Cigna
A health services group whose pharmacy-benefit and specialty-pharmacy arm, Evernorth, now produces about 85% of segment revenue, while its insurer, Cigna Healthcare, refocuses on U.S. employers after selling its Medicare businesses.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Lean on Specialty and Care Services, rather than Pharmacy Benefit Services, as the main Evernorth profit engine through the 2027-2028 rebate-free transition.
- Split of Evernorth pre-tax adjusted income between the two operating segments in each quarter
- Disclosure of rebate-free transition costs and any change to the 2027/2028 timetable
- Further specialty pharmacy or site-of-care investments similar to Shields Health Solutions
- Prioritize debt reduction and keep share repurchases well below the 2025 pace while Accelerate to One is funded.Medium confidence
- Run a large technology replatforming with recurring restructuring charges, emphasizing engineering, data and AI-enabled service tools.Medium confidence
- Concentrate Cigna Healthcare growth on Middle and Select employer markets and stop-loss, while repricing or narrowing Individual and Family Plans.Medium confidence
- Expand dedicated GLP-1 clinical pharmacy and management programs as a distinct Evernorth growth line.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $174.1B | $180.5B | $195.3B | $247.1B | $274.9B |
| Gross profit | $56.5B | $55.7B | $61.5B | $64.6B | $59.9B |
| Operating income | $7.9B | $8.4B | $8.5B | $9.4B | $9.2B |
| Net income | $5.4B | $6.8B | $5.2B | $3.4B | $6.0B |
| Operating cash flow | $7.2B | $8.7B | $11.8B | $10.4B | $9.6B |
| Free cash flow | $7.2B | $8.7B | $11.8B | $10.4B | $9.6B |
| Stock-based comp | $268M | $264M | $286M | $308M | $291M |
| Buybacks | $7.7B | $7.6B | $2.3B | $7.0B | $3.6B |
| Dividends | $1.3B | $1.4B | $1.4B | $1.6B | $1.6B |
| Cash | $5.1B | $5.9B | $7.8B | $7.5B | $7.7B |
| Total debt | $33.2B | $28.1B | $29.4B | $29.8B | $30.9B |
| Equity | $47.1B | $44.7B | $46.2B | $41.0B | $41.7B |
Built from the company's disclosures: 10-K (2026-02-26), 8-K (2026-11-05), 8-K (2026-10-09), 8-K (2026-07-30), 8-K (2026-04-30), DEF 14A (2026-03-13).
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