The Cigna Group Q3 2026 earnings review

Adjusted EPS of $7.98 beat the Zacks consensus by 7.0%, and Cigna raised its 2026 outlook.

The Cigna Group (CI) · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources

The Cigna Group Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · The Cigna Group (CI) Q3 2026 earnings review

Adjusted EPS of $7.98 beat the Zacks consensus by 7.0%, and Cigna raised its 2026 outlook

  1. 1.Adjusted EPS of $7.98 topped Zacks at $7.46 and Investing.com at $7.52
  2. 2.Total revenues rose 5.6% to $73,683M, above the Investing.com consensus of $72,650M
  3. 3.2026 adjusted EPS guidance rose +$0.15 to at least $30.60, above the Zacks consensus of $30.51
  4. 4.Pharmacy Benefit Services pre-tax adjusted income fell 21.5%, while Cigna Healthcare rose 14.9%
  5. 5.Shares traded at $314.00 pre-market on Nov 5, +2.8% vs. the Nov 4 close (pre-market, not a close)

Note: Adjusted figures follow the company reconciliation.Source: The Cigna Group Form 8-K, Nov 5, 2026; Zacks via Yahoo Finance, Nov 5, 2026; Investing.com, Nov 5, 2026; Yahoo Finance prices, Nov 5, 2026; analysis of company data

2

2 · Executive summary

Q3 adjusted EPS beat the Zacks consensus by 7.0%, and total revenues beat Investing.com by 1.4%

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
Adj. EPS vs. Zacks$7.98$7.46+$0.52 / +7.0%Beat
Adj. EPS vs. Investing.com$7.98$7.52+$0.46 / +6.1%Beat
Revenues vs. Investing.com$73,683M$72,650M+$1,033M / +1.4%Beat

Share price, Nov 3 to Nov 5, 2026 (Yahoo Finance)

MeasureNov 3 closeNov 4 closeNov 5 pre-marketChange vs. Nov 4
The Cigna Group (NYSE)$295.44$305.41$314.00+$8.59 / +2.8%

Note: Pre-market is 8:24 a.m. ET (20:24 ICT) Nov 5, not a close. Results came before the Nov 5 open.Source: The Cigna Group Form 8-K, Nov 5, 2026; Zacks via Yahoo Finance, Nov 5, 2026; Investing.com, Nov 5, 2026; Yahoo Finance prices, Nov 5, 2026; analysis of company data

3

3 · Q3 results vs. consensus

2026 adjusted EPS guidance of at least $30.60 sits 0.3% above the Zacks consensus

FY2026 guidance floor vs. Zacks consensus, Nov 5

MetricGuidanceConsensusVariancevs. Street
FY2026 adjusted EPS$30.60$30.51+$0.09 / +0.3%Above

FY2026 guidance, Jul 30 vs. Nov 5

MetricJul 30Nov 5Change
Adjusted EPSAt least $30.45At least $30.60+$0.15
Evernorth pre-tax adjusted incomeAt least $6,900MAt least $6,900MUnchanged
Cigna Healthcare pre-tax adjusted incomeAt least $4,550MAt least $4,600M+$50M
Medical care ratio83.7%–84.7%83.95%–84.45%Narrowed

Note: Guidance values are floors. The new MCR range is 84.2% plus or minus 25 bps.Source: The Cigna Group Form 8-K, Nov 5, 2026; The Cigna Group Form 8-K, Jul 30, 2026 (prior guidance); Zacks via Yahoo Finance, Nov 5, 2026; analysis of company data

4

4 · Guidance vs. consensus

Total revenues rose 5.6%, and adjusted EPS rose 1.9% to $7.98

  1. Revenue grew in both segmentsAdjusted revenues rose 6.1% to $73,793M.
  2. Net income fellQ3 2025 included a $241M after-tax gain on sale that did not recur.
  3. Fewer shares lifted EPSWeighted average shares fell to 263,788 thousand from 267,530 thousand.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total revenues$69,748M$73,683M5.6%
Shareholders net income$1,868M$1,442M(22.8%)
Adjusted op. income$2,096M$2,104M0.4%
Net income per share ($)$6.98$5.47(21.6%)
Adjusted EPS ($)$7.83$7.981.9%

Note: Adjusted EPS is adjusted income from operations per diluted share.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

5

5 · Q3 key financials

Pharmacy Benefit Services revenue rose 9.3%, but its pre-tax adjusted income fell 21.5%

Segment adjusted revenues and pre-tax adjusted income

$M, Q3 2025 vs. Q3 2026

SegmentRev. Q3 25Rev. Q3 26Inc. Q3 25Inc. Q3 26
Pharmacy Benefit$34,091M$37,276M$975M$765M
Specialty and Care$26,300M$26,498M$928M$1,064M
Evernorth total$60,391M$63,774M$1,903M$1,829M
Cigna Healthcare$10,755M$11,708M$1,038M$1,193M
Corporate($1,576M)($1,689M)($363M)($372M)
PBS income fell on client renewals and investments

Note: Income is pre-tax adjusted income from operations. Corporate revenue is adjusted revenues less segments.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

6

6 · Segment results

Pharmacy Benefit Services supplied 75% of the $4,223M adjusted revenue increase

Adjusted revenue change by segment

$M, Q3 2025 to Q3 2026

$M · Pharmacy Benefit: $3,185.0M$M · Specialty and Care: $198.0M$M · Cigna Healthcare: $953.0M$M · Corporate: -$113.0M$M · Total: $4,223.0MPharmacy BenefitSpecialty andCareCigna HealthcareCorporateTotal$0M$1,000M$2,000M$3,000M$4,000M$5,000M$3,185.0M$198.0M$953.0M-$113.0M$4,223.0M
Pharmacy Benefit Services revenue rose $3,185M, mainly on drug mix

Note: Bars are YoY changes and sum to the total. Corporate includes intersegment eliminations.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

7

7 · Revenue bridge

Adjusted income from operations rose $8M as Cigna Healthcare offset Pharmacy Benefit Services

Adjusted income from operations change

$M, Q3 2025 to Q3 2026

$M · Pharmacy Benefit: -$210.0M$M · Specialty and Care: $136.0M$M · Cigna Healthcare: $155.0M$M · Corporate: -$9.0M$M · Taxes: -$64.0M$M · Total: $8.0MPharmacyBenefitSpecialty andCareCignaHealthcareCorporateTaxesTotal-$300M-$200M-$100M$0M$100M$200M-$210.0M$136.0M$155.0M-$9.0M-$64.0M$8.0M
Pharmacy Benefit Services pre-tax adjusted income fell to $765M from $975M

Note: Segment steps are pre-tax; Taxes is the change in adjusted income tax expense.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

8

8 · Adjusted income bridge

Shareholders net income fell 22.8% to $1,442M as the 2025 gain on sale did not recur

Shareholders net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,868.0M$M · Adjusted: $8.0M$M · Investments: -$110.0M$M · Amortization: -$117.0M$M · Gain on sale: -$241.0M$M · Other items: $34.0M$M · Q3 2026: $1,442.0MQ3 2025AdjustedInvestmentsAmortizationGain on saleOther itemsQ3 2026$0M$500M$1,000M$1,500M$2,000M$1,868.0M$8.0M-$110.0M-$117.0M-$241.0M$34.0M$1,442.0M
Amortization of acquired intangibles rose to $449M after tax

Note: Steps are after-tax YoY changes in the company reconciliation items.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

9

9 · Net income bridge

Pharmacy Benefit Services pre-tax margin fell to 2.1%, while Cigna Healthcare rose to 10.2%

Pre-tax adjusted margin by segment

% of segment adjusted revenues, Q3 2025 vs. Q3 2026

Pharmacy Benefit Services · Q3 2025: 2.9%Pharmacy Benefit Services · Q3 2026: 2.1%Specialty and Care Services · Q3 2025: 3.5%Specialty and Care Services · Q3 2026: 4.0%Cigna Healthcare · Q3 2025: 9.7%Cigna Healthcare · Q3 2026: 10.2%Q3 2025Q3 20260.0%2.5%5.0%7.5%10.0%12.0%2.9%2.1%3.5%4.0%9.7%10.2%

Pharmacy Benefit ServicesSpecialty and Care ServicesCigna Healthcare

The Cigna Healthcare MCR rose 20 bps to 85.0%

Note: MCR is medical care ratio. Margin is pre-tax adjusted income over adjusted revenues. MCR is medical costs over premiums.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

10

10 · Segment margins

Pharmacy customers fell 5,905 thousand since Dec 31, while medical customers rose 334 thousand

Customer change since Dec 31, 2025

Thousands, to Sep 30, 2026

thousands · Pharmacy: -5,905thousands · Medical: 334thousands · Behavioral: -5,257thousands · Dental: -38thousands · Total: -10,866PharmacyMedicalBehavioralDentalTotal-12,000-10,000-7,500-5,000-2,50002,000-5,905334
Behavioral customers fell 18.6% after a government contract ended

Note: Bars are changes in customers from Dec 31, 2025 to Sep 30, 2026 and sum to the total.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

11

11 · Customer relationships

Premiums rose 8.9%, and pharmacy revenues rose 5.2%

Revenue lines and operating ratios

$M unless noted, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Pharmacy revenues$56,054M$58,982M5.2%
Premiums$9,081M$9,885M8.9%
Fees and other revenues$4,380M$4,529M3.4%
Medical care ratio84.8%85.0%+20 bps
SG&A expense ratio4.8%4.9%n.m.
Prior-year reserves developed favorably by $356M in nine months, vs. $319M a year earlier

Note: MCR is Cigna Healthcare medical costs over premiums. SG&A ratio is SG&A over total revenues.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

12

12 · Revenue lines and ratios

The debt-to-capitalization ratio fell to 41.8% from 43.0% at Dec 31

Capital position

Sep 30, 2025 vs. Sep 30, 2026

MeasureSep 30, 2025Sep 30, 2026
Shareholders’ equity ($M)$41,805M$43,383M
Equity per share ($)$156.53$164.70
Shares outstanding (thousands)267,072263,403
Debt-to-capitalization ratio44.9%41.8%
Cigna bought back 1.8 million shares for about $500M this year through Nov 4

Note: Buybacks run to Nov 4, 2026, after the quarter end.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

13

13 · Capital and buybacks

2026 guidance implies Q4 adjusted EPS of at least $7.05, below Q3 at $7.98

Indicator
What to watch
Implication
Q3 reading
Medical costs
MCR within the new range
Margin pressure
Q3 MCR 85.0%
Pharmacy Benefit Services
Client renewals
Lower income
Income (21.5%) YoY
Customers
Client transitions
Fewer pharmacy lives
(4.8%) since Dec 31
Buybacks
Share count
EPS support
$500M through Nov 4

Note: MCR is medical care ratio. These are analytical watch points, not company targets.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: segment operating detail

ClaimEvidenceCalculation
Income roseSpecialty and Care Services income 14.7% YoYBiosimilar and specialty generic adoption
Revenue grew slowlySpecialty and Care Services revenue 0.8% YoYDistribution up, specialty pharmacy down
Revenue roseCigna Healthcare revenue 8.9% YoYPremium rate increases
Loss steadyCorporate and Other loss $372M vs. $363MPre-tax adjusted

Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

15

15 · Appendix: Segment detail

Appendix: profit and margin detail

ClaimEvidenceCalculation
Evernorth margin fellEvernorth pre-tax margin 3.2% to 2.9%Income over adjusted revenues
SG&A roseSG&A expenses 7.4% YoY to $3,612MConsolidated highlights
Adjusted income steadyAdjusted income from operations $2,104M, up 0.4%Company reconciliation
Special itemsSpecial items $146M after tax vs. ($61M)Company reconciliation

Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

16

16 · Appendix: Profit and margins

17 · Appendix: Guidance and targets

Appendix: customer relationships

ClaimEvidenceCalculation
Medical customers rose18,452 thousand, +1.8% since Dec 31Middle and Select markets
Pharmacy customers fell117,698 thousand, -4.8% since Dec 31Client transitions
Contract ended23,012 thousand behavioral customersMinimal revenue impact, per the company
Relationships fell177,562 thousand, -5.8% since Dec 31Customer table

Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

18

18 · Appendix: Customers

Appendix: revenue and non-GAAP detail

Revenues, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Pharmacy revenues$56,054M$58,982M5.2%
Premiums$9,081M$9,885M8.9%
Fees and other revenues$4,380M$4,529M3.4%
Total revenues$69,748M$73,683M5.6%

Net income to adjusted income, $M after tax

$M unless notedQ3 2025Q3 2026YoY
Shareholders net income$1,868M$1,442M(22.8%)
Amortization of intangibles$332M$449Mn.m.
Special items($61M)$146Mn.m.
Adjusted income from operations$2,096M$2,104M0.4%

Note: Adjusted income also excludes net investment results, shown in the data sheet.Source: The Cigna Group Form 8-K, Nov 5, 2026; analysis of company data

19

19 · Appendix: Revenue and non-GAAP

Appendix: sources

  • Filing: The Cigna Group Form 8-K, Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1739940/000114036126042030/0001140361-26-042030-index.htm
  • Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1739940/000114036126042030/ef20084818_ex99-1.htm
  • Company newsroom release, Nov 5, 2026 — https://newsroom.thecignagroup.com/2026-11-05-The-Cigna-Group-Reports-Strong-Third-Quarter-2026-Results,-Raises-2026-Outlook
  • Prior guidance: Q2 2026 release (Ex. 99.1), Jul 30, 2026 — https://www.sec.gov/Archives/edgar/data/1739940/000114036126030135/ef20078875_ex99-1.htm
  • Segment, MCR, guidance and capital data: Q3 2026 release supplemental tables (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1739940/000114036126042030/ef20084818_ex99-1.htm
  • Q3 and FY2026 EPS consensus: Zacks via Yahoo Finance, Nov 5, 2026 — https://au.finance.yahoo.com/news/cigna-ci-q3-earnings-revenues-111002803.html
  • Q3 EPS and revenue consensus: Investing.com, Nov 5, 2026 — https://www.investing.com/news/earnings/cigna-shares-climb-on-raised-earnings-outlook-q3-beat-5003087
  • Share price: Yahoo Finance CI, Nov 3 and Nov 4 closes and Nov 5 pre-market at 8:24 a.m. ET (20:24 ICT) — https://finance.yahoo.com/quote/CI/history/

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from The Cigna Group's Form 8-K of November 5, 2026 (Exhibit 99.1) and, for prior guidance, its Form 8-K of July 30, 2026. Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, long-term targets, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted revenues, adjusted income from operations and adjusted EPS follow The Cigna Group's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by The Cigna Group and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 5, 2026, 8:30 a.m. US Eastern time, with share prices to the Nov 5 pre-market quote. It will not be updated for later events, and views may change without notice.

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21 · Disclosures

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