At a glance
Cigna Corp is worth $78.00B, about 13 times its fiscal 2025 earnings. Revenue grew 11.2% to $274.90B in fiscal 2025, with 2.2% kept as profit; over 5 years it has grown 11.4% a year. It pays a 2.1% dividend yield, raised every year for at least 5 years, and returned $35.64B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +23.5% over the past year with dividends reinvested and +8.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.3% in the 2020 crash (S&P 500: 33.7%) and 10.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and within a month after the lows.
The business in plain English
The Cigna Group is a health company with two main businesses. Evernorth Health Services manages prescription drug benefits and related care, and Cigna Healthcare provides medical coverage. As of December 31, 2025, Cigna reported more than 185 million customer relationships in more than 30 markets and jurisdictions, and about 67,700 employees.
Evernorth is far larger. It brought in about $235 billion, or 85.5% of fiscal 2025 revenue of $274.9 billion. The segment shares add up to more than 100% because sales between segments are removed from the total. Its Express Scripts unit is a pharmacy benefit manager: a go-between that runs drug plans for organizations that pay for health benefits. It processes prescription claims, builds pharmacy networks and manages formularies (lists of covered drugs). It also negotiates rebates (after-the-fact discounts) from drugmakers, and it passed more than 95% of them on to integrated clients in 2025. A planned rebate-free model will give those discounts at the pharmacy counter instead. Cigna Healthcare's fully insured customers move to it first, in 2027.
Cigna Healthcare brought in $47.4 billion, or 17.2% of revenue, and is made up of U.S. Healthcare and International Health. When it fully insures customers, it collects premiums and pays their medical claims. Its profit therefore depends on setting premiums well before the actual costs are known. Margins are thin across the company: operating income was 3.3% of fiscal 2025 revenue and net income was 2.2%.
Price history
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CI +23.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $216.67B | 78.8% |
| Fees and other revenues | $16.92B | 6.2% |
| Service, Fees And Other Revenues | $16.92B | 6.2% |
| Other revenue | $696.0M | 0.3% |
By business segment
| Evernorth Health Services | $234.95B | 85.5% |
| Cigna Healthcare | $47.41B | 17.2% |
| Other Operations | $674.0M | 0.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $71.67B, up 6.7% from a year earlier, and net income was $1.66B (+8.4%).
- For fiscal 2025, revenue was $274.90B (+11.2% year over year; +11.4% a year from FY2020 to FY2025) with a 2.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.4% good |
|---|---|
| Operating margin | 3.3% weak |
| Return on equity (FY2025) | 14.3% watch |
| Return on assets (FY2025) | 3.8% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $160.40B | $8.46B | — |
| FY2021 | $174.07B | $5.37B | — |
| FY2022 | $180.52B | $6.70B | — |
| FY2023 | $195.26B | $5.16B | — |
| FY2024 | $247.12B | $3.43B | — |
| FY2025 | $274.90B | $5.96B | — |
Valuation snapshot
| Market value | $78.00B |
|---|---|
| P/E ratio | 13.3 |
| Dividend yield | 2.1% |
Rank among 1514 US companies
Market value at each year end
Cigna’s market value went from $76.08B at the end of 2019 to $78.00B on Nov 2, 2026, up 3%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $78.00B | +6.1% |
| 2025 | $73.52B | -4.3% |
| 2024 | $76.81B | -12.3% |
| 2023 | $87.63B | -13.5% |
| 2022 | $101.30B | +33.1% |
| 2021 | $76.11B | +1.2% |
| 2020 | $75.21B | -1.1% |
| 2019 | $76.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CI price data to Nov 2, 2026 | +9.1% | +23.5% | -0.6% | +8.6% | +10.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.1% |
| 2025 | +1.7% |
| 2024 | -6.3% |
| 2023 | -8.0% |
| 2022 | +46.7% |
| 2021 | +12.3% |
| 2020 | +1.8% |
| 2019 | +7.7% |
| 2018 | -6.5% |
| 2017 | +52.3% |
| 2016 | -8.8% |
| 2015 | +42.2% |
| 2014 | +17.7% |
| 2013 | +63.8% |
| 2012 | +27.4% |
| 2011 | +14.7% |
| 2010 | +4.1% |
| 2009 | +109.9% |
| 2008 | -68.6% |
| 2007 | +22.6% |
| 2006 | +17.8% |
| 2005 | +37.0% |
| 2004 | +42.2% |
| 2003 | +41.1% |
| 2002 | -55.3% |
| 2001 | -29.7% |
| 2000 | +65.0% |
| 1999 | +4.7% |
| 1998 | +35.3% |
| 1997 | +27.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74.4% over that stretch · deepest drop along the way 84.3%, back to its old high 49.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.3% over that stretch · deepest drop along the way 41.3%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 24.7% over that stretch · deepest drop along the way 10.7%, back to its old high 0.8 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 19 sales ($66.8M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | David Cordani Chairman & CEO, Director | sell (plan) | $11.9M |
| May 12, 2026 | David Cordani Chairman & CEO, Director | sell (plan) | $11.4M |
| May 12, 2026 | David Cordani Chairman & CEO, Director | sell (plan) | $10.3M |
| Aug 4, 2026 | Nicole S Jones See Remarks | sell (plan) | $5.4M |
| May 12, 2026 | David Cordani Chairman & CEO, Director | sell (plan) | $4.6M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| BlackRock, Inc. | 7.4% | Mar 31, 2025 |
| FMR LLC | 4% | Sep 30, 2025 |
ETFs with the most weight in CI
| IHF iShares U.S. Healthcare Providers ETF | 10.14% |
| SHRY First Trust Bloomberg Shareholder Yield ETF | 4.33% |
| VFLO VictoryShares Free Cash Flow ETF | 3.68% |
| DUSA Davis Select U.S. Equity ETF | 3.32% |
| MDPL Monarch Dividend Plus ETF | 3.26% |
| ASLV Allspring Special Large Value ETF | 2.94% |
| VSMV VictoryShares US Multi-Factor Minimum Volatility ETF | 2.73% |
| BUSA Brandes U.S. Value ETF | 2.67% |
What could go wrong
- Large drug-plan clients can walk away. Express Scripts contracts generally run three years, and clients use consultants to gather competing bids before renewal. Losing a large client, or renewing on worse terms, could hurt results.
- Pressure on drug rebates and pricing. Profits depend partly on payments and discounts from drugmakers and on industry pricing benchmarks. Lower payments from drugmakers, changes to benchmarks or trouble rolling out the rebate-free model could squeeze margins.
- New rules for pharmacy benefit managers. New laws, regulations or executive actions on rebates, reporting and company-owned pharmacies could limit how Cigna prices its pharmacy services and weaken its competitive position.
- Medical costs could outrun premiums. Health insurance premiums are usually set for a year, well in advance. Costly new treatments, inflation or heavier use of care can exceed estimates. With a 2.2% net margin, small misses matter.
- Government programs and their funding. Some of the business depends on government-sponsored programs. Budget pressures could bring lower reimbursement rates, delayed payments or limits on premium increases, along with tighter oversight and enforcement.
- Cyberattacks on sensitive health data. As a large health company, Cigna and its vendors are targets for cyberattacks. A breach could bring substantial liability, lost revenue and reputational harm. Failing to follow privacy and data laws could do the same.
Recent events
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
For income and retirement investors
Cigna has raised its dividend five years in a row. It paid $0.04 a share in 2020, $4.00 in 2021 and $6.04 in 2025. The 2025 dividend was about 27% of earnings per share of $22.18. That is a modest payout ratio (the share of profit paid out as dividends). The yield was 2.1% as of October 28, 2026. Buybacks (share repurchases) return more cash than dividends: $28.3 billion over fiscal 2021–2025, against $7.4 billion of dividends. The number of shares outstanding fell 22.3% between July 30, 2021 and July 24, 2026.
The stock has fallen hard in some downturns. It dropped 84.3% during the 2008 financial crisis and took nearly 50 months to recover. It fell 41.3% in the 2020 COVID crash and recovered in about 10 months. In the 2022 bear market it gained 24.7% from the market's peak to its low, and its worst dip in that period was 10.7%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Cigna make money?
Mostly from managing prescription drug benefits. Its Evernorth Health Services segment, which includes Express Scripts, brought in about $235 billion, or 85.5% of fiscal 2025 revenue. It processes drug claims, runs pharmacy networks, manages lists of covered drugs and negotiates rebates from drugmakers. Cigna Healthcare, the medical insurance side, brought in $47.4 billion, or 17.2%. The shares add up to more than 100% because sales between segments are removed from the $274.9 billion total. Operating margin (operating profit as a share of revenue) was a thin 3.3%.
Does Cigna raise its dividend every year?
Yes. Through fiscal 2025 it had raised its dividend five years in a row. The annual dividend went from $0.04 a share in 2020 to $4.00 in 2021 and $6.04 in 2025. That was about 27% of 2025 earnings, a relatively low payout. The yield was 2.1% as of October 28, 2026. Cigna returns even more cash through buybacks, which totaled $28.3 billion over fiscal 2021–2025.
What is Cigna's rebate-free pharmacy model?
It is a new Evernorth pharmacy benefit design. Discounts negotiated with drugmakers go to patients upfront, at the pharmacy counter, instead of being paid later as rebates. Cigna Healthcare plans to adopt it for fully insured customers beginning in 2027. It is set to become the standard model for Evernorth pharmacy benefit clients beginning in 2028. Cigna's annual report warns that its margins could suffer if it fails to respond to pricing pressure, including through this model.
How has Cigna stock performed over the long run?
Reasonably well over long periods, with weak stretches. As of October 28, 2026, the share price had returned about 10.4% a year over 10 years and 8.5% a year over five years. Over three years it returned about 1% a year, and over one year it lost 2.2%. The price fell about 8% in 2023 and 6% in 2024. Its price-to-earnings ratio (share price divided by yearly earnings per share) was 13.3, based on fiscal 2025 earnings.
How volatile is Cigna stock?
Fairly volatile, though it has not always moved with the broad market. In the year to October 28, 2026, its volatility (a measure of how widely the price swings) was 33.7%, and its deepest drop was 20.9%. Its worst decline over three years was 32.1%. Its one-year beta of 0.12 means its moves had little link to the overall market's. During the 2008 financial crisis, the stock fell 84.3%.