Cigna GroupCI
Cigna Group Segments Disclosure
Note 23 – 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 Chairman 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 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 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:
| For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| (In millions) | Pre-tax | After-tax | Pre-tax | After-tax | Pre-tax | After-tax | |||||||||||||||||||||||||||||
Strategic optimization program (primarily Selling, general and administrative expenses) | $ | 749 | $ | 565 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Deferred tax expenses (benefits), net (Income taxes, less amount attributable to noncontrolling interests) | — | 427 | — | 84 | — | (1,071) | |||||||||||||||||||||||||||||
Integration and transaction-related costs (Selling, general and administrative expenses) | 327 | 247 | 275 | 211 | 45 | 35 | |||||||||||||||||||||||||||||
(Benefits) charges associated with litigation matters (Selling, general and administrative expenses) | (17) | (13) | — | — | 201 | 171 | |||||||||||||||||||||||||||||
Net (gain) loss on sale of businesses | (13) | (404) | (24) | (2) | 1,499 | 1,429 | |||||||||||||||||||||||||||||
Impairment of dividend receivable (Net investment income) | — | — | 182 | 138 | — | — | |||||||||||||||||||||||||||||
Charge for organizational efficiency plan (Selling, general and administrative expenses) | — | — | — | — | 252 | 193 | |||||||||||||||||||||||||||||
| Total impact from special items | $ | 1,046 | $ | 822 | $ | 433 | $ | 431 | $ | 1,997 | $ | 757 | |||||||||||||||||||||||
| (In millions) | Evernorth Health Services | Cigna Healthcare | Other Operations | Corporate and Eliminations | Total | |||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 232,098 | $ | 41,426 | $ | 325 | $ | 5 | $ | 273,854 | ||||||||||||||||||||||
| Intersegment revenues | 2,713 | 5,405 | 51 | (8,169) | ||||||||||||||||||||||||||||
Net investment income | 142 | 581 | 298 | 25 | 1,046 | |||||||||||||||||||||||||||
| Total revenues | 234,953 | 47,412 | 674 | (8,139) | 274,900 | |||||||||||||||||||||||||||
Net investment results from certain equity method investments | — | (249) | — | — | (249) | |||||||||||||||||||||||||||
| Adjusted revenues | $ | 234,953 | $ | 47,163 | $ | 674 | $ | (8,139) | $ | 274,651 | ||||||||||||||||||||||
| Pharmacy and other service costs | 223,086 | — | ||||||||||||||||||||||||||||||
| Medical costs | — | 33,474 | ||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 4,170 | 9,545 | ||||||||||||||||||||||||||||||
Other segment items (1) | ||||||||||||||||||||||||||||||||
| Interest (expense) and other | (1) | 9 | ||||||||||||||||||||||||||||||
| Less: Income attributable to noncontrolling interests | 475 | — | ||||||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | 7,221 | 4,153 | 89 | (1,593) | 9,870 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 5,826 | $ | 4,344 | $ | (46) | $ | (2,343) | $ | 7,781 | ||||||||||||||||||||||
| Pre-tax adjustments to reconcile to adjusted income from operations | ||||||||||||||||||||||||||||||||
(Income) attributable to noncontrolling interests | (475) | — | — | — | (475) | |||||||||||||||||||||||||||
Net investment (gains) losses (2) | (20) | (210) | 2 | 3 | (225) | |||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 1,720 | 23 | — | — | 1,743 | |||||||||||||||||||||||||||
| Special items | ||||||||||||||||||||||||||||||||
Strategic optimization program | 174 | 22 | 133 | 420 | 749 | |||||||||||||||||||||||||||
Integration and transaction-related costs | — | — | — | 327 | 327 | |||||||||||||||||||||||||||
Net (gain) on sale of businesses | (4) | (9) | — | — | (13) | |||||||||||||||||||||||||||
(Benefits) associated with litigation matters | — | (17) | — | — | (17) | |||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | $ | 7,221 | $ | 4,153 | $ | 89 | $ | (1,593) | $ | 9,870 | ||||||||||||||||||||||
| Other segment information | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 2,400 | $ | 339 | $ | 16 | $ | 20 | $ | 2,775 | ||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 198,177 | $ | 47,528 | $ | 440 | $ | 3 | $ | 246,148 | ||||||||||||||||||||||
| Intersegment revenues | 3,775 | 4,972 | 79 | (8,826) | ||||||||||||||||||||||||||||
Net investment income | 21 | 618 | 309 | 25 | 973 | |||||||||||||||||||||||||||
| Total revenues | 201,973 | 53,118 | 828 | (8,798) | 247,121 | |||||||||||||||||||||||||||
| Net investment results from certain equity method investments | — | (204) | — | — | (204) | |||||||||||||||||||||||||||
| Special item related to impairment of dividend receivable | 182 | — | — | — | 182 | |||||||||||||||||||||||||||
| Adjusted revenues | $ | 202,155 | $ | 52,914 | $ | 828 | $ | (8,798) | $ | 247,099 | ||||||||||||||||||||||
| Pharmacy and other service costs | 190,968 | — | ||||||||||||||||||||||||||||||
| Medical costs | — | 37,887 | ||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 3,779 | 10,805 | ||||||||||||||||||||||||||||||
Other segment items (1) | ||||||||||||||||||||||||||||||||
| Interest (expense) and other | (2) | 7 | ||||||||||||||||||||||||||||||
| Less: Income attributable to noncontrolling interests | 405 | — | ||||||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | 7,001 | 4,229 | (9) | (1,688) | 9,533 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 3,929 | $ | 3,315 | $ | (12) | $ | (1,963) | $ | 5,269 | ||||||||||||||||||||||
| Pre-tax adjustments to reconcile to adjusted income from operations | ||||||||||||||||||||||||||||||||
(Income) attributable to noncontrolling interests | (405) | — | — | — | (405) | |||||||||||||||||||||||||||
Net investment losses (2) | 2,129 | 401 | 3 | — | 2,533 | |||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 1,662 | 41 | — | — | 1,703 | |||||||||||||||||||||||||||
| Special items | ||||||||||||||||||||||||||||||||
Integration and transaction-related costs | — | — | — | 275 | 275 | |||||||||||||||||||||||||||
Impairment of dividend receivable | 182 | — | — | — | 182 | |||||||||||||||||||||||||||
Net (gain) loss on sale of businesses | (496) | 472 | — | — | (24) | |||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | $ | 7,001 | $ | 4,229 | $ | (9) | $ | (1,688) | $ | 9,533 | ||||||||||||||||||||||
| Other segment information | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 2,319 | $ | 417 | $ | 9 | $ | 30 | $ | 2,775 | ||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||
| Revenues from external customers | $ | 147,588 | $ | 46,219 | $ | 291 | $ | 1 | $ | 194,099 | ||||||||||||||||||||||
| Intersegment revenues | 5,670 | 4,332 | — | (10,002) | ||||||||||||||||||||||||||||
Net investment income | 241 | 597 | 305 | 23 | 1,166 | |||||||||||||||||||||||||||
| Total revenues | 153,499 | 51,148 | 596 | (9,978) | 195,265 | |||||||||||||||||||||||||||
| Net investment results from certain equity method investments | — | 57 | — | — | 57 | |||||||||||||||||||||||||||
| Adjusted revenues | $ | 153,499 | $ | 51,205 | $ | 596 | $ | (9,978) | $ | 195,322 | ||||||||||||||||||||||
| Pharmacy and other service costs | 143,571 | — | ||||||||||||||||||||||||||||||
| Medical costs | — | 35,678 | ||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 3,340 | 11,055 | ||||||||||||||||||||||||||||||
Other segment items (1) | ||||||||||||||||||||||||||||||||
| Interest (expense) and other | (2) | 8 | ||||||||||||||||||||||||||||||
| Less income attributable to noncontrolling interests | 144 | 2 | ||||||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | 6,442 | 4,478 | 96 | (1,698) | 9,318 | |||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 4,768 | $ | 2,664 | $ | 76 | $ | (1,995) | $ | 5,513 | ||||||||||||||||||||||
| Pre-tax adjustments to reconcile to adjusted income from operations | ||||||||||||||||||||||||||||||||
(Income) attributable to noncontrolling interests | (144) | (2) | — | — | (146) | |||||||||||||||||||||||||||
Net investment losses (2) | — | 133 | 2 | — | 135 | |||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 1,774 | 45 | — | — | 1,819 | |||||||||||||||||||||||||||
| Special items | ||||||||||||||||||||||||||||||||
Net loss on sale of businesses | — | 1,481 | 18 | — | 1,499 | |||||||||||||||||||||||||||
Charge for organizational efficiency plan | — | — | — | 252 | 252 | |||||||||||||||||||||||||||
Charges associated with litigation matters | 44 | 157 | — | — | 201 | |||||||||||||||||||||||||||
Integration and transaction-related costs | — | — | — | 45 | 45 | |||||||||||||||||||||||||||
| Pre-tax adjusted income (loss) from operations | $ | 6,442 | $ | 4,478 | $ | 96 | $ | (1,698) | $ | 9,318 | ||||||||||||||||||||||
| Other segment information | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 2,438 | $ | 569 | $ | 3 | $ | 25 | $ | 3,035 | ||||||||||||||||||||||
(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:
| For the Years Ended December 31, | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Products (Pharmacy revenues) (ASC 606) | |||||||||||||||||
| Network revenues | $ | 125,573 | $ | 105,340 | $ | 67,514 | |||||||||||
| Home delivery and specialty revenues | 80,492 | 72,476 | 65,732 | ||||||||||||||
| Other revenues | 13,329 | 11,545 | 9,047 | ||||||||||||||
Total Evernorth Health Services | 219,394 | 189,361 | 142,293 | ||||||||||||||
Other Operations | 54 | 60 | — | ||||||||||||||
| Corporate and eliminations | (2,776) | (4,059) | (5,050) | ||||||||||||||
Total Pharmacy revenues | 216,672 | 185,362 | 137,243 | ||||||||||||||
| Insurance premiums (ASC 944) | |||||||||||||||||
Cigna Healthcare | |||||||||||||||||
U.S. Healthcare | |||||||||||||||||
| Employer insured | 18,852 | 17,576 | 16,490 | ||||||||||||||
| Medicare Advantage | 2,363 | 8,679 | 8,771 | ||||||||||||||
| Stop loss | 7,599 | 6,744 | 6,143 | ||||||||||||||
| Individual and Family Plans | 3,371 | 3,951 | 5,088 | ||||||||||||||
| Other | 3,366 | 4,938 | 4,095 | ||||||||||||||
U.S. Healthcare | 35,551 | 41,888 | 40,587 | ||||||||||||||
| International Health | 4,126 | 3,624 | 3,295 | ||||||||||||||
| Total Cigna Healthcare | 39,677 | 45,512 | 43,882 | ||||||||||||||
| Other Operations | 288 | 380 | 281 | ||||||||||||||
| Corporate and eliminations | 296 | 104 | 74 | ||||||||||||||
Total Premiums | 40,261 | 45,996 | 44,237 | ||||||||||||||
Services (Fees) (ASC 606) and Other revenues (1) | |||||||||||||||||
Evernorth Health Services | 15,417 | 12,591 | 10,965 | ||||||||||||||
Cigna Healthcare | 7,154 | 6,988 | 6,669 | ||||||||||||||
Other Operations | 34 | 79 | 10 | ||||||||||||||
| Corporate and eliminations | (5,684) | (4,868) | (5,025) | ||||||||||||||
Total Fees and other revenues (1) | 16,921 | 14,790 | 12,619 | ||||||||||||||
| Total revenues from external customers | $ | 273,854 | $ | 246,148 | $ | 194,099 | |||||||||||
(1)Other revenues for the years ended December 31, 2025, 2024 and 2023 were $696 million, $584 million and $210 million, respectively.
Major Customers. Revenues from a single pharmacy benefit client were approximately 19% and 16% of total revenues from external customers for the years ended December 31, 2025 and 2024, respectively. These amounts were reported in the Evernorth Health Services segment.
Additionally, revenues from U.S. Federal Government agencies, under a number of contracts, were 11% and 15% of total revenues from external customers for the years ended December 31, 2024 and 2023, respectively. These amounts were reported in the Evernorth Health Services and Cigna Healthcare segments. For the year ended December 31, 2025, revenues from U.S. Federal Government agencies were less than 10%.
U.S. and Foreign Revenues. Revenues from U.S. external customers as a percentage of total revenues from external customers were 98% for the years ended December 31, 2025, 2024 and 2023Free Sentinel
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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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.