Cigna
CI · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Cigna reported revenue of $275B in the fiscal year ended Dec 2025, up 11.2% from the year before. Operating income was $9.2B, an operating margin of 3.3%, and net income was $6B. Net debt was $23.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $174B | $181B | $195B | $247B | $275B |
| Cost of revenue | $118B | $125B | $134B | $183B | $215B |
| Gross profit | $56.5B | $55.7B | $61.5B | $64.6B | $59.9B |
| Selling, general & admin | $13B | $13.2B | $14.8B | $14.8B | $14.6B |
| Operating income | $7.9B | $8.5B | $8.5B | $9.4B | $9.2B |
| Interest expense | $1.3B | $1.3B | $1.4B | $1.5B | $1.4B |
| Pre-tax income | $6.8B | $8.4B | $5.5B | $5.3B | $7.8B |
| Income tax | $1.4B | $1.6B | $141M | $1.5B | $1.5B |
| Net income | $5.4B | $6.8B | $5.2B | $3.4B | $6B |
| Diluted EPS | 15.75 | 21.41 | 17.39 | 12.12 | 22.18 |
| Diluted shares | 341M | 313M | 297M | 283M | 269M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.1B | $5.9B | $7.8B | $7.6B | $7.7B |
| Receivables | $15.1B | $17.2B | $17.7B | $24.2B | $28.8B |
| Inventory | $3.7B | $4.8B | $5.6B | $6.7B | $7.3B |
| Current assets | $36.1B | $30.1B | $37.4B | $48.9B | $47.8B |
| Net PP&E | $3.7B | $3.8B | – | – | $3.7B |
| Goodwill | $45.8B | $45.8B | $44.3B | $44.4B | $44.9B |
| Total assets | $155B | $144B | $153B | $156B | $158B |
| Payables | $6.7B | $7.8B | $8.6B | $9.3B | $10.7B |
| Current liabilities | $43.6B | $41.2B | $48.7B | $58B | $56.3B |
| Short-term debt | $2.5B | $3B | $2.8B | $3B | $592M |
| Long-term debt | $31.1B | $28.1B | $28.2B | $28.9B | $30.9B |
| Total liabilities | $108B | $99.1B | $106B | $115B | $116B |
| Shareholders' equity | $47.1B | $44.7B | $46.2B | $41B | $41.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.2B | $8.7B | $11.8B | $10.4B | $9.6B |
| Depreciation & amortisation | $2.9B | $2.9B | $3B | $2.8B | $2.8B |
| Stock-based compensation | $268M | $264M | $286M | $308M | $291M |
| Acquisitions | $1.8B | $0 | $447M | $131M | $597M |
| Share buybacks | $7.7B | $7.6B | $2.3B | $7B | $3.6B |
| Dividends paid | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B |
| Dividend per share | 4.00 | 4.48 | 4.92 | 5.60 | 6.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.7% | 8.2% | 26.6% | 11.2% |
| Operating income growth (YoY) | – | 6.4% | 1.0% | 10.3% | −2.3% |
| EPS growth (YoY) | – | 35.9% | −18.8% | −30.3% | 83.0% |
| Gross margin | 32.5% | 30.8% | 31.5% | 26.1% | 21.8% |
| Operating margin | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% |
| Net margin | 3.1% | 3.8% | 2.6% | 1.4% | 2.2% |
| Return on equityBlank when equity is negative | 11.5% | 15.2% | 11.2% | 8.4% | 14.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.1% | 8.2% | 8.2% | 9.6% | 9.1% |
| Cash conversion (CFO ÷ net income) | 1.33x | 1.28x | 2.29x | 3.02x | 1.61x |
| Receivable days | 32 | 35 | 33 | 36 | 38 |
| Inventory days | 12 | 14 | 15 | 13 | 12 |
| Payable days | 21 | 23 | 23 | 19 | 18 |
| Interest cover | 6.11x | 6.50x | 6.10x | 6.28x | 6.57x |
| Debt ÷ equity | 0.71x | 0.70x | 0.67x | 0.78x | 0.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $28.6B | $25.2B | $23.1B | $24.4B | $23.8B |
| Current ratio | 0.83x | 0.73x | 0.77x | 0.84x | 0.85x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.