Cigna GroupCI
Cigna Group Debt Disclosure
Note 7 – Debt
The outstanding amounts of debt (net of issuance costs, discounts or premiums) and finance leases were as follows:
| (In millions) | December 31, 2025 | December 31, 2024 | ||||||||||||
| Commercial paper | $ | — | $ | 880 | ||||||||||
$900 million, 3.250% Notes due April 2025 | — | 897 | ||||||||||||
$1,216 million, 4.125% Notes due November 2025 | — | 1,215 | ||||||||||||
$550 million, 1.250% Notes due March 2026 | 549 | — | ||||||||||||
| Other, including finance leases | 43 | 43 | ||||||||||||
| Total short-term debt | $ | 592 | $ | 3,035 | ||||||||||
| Long-term debt | ||||||||||||||
$1,284 million, 4.500% Notes due February 2026 | $ | — | $ | 1,285 | ||||||||||
$700 million, 5.685% Notes due March 2026 | — | 699 | ||||||||||||
$550 million, 1.250% Notes due March 2026 | — | 549 | ||||||||||||
$1,500 million, 3.400% Notes due March 2027 | 1,481 | 1,466 | ||||||||||||
$259 million, 7.875% Debentures due May 2027 | 260 | 259 | ||||||||||||
$600 million, 3.050% Notes due October 2027 | 599 | 598 | ||||||||||||
$3,800 million, 4.375% Notes due October 2028 | 3,792 | 3,790 | ||||||||||||
$1,000 million, 5.000% Notes due May 2029 | 996 | 995 | ||||||||||||
$1,400 million, 2.400% Notes due March 2030 (1) | 1,406 | 1,386 | ||||||||||||
$1,000 million, 4.500% Notes due September 2030 | 993 | — | ||||||||||||
$1,500 million, 2.375% Notes due March 2031 (1) | 1,420 | 1,384 | ||||||||||||
$750 million, 5.125% Notes due May 2031 (1) | 750 | 745 | ||||||||||||
$1,250 million, 4.875% Notes due September 2032 | 1,243 | — | ||||||||||||
$45 million, 8.080% Step Down Notes due January 2033 | 45 | 45 | ||||||||||||
$800 million, 5.400% Notes due March 2033 (1) | 796 | 795 | ||||||||||||
$1,250 million, 5.250% Notes due February 2034 (1) | 1,250 | 1,226 | ||||||||||||
$1,500 million, 5.250% Notes due January 2036 | 1,488 | — | ||||||||||||
$190 million, 6.150% Notes due November 2036 | 190 | 190 | ||||||||||||
$2,200 million, 4.800% Notes due August 2038 (1) | 2,194 | 2,193 | ||||||||||||
$750 million, 3.200% Notes due March 2040 | 748 | 744 | ||||||||||||
$121 million, 5.875% Notes due March 2041 | 119 | 119 | ||||||||||||
$448 million, 6.125% Notes due November 2041 | 484 | 485 | ||||||||||||
$317 million, 5.375% Notes due February 2042 | 315 | 315 | ||||||||||||
$1,500 million, 4.800% Notes due July 2046 | 1,469 | 1,469 | ||||||||||||
$1,000 million, 3.875% Notes due October 2047 | 990 | 990 | ||||||||||||
$3,000 million, 4.900% Notes due December 2048 | 2,972 | 2,971 | ||||||||||||
$1,184 million, 3.400% Notes due March 2050 | 1,172 | 1,237 | ||||||||||||
$1,429 million, 3.400% Notes due March 2051 | 1,410 | 1,479 | ||||||||||||
$1,500 million, 5.600% Notes due February 2054 | 1,486 | 1,482 | ||||||||||||
$750 million, 6.000% Notes due January 2056 | 735 | — | ||||||||||||
| 68 | 41 | |||||||||||||
| Total long-term debt | $ | 30,871 | $ | 28,937 | ||||||||||
(1)The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments as of December 31, 2025. See Note 11 to the Consolidated Financial Statements for further information about the Company's interest rate risk management and these derivative instruments.
Debt Issuance. In September 2025, we issued $4.5 billion of new senior notes, as detailed in the table below. The proceeds from this debt issuance were used to repay the $2.0 billion of loans outstanding under the Term Loan Facility as described below. We used the remaining net proceeds for general corporate purposes, including investments and repayment of indebtedness. Interest on this debt is paid semiannually.
| Principal | Maturity Date | Interest Rate | Net Proceeds | Redeemable Date(1) | "Make Whole" Premium (2) | |||||||||||||||||||||||||||
$1,000 million | September 15, 2030 | 4.500% | $994 million | August 15, 2030 | 15 | |||||||||||||||||||||||||||
$1,250 million | September 15, 2032 | 4.875% | $1,245 million | July 15, 2032 | 15 | |||||||||||||||||||||||||||
$1,500 million | January 15, 2036 | 5.250% | $1,490 million | October 15, 2035 | 15 | |||||||||||||||||||||||||||
$750 million | January 15, 2056 | 6.000% | $736 million | July 15, 2055 | 20 | |||||||||||||||||||||||||||
(1) Redeemable at any time prior to this date at a "make whole" premium, defined below. Redeemable at par on or after this date.
(2) "Make whole" premium calculated using a comparable U.S. Treasury rate plus the amount of basis points set forth in this column.
Term Loan. In August 2025, the Company entered into a new 364-day term loan facility (the "Term Loan Facility") and borrowed $2.0 billion to partially fund an investment in Shields Health Solutions ("Shields"), a leading specialty pharmacy management company. The full outstanding balance was repaid and the Term Loan Facility was terminated in September 2025, using proceeds from the debt issuance described above.
Revolving Credit Agreement. Our Credit Agreement (defined below) provides us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below. As of December 31, 2025, there was no outstanding balance under the Credit Agreement.
In April 2025, the Company replaced its previous revolving credit agreements and entered into a $6.5 billion, five-year revolving credit and letter of credit agreement that will mature in April 2030, with an option to extend the maturity date for an additional one-year period, subject to consent of the banks (the "Credit Agreement"). The Company can borrow up to $6.5 billion under the Credit Agreement for general corporate purposes, with up to $500 million available for issuance of letters of credit.
The Credit Agreement includes an option to increase commitments up to $1.5 billion for a maximum total commitment of $8.0 billion. The Credit Agreement allows for borrowings at either a base rate, term Secured Overnight Financing Rate ("SOFR") or daily simple SOFR, plus, in each case, an applicable margin based on the Company's senior unsecured credit ratings.
The Credit Agreement also contains customary covenants and restrictions, including a financial covenant that the Company's leverage ratio, as defined in the Credit Agreement, may not exceed 60%, subject to certain exceptions upon the consummation of an acquisition.
Commercial Paper. Under our commercial paper program, we may issue short-term, unsecured commercial paper notes privately placed on a discounted basis through certain broker-dealers at any time not to exceed an aggregate amount of $6.5 billion. Amounts available under the program may be borrowed, repaid and re-borrowed from time to time. The net proceeds of issuances have been and are expected to be used for general corporate purposes. There was no commercial paper balance as of December 31, 2025.
Debt Maturities. Maturities of outstanding long-term debt as of December 31, 2025 are as follows:
| (In millions) | Scheduled Maturities (1) | ||||
| 2026 | $ | 550 | |||
| 2027 | $ | 2,359 | |||
| 2028 | $ | 3,800 | |||
| 2029 | $ | 1,000 | |||
| 2030 | $ | 2,400 | |||
| Maturities after 2030 | $ | 21,485 | |||
(1) Long-term debt maturity amounts include current maturities of long-term debt. Finance leases are excluded from this table.
Interest Expense. Interest expense on long-term and short-term debt was $1.4 billion in 2025, $1.5 billion in 2024 and $1.4 billion in 2023.
Debt Covenants. The Company was in compliance with its debt covenants as of December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.