Cigna (CI) financial statements
Cigna reported revenue of $274.9B in fiscal 2025, up 23.9% a year over 9 years.
Net income was $6.0B and the operating margin 3.3%, against 7.8% in 2016.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cigna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.8B | $41.8B | $48.6B | $153.6B | $160.4B | $174.1B | $180.5B | $195.3B | $247.1B | $274.9B |
| Cost of revenue | $2.5B | $2.5B | $4.8B | $97.7B | $103.5B | $117.6B | $124.8B | $133.8B | $182.5B | $215.0B |
| Gross profit | $37.4B | $39.4B | $43.9B | $55.9B | $56.9B | $56.5B | $55.7B | $61.5B | $64.6B | $59.9B |
| Selling, general and admin | $9.8B | $10.0B | $11.9B | $14.1B | $14.1B | $13.0B | $13.2B | $14.8B | $14.8B | $14.6B |
| Operating income | $3.1B | $3.9B | $4.2B | $8.1B | $8.2B | $7.9B | $8.4B | $8.5B | $9.4B | $9.2B |
| Interest expense | $251M | $243M | $507M | $1.6B | $1.4B | $1.3B | $1.3B | $1.4B | $1.5B | $1.4B |
| Pre-tax income | $3.0B | $3.6B | $3.6B | $6.6B | $10.9B | $6.8B | $8.4B | $5.5B | $5.3B | $7.8B |
| Income tax | $1.1B | $1.4B | $935M | $1.4B | $2.4B | $1.4B | $1.6B | $141M | $1.5B | $1.5B |
| Net income | $1.9B | $2.2B | $2.6B | $5.1B | $8.5B | $5.4B | $6.7B | $5.2B | $3.4B | $6.0B |
| EPS (diluted) | $7.19 | $8.77 | $10.54 | $13.44 | $22.96 | $15.75 | $21.41 | $17.39 | $12.12 | $22.18 |
| Diluted shares | 260M | 255M | 250M | 380M | 368M | 341M | 313M | 297M | 283M | 269M |
| Gross margin | 93.8% | 94.1% | 90.1% | 36.4% | 35.5% | 32.5% | 30.8% | 31.5% | 26.1% | 21.8% |
| Operating margin | 7.8% | 9.4% | 8.6% | 5.3% | 5.1% | 4.6% | 4.7% | 4.4% | 3.8% | 3.3% |
| Net margin | 4.7% | 5.4% | 5.4% | 3.3% | 5.3% | 3.1% | 3.7% | 2.6% | 1.4% | 2.2% |
Balance sheet
Fiscal years, from Cigna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.2B | $5.1B | $5.9B | $5.6B | $11.5B | $6.0B | $6.8B | $8.7B | $8.2B | $8.7B |
| Receivables | — | $3.2B | $10.5B | $10.7B | $12.2B | $15.1B | $17.2B | $17.7B | $24.2B | $28.8B |
| Inventory | — | $228M | $2.8B | $2.7B | $3.2B | $3.7B | $4.8B | $5.6B | $6.7B | $7.3B |
| Total current assets | — | $9.3B | $20.4B | $29.8B | $27.8B | $36.1B | $30.1B | $37.4B | $48.9B | $47.8B |
| Property, plant and equipment | $1.5B | $1.6B | $4.6B | $4.4B | $4.2B | $3.7B | $3.8B | $3.7B | $3.7B | $3.7B |
| Goodwill | $6.0B | $6.2B | $44.5B | $44.6B | $44.6B | $45.8B | $45.8B | $44.3B | $44.4B | $44.9B |
| Total assets | $59.4B | $61.8B | $153.2B | $155.8B | $155.5B | $154.9B | $143.9B | $152.8B | $155.9B | $157.9B |
| Total current liabilities | — | $11.0B | $31.9B | $40.1B | $36.0B | $43.6B | $41.2B | $48.7B | $58.0B | $56.3B |
| Long-term debt | $4.8B | $5.2B | $39.5B | $31.9B | $29.5B | $31.1B | $28.1B | $28.2B | $28.9B | $30.9B |
| Total liabilities | $45.6B | $48.0B | $112.2B | $110.4B | $105.1B | $107.7B | $99.1B | $106.4B | $114.6B | $116.0B |
| Shareholders' equity | $13.7B | $13.7B | $41.0B | $45.3B | $50.3B | $47.1B | $44.7B | $46.2B | $41.0B | $41.7B |
| Net debt | -$3.2B | $2.5B | $38.6B | $32.8B | $22.7B | $28.6B | $25.2B | $23.1B | $24.4B | $23.8B |
Cash flow
Fiscal years, from Cigna's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.0B | $4.1B | $3.8B | $9.5B | $10.3B | $7.2B | $8.7B | $11.8B | $10.4B | $9.6B |
| Capital spending | $461M | $471M | $528M | $1.1B | — | — | — | — | — | — |
| Free cash flow | $3.6B | $3.6B | $3.2B | $8.4B | — | — | — | — | — | — |
| Stock-based compensation | $128M | $178M | $180M | $299M | $289M | $268M | $264M | $286M | $308M | $291M |
| Dividends paid | — | — | — | $15M | $15M | $1.3B | $1.4B | $1.4B | $1.6B | $1.6B |
| Share buybacks (net) | -$139M | -$2.7B | -$342M | -$2.0B | -$4.0B | -$7.7B | -$7.6B | -$2.3B | -$7.0B | -$3.6B |
| Net borrowing | -$148M | $411M | $24.2B | -$5.2B | -$4.6B | -$318M | -$500M | -$1.5B | $1.5B | $261M |
| Free cash flow margin | 8.9% | 8.6% | 6.7% | 5.5% | — | — | — | — | — | — |
| Dividends per share | — | — | — | $0.04 | $0.04 | $3.93 | $4.42 | $4.88 | $5.53 | $6.00 |
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What was Cigna's revenue in 2025?
$274.9B in fiscal 2025, from its 10-K filing.
From Cigna's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.