Compare · Health Care
Cigna vs. Humana: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Cigna
1 · What it sells
The Cigna Group runs drug benefits and pharmacies through Evernorth, including Express Scripts, and health plans for 18.1 million medical customers through Cigna Healthcare, with total revenues of $274.9 billion in FY2025.
Sources and detail on the Cigna page2 · Who pays it
In FY2025, health plans, employers and government programs paid 78.8% of revenue for drugs and pharmacy services, insurance premiums brought 14.6%, fees for services 6.2%, and investment income added 0.4%.
Sources and detail on the Cigna page3 · What it keeps from $100
Of every $100 that came in during FY2025, Cigna kept $2.17 as net income, after a $749 million strategic optimization charge and with a $401 million after-tax gain on its Medicare sale, while income from operations was $3.35 per $100 of revenue.
Sources and detail on the Cigna page4 · Where the operating profit comes from
FY2025 income before taxes was $5.83 billion in Evernorth Health Services and $4.34 billion in Cigna Healthcare, against a $46 million loss in Other Operations and $2.34 billion of corporate costs and eliminations.
Sources and detail on the Cigna page5 · The one thing to watch
One drug-benefit client that the 10-K does not name brought about 19% of FY2025 revenue, and Cigna said in its FY2025 10-K (Feb 26, 2026) that its rebate-free model becomes standard for Evernorth's drug-benefit clients from 2028.
Sources and detail on the Cigna page
Humana
1 · What it sells
Humana sells Medicare Advantage, Medicare drug, Medicaid and military health plans, with 18.0 million medical members at Sep 30, 2026, and runs CenterWell clinics, pharmacy and home health.
Sources and detail on the Humana page2 · Who pays it
In FY2025, individual Medicare Advantage brought in 70.3% of Humana's premiums and services revenue, Medicaid and other state contracts 11.2%, group Medicare Advantage 7.0%, Medicare drug plans 5.3%, CenterWell's outside customers 3.7% and other lines 2.4% (Cityfort calculation from the 10-K).
Sources and detail on the Humana page3 · What it keeps from $100
Of every $100 that came in during FY2025, Humana spent $85.46 on members' benefits and kept $0.92 as net income after one-off charges, while income from operations was $2.09 per $100.
Sources and detail on the Humana page4 · Where the operating profit comes from
In FY2025, the Insurance segment earned $1,664 million from operations and CenterWell $1,339 million, before $299 million of corporate costs and eliminations.
Sources and detail on the Humana page5 · The one thing to watch
The benefit ratio was 93.9% in Q3 FY2026, against 91.1% a year earlier, with $67 million of favorable prior-period reserve development, against $275 million.
Sources and detail on the Humana page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Cigna
Where $100 went · FY2025
| Buying drugs and paying pharmacies | $78.2 |
|---|---|
| Medical claims | $12.5 |
| Selling, general and administrative | $5.3 |
| Amortization of acquired intangibles | $0.6 |
| Interest, investment losses and other | $0.5 |
| Income tax and minority owners' share | $0.7 |
| Kept as net income | $2.2 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (total revenues plus a $13 million gain on business sales): each line = line ÷ $274.9 billion × 100. Income from operations was $3.35 per $100 of total revenues.
Humana
Where $100 went · FY2025
| Members' benefits (medical and drug claims) | $85.5 |
|---|---|
| Operating costs (staff, sales and administration) | $11.9 |
| Depreciation and amortization | $0.5 |
| Interest on debt | $0.5 |
| Other costs, a business sale loss and partly owned businesses | $0.5 |
| Income tax | $0.2 |
| Kept as net income | $0.9 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K: each line ÷ total revenues of $129,664 million × 100 (premiums, services revenue and investment income). Net income of $0.92 per $100 is after $449 million of value-creation charges, $253 million of impairment charges and a $67 million loss on selling a business; income from operations was $2,704 million, or $2.09 per $100.
Line items differ because each company groups its costs its own way in its filings. Only on Cigna's receipt: Buying drugs and paying pharmacies; Medical claims; Selling, general and administrative; Amortization of acquired intangibles; Interest, investment losses and other; Income tax and minority owners' share. Only on Humana's receipt: Members' benefits (medical and drug claims); Operating costs (staff, sales and administration); Depreciation and amortization; Interest on debt; Other costs, a business sale loss and partly owned businesses; Income tax.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Cigna
Humana
See the numbers
Net income
Cigna
Humana
See the numbers
Free cash flow
Cigna
Humana
Not on the Humana page.
See the numbers
Who pays each company
Cigna
- Buyers of drugs and pharmacy services · 78.8% of revenueHealth plans, employers and government programs pay for prescriptions filled through Cigna's networks, home delivery and specialty pharmacy: $216.7 billion, 78.8% of FY2025 total revenues (Cityfort calculation from the FY2025 10-K).
- Insurance premiums · 14.6% of revenueEmployers and individuals pay premiums for insured plans, large-claim cover for self-funded employers and international health cover: $40.3 billion, 14.6% of total revenues.
- Fees for services · 6.2% of revenueFees and other revenues, from Evernorth services and from running plans that employers fund themselves: $16.9 billion, 6.2% of total revenues.
- Investment income · 0.4% of revenueNot a customer: net investment income of $1.0 billion, 0.4% of total revenues.
Humana
- CMS and members, individual Medicare Advantage · 70.3% of revenuePremiums for individual Medicare Advantage plans: $90,403 million, 70.3% of FY2025 premiums and services revenue, as stated in the FY2025 10-K.
- States, Medicaid and other state contracts · 11.2% of revenuePremiums from state-based contracts: $14,477 million, 11.2%.
- Employers and CMS, group Medicare Advantage · 7.0% of revenuePremiums for retiree plans sold through employers: $9,014 million, 7.0%.
- CMS and members, Medicare drug plans · 5.3% of revenuePremiums for stand-alone prescription drug plans: $6,844 million, 5.3%.
- CenterWell's outside customers · 3.7% of revenuePharmacy, primary care and home health services sold outside Humana's own plans: $4,816 million, 3.7%.
- Members, Medicare Supplement and specialty plans · 1.6% of revenueMedicare Supplement ($1,098 million, 0.9%) and dental, vision and other specialty premiums ($989 million, 0.8%): 1.6% together (Cityfort calculation from the FY2025 10-K).
- Department of Defense and others, military services · 0.8% of revenueServices revenue from the TRICARE contract and other services: $1,017 million, 0.8%.
Revenue by segment
Cigna
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Evernorth Health Services | $235.0B | 83.1% |
| Cigna Healthcare | $47.2B | 16.7% |
| Other Operations | $674M | 0.2% |
Humana
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Insurance | $124.6B | 84.7% |
| CenterWell | $22.5B | 15.3% |
Debt and cash
Cigna
- Debt
- $31.1B
- Cash and investments
- $6.2B
On Sep 30, 2026.
At Sep 30, 2026, Cigna's debt exceeded its cash by $25.0 billion (Cityfort calculation from the Q3 FY2026 10-Q). That is about 2.6 times FY2025 cash from operations of $9.6 billion (Cityfort calculation from the Q3 FY2026 10-Q and FY2025 10-K).
Humana
Not on the Humana page.
Who owns each company
Cigna
- One class of shares.
- Officers and directors as a group: 0.6% of shares (as of Jan 30, 2026).
- Vanguard Capital Management LLC: 7.5% (as of Apr 29, 2026).
- BlackRock, Inc.: 7.6% (as of Apr 24, 2025).
Humana
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Jan 15, 2026).
- Dodge & Cox: 9.5% (as of Mar 31, 2026).
- BlackRock, Inc.: 7.7% (as of Mar 31, 2025).
- Vanguard Capital Management: 7.6% (as of Mar 31, 2026).
Sources: Cigna S14, S5, S15, S16 · Humana S16, S20, S19, S18
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, regulation, pricing, debt, legal cases. Every risk is on each company's page.
Cigna
- Investment write-downs (other)FY2024 net income carried about $2.7 billion of losses from writing off the VillageMD investment. In Q3 2025, Cigna put $3.5 billion into Shields Health Solutions preferred stock.
- Big changes at once (execution)A new CEO took over on Jul 1, 2026. Cigna said in April 2026 that it plans to exit the Individual and Family Plans medical business as of Jan 1, 2027. It announced a $3 billion modernization and productivity initiative on Sep 30, 2026.
Humana
Every risk type on the Humana page also appears on the other page.
Key facts
- How does Cigna make money compared with Humana?
- Cigna's revenue by segment in FY2025: Evernorth Health Services 83.1%, Cigna Healthcare 16.7%, Other Operations 0.2%. Humana's revenue by segment in FY2025: Insurance 84.7%, CenterWell 15.3%.
- Which is bigger by revenue, Cigna or Humana?
- Cigna reported $274.9B of revenue in FY2025, and Humana reported $129.7B in FY2025.
- How much net income did Cigna and Humana report?
- Cigna reported net income of $6.0B in FY2025, and Humana reported $1.2B in FY2025.
- How much of every $100 did Cigna and Humana keep as net income?
- Cigna kept $2.2 of every $100 that came in during FY2025, and Humana kept $0.9 in FY2025 (Cityfort calculation from each company's annual report).
- When do Cigna's and Humana's fiscal years end?
- Cigna: December 31. Humana: December 31.
Built from each company's page. Cigna updated Nov 6, 2026; Humana updated Nov 7, 2026.
Sources
Cigna
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), The Cigna Group (SEC EDGAR), Feb 26, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), The Cigna Group (SEC EDGAR), Feb 29, 2024
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026), The Cigna Group (SEC EDGAR), Nov 5, 2026
- S9Q3 2026 earnings release (Form 8-K, Exhibit 99.1), The Cigna Group (SEC EDGAR), Nov 5, 2026
- S142026 proxy statement (DEF 14A), The Cigna Group (SEC EDGAR), Mar 13, 2026
- S15Schedule 13G/A filed by The Vanguard Group (0 shares after Jan 12, 2026 realignment), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S16Schedule 13G filed by Vanguard Capital Management LLC (7.51% as of Mar 31, 2026), Vanguard Capital Management LLC (SEC EDGAR), Apr 29, 2026
- S17Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed), The Cigna Group (SEC EDGAR), Mar 3, 2026
- S18Form 8-K filed Sep 30, 2026 (Investor Day, 2030 targets; Exhibit 99.1), The Cigna Group (SEC EDGAR), Sep 30, 2026
Humana
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Humana Inc. (SEC EDGAR), Feb 19, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Humana Inc. (SEC EDGAR), Feb 15, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022), Humana Inc. (SEC EDGAR), Feb 16, 2023
- S162026 proxy statement (DEF 14A), Humana Inc. (SEC EDGAR), Mar 6, 2026
- S18Schedule 13G/A, The Vanguard Group (event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S19Schedule 13G, Vanguard Capital Management (event Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S20Schedule 13G/A, Dodge & Cox (event Mar 31, 2026), Dodge & Cox (SEC EDGAR), May 14, 2026
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