | 16.62 | 16.68 | 16.70 |
| of which International Health (m) | 1.71 | 1.70 | 1.71 | 1.74 | 1.75 |
| Behavioral care customers (m) | 23.53 | 28.27 | 27.56 | 27.62 | 23.01 |
| Dental customers (m) | 18.42 | 18.44 | 18.56 | 18.49 | 18.40 |
| Total customer relationships (m) | 182.49 | 188.43 | 185.47 | 182.77 | 177.56 |
Pharmacy customers fell on expected client transitions and lower health plan membership; behavioral customers fell after a government contract ended (Q3 2026 release).
2 Pharmacy Benefit Services: Express Scripts, the Rebate Free Model and GLP 1
- Adjusted revenues $37.3bn in Q3 2026, +9.3%, primarily on drug mix; pretax adjusted income $765m, (21.5%). Margin 2.05% against 2.86%. 9M 2026 $1.77bn against $2.35bn; declines of 28%, 27% and 22% in Q1 to Q3 2026, which the releases attribute to lower contributions from large client relationships (Q1), client focused initiatives incl. large client contract renewals (Q2), and large client contract renewals and strategic investments (Q3).
- FY2025: adjusted revenues $132.1bn, +18%; pretax adjusted income $3.51bn, (2%). Pharmacy claim volume 2.22bn adjusted scripts (+5%); 527m in Q1 2026 and 537m in Q2 2026, each (2%). Q3 2026 claim volume is disclosed only in the Form 10-Q.
- Pharmacy customers 117.7m at 30 Sep 2026 against 122.5m a year earlier and 123.6m at Dec 2025, reflecting expected client transitions and lower membership from health plan clients (Q3 2026 release).
- Concentration: the largest client was 19% of FY2025 revenue from external customers, against 16% in FY2024; the Express Scripts agreement with Centene began on 1 Jan 2024. Contracts with the three largest Evernorth clients run through the end of the decade (FY2025 Form 10-K).
- GLP 1: Express Scripts set up EnGuide Pharmacy in 2025 for the growing number of customers prescribed GLP 1 medications that need clinical support (FY2025 Form 10-K).
How pharmacy benefit management is changing
- Federal PBM law: the Consolidated Appropriations Act, 2026 requires PBMs to remit 100% of certain rebates and fees to ERISA plan sponsors from Aug 2028, delinks Medicare Part D PBM pay from list prices from Jan 2028 and adds any willing pharmacy rules in Part D from Jan 2029 (Cigna FY2025 Form 10-K).
- FTC insulin case: the Sep 2024 FTC administrative complaint against Express Scripts and two other PBMs over insulin rebate practices ended for Express Scripts with a final settlement in Feb 2026, without monetary penalty or admission of liability and with changes to business practices (FY2025 Form 10-K).
- Rebate free model: Cigna names it as its response to margin pressure; fully insured Cigna Healthcare customers move from 2027 and it becomes the standard for Evernorth clients from 2028. Rebate free model text appears in 2 risk factors, against none a year earlier.
- GLP 1: CVS Health reports enhancements to its direct to consumer weight management offerings for GLP 1 medications; Cencora reports higher sales of GLP 1 products, which carry lower gross margins (Forms 8-K of 4 Nov 2026).
- Volumes in Q3 2026: Optum Rx adjusted scripts 393m against 414m; CVS pharmacy claims processed 481.7m, +1.3%; CarelonRx adjusted scripts 82.6m, (2.8%) (peer Forms 8-K).
Table 2.1 Pharmacy benefit managers, Q3 2026 ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) | Margin (%) |
|---|---|---|---|---|---|
| Cigna Pharmacy Benefit Services, adjusted revenues | Q3 2026 | Pretax adjusted income $765m, down 22% | 37.28 | 9.3 | 2.1 |
| CVS Health Services (incl. Caremark), revenues | Q3 2026 | Adjusted operating income $2.11bn (+2.7%); 481.7m pharmacy claims processed (+1.3%); segment also includes care delivery | 53.96 | 9.5 | 3.9 |
| UnitedHealth Optum Rx, revenues | Q3 2026 | Earnings from operations $1.72bn against $1.55bn (+10.9%); adjusted scripts 393m against 414m | 39.93 | 0.6 | 4.3 |
| Elevance CarelonRx, operating revenue | Q3 2026 | Operating gain $616m (+10.8%); adjusted scripts 82.6m (2.8%) | 11.60 | 5.5 | 5.3 |
Cigna pretax adjusted income over adjusted revenues (non GAAP); CVS adjusted operating income incl. care delivery; Optum Rx earnings from operations; CarelonRx operating gain. Growth is year on year.
3 Specialty and Care Services: Accredo, Biosimilars and Specialty Distribution
- Adjusted revenues $26.5bn in Q3 2026, +0.8%; pretax adjusted income $1.06bn, +14.7%; margin 4.02% against 3.53%. 9M 2026 $3.19bn, +19.0%.
- Revenue and profit move apart: specialty distribution revenue grew while specialty pharmacy revenue fell, as biosimilars and specialty generics replace higher priced brands; the release states the lower prices reduce costs for clients and patients, and profit rose on that adoption.
- FY2025: adjusted revenues $102.8bn, +14%; pretax adjusted income $3.72bn, +8%, above Pharmacy Benefit Services for the first full year ($3.51bn).
- Scale (Investor Day release, 30 Sep 2026): more than 1m patients with complex conditions and more than 8m prescriptions a year. Businesses: Accredo specialty pharmacy, CuraScript specialty distribution and care services.
How specialty pharmacy and distribution are changing
- Biosimilars lower revenue per prescription: Cigna reports lower specialty pharmacy revenue with higher profit from biosimilar and specialty generic adoption in each 2026 quarter; UnitedHealth attributes higher Optum Rx earnings, $1.7bn against $1.5bn, to continued biosimilar adoption (8-K, 13 Oct 2026).
- Distributors grow specialty: McKesson Oncology and Multispecialty revenues +24.4% in the quarter ended Sep 2026, and McKesson agreed on 5 Oct 2026 to invest about $1.4bn for about 49% of Option Care Health, an infusion and specialty therapy provider (8-K, 4 Nov 2026).
- Cencora reports US Healthcare Solutions revenue +5.4% and operating income +22.0%, from specialty sales to health systems and physician practices, and guides fiscal 2027 specialty revenue growth of 9% to 14% (8-K, 4 Nov 2026). Cardinal Health Pharmaceutical and Specialty Solutions profit rose 17% (8-K, 5 Nov 2026).
- Margins differ by model: Cigna Specialty and Care Services earned a 4.0% pretax margin in Q3 2026 against 1.3% to 2.9% for the distributors' segments, which hold mostly distribution volume.
Table 3.1 Specialty pharmacy and distribution, latest quarter ($bn unless stated)
| Company and measure | Period | Detail | Value | Growth (%) | Margin (%) |
|---|---|---|---|---|---|
| Cigna Specialty and Care Services, adjusted revenues | Q3 2026 | Pretax adjusted income $1.06bn (+15%) | 26.50 | 0.8 | 4.0 |
| McKesson Oncology and Multispecialty, revenues | Sep 2026 quarter | Adjusted segment operating profit $427m (+8%); $1.4bn deal for about 49% of Option Care Health | 14.98 | 24.4 | 2.9 |
| Cencora US Healthcare Solutions, revenue | Sep 2026 quarter | Segment operating income $998m (+22.0%); growth from specialty sales to health systems and physician practices | 78.29 | 5.4 | 1.3 |
| Cardinal Pharmaceutical and Specialty Solutions, revenue | Sep 2026 quarter | Segment profit $783m (+17%); revenue rounded to $62.6bn in release text | 62.60 | 6.0 | 1.3 |
| Elevance CarelonRx, operating revenue | Q3 2026 | Carelon operating gain up 17%, partly from improved specialty pharmacy profitability | 11.60 | 5.5 | 5.3 |
| UnitedHealth Optum Rx, earnings from operations | Q3 2026 | Growth attributed to biosimilar adoption and operational improvements; no separate specialty figure | 1.72 | 10.9 | 4.3 |
Distributors report fiscal quarters ended Sep 2026. Segment profit measures differ: Cigna pretax adjusted (non GAAP); McKesson adjusted segment operating profit; Cencora and Cardinal segment operating income and profit.
4 Cigna Healthcare: Commercial Medical and the Medical Care Ratio
- Adjusted revenues $11.7bn in Q3 2026, +8.9%, on premium rate increases; pretax adjusted income $1.19bn, +14.9%, on higher net investment income and operating efficiency; margin 10.2%.
- Medical care ratio 85.0% against 84.8%, on US Employer business mix, partly offset by a lower ratio in Individual and Family Plans. 2026 outlook narrowed to 84.2% plus or minus 25 bps; Q1 2026 79.8% and Q2 2026 84.5%.
- HCSC sale affects comparisons: Medicare Advantage, Part D, supplemental and CareAllies were sold on 19 Mar 2025, so revenue, premiums and the medical care ratio up to Q1 2025 include businesses no longer owned; divested revenue was $3.85bn in Q1 2025. Q1 2026 segment revenue fell 21% year on year for this reason; Q2 and Q3 2026 compare like with like.
- Customers: US Healthcare medical customers 16.70m, +2.1% year on year, with growth in Middle and Select markets and lower National Accounts. Exit from Individual and Family Plans medical on 1 Jan 2027; those premiums were $3.37bn in FY2025.
- Reserves: net medical costs payable $4.86bn at 30 Sep 2026 against $4.53bn a year earlier; favorable prior year development $356m pretax in 9M 2026 against $319m.
How commercial health insurance is changing
- Individual market exits: Cigna exits Individual and Family Plans medical from 1 Jan 2027; CVS Health left the individual exchange business in 2026; Centene marketplace membership fell to 3.40m from 5.83m and its commercial premium and service revenues fell 21% (peer Forms 8-K).
- Commercial risk membership falls at peers: UnitedHealth commercial risk members 7.58m against 8.44m; Elevance 4.71m against 4.97m; CVS Aetna commercial insured members 2.57m against 3.54m (Q3 2026 Forms 8-K). Cigna US Healthcare medical customers rose 2.1%.
- Cost ratios improved at peers from higher levels: UnitedHealth 88.4% against 89.9%; CVS Aetna 91.3% against 92.8%; Elevance benefit expense ratio 90.6%, 70 bps lower; Centene 92.7%, unchanged. Cigna Healthcare's ratio was 85.0%, which its release attributes to US Employer business mix.
Table 4.1 Medical cost ratios and segment results, Q3 2026
| Company and measure | Period | Detail | Value | Margin (%) |
|---|---|---|---|---|
| Cigna Healthcare, medical care ratio | Q3 2026 | MCR 85.0% against 84.8%; adjusted revenues $11.71bn (+8.9%); pretax adjusted income $1.19bn (+14.9%) | 85.0% | 10.2 |
| UnitedHealth, medical care ratio | Q3 2026 | MCR 88.4% against 89.9%; Employer and Individual revenues $20.21bn (+1.7%); commercial risk members 7.58m against 8.44m | 88.4% | 3.3 |
| CVS Aetna, medical benefit ratio | Q3 2026 | MBR 91.3% against 92.8%; commercial premiums $6.46bn (16.9%); commercial members 18.40m against 18.85m | 91.3% | 2.5 |
| Elevance, benefit expense ratio | Q3 2026 | Ratio improved 70 bps; Health Benefits revenue $43.4bn (+3%); commercial risk members 4.71m against 4.97m (5.2%) | 90.6% | n/a |
| Centene, health benefits ratio | Q3 2026 | HBR unchanged at 92.7%; commercial premium and service revenues $8.70bn (21%); marketplace members 3.40m against 5.83m | 92.7% | n/a |
| Humana Insurance, benefit ratio | Q2 2026 | Mostly Medicare business; FY2026 guidance 92.75% plus or minus 25 bps; Insurance segment income from operations $820m against $766m; Q3 2026 not yet reported | 91.2% | n/a |
Ratios are medical or benefit costs over premiums; UnitedHealth and Elevance consolidated; Humana mostly Medicare and Q2 2026, as its Q3 2026 filing was not made by 5 Nov 2026. Margin is segment income over segment revenue where reported.
5 Financial Analysis & Ratios
- Income from operations margin 3.5% in the twelve months to Q2 2026 against 3.3% in FY2025 and 4.6% in FY2021. The Q3 2026 release gives no income from operations line, so GAAP margins stop at Q2 2026.
- Shareholders net income TTM Q3 2026 $5.99bn, $22.66 per share; adjusted $8.36bn, $31.63 per share. FY2024 GAAP net income of $3.43bn included a $2.7bn after tax impairment of VillageMD equity securities.
- Q3 2026 GAAP to adjusted gap $2.51 per share: amortization of acquired intangibles $1.71, special items $0.55 and net investment losses $0.25. Special items in 9M 2026 were $535m pretax for the strategic optimization program, $126m for litigation and $92m for integration and transaction costs.
- Cash flow to Q2 2026: operating cash flow $10.28bn and free cash flow $9.11bn in the twelve months to Q2 2026; 6M 2026 operating cash flow $710m against $34m, with the company guiding to about $9bn for 2026. Q3 2026 cash flow is not in the release.
- Balance sheet at 30 Jun 2026: total debt $31.88bn, cash and short term investments $7.26bn, net debt $24.62bn; goodwill and intangibles $72.5bn of $157.1bn total assets. Shareholders equity $43.38bn at 30 Sep 2026 ($164.70 per share).
- Capital returns: buybacks $3.62bn in FY2025 (11.9m shares) and about $250m (0.9m shares) in 6M 2026; dividends $1.61bn in FY2025, with the quarterly dividend at $1.56 from 2026 against $1.51. Diluted shares 268.6m in FY2025 against 341.0m in FY2021.
Table 5.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 174.1 | 180.5 | 195.3 | 247.1 | 274.9 |
| Selling, general and administrative | 13.0 | 13.2 | 14.8 | 14.8 | 14.6 |
| Operating income | 7.9 | 8.5 | 8.5 | 9.4 | 9.2 |
| Net income | 5.4 | 6.7 | 5.2 | 3.4 | 6.0 |
| Diluted EPS ($) | 15.75 | 21.41 | 17.39 | 12.12 | 22.18 |
| Operating cash flow | 7.2 | 8.7 | 11.8 | 10.4 | 9.6 |
| Capital expenditure | (1.2) | (1.3) | (1.6) | (1.4) | (1.2) |
| Free cash flow | 6.0 | 7.4 | 10.2 | 9.0 | 8.4 |
| Stock based compensation | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Cash and investments | 6.0 | 6.8 | 8.7 | 8.2 | 8.7 |
| Total debt | 33.7 | 31.1 | 30.9 | 32.0 | 31.5 |
| Total equity | 47.1 | 44.7 | 46.2 | 41.0 | 41.7 |
Revenue is total revenues. Operating income is income from operations as reported. Net income is shareholders net income. Total equity is shareholders equity. FY2021 and FY2022 income and cash flow as restated in the FY2023 Form 10-K for LDTI; the FY2021 balance sheet is from the FY2022 Form 10-K. The TTM Q3 2026 column is omitted because the Q3 2026 Form 10-Q was not filed; latest period figures appear in the tables of this chapter.
Table 5.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 69.75 | 73.68 | 5.6% |
| Net income ($bn) | 1.87 | 1.44 | (22.8%) |
| Diluted EPS ($) | 6.98 | 5.47 | (21.6%) |
| Net margin (%) | 2.7 | 2.0 | (0.7 pts) |
Table 5.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Growth and margins | |||||
| Revenue growth (%) | n/a | 3.7 | 8.2 | 26.6 | 11.2 |
| Operating margin (%) | 4.6 | 4.7 | 4.4 | 3.8 | 3.3 |
| Net margin (%) | 3.1 | 3.7 | 2.6 | 1.4 | 2.2 |
| FCF margin (%) | 3.5 | 4.1 | 5.2 | 3.6 | 3.1 |
| Cost and investment intensity | |||||
| SBC (%) revenue | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| Capex (%) revenue | 0.7 | 0.7 | 0.8 | 0.6 | 0.4 |
| Effective tax rate (%) | 20.2 | 19.2 | 2.6 | 28.3 | 19.2 |
| Returns | |||||
| ROE (%) | 11.4 | 14.6 | 11.4 | 7.9 | 14.4 |
| ROA (%) | 3.5 | 4.5 | 3.5 | 2.2 | 3.8 |
| ROIC (%) | 8.5 | 9.9 | 12.2 | 10.4 | 11.5 |
| Asset turnover (x) | 1.12 | 1.25 | 1.28 | 1.59 | 1.74 |
| Liquidity and leverage | |||||
| Current ratio (x) | 0.83 | 0.73 | 0.77 | 0.84 | 0.85 |
| Debt to equity (x) | 0.71 | 0.70 | 0.67 | 0.78 | 0.75 |
| Net cash ($bn) | (27.7) | (24.3) | (22.2) | (23.8) | (22.7) |
| Efficiency and cash quality | |||||
| Days sales outstanding | 32 | 35 | 33 | 36 | 38 |
| Inventory days | 9 | 11 | 12 | 11 | 11 |
| FCF to net income (x) | 1.12 | 1.10 | 1.98 | 2.61 | 1.41 |
| Shareholder returns (%) FCF | 150 | 122 | 36 | 96 | 62 |
Operating margin uses income from operations. ROE and ROA use average balances for FY2022 to FY2025 and period end balances for FY2021. Inventory days use pharmacy, service and medical costs. Gross margin is omitted because Cigna reports no gross profit line.
Table 5.4 Valuation snapshot at $315.48 per share, 5 Nov 2026
| Measure | Value |
|---|---|
| Market cap ($bn) | 83.1 |
| Enterprise value, net debt at 30 Jun 2026 ($bn) | 107.7 |
| P/E on TTM Q3 2026 GAAP EPS (x) | 13.9 |
| P/E on TTM Q3 2026 adjusted EPS (x) | 10.0 |
| EV/Sales on TTM Q3 2026 revenue (x) | 0.4 |
| FCF yield on TTM Q2 2026 free cash flow (%) | 11.0 |
| Price/Book on 30 Sep 2026 shareholders equity (x) | 1.9 |
| Dividend yield on $1.56 quarterly rate (%) | 2.0 |
Cost structure and profitability
- Pharmacy and other service costs were 78.2% of FY2025 revenue against 67.5% in FY2021, as pharmacy revenue grew faster than premiums; medical costs fell to 12.5% from 19.3%, partly after the HCSC sale.
- SG&A $14.62bn in FY2025, 5.3% of revenue against 7.5% in FY2021; Q3 2026 $3.61bn, 4.9% of revenue against 4.8%, which the release attributes to investments for long term growth, partly offset by efficiencies.
- Medical care ratio 85.0% in Q3 2026, the cost measure of Cigna Healthcare: medical costs over premiums for risk products. FY2025 84.4% against 81.3% in FY2023.
- Adjusted income from operations margin 2.86% in Q3 2026 against 3.01% (after tax, non GAAP, over total revenues): revenue grew 5.6% while adjusted income rose 0.4%.
- Amortization of acquired intangibles $449m after tax in Q3 2026 ($1.71 per share); $1.37bn pretax in 9M 2026. Depreciation and amortization in total $2.78bn in FY2025.
Table 5.5 Cost lines as % of total revenues, FY2021 to FY2025
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Pharmacy and other service costs (% of revenue) | 67.5 | 69.2 | 68.5 | 73.9 | 78.2 |
| Medical costs and other benefit expenses (% of revenue) | 19.3 | 17.8 | 18.6 | 15.6 | 12.5 |
| Selling, general and administrative (% of revenue) | 7.5 | 7.3 | 7.6 | 6.0 | 5.3 |
| Amortization of acquired intangibles (% of revenue) | 1.1 | 1.0 | 0.9 | 0.7 | 0.6 |
| Depreciation and amortization, total (% of revenue) | 1.7 | 1.6 | 1.6 | 1.1 | 1.0 |
| Income from operations (% of revenue) | 4.6 | 4.7 | 4.4 | 3.8 | 3.3 |
| Adjusted income from operations, after tax (% of revenue, non GAAP) | 4.0 | 4.1 | 3.8 | 3.1 | 2.9 |
Table 5.6 Shareholders net income to adjusted income from operations, Q3 2026 (after tax)
| Line | $bn | Per share ($) |
|---|---|---|
| Shareholders net income | 1.44 | 5.47 |
| add net investment losses | 0.07 | 0.25 |
| add amortization of acquired intangibles | 0.45 | 1.71 |
| add special items | 0.15 | 0.55 |
| Adjusted income from operations (non GAAP) | 2.10 | 7.98 |
Company measure from the Q3 2026 release; special items are the strategic optimization program, litigation charges, integration and transaction costs and deferred tax expenses.
Table 5.7 Latest twelve months: to Q2 2026 (last filed statements) and to Q3 2026 (release) ($bn unless stated)
| Line | TTM Q2 2026 | TTM Q3 2026 |
|---|---|---|
| Total revenues | 282.4 | 286.3 |
| Income from operations | 9.96 | n/a |
| Shareholders net income | 6.42 | 5.99 |
| Diluted EPS ($) | n/a | 22.66 |
| Adjusted income from operations (non GAAP) | n/a | 8.36 |
| Adjusted EPS ($, non GAAP) | n/a | 31.63 |
| Operating cash flow | 10.28 | n/a |
| Capital expenditure | (1.16) | n/a |
| Free cash flow | 9.11 | n/a |
| Share buybacks | (1.28) | n/a |
| Dividends | (1.62) | n/a |
The Q3 2026 release gives no income from operations, cash flow or full balance sheet; those items stay at the twelve months to Q2 2026 until the Form 10-Q is filed.
Table 5.8 Balance sheet, 30 Jun 2026 (Form 10-Q) and items reported for 30 Sep 2026 ($bn unless stated)
| Line | 30 Jun 2026 | 30 Sep 2026 |
|---|---|---|
| Cash and short term investments | 7.26 | n/a |
| Long term investments | 19.04 | n/a |
| Total debt | 31.88 | n/a |
| Net debt | 24.62 | n/a |
| Goodwill and intangibles | 72.47 | n/a |
| Total assets | 157.08 | n/a |
| Shareholders equity | 42.62 | 43.38 |
| Debt to capitalization (%) | 42.8 | 41.8 |
| Common shares outstanding (m) | n/a | 263.4 |
Net debt is total debt less cash and short term investments; long term investments are excluded. Debt to capitalization is the company ratio of debt over shareholders equity plus debt.
Table 5.9 Cash flow and capital returns, last five filed quarters
| Line | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|
| Operating cash flow ($bn) | (1.89) | 3.42 | 6.15 | 1.13 | (0.42) |
| Capital expenditure ($bn) | (0.29) | (0.28) | (0.32) | (0.27) | (0.30) |
| Free cash flow ($bn) | (2.17) | 3.14 | 5.83 | 0.86 | (0.72) |
| Share buybacks ($bn) | (1.11) | 0.00 | (1.00) | 0.00 | (0.28) |
| Dividends ($bn) | (0.40) | (0.40) | (0.40) | (0.42) | (0.41) |
Quarterly figures derived from year to date cash flow statements; Q4 2025 equals FY2025 less 9M 2025. No buybacks in Q3 2025 and Q1 2026. The Q2 2026 Form 10-Q states 0.9m shares repurchased for about $250m in 6M 2026.
6 MD&A & Management Commentary
Q3 2026 results release (Form 8-K of 5 Nov 2026)
- Consolidated: total revenues $73.7bn, +5.6%, with growth in Evernorth and Cigna Healthcare; adjusted revenues $73.8bn; adjusted income from operations $2.10bn against $2.10bn, described as stable. SG&A ratio 4.9% against 4.8%, adjusted 4.7% against 4.6%.
- Evernorth: adjusted revenues $63.8bn, +5.6%; pretax adjusted income $1.83bn, (3.9%); margin 2.9% against 3.2%. 9M 2026 $4.96bn against $5.03bn, against a 2026 outlook of at least $6.9bn.
- Pharmacy Benefit Services: revenues +9% primarily on drug mix; pretax adjusted income (22%), which the release attributes to large client contract renewals and strategic investments, consistent with prior commentary.
- Specialty and Care Services: revenues +1%, with specialty distribution growth offset by lower specialty pharmacy revenue as biosimilar and specialty generic adoption lowers costs; pretax adjusted income +15% on organic growth in specialty businesses.
- Cigna Healthcare: adjusted revenues +9% on premium rate increases; pretax adjusted income +15% on higher net investment income and operating efficiency. Medical care ratio 85.0% against 84.8% on US Employer business mix, partly offset by a lower ratio in Individual and Family Plans. Net medical costs payable $4.86bn; favorable prior year reserve development $356m pretax in 9M 2026 against $319m.
- Earnings call: the release scheduled the Q3 2026 call for 8:30 a.m. ET on 5 Nov 2026; this section uses the release only.
Table 6.1 2026 outlook and every revision, and targets through 2030, as filed
| Item | Outlook | Source |
|---|---|---|
| 2026 adjusted EPS (non GAAP) | at least $30.25 (5 Feb), $30.35 (30 Apr), $30.45 (30 Jul), $30.60 (5 Nov); FY2025 actual $29.84 | 8-K Ex 99.1 releases of 5 Feb, 30 Apr, 30 Jul and 5 Nov 2026 |
| Evernorth pretax adjusted income | at least $6.90bn, unchanged through 2026; 9M 2026 $4.96bn | 8-K Ex 99.1, 5 Feb to 5 Nov 2026 |
| Cigna Healthcare pretax adjusted income | at least $4.50bn (Feb), $4.53bn (Apr), $4.55bn (Jul), $4.60bn (Nov); 9M 2026 $3.98bn | 8-K Ex 99.1 releases |
| Cigna Healthcare medical care ratio | 83.7% to 84.7% (Feb to Sep); 84.2% plus or minus 25 bps from 5 Nov 2026; FY2025 actual 84.4% | 8-K Ex 99.1, 5 Feb and 5 Nov 2026 |
| 2026 adjusted revenues | about $280bn (last stated 30 Sep 2026); 9M 2026 $213.9bn | 8-K Ex 99.1, 5 Feb and 30 Sep 2026 |
| 2026 operating cash flow; capital expenditure | about $9.0bn; about $1.3bn | 8-K Ex 99.1, 5 Feb 2026 |
| 2026 dividends; weighted average shares | about $1.6bn, $1.56 a quarter; 261m to 265m shares | 8-K Ex 99.1, 5 Feb 2026 |
| 2026 adjusted SG&A ratio; adjusted tax rate | about 5.0%; about 19.0% | 8-K Ex 99.1, 5 Feb 2026 |
| Targets 2026 to 2030 | adjusted EPS CAGR 10% to 14%; about $50bn cumulative operating cash flow through 2030 | 8-K Ex 99.1, 30 Sep 2026 (Investor Day); repeated 5 Nov 2026 |
| Accelerate to One | $3bn multiyear modernization and productivity program, incl. AI tools and supplier management | 8-K Ex 99.1, 30 Sep and 5 Nov 2026 |
| Strategic optimization program | at least $500m annualized after tax savings; cost $749m pretax in 2025 and $535m in 9M 2026 | FY2025 Form 10-K; Q3 2026 release |
| Individual and Family Plans | exit from the medical business on 1 Jan 2027 | 8-K Ex 99.1, 30 Jul and 5 Nov 2026 |
Management and CFO commentary
- CFO Ann Dennison, Investor Day release (30 Sep 2026): targets of 10% to 14% adjusted EPS CAGR and about $50bn cumulative operating cash flow through 2030; the $3bn modernization and productivity initiatives are expected to fund themselves; 2026 adjusted EPS at least $30.45 reaffirmed.
- CEO Brian Evanko, Q3 2026 release: three priorities of core growth, distinct capabilities and disciplined execution; Accelerate to One is to drive productivity and reduce costs.
- CEO Brian Evanko, Q2 2026 release: technology, data and AI cited for personalized experiences and lower costs.
- David Cordani, Q1 2026 release: results attributed to execution, portfolio shaping and targeted innovation. The Q2 2026 release and Form 10-Q attribute lower Pharmacy Benefit Services income to client and customer focused initiatives, which the 10-Q lists as large client contract renewals, rebate free model investment and recontracting.
Table 6.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Brian Evanko, President and CEO | 5 Nov 2026, Form 8-K Ex 99.1 | “driving core growth, leveraging our distinct capabilities, and executing with discipline” |
| David M. Cordani, Chairman and CEO | 3 Mar 2026, Form 8-K Ex 99.1 | “The status quo in health care today is unsustainable” |
| David M. Cordani, Chairman and CEO | 5 Feb 2026, Form 8-K Ex 99.1 | “we expanded access and support, lowered costs, and improved transparency” |
Table 6.3 Key disclosures in the Forms 10-K and 10-Q
| Item | Disclosure |
|---|---|
| FY2025 Form 10-K, Item 1 | A single pharmacy benefit client was about 19% of 2025 revenue from external customers (16% in 2024). Contracts with the three largest Evernorth clients renewed or extended through the end of the decade. |
| FY2025 Form 10-K, Item 1 | Rebate free pharmacy benefit model: adopted by Cigna Healthcare for fully insured customers from 2027; the standard model for Evernorth pharmacy benefit clients from 2028. |
| FY2025 Form 10-K, regulation | Consolidated Appropriations Act, 2026: from Aug 2028 PBMs remit 100% of certain rebates and fees to ERISA plan sponsors; from Jan 2028 Part D PBM pay cannot be linked to list price; from Jan 2029 Part D any willing pharmacy. |
| FY2025 Form 10-K, MD&A | HCSC sale closed 19 Mar 2025 for final cash proceeds of $4.9bn and reduced 2025 Cigna Healthcare adjusted revenues by $8.50bn. Pharmacy claims 2.22bn (+5%); Evernorth pretax margin 3.1% against 3.5%. |
| FY2025 Form 10-K, notes | Debt $31.5bn at 31 Dec 2025, of which $21.5bn of principal due after five years; $4.5bn of long term debt issued and $4.2bn repaid in 2025; effective tax rate 19.2%. |
| Q1 2026 Form 10-Q | Large client renewals, rebate free model investment and recontracting reduced Evernorth pretax growth by 8 points; claim volume 527m, (2%). |
| Q2 2026 Form 10-Q | Pharmacy Benefit Services pretax adjusted income (27%) to $609m; claim volume 537m, (2%). 6M 2026 operating cash flow $710m against $34m, held back by Inflation Reduction Act effects and lower insurance liabilities. |
| Q2 2026 Form 10-Q, liquidity | Commercial paper $1.0bn at 30 Jun 2026; undrawn revolver $6.5bn; dividends from US regulated subsidiaries $0.8bn in 6M 2026. |
| Q1 2026 Form 10-Q, investments | Commercial mortgage loans about $1.3bn with about 26% office exposure; 50% interest in a China insurance joint venture. |
7 Sector & Competitor Analysis
- Sector: US managed care and pharmacy benefit management. Cigna, CVS Health and UnitedHealth each own a large PBM and a health insurer; Elevance runs CarelonRx; Centene buys PBM services from Express Scripts.
- Revenue TTM: UnitedHealth $449.7bn, CVS Health $420.6bn, Cigna $286.3bn, Centene $203.9bn and Elevance $201.8bn. Growth 9M 2026: Cigna 5.6%, CVS and Centene 6.3%, Elevance 1.8%, UnitedHealth 0.6%.
- Operating margin: UnitedHealth 5.3%, CVS 3.6%, Cigna 3.5% (to Q2 2026), Elevance 2.7% and Centene 0.5%. ROE: UnitedHealth 16.2%, Cigna 13.8%, CVS 13.7%.
- Valuation on GAAP EPS: CVS 9.6x, Cigna 13.9x, Elevance 18.9x, UnitedHealth 23.5x and Centene 26.2x, the last on earnings that include 2025 losses. EV/Sales: Centene 0.15x, CVS 0.36x, Cigna 0.38x, Elevance 0.58x, UnitedHealth 0.92x.
- Segment comparison (chapters 2 to 4): Cigna Pharmacy Benefit Services grew revenue 9.3% at a 2.1% margin, against Optum Rx 0.6% at 4.3% and CarelonRx 5.5% at 5.3%; Cigna Healthcare's 85.0% medical care ratio is the lowest of the six insurers shown (Humana for Q2 2026).
Table 7.1 Managed care and pharmacy benefit peers, trailing twelve months
| Company | Revenue TTM ($bn) | Revenue growth (%) | Operating margin (%) | Net margin (%) | FCF margin (%) | ROE (%) | Net cash ($bn) | Market value ($bn) | EV/Sales (x) | P/E TTM (x) |
|---|---|---|---|---|---|---|---|---|---|---|
| CI | 286.3 | 5.6 | 3.5 | 2.1 | 3.2 | 13.8 | (24.6) | 83 | 0.4 | 13.9 |
| UNH | 449.7 | 0.6 | 5.3 | 3.5 | 5.1 | 16.2 | (45.8) | 369 | 0.9 | 23.5 |
| CVS | 420.6 | 6.3 | 3.6 | 2.6 | 3.7 | 13.7 | (45.8) | 106 | 0.4 | 9.6 |
| ELV | 201.8 | 1.8 | 2.7 | 2.5 | 3.2 | 11.5 | (20.4) | 96 | 0.6 | 18.9 |
| CNC | 203.9 | 6.3 | 0.5 | 0.7 | 1.9 | 6.6 | 8.0 | 38 | 0.2 | 26.2 |
TTM to Q3 2026 for peers from Forms 10-Q and 10-K. Cigna revenue, net margin and P/E TTM Q3 2026; operating and FCF margin TTM Q2 2026; net cash at 30 Jun 2026. Revenue growth is 9M 2026 against 9M 2025. Cigna P/E on GAAP EPS; on adjusted EPS 10.0x. Humana not included: its Q3 2026 Form 10-Q was not filed. Prices of 5 Nov 2026.
8 Material Events & Contracts
- 11 Forms 8-K in twelve months: four results releases, the Investor Day release, the CEO succession, two Regulation FD notices, the annual meeting results, a director retirement and the board committee changes. No Form 8-K/A was filed.
- CEO succession (8-K of 3 Mar 2026): Brian Evanko, President and COO, became CEO on 1 Jul 2026 and David Cordani, CEO for nearly 17 years, Executive Chair; the release states revenue grew from $18bn to $275bn under Cordani.
- Investor Day (8-K of 30 Sep 2026): Lead to One vision with three priorities (core growth, distinct capabilities, disciplined execution); targets through 2030 of 10% to 14% adjusted EPS CAGR and about $50bn cumulative operating cash flow; Accelerate to One, a $3bn modernization and productivity program incl. AI tools, which the CFO stated is expected to fund itself.
- Outlook path: each 2026 results release raised the adjusted EPS outlook, from at least $30.25 in Feb to $30.60 in Nov, and the Regulation FD notices of 27 Feb and 13 May 2026 and the CEO succession release of 3 Mar 2026 reaffirmed it.
Table 8.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 5 Nov 2026 | 2.02, 9.01 | Q3 2026 results (Ex 99.1): total revenues $73.7bn, +5.6%; shareholders net income $1.44bn ($5.47 per share); adjusted EPS $7.98; 2026 adjusted EPS outlook raised to at least $30.60; 1.8m shares repurchased for about $500m year to date. |
| 9 Oct 2026 | 5.02 | Director Donna F. Zarcone to retire from the board on 31 Dec 2026; the filing states no disagreement with the company. |
| 30 Sep 2026 | 7.01, 9.01 | Investor Day (Ex 99.1): Lead to One vision; 2026 outlook reaffirmed (adjusted revenues about $280bn, adjusted EPS at least $30.45); targets through 2030 of 10% to 14% adjusted EPS CAGR and about $50bn cumulative operating cash flow; $3bn modernization and productivity program; $10.5m foundation grant program. |
| 30 Jul 2026 | 2.02, 9.01 | Q2 2026 results (Ex 99.1): total revenues $71.7bn, shareholders net income $1.66bn ($6.29 per share), adjusted EPS $7.78; 2026 adjusted EPS outlook raised to at least $30.45; Cigna Healthcare outlook at least $4.55bn. |
| 13 May 2026 | 7.01 | Regulation FD notice: officials to reaffirm 2026 adjusted EPS of at least $30.35 in investor meetings. |
| 30 Apr 2026 | 2.02, 9.01 | Q1 2026 results (Ex 99.1): total revenues $68.5bn, shareholders net income $1.65bn ($6.26 per share), adjusted EPS $7.79 (+16%); 2026 adjusted EPS outlook raised to at least $30.35. |
| 27 Apr 2026 | 5.07 | Annual meeting of 22 Apr 2026: 12 directors elected; say on pay 201.7m for, 17.4m against; PricewaterhouseCoopers ratified; written consent shareholder proposal not approved (105.0m for, 114.2m against). |
| 3 Mar 2026 | 5.02, 7.01, 9.01 | CEO succession: Brian C. Evanko (49) to become CEO on 1 Jul 2026 and David M. Cordani Executive Chair; Evanko a director from 1 Apr 2026, board raised to 12; Eric J. Foss Lead Independent Director; Evanko base salary $1.3m, annual equity target $15.1m, one time $3.5m award. |
| 27 Feb 2026 | 7.01 | Regulation FD notice: officials to reaffirm 2026 adjusted EPS of at least $30.25. |
| 5 Feb 2026 | 2.02, 9.01 | Q4 and FY2025 results (Ex 99.1): revenue $274.9bn (+11%), shareholders net income $6.0bn ($22.18 per share), adjusted EPS $29.84; 2026 outlook adjusted EPS at least $30.25 and adjusted revenues about $280bn; quarterly dividend raised to $1.56 from $1.51. |
| 18 Nov 2025 | 8.01 | Board committees from 1 Jan 2026: Compliance Committee dissolved; Audit renamed Audit and Compliance; Finance renamed Finance and Technology, with oversight of technology, cyber security and AI. |
Table 8.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| Centene pharmacy benefit agreement | Multiyear agreement between Express Scripts and Centene from 1 Jan 2024; the largest client was 19% of FY2025 revenue from external customers. The 10-K lists the agreement and does not name the client in the concentration note. |
| Sale to HCSC | Medicare Advantage, Medicare Part D stand alone, supplemental and CareAllies businesses sold on 19 Mar 2025 for final cash proceeds of $4.9bn; Cigna keeps indemnification exposure for regulatory audits of the businesses sold. |
| FTC settlement | Final settlement of Feb 2026 of the FTC administrative complaint of Sep 2024 over insulin rebate practices; no monetary penalty, finding of fault or admission of liability; requires changes to Express Scripts business practices (FY2025 Form 10-K). |
| Senior notes and credit facilities | Debt $31.9bn at 30 Jun 2026, incl. $1.0bn of commercial paper; undrawn revolving credit $6.5bn; $21.5bn of principal due after five years at 31 Dec 2025. |
| CEO compensation | Brian Evanko from 1 Jul 2026: base salary $1.3m, annual incentive target $2.6m, long term incentive target $15.1m (60% performance shares, 25% restricted stock, 15% options) and a $3.5m transitional equity award; David Cordani as Executive Chair $1.0m salary and $2.0m incentive target. |
9 Ownership, Voting Power & Annual Meeting
- One class of common stock, one vote per share; no controlling holder. Vanguard Capital Management 7.5% (Schedule 13G of 29 Apr 2026; The Vanguard Group reported 10.0% on 5 Mar 2026 and no shares in its Schedule 13G/A of 26 Mar 2026) and BlackRock 7.6% (proxy statement); directors and executive officers 0.6% at 30 Jan 2026. Shares outstanding 263.4m at 30 Sep 2026.
- 2026 annual meeting (22 Apr 2026): 89.97% of shares represented; all 12 directors elected, with votes against from 0.44m (Mark McClellan) to 11.8m (Eric Foss); say on pay 92.1% of votes cast; auditor 91.1%; the shareholder proposal for action by written consent received 47.9% and failed.
- Insiders, 12 months to 5 Nov 2026: no open market purchases; open market sales about $66.8m. About $59.1m was David Cordani on 12 May 2026, who exercised 189,114 options and sold about 201,900 shares at $286 to $299 under a prearranged trading plan (Rule 10b5 1). Nicole Jones (EVP) sold shares for about $6.8m in Mar and Aug 2026; other filings are grants, vesting and tax withholding.
- Holdings: Executive Chair David Cordani held 1,204,028 shares incl. 558,359 options and CEO Brian Evanko 167,014 incl. 107,594 options (proxy statement, 30 Jan 2026).
- Board: Brian Evanko joined on 1 Apr 2026, raising the board to 12; Eric Foss became Lead Independent Director; Donna Zarcone retires on 31 Dec 2026. Board committees were reorganized from 1 Jan 2026, with technology, cyber security and AI oversight in the Finance and Technology Committee.
Table 9.1 Annual meeting vote results, 22 Apr 2026
| Proposal | For (m votes) | Against (m votes) | Abstain (m votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect David M. Cordani | 213.0 | 6.4 | n/a | 97.1 | Elected |
| Elect Brian C. Evanko | 217.7 | 1.8 | n/a | 99.2 | Elected |
| Elect Eric J. Foss | 207.6 | 11.8 | n/a | 94.6 | Elected |
| Elect Mark B. McClellan | 219.0 | 0.4 | n/a | 99.8 | Elected |
| Elect Philip O. Ozuah | 211.2 | 8.1 | n/a | 96.3 | Elected |
| Advisory vote on executive compensation | 201.7 | 17.4 | 0.5 | 92.1 | Approved |
| Ratify PricewaterhouseCoopers as auditor for 2026 | 216.1 | 21.0 | 0.1 | 91.1 | Approved |
| Shareholder proposal: right to act by written consent | 105.0 | 114.2 | 0.5 | 47.9 | Not approved |
For as % of votes cast excludes abstentions and broker non votes (17.6m on each item except the auditor). Five of 12 directors shown: the two executives, the lowest and highest support and one further director.
Table 9.2 Holders above 5%, Schedules 13G
| Holder | Shares (m) | % of class | Filing |
|---|---|---|---|
| Vanguard Capital Management | 19.8 | 7.5 | Schedule 13G filed 29 Apr 2026 |
| BlackRock, Inc. | 19.9 | 7.6 | Schedule 13G/A filed 24 Apr 2025, as listed in the proxy statement |
The Vanguard Group reported 26.4m shares (10.0%) in its Schedule 13G/A of 5 Mar 2026 and no shares in its Schedule 13G/A of 26 Mar 2026; Vanguard Capital Management filed its own Schedule 13G on 29 Apr 2026. BlackRock percentage as stated in the proxy statement of 13 Mar 2026.
10 Risk Factors
- Item 1A of the FY2025 Form 10-K holds 27 risk factors against 28 in FY2024: none were added; one was removed, as the factor on competing and differentiating was merged into a combined competition factor; 14 were reworded. Item 1A fell from 13,058 to 11,287 words.
- The AI factor grew from 312 to 538 words, adding generative AI risks such as inaccurate or biased output, errors that may be hard to detect and laws that may require offering changes by jurisdiction. The Forms 10-Q for Q1 and Q2 2026 refer back to the 10-K with no new risk text; the Q3 2026 Form 10-Q was not filed by 5 Nov 2026.
Table 10.1 Risk factors with filed figures
| Risk | Disclosure and change |
|---|---|
| Medical cost pricing | Medical care ratio 85.0% in Q3 2026 against 84.8%; FY2025 84.4% against 81.3% in FY2023, with the 10-K naming Individual and Family Plans as the FY2025 driver. The factor now leads Item 1A. |
| Client concentration and renewals | Largest client 19% of FY2025 revenue from external customers; Express Scripts contracts generally run three years, and the factor names the effect of large client losses or less favorable renewals. PBS pretax adjusted income (25%) in 9M 2026. |
| PBM regulation and drug pricing | Consolidated Appropriations Act, 2026 pass through and delinking rules from 2028 and 2029; the regulation factor now names PBM and drug pricing reforms as expected federal and state actions. |
| Litigation and investigations | FTC insulin matter settled in Feb 2026 without monetary penalty; litigation special items $126m pretax in 9M 2026; possible indemnification for audits of the Medicare businesses sold to HCSC. |
| Strategic transactions and goodwill | Goodwill and intangibles $73.5bn, 47% of assets, at 31 Dec 2025; FY2024 included a $2.7bn after tax VillageMD impairment. |
| Indebtedness | Total debt $31.9bn at 30 Jun 2026; debt to capitalization 41.8% at 30 Sep 2026; interest expense and other $1.42bn in the twelve months to Q2 2026. |
| AI and machine learning | Factor expanded from 312 to 538 words; AI named 21 times in 3 factors against 15 times in 2; Investor Day program of $3bn includes AI tools. |
How risk factors changed
- Comparison: 10-K FY2025 filed 26 Feb 2026 acc 0001739940-26-000006 against 10-K FY2024 filed 27 Feb 2025 acc 0001739940-25-000009.
- Risk factors were regrouped from three categories (strategic and operational, legal and compliance, economic) into four (business as a health company, legal and regulatory, operational, financial).
- Item 1A fell from 13,058 to 11,287 words (14%) and from 28 to 27 factors, with no new factor headings.
- Medicare is mentioned 6 times against 21 a year earlier and Star Ratings 0 times against 7, after the March 2025 sale of the Medicare businesses to HCSC.
- The rebate free model appears in 2 factors (pricing pressure and manufacturer contracting) against none a year earlier.
- AI is mentioned 21 times in 3 factors against 15 times in 2 factors, and the AI factor grew from 312 to 538 words with generative AI risks; the FTC insulin rebate matter moved from pending litigation to a February 2026 settlement.
Table 10.2 Size of the risk factor section
| Measure | 10-K FY2024 | 10-K FY2025 |
|---|---|---|
| Risk factors (count) | 28 | 27 |
| Words in Item 1A | 13,058 | 11,287 |
Table 10.3 Risk factors added, removed and materially reworded
| Change | Risk factor | What changed |
|---|---|---|
| Removed | Competing, differentiating and maintaining reputation | Separate FY2024 factor (450 words) on competing, differentiating products and maintaining reputation; its text was folded into the new combined competition factor, so no stand alone heading remains. |
| Reworded | Predicting, pricing and managing health care costs | Heading now leads with pricing and managing health care costs; Medicare Advantage and Part D bid text removed after the HCSC sale; adds that Express Scripts contracts generally run three years, the effect of large client losses or less favorable renewals, and names the rebate free model as a response to margin pressure. |
| Reworded | Competition and differentiation (merged factor) | FY2024 factors on a changing industry and on competing and differentiating were merged into one; adds text on government involvement in drug pricing and purchasing, competitors with lower return expectations, and reputation risk from negative publicity over affordability and transparency. |
| Reworded | Pharmacy provider marketplace and networks | Sentence on large pharmacy chains entering pharmacy benefit management or consolidating replaced with a shorter reference to harm to relationships with large pharmacy chains. |
| Reworded | Government sponsored programs | Medicare Advantage and Part D Star Rating and premium rate text removed (7 Star Rating mentions to 0) after the March 2025 HCSC sale; adds compliance requirements on data submission, network adequacy, provider directories and claims payment; factor shortened from 627 to 315 words. |
| Reworded | Substantial government regulation and new laws | Rewritten to name pharmacy benefit manager and drug pricing reforms as expected federal and state actions; removed EU CSRD and California climate disclosure examples and share repurchase tax text; adds ESG laws that restrict consideration of these factors; 969 to 654 words. |
| Reworded | Privacy, security and data laws | Updates the HHS Office for Civil Rights HIPAA security audit from a December 2024 request to a 2025 response; adds payment card information; GDPR, cross border transfer and FTC Act text cut; 672 to 480 words. |
| Reworded | Litigation, regulatory audits and investigations | Adds the February 2026 final FTC settlement resolving all FTC matters without a monetary penalty or admission of liability and requiring changes to Express Scripts affordability practices; removes RADV audit text and the 2023 Corporate Integrity Agreement detail; adds possible indemnification duties for audits tied to the divested Medicare businesses; 1,201 to 961 words. |
| Reworded | Fraud, waste and abuse regulation | Heading changed from prevention, detection and control systems to extensive fraud, waste and abuse regulation; adds kickback, unnecessary services and improper marketing examples; text on economic downturn fraud volumes removed. |
| Reworded | Investing in and maintaining information technology systems | Absorbs third party system dependency and business continuity and disaster recovery text moved from the service disruption factor; 424 to 584 words. |
| Reworded | Use of AI and machine learning | Expanded from 312 to 538 words with generative AI risks: hallucinated output, inaccurate or biased content, errors that may be hard to detect, and evolving AI laws that may require offering changes by jurisdiction. |
| Reworded | Service disruption (operations and suppliers) | Narrowed to operational disruption, adding prescription shipment and storage conditions and patient support steps; IT disruption and climate related energy cost text moved out or cut; 524 to 249 words. |
| Reworded | International operations | Bullet list of country risks (tariffs, Pillar Two tax, data residency, Middle East conflict, natural disasters) condensed into one sentence; 493 to 265 words. |
| Reworded | Strategic transactions | HCSC closing risk text removed after the March 2025 close; goodwill and intangibles updated to $73.5bn (47% of assets) at 31 Dec 2025 from $73.8bn at 31 Dec 2024; internal control text on acquired businesses cut; 940 to 506 words. |
| Reworded | Execution of strategic and operational initiatives | Factor moved from first position to the operational group; adds that execution risk may be heightened by complexity across pharmacy services and health care businesses; capability bullet list trimmed from 374 to 310 words. |
Table 10.4 Risk factor updates in quarterly reports since the annual filing
| Filing | Change disclosed |
|---|---|
| 10-Q Q1 2026 filed 30 Apr 2026 | Part II Item 1A refers to the risk factors in the FY2025 10-K; no new or updated risk factor text. |
| 10-Q Q2 2026 filed 30 Jul 2026 | Part II Item 1A refers to the risk factors in the FY2025 10-K; no new or updated risk factor text. |
11 Stock Price, Scenarios & Sensitivity
- CI traded at $315.48 on 5 Nov 2026 after the release, +3.3% against the prior close of $305.41, 0.2% below the 52 week high of $316.16 and 25.5% above the low of $251.37.
- Valuation: 13.9x TTM GAAP EPS of $22.66 and 10.0x TTM adjusted EPS of $31.63; market value $83.1bn; dividend yield 2.0%; free cash flow yield 11.0% on the twelve months to Q2 2026.
- Scenario model: revenue grows from TTM Q3 2026 $286.3bn for three years; margin on income from operations as stated; interest expense of $1.4bn a year deducted; 20% tax rate; price equals year three EPS on a GAAP basis times exit P/E. GAAP EPS includes amortization of acquired intangibles, so exit multiples sit above the adjusted EPS multiple of 10.0x.
Critical factors and core assumptions
Table 11.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Pharmacy Benefit Services profit | $1.77bn pretax adjusted in 9M 2026, (25%) | growth resumes from 2028 as the rebate free model becomes standard | Q3 2026 (22%) on large client renewals and strategic investments (release) |
| Specialty and Care Services growth | $3.19bn pretax adjusted in 9M 2026, +19% | double digit profit growth through 2029 | biosimilar and specialty generic adoption (Q1 to Q3 2026 releases) |
| Medical care ratio | 85.0% in Q3 2026; 2026 outlook 84.2% plus or minus 25 bps | below 83% after the Individual and Family Plans exit | FY2025 ratio rise driven by Individual and Family Plans (10-K); exit on 1 Jan 2027 |
| Largest client | 19% of FY2025 revenue from external customers | renewal on stable terms | three largest Evernorth clients renewed through the end of the decade (10-K) |
| Capital deployment | about $500m of buybacks in 2026 to 4 Nov; debt to capitalization 41.8% | buybacks of several $bn a year from 2027 | about $50bn cumulative operating cash flow target through 2030 (Investor Day) |
| PBM rules | pass through and delinking rules from 2028 | rebate free model absorbs the rules without margin loss | FY2025 Form 10-K regulation section |
- Revenue base TTM Q3 2026 $286.3bn; income from operations margin 3.5% in the twelve months to Q2 2026 and 3.3% in FY2025.
- Best case: 7% revenue CAGR, 3.8% margin, 13x P/E, share count (9%); EPS growth at the top of the 10% to 14% target, specialty growth continues and the medical care ratio falls after the Individual and Family Plans exit.
- Base case: 5% revenue CAGR, 3.4% margin, 12x P/E, share count (6%); Pharmacy Benefit Services profit stabilizes after 2027 and the medical care ratio stays near 84%.
- Worst case: 2% revenue CAGR, 2.8% margin, 9x P/E, share count (2%); PBM rules and client repricing lower pharmacy margins further and medical cost trend exceeds pricing.
- Tax rate 20% (FY2025 effective rate 19.2%; 2026 adjusted tax rate outlook about 19%); interest expense $1.4bn a year.
Scenarios, three years forward
Table 11.2 Scenario analysis, TTM Q3 2026 to TTM Q3 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | 2.0 | 5.0 | 7.0 |
| Revenue, TTM Q3 2029 ($bn) | 303.8 | 331.4 | 350.8 |
| Operating margin, TTM Q3 2029 (%) | 2.8 | 3.4 | 3.8 |
| Net income, TTM Q3 2029 ($bn) | 5.7 | 7.9 | 9.5 |
| EPS, TTM Q3 2029 ($) | 22.03 | 31.89 | 39.81 |
| Exit P/E (x) | 9.0 | 12.0 | 13.0 |
| Implied price ($) | 198 | 383 | 518 |
| Change against $315.48 (%) | (37) | 21 | 64 |
| Implied annual return (%) | (14.3) | 6.6 | 17.9 |
Implied annual return excludes dividends ($1.56 per share quarterly). Margin is income from operations over total revenues; EPS is on a GAAP basis, after amortization of acquired intangibles.
Sensitivity analysis
Table 11.3 Sensitivity of implied price to revenue CAGR and operating margin at 12x P/E
| Revenue CAGR \ Operating margin | 2% | 3% | 4% | 5% |
|---|---|---|---|---|
| 2% | $181 | $299 | $417 | $535 |
| 3% | $188 | $310 | $431 | $552 |
| 5% | $203 | $331 | $460 | $588 |
| 6% | $210 | $342 | $475 | $607 |
| 7% | $218 | $354 | $490 | $626 |
Cells show implied share price in year 3. Intraday price of 5 Nov 2026 $315.48. Blue cells sit above it, red cells below.
Table 11.4 Sensitivity of implied price to exit P/E and operating margin at 5% revenue CAGR
| Exit P/E \ Operating margin | 2% | 3% | 4% | 5% |
|---|---|---|---|---|
| 9x | $152 | $248 | $345 | $441 |
| 10x | $169 | $276 | $383 | $490 |
| 11x | $186 | $304 | $421 | $539 |
| 12x | $203 | $331 | $460 | $588 |
| 13x | $220 | $359 | $498 | $637 |
Cells show implied share price in year 3. Intraday price of 5 Nov 2026 $315.48. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 5 November 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server, under central index key 1739940 for The Cigna Group and the central index keys of the peer companies listed below. Management statements come from the Forms 8-K and their exhibits.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 8-K | Q3 2026 | 5 Nov 2026 | 0001140361-26-042030 |
| 8-K | Investor Day | 30 Sep 2026 | 0001140361-26-038056 |
| 10-Q | Q2 2026 | 30 Jul 2026 | 0001739940-26-000065 |
| 8-K | Q2 2026 | 30 Jul 2026 | 0001140361-26-030135 |
| 10-Q | Q1 2026 | 30 Apr 2026 | 0001739940-26-000043 |
| 8-K | Q1 2026 | 30 Apr 2026 | 0001140361-26-017971 |
| 8-K | Annual meeting | 27 Apr 2026 | 0001140361-26-017123 |
| DEF 14A | 2026 proxy | 13 Mar 2026 | 0001739940-26-000023 |
| 8-K | CEO succession | 3 Mar 2026 | 0001140361-26-007450 |
| 10-K | FY2025 | 26 Feb 2026 | 0001739940-26-000006 |
| 8-K | Q4 2025 | 5 Feb 2026 | 0001140361-26-003768 |
| 10-Q | Q3 2025 | 30 Oct 2025 | 0001739940-25-000037 |
| 8-K | Q3 2025 | 30 Oct 2025 | 0001140361-25-039777 |
| 10-Q | Q2 2025 | 31 Jul 2025 | 0001739940-25-000028 |
| 10-Q | Q1 2025 | 2 May 2025 | 0001739940-25-000021 |
| 10-K | FY2024 | 27 Feb 2025 | 0001739940-25-000009 |
| 10-K | FY2023 | 29 Feb 2024 | 0001739940-24-000005 |
| 10-K | FY2022 | 23 Feb 2023 | 0001739940-23-000008 |
| 8-K | Board committees | 18 Nov 2025 | 0001140361-25-042597 |
Table A.2 Further Cigna filings and peer filings used
| Company | Form | Filed | Accession number |
|---|---|---|---|
| The Cigna Group | 8-K | 27 Feb 2026 | 0001140361-26-007049 |
| The Cigna Group | 8-K | 13 May 2026 | 0001140361-26-020906 |
| The Cigna Group | 8-K | 9 Oct 2026 | 0001140361-26-039271 |
| CVS Health | 10-K | Feb 2026 | 0000064803-26-000010 |
| CVS Health | 10-Q | Oct 2026 | 0000064803-26-000108 |
| CVS Health | 8-K Ex 99.1 | 4 Nov 2026 | 0000064803-26-000107 |
| Cardinal Health | 8-K Ex 99.1 | 5 Nov 2026 | 0000721371-26-000042 |
| Cencora | 8-K Ex 99.1 | 4 Nov 2026 | 0001140859-26-000038 |
| Centene | 10-K | Feb 2026 | 0001071739-26-000049 |
| Centene | 10-Q | Oct 2026 | 0001071739-26-000192 |
| Centene | 8-K Ex 99.1 | 26 Oct 2026 | 0001071739-26-000194 |
| Elevance Health | 10-K | Feb 2026 | 0001156039-26-000013 |
| Elevance Health | 10-Q | Oct 2026 | 0001156039-26-000071 |
| Elevance Health | 8-K Ex 99.1 | 21 Oct 2026 | 0001156039-26-000068 |
| Humana | 8-K Ex 99.1 | 29 Jul 2026 | 0000049071-26-000045 |
| McKesson | 8-K Ex 99.1 | 4 Nov 2026 | 0000927653-26-000279 |
| UnitedHealth Group | 10-K | Feb 2026 | 0000731766-26-000062 |
| UnitedHealth Group | 10-Q | Oct 2026 | 0000731766-26-000266 |
| UnitedHealth Group | 8-K Ex 99.1 | 13 Oct 2026 | 0000731766-26-000255 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 18 Nov 2025 | 8-K body, Item 8.01 (no exhibits) | Board committee structure changes effective 1 Jan 2026 | Board approved on 22 Oct 2025 a new committee structure effective 1 Jan 2026; Compliance Committee ceases as a standing committee after the March 2025 sale of the Medicare Advantage, Medicare Part D stand alone and CareAllies businesses |
| 5 Feb 2026 | Ex 99.1 | Q4 and FY2025 results, 2026 outlook, dividend increase | FY2025 total revenues $274.9bn (+11%); shareholders' net income $6.0bn or $22.18 per share; adjusted income from operations $8.0bn or $29.84 per share (2024: $27.33); Q4 2025 total revenues $72.5bn (+10%); adjusted EPS $8.08 against $6.64 in Q4 2024 |
| 27 Feb 2026 | 8-K body, Item 7.01 (no exhibits) | 2026 outlook affirmation ahead of investor meetings | Officials expected to reaffirm FY2026 adjusted EPS of at least $30.25 in investor meetings; Signed by CFO Ann M. Dennison |
| 3 Mar 2026 | Ex 99.1 (and 8-K Item 5.02) | CEO succession: Brian Evanko to succeed David Cordani | Board appointed Brian Evanko (49, President and COO) CEO effective 1 Jul 2026; David Cordani becomes Executive Chair after nearly 17 years as CEO; Board raised to twelve members; Evanko elected director from 1 Apr 2026; Eric Foss named Lead Independent Director replacing Eric Wiseman |
| 27 Apr 2026 | 8-K body, Item 5.07 (no exhibits) | 2026 annual meeting voting results (meeting 22 Apr 2026) | 237.2m of 263.7m shares (89.97%) represented; All twelve directors elected; votes against ranged from 0.44m (Mark McClellan) to 11.8m (Eric Foss) |
| 30 Apr 2026 | Ex 99.1 | Q1 2026 results, outlook raised | Total revenues $68.5bn (+5%); adjusted EPS $7.79 against $6.74 (+16%); shareholders' net income $1.7bn or $6.26 per share; Pharmacy Benefit Services revenues $33.0bn (+11%), pretax adjusted income $394m (28%) on lower contributions from large client relationships |
| 13 May 2026 | 8-K body, Item 7.01 (no exhibits) | 2026 outlook affirmation | Officials expected to reaffirm FY2026 adjusted EPS of at least $30.35 in investor meetings |
| 30 Jul 2026 | Ex 99.1 | Q2 2026 results, outlook raised | Total revenues $71.7bn (+7%); adjusted EPS $7.78 against $7.20; shareholders' net income $1.7bn or $6.29 per share; Pharmacy Benefit Services revenues $34.5bn (+8%), pretax adjusted income $609m (27%) on large client contract renewals |
| 30 Sep 2026 | Ex 99.1 | 2026 Investor Day: Lead to One, 2030 targets | Targets through 2030: adjusted EPS CAGR of 10% to 14% and about $50bn cumulative operating cash flow; New $3bn multiyear modernization and productivity program, including AI tools and supplier management |
| 9 Oct 2026 | 8-K body, Item 5.02 (no exhibits) | Director Donna Zarcone to retire | Donna F. Zarcone informed the Board on 6 Oct 2026 she will retire effective 31 Dec 2026; no disagreement with the company |
| 5 Nov 2026 | Ex 99.1 | Q3 2026 results, outlook raised | Total revenues $73.7bn (+6%); adjusted EPS $7.98 against $7.83; shareholders' net income $1.4bn or $5.47 per share (Q3 2025: $6.98, which included a gain on sale); Pharmacy Benefit Services revenues $37.3bn (+9%), pretax adjusted income $765m (22%); Specialty and Care Services revenues $26.5bn (+1%), pretax adjusted income $1.06bn (+15%) |
Read next
HubSpot (HUBS) Q3 2026 Earnings: Net Customer Additions Fall to 5,258, Risk Factors Cite Longer Sales Cycles, SEC Filing Analysis
November 5, 2026·42 min read
Block (XYZ) Q3 2026 Earnings SEC Filing Analysis: $764m DOJ Accrual, Cash App Gross Profit Up 27% and First 2027 Outlook
November 5, 2026·41 min read