The Cigna Group reported higher third-quarter revenue and nearly unchanged adjusted operating earnings, and raised its 2026 adjusted earnings outlook. It also set out longer-term growth and cash-flow targets at its 2026 Investor Day, alongside a multi-year effort to modernize operations and improve productivity.
Revenue growth came from both Evernorth Health Services and Cigna Healthcare. Reported net income fell from a year earlier, largely because the prior-year quarter included a gain on a sale that did not recur.
Third-quarter results
- Total revenue rose 6% year over year to $73.7 billion.
- Adjusted income from operations was $2.1 billion, or $7.98 per share, compared with $2.1 billion, or $7.83 per share, a year earlier.
- Shareholders’ net income was $1.4 billion, or $5.47 per share, down from $1.9 billion, or $6.98 per share, in the third quarter of 2025. Cigna attributed the decline primarily to the absence of an after-tax gain on a sale recorded in last year’s quarter.
- Cigna said stronger results in Cigna Healthcare and Specialty and Care Services were partly offset by a lower contribution from Pharmacy Benefit Services.
- The adjusted SG&A expense ratio rose to 4.7% from 4.6% a year earlier. Cigna said investments and initiatives to support long-term growth were partly offset by operating efficiencies.
Outlook, financial position and capital returns
- Cigna raised its 2026 outlook for adjusted income from operations to at least $30.60 per share.
- Its debt-to-capitalization ratio was 41.8% at September 30, compared with 43.0% at the end of 2025 and 44.9% a year earlier.
- Through November 4, Cigna had repurchased 1.8 million shares for about $500 million.
Longer-term strategy
- At Investor Day, the company introduced its “Lead to One” vision and set long-term targets that include 10%–14% annual growth in adjusted earnings per share and about $50 billion in cumulative operating cash flow through 2030.
- Cigna also announced “Accelerate to One,” a multi-year, $3 billion modernization and productivity initiative. The company said the effort is intended to improve productivity, reduce costs and support longer-term earnings growth.
The quarter’s adjusted earnings were broadly stable even as reported net income declined, with the latter comparison affected by the prior-year sale gain. The raised 2026 outlook and new long-term targets provide the company’s stated financial benchmarks for its next phase of growth.