Cigna Group
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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Sep 30, 2026 · Filed Nov 5, 2026
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Segment Information
Note 15 – Segment Information
See Note 1 to the Consolidated Financial Statements for a description of our segments. A description of our basis for reporting segment operating results is outlined below. Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments. The President and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.
The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions. We define pre-tax adjusted income (loss) from operations as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management, including the CODM, believes are not representative of the underlying results of normal, recurring operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results.
The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management, including the CODM, believes are not representative of the underlying results of normal, recurring operations due to their nature or size. We exclude these items from this measure because management, including the CODM, believes they are not indicative of past or future underlying performance of the business.
The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.
The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||
| (In millions) | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax |
| Strategic optimization program(primarily Selling, general and administrative expenses) | $85 | $62 | $222 | $168 | $535 | $405 | $566 | $429 |
| Charges (benefits) associated with litigation matters (Selling, general and administrative expenses) | 60 | 49 | (17) | (13) | 126 | 101 | (17) | (13) |
| Integration and transaction-related costs (Selling, general and administrative expenses) | 23 | 17 | 7 | 6 | 92 | 70 | 297 | 226 |
| Deferred tax expenses, net(Income taxes, less amount attributable to noncontrolling interests) | — | 18 | — | 19 | — | 51 | — | 53 |
| (Gain) on sale of businesses | — | — | (38) | (241) | (6) | (6) | (79) | (356) |
| Total impact from special items | $168 | $146 | $174 | $(61) | $747 | $621 | $767 | $339 |
Summarized segment financial information was as follows:
| (In millions) | Evernorth Health Services | Cigna Healthcare | Other Operations | Corporate and Eliminations | Total |
|---|---|---|---|---|---|
| Three months ended September 30, 2026 | |||||
| Revenues from external customers | $63,347 | $10,001 | $48 | $— | $73,396 |
| Intersegment revenues | 401 | 1,418 | 6 | (1,825) | |
| Net investment income | 26 | 179 | 74 | 8 | 287 |
| Total revenues | 63,774 | 11,598 | 128 | (1,817) | 73,683 |
| Net investment results from certain equity method investments | — | 110 | — | — | 110 |
| Adjusted revenues | $63,774 | $11,708 | $128 | $(1,817) | $73,793 |
| Pharmacy and other service costs | 60,519 | — | |||
| Medical costs | — | 8,228 | |||
| Selling, general and administrative expenses | 1,147 | 2,290 | |||
| Other segment items (1) | |||||
| Interest (expense) and other | 1 | 3 | |||
| Less: Income attributable to noncontrolling interests | 280 | — | |||
| Pre-tax adjusted income (loss) from operations | 1,829 | 1,193 | 22 | (394) | 2,650 |
| Income (loss) before income taxes | $1,608 | $946 | $24 | $(479) | $2,099 |
| Pre-tax adjustments to reconcile to adjusted income from operations | |||||
| (Income) attributable to noncontrolling interests | (280) | — | — | — | (280) |
| Net investment (gains) losses (2) | (94) | 169 | (1) | — | 74 |
| Amortization of acquired intangible assets | 587 | 2 | — | — | 589 |
| Special items | |||||
| Strategic optimization program | 8 | 16 | (1) | 62 | 85 |
| Charges associated with litigation matters | — | 60 | — | — | 60 |
| Integration and transaction-related costs | — | — | — | 23 | 23 |
| Pre-tax adjusted income (loss) from operations | $1,829 | $1,193 | $22 | $(394) | $2,650 |
| Other segment information | |||||
| Depreciation and amortization | $769 | $91 | $2 | $5 | $867 |
(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
| (In millions) | Evernorth Health Services | Cigna Healthcare | Other Operations | Corporate and Eliminations | Total |
|---|---|---|---|---|---|
| Three months ended September 30, 2025 | |||||
| Revenues from external customers | $59,982 | $9,460 | $68 | $5 | $69,515 |
| Intersegment revenues | 380 | 1,357 | 14 | (1,751) | |
| Net investment income | 29 | 116 | 80 | 8 | 233 |
| Total revenues | 60,391 | 10,933 | 162 | (1,738) | 69,748 |
| Net investment results from certain equity method investments | — | (178) | — | — | (178) |
| Adjusted revenues | $60,391 | $10,755 | $162 | $(1,738) | $69,570 |
| Pharmacy and other service costs | 57,326 | — | |||
| Medical costs | — | 7,579 | |||
| Selling, general and administrative expenses | 1,037 | 2,140 | |||
| Other segment items (1) | |||||
| Interest (expense) and other | (2) | 2 | |||
| Less: Income attributable to noncontrolling interests | 123 | — | |||
| Pre-tax adjusted income (loss) from operations | $1,903 | $1,038 | $36 | $(399) | $2,578 |
| Income (loss) before income taxes | $1,563 | $1,302 | $— | $(570) | $2,295 |
| Pre-tax adjustments to reconcile to adjusted income from operations | |||||
| (Income) attributable to noncontrolling interests | (123) | — | — | — | (123) |
| Net investment losses (gains) (2) | 17 | (218) | (5) | 2 | (204) |
| Amortization of acquired intangible assets | 431 | 5 | — | — | 436 |
| Special items | |||||
| Strategic optimization program | 15 | 4 | 41 | 162 | 222 |
| Integration and transaction-related costs | — | — | — | 7 | 7 |
| (Benefits) associated with litigation matters | — | (17) | — | — | (17) |
| (Gain) on sale of businesses | — | (38) | — | — | (38) |
| Pre-tax adjusted income (loss) from operations | $1,903 | $1,038 | $36 | $(399) | $2,578 |
| Other segment information | |||||
| Depreciation and amortization | $601 | $88 | $2 | $6 | $697 |
(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
| (In millions) | Evernorth Health Services | Cigna Healthcare | Other Operations | Corporate and Eliminations | Total |
|---|---|---|---|---|---|
| Nine months ended September 30, 2026 | |||||
| Revenues from external customers | $182,630 | $30,308 | $146 | $— | $213,084 |
| Intersegment revenues | 984 | 4,125 | 16 | (5,125) | |
| Net investment income | 70 | 457 | 217 | 17 | 761 |
| Total revenues | 183,684 | 34,890 | 379 | (5,108) | 213,845 |
| Net investment results from certain equity method investments | — | 23 | — | — | 23 |
| Adjusted revenues | $183,684 | $34,913 | $379 | $(5,108) | $213,868 |
| Pharmacy and other service costs | 174,750 | — | |||
| Medical costs | — | 24,053 | |||
| Selling, general and administrative expenses | 3,240 | 6,884 | |||
| Other segment items (1) | |||||
| Interest (expense) and other | — | 7 | |||
| Less: Income attributable to noncontrolling interests | 736 | — | |||
| Pre-tax adjusted income (loss) from operations | 4,958 | 3,983 | 70 | (1,208) | 7,803 |
| Income (loss) before income taxes | $4,592 | $3,735 | $58 | $(1,759) | $6,626 |
| Pre-tax adjustments to reconcile to adjusted income from operations | |||||
| (Income) attributable to noncontrolling interests | (736) | — | — | — | (736) |
| Net investment (gains) losses (2) | (279) | 71 | 9 | (3) | (202) |
| Amortization of acquired intangible assets | 1,362 | 6 | — | — | 1,368 |
| Special items | |||||
| Strategic optimization program | 19 | 51 | 3 | 462 | 535 |
| Charges associated with litigation matters | — | 126 | — | — | 126 |
| Integration and transaction-related costs | — | — | — | 92 | 92 |
| (Gain) on sale of businesses | — | (6) | — | — | (6) |
| Pre-tax adjusted income (loss) from operations | $4,958 | $3,983 | $70 | $(1,208) | $7,803 |
| Other segment information | |||||
| Depreciation and amortization | $1,893 | $257 | $6 | $16 | $2,172 |
(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
| (In millions) | Evernorth Health Services | Cigna Healthcare | Other Operations | Corporate and Eliminations | Total |
|---|---|---|---|---|---|
| Nine months ended September 30, 2025 | |||||
| Revenues from external customers | $169,470 | $31,986 | $260 | $5 | $201,721 |
| Intersegment revenues | 2,336 | 3,901 | 39 | (6,276) | |
| Net investment income | 91 | 376 | 222 | 18 | 707 |
| Total revenues | 171,897 | 36,263 | 521 | (6,253) | 202,428 |
| Net investment results from certain equity method investments | — | (272) | — | — | (272) |
| Adjusted revenues | $171,897 | $35,991 | $521 | $(6,253) | $202,156 |
| Pharmacy and other service costs | 163,386 | — | |||
| Medical costs | — | 25,446 | |||
| Selling, general and administrative expenses | 3,135 | 7,132 | |||
| Other segment items (1) | |||||
| Interest (expense) and other | (1) | 6 | |||
| Less: Income attributable to noncontrolling interests | 342 | — | |||
| Pre-tax adjusted income (loss) from operations | 5,033 | 3,419 | 61 | (1,192) | 7,321 |
| Income (loss) before income taxes | $4,101 | $3,764 | $(40) | $(1,861) | $5,964 |
| Pre-tax adjustments to reconcile to adjusted income from operations | |||||
| (Income) attributable to noncontrolling interests | (342) | — | — | — | (342) |
| Net investment (gains) losses (2) | (67) | (285) | 2 | 2 | (348) |
| Amortization of acquired intangible assets | 1,262 | 18 | — | — | 1,280 |
| Special items | |||||
| Strategic optimization program | 83 | 14 | 99 | 370 | 566 |
| Integration and transaction-related costs | — | — | — | 297 | 297 |
| (Benefits) associated with litigation matters | — | (17) | — | — | (17) |
| (Gain) on sale of businesses | (4) | (75) | — | — | (79) |
| Pre-tax adjusted income (loss) from operations | $5,033 | $3,419 | $61 | $(1,192) | $7,321 |
| Other segment information | |||||
| Depreciation and amortization | $1,772 | $252 | $13 | $16 | $2,053 |
(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
Revenue from external customers includes Pharmacy revenues, Premiums, and Fees and other revenues. The following table presents these revenues by product, premium and service type:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In millions) | 2026 | 2025 | 2026 | 2025 |
| Products (Pharmacy revenues) (ASC 606) | ||||
| Network revenues | $34,909 | $32,525 | $99,315 | $91,319 |
| Home delivery and specialty revenues | 20,485 | 20,513 | 60,717 | 59,424 |
| Other revenues | 3,972 | 3,403 | 11,118 | 9,913 |
| Total Evernorth Health Services | 59,366 | 56,441 | 171,150 | 160,656 |
| Other Operations | — | 14 | — | 41 |
| Corporate and eliminations | (384) | (401) | (959) | (2,361) |
| Total Pharmacy revenues | 58,982 | 56,054 | 170,191 | 158,336 |
| Insurance premiums (ASC 944) | ||||
| Cigna Healthcare | ||||
| U.S. Healthcare | ||||
| Employer insured | 5,018 | 4,705 | 15,003 | 14,077 |
| Medicare Advantage | — | — | — | 2,363 |
| Stop loss | 2,191 | 1,908 | 6,445 | 5,655 |
| Individual and Family Plans | 796 | 788 | 2,529 | 2,588 |
| Other | 521 | 488 | 1,553 | 2,822 |
| U.S. Healthcare | 8,526 | 7,889 | 25,530 | 27,505 |
| International Health | 1,158 | 1,047 | 3,415 | 3,051 |
| Total Cigna Healthcare | 9,684 | 8,936 | 28,945 | 30,556 |
| Other Operations | 54 | 68 | 162 | 227 |
| Corporate and eliminations | 147 | 77 | 449 | 190 |
| Total Premiums | 9,885 | 9,081 | 29,556 | 30,973 |
| Services (Fees) (ASC 606) and other revenues (1) | ||||
| Evernorth Health Services | 4,382 | 3,921 | 12,464 | 11,150 |
| Cigna Healthcare | 1,735 | 1,881 | 5,488 | 5,331 |
| Other Operations | — | — | — | 31 |
| Corporate and eliminations | (1,588) | (1,422) | (4,615) | (4,100) |
| Total Fees and other revenues (1) | 4,529 | 4,380 | 13,337 | 12,412 |
| Total revenues from external customers | $73,396 | $69,515 | $213,084 | $201,721 |
(1)Other revenues for the three months ended September 30, 2026 and 2025 were $60 million and $276 million, respectively, and for the nine months ended September 30, 2026 and 2025 were $534 million and $552 million, respectively.
Financial and performance guarantees. Evernorth Health Services may also provide certain financial and performance guarantees, including a minimum level of discounts a client may receive, generic utilization rates and various service levels. Clients may be entitled to receive compensation if we fail to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period, and the Company defers revenue for any estimated payouts within Accrued expenses and other liabilities (current). These estimates are adjusted and paid following the end of the annual guarantee period. Historically, adjustments to original estimates have not been material. This guarantee liability was $1.9 billion as of September 30, 2026 and $1.8 billion as of December 31, 2025.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.