Health Care · NYSE: CI
Cigna: how the business works
The Cigna Group runs drug benefits and pharmacies through Evernorth, including Express Scripts, and health plans through Cigna Healthcare, with total revenues of $274.9 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
Follow Cigna
Email me when Cigna's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
The Cigna Group · Bloomfield, Connecticut
Updated for Q3 FY2026 · checked
- Total revenues, FY2025
- $274.9B
- Net income, FY2025
- $5.96B
- Medical customers, Dec 31, 2025
- 18.1 million
- Pharmacy customers, Dec 31, 2025
- 123.6 million
- Employees, FY2025
- About 67,700
The short version
Cigna in 5 points
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.
2 · 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%.
3 · 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.
4 · 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.
5 · 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: From Cigna's FY2025 10-K and its Q3 FY2026 10-Q and earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Cigna's money go?
Cigna · FY2025
Receipt for every $100
| 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 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
Save this receipt as an image:
1080 × 1350 PNG for Instagram, LinkedIn1200 × 675 PNG for X
Embed this receipt
Paste this code into a blog or website to show the receipt, with a link back to this page:
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does Cigna do?
Health plans, employers and government programs pay Cigna to run drug benefits, fill prescriptions and cover medical bills; most of that money goes on buying drugs, and $2.17 of every $100 that came in during FY2025 was left as net income.
- Cigna has two main businesses: Evernorth Health Services, which runs drug benefits and pharmacies, and Cigna Healthcare, which sells and administers health plans.
- Drugs are 78.8% of revenue, but they pass through at a thin margin: income from operations was $3.35 per $100 of revenue in FY2025.
03Who pays it
Who pays Cigna?
Buyers of drugs and pharmacy services
79%
of revenue
Health 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
15%
of revenue
Employers 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%
of revenue
Fees 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%
of revenue
Not a customer: net investment income of $1.0 billion, 0.4% of total revenues.
- Buyers of drugs and pharmacy services79%
- Insurance premiums15%
- Fees for services6%
- Investment income0%
Customer concentration
One drug-benefit client brought about 19% of FY2025 revenue, up from 16% in FY2024; the 10-K does not name it. Cigna names Centene, Prime Therapeutics and the TRICARE military health program of the Department of War (Defense) as three clients that each drive significant Evernorth revenue. It says contracts with its three largest clients run through the end of the decade.
- Largest customer
- 19%
04Why it makes money
Why does Cigna make money?
Cigna handled $216.7 billion of drug sales in FY2025 for a thin cut, so claim volume and the terms of large client contracts drive profit.
In FY2025, buying drugs took $78.20 of every $100 that came in, and income from operations was $3.35 per $100 of revenue. Pharmacy claims rose from 1,585 million in FY2023 to 2,222 million in FY2025, yet operating income per $100 fell from $4.4 to $3.3.
Income from operations per $100 of total revenues
$4.6$3.3
FY2021 to FY2025
- Health plans, employers and government programs hire Express Scripts to run drug benefits
- Members fill prescriptions at network pharmacies or by home delivery
- Cigna pays for the drugs and bills clients, keeping a small margin per claim
- Employers buy insured or self-funded health plans from Cigna Healthcare
- Contract terms, drug mix and medical costs decide the margin
- What is left pays interest, dividends and share buybacks
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Cigna?
Evernorth Health Services
83%Drug benefits through Express Scripts, home delivery, specialty pharmacy and care services. Income before taxes was $5.83 billion. Pharmacy Benefit Services had $132.1 billion of adjusted revenues and Specialty and Care Services $102.8 billion. Revenue here is adjusted revenues, the company's segment measure.
Revenue $235.0B · Operating profit $5.8B
Cigna Healthcare
17%Employer, international and individual health plans. Income before taxes was $4.34 billion. Revenue fell from $52.9 billion in FY2024 after the Medicare businesses were sold in March 2025.
Revenue $47.2B · Operating profit $4.3B
Other Operations
0%Smaller businesses outside the two main segments: a $46 million loss before taxes. Shares here are of $282.8 billion of segment revenue (Cityfort calculation from the FY2025 10-K), before $8.1 billion of corporate items and eliminations; corporate costs and eliminations took $2.34 billion before taxes, as stated in the FY2025 10-K segment note.
Revenue $674M · Operating profit −$46M
How the mix changed
- Evernorth Health Services
- Cigna Healthcare
- Other Operations
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Cigna done?
Revenue
$274.9BFY2025
Total revenues rose every year, from $174.1 billion in FY2021 to $274.9 billion in FY2025, including a 26.6% rise in FY2024, the year a multiyear Centene drug-benefit contract began; FY2021 and FY2022 are as restated in the FY2023 10-K.
US$
See the numbers
Net profit
$6.0BFY2025
Net income attributable to Cigna was $5.96 billion in FY2025, up from $3.43 billion in FY2024, which carried a write-off of about $2.7 billion on the VillageMD investment.
US$
See the numbers
Profit kept per $100 of revenue
$2.2FY2025
Net income per $100 of total revenues was $2.2 in FY2025, against $3.1 in FY2021, and income from operations per $100 was $3.35 in FY2025.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$8.4BFY2025
Free cash flow, cash from operations minus property and equipment purchases (Cityfort calculation from the FY2023 10-K and FY2025 10-K), was $8.4 billion in FY2025, against $10.2 billion in FY2023.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31. Cigna's fiscal year matches the calendar year: FY2025 ended Dec 31, 2025, and Q3 FY2026 ended Sep 30, 2026.). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income includes the share of noncontrolling (minority) owners in some Cigna subsidiaries; this page uses net income attributable to Cigna shareholders.
Download Cigna's yearly and quarterly numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (9)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
07Who runs it
Who runs Cigna, and did they deliver?
Brian C. Evanko
Chief Executive Officer · since 2026
CEO since Jul 1, 2026. He was President and Chief Operating Officer from March 2025 and earlier Chief Financial Officer. His 2025 pay was $9,998,401.
David M. Cordani
Executive Chair · since 2026
Retired as CEO and became Executive Chair on Jul 1, 2026. His 2025 pay as CEO was $22,866,134, against $73,674 for the median employee, a ratio of 310 to 1.
What they said, and what happened
1 delivered · 1 missed · 1 partly delivered · 3 too early to tell
Said on Jan 30, 2025
Cigna guided on Jan 30, 2025 to FY2025 adjusted income from operations of at least $29.50 a share and adjusted revenues of at least $252 billion.
DeliveredWhat happened
The adjusted figure was $29.84 a share and adjusted revenues $274.7 billion. GAAP diluted EPS was $22.18.
Said on Jan 30, 2025
Cigna guided on Jan 30, 2025 to a Cigna Healthcare medical care ratio of 83.2% to 84.2% for FY2025.
MissedWhat happened
The ratio was 84.4%, above the range, meaning a larger share of premiums went on medical costs.
Said on Jan 30, 2025
Cigna guided on Jan 30, 2025 to FY2025 cash from operations of about $10.0 billion and capital spending of about $1.4 billion.
Partly deliveredWhat happened
Cash from operations was $9.6 billion, below the figure given, and property and equipment purchases were $1.2 billion.
Said on Feb 5, 2026
Cigna guided on Feb 5, 2026 to FY2026 adjusted income from operations of at least $30.25 a share.
Too early to tellWhat happened
Raised to at least $30.35 on Apr 30, $30.45 on Jul 30 and $30.60 on Nov 5, 2026. The figure was $23.55 for the first nine months.
Said on Feb 26, 2026
Cigna said in its FY2025 10-K that it expects at least $500 million of annualized after-tax savings from its 2025 strategic optimization program.
Too early to tellWhat happened
The FY2025 10-K says a portion was realized in 2025 but gives no amount; the Q3 FY2026 10-Q gives none.
Said on Sep 30, 2026
At its Sep 30, 2026 Investor Day, Cigna set a 10% to 14% compound yearly growth target for adjusted income from operations per share and about $50 billion of cumulative cash from operations through 2030.
Too early to tellWhat happened
FY2025 adjusted income from operations was $29.84 a share, and GAAP diluted EPS $22.18. Cash from operations was $9.6 billion in FY2025.
Sources (10)
- Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed)
- 2026 proxy statement (DEF 14A)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K filed Sep 30, 2026 (Investor Day, 2030 targets; Exhibit 99.1)
08What could go wrong
What could go wrong for Cigna?
- Concentration
A few very large drug-benefit clients
One client, not named in the 10-K, brought about 19% of FY2025 revenue, up from 16% in FY2024. Pharmacy customers fell from 123.6 million at Dec 31, 2025 to 117.7 million at Sep 30, 2026, which the company says reflects expected client transitions and lower membership from health plan clients.
Watch Pharmacy customers and the top client's revenue share in each 10-K.
- Regulation
Changing how drug benefits are paid
The February 2026 FTC settlement requires changes to Express Scripts' business practices. Cigna said in its FY2025 10-K (Feb 26, 2026) that it plans to make its rebate-free model standard for insured Cigna Healthcare plans from 2027 and for Evernorth's drug-benefit clients from 2028.
Watch Pharmacy Benefit Services' pre-tax adjusted income: $765 million in Q3 FY2026, against $975 million a year earlier.
- Pricing
Medical costs above plan
Insured plans are priced in advance, so higher medical use cuts profit. Cigna Healthcare's medical care ratio rose from 81.3% in FY2023 to 84.4% in FY2025, above the 83.2% to 84.2% range given for that year.
Watch The medical care ratio: 85.0% in Q3 FY2026; the company's Nov 5, 2026 FY2026 guide is 84.2%, plus or minus 0.25 points.
- Debt
Debt and goodwill from past deals
Total debt was $31.1 billion at Sep 30, 2026. Goodwill and other intangible assets of $72.3 billion exceeded shareholders' equity of $43.4 billion. Moody's, S&P and Fitch rated senior debt Baa1, A- and BBB+, as stated on Sep 3, 2025.
Watch Debt scheduled at Dec 31, 2025: $2.4 billion due in 2027 and $3.8 billion in 2028, and the debt-to-capitalization ratio (41.8% at Sep 30, 2026).
- Other
Investment write-downs
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.
Watch The net investment gains and losses line in each 10-Q.
- Legal
Lawsuits
Cigna's FY2025 10-K says it is subject to litigation alleging that it improperly used AI in claims evaluation, and it gives no case name in the filings read.
Watch The legal note in each 10-Q and 10-K.
- Execution
Big changes at once
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.
Watch Costs of the Accelerate to One initiative in each 10-Q.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Free writing prospectus (pricing term sheet, senior notes) filed Sep 3, 2025: issuer ratings
- Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed)
- Form 8-K filed Sep 30, 2026 (Investor Day, 2030 targets; Exhibit 99.1)
09Both sides
What do supporters and critics point to?
What supporters point to
- Total revenues rose every year from FY2021 to FY2025, reaching $274.9 billion.
- FY2025 adjusted income from operations was $29.84 a share, above the at-least $29.50 guided in January 2025; GAAP diluted EPS was $22.18.
- Specialty and Care Services adjusted revenues rose from $76.7 billion in FY2023 to $102.8 billion in FY2025.
- Cigna says contracts with its three largest clients run through the end of the decade.
- Diluted shares fell from 341.0 million in FY2021 to 268.6 million in FY2025, after $28.3 billion of buybacks (Cityfort calculation from the FY2023 10-K and FY2025 10-K).
What critics point to
- Income from operations per $100 of total revenues fell from $4.6 in FY2021 to $3.3 in FY2025.
- One client the 10-K does not name brought about 19% of FY2025 revenue.
- Pharmacy Benefit Services' pre-tax adjusted income fell 22% in Q3 FY2026, and pharmacy customers fell to 117.7 million.
- Goodwill and other intangible assets of $73.5 billion exceeded shareholders' equity of $41.7 billion at Dec 31, 2025.
- The Cigna Healthcare medical care ratio was 84.4% in FY2025, above the 83.2% to 84.2% range the company gave.
10What to watch next
What should you watch next at Cigna?
Next event
Q4 and full-year FY2026 results
Date not announced yet.
FY2026 results against the guide
On Nov 5, 2026, Cigna guided to adjusted income from operations of at least $30.60 a share; it was $23.55 for the first nine months. GAAP diluted EPS was $18.02 for those nine months.
Drug-benefit clients
Pharmacy customers were 117.7 million at Sep 30, 2026. Watch client transitions and Pharmacy Benefit Services' profit. Cigna said in its FY2025 10-K (Feb 26, 2026) that its rebate-free model starts in 2027.
Medical costs
The Cigna Healthcare medical care ratio was 85.0% in Q3 FY2026, against the company's FY2026 guide of 84.2%, plus or minus 0.25 points.
Exit from individual plans
Cigna said in April 2026 that it plans to exit the Individual and Family Plans medical business as of Jan 1, 2027.
11Key facts
Key facts about Cigna
- What does The Cigna Group do?
- The Cigna Group runs drug benefits, home delivery and specialty pharmacy through Evernorth Health Services, which includes Express Scripts. It sells and administers health plans through Cigna Healthcare, which had 18.1 million medical customers at Dec 31, 2025. Total revenues were $274.9 billion in FY2025.
- How does Cigna make money?
- Cigna's business model is managing drug spending and health plans: in FY2025, pharmacy revenues were 78.8% of its $274.9 billion of total revenues, premiums 14.6%, fees and other revenues 6.2% and investment income 0.4%. Buying drugs and paying pharmacies took $78.20 of every $100 that came in.
- Who are Cigna's customers?
- Health plans, employers, government programs and individuals pay Cigna. One drug-benefit client, which Cigna's FY2025 10-K does not name, brought about 19% of FY2025 revenue. Cigna names Centene, Prime Therapeutics and the TRICARE military health program as three clients that each drive significant Evernorth revenue.
- Is Cigna profitable?
- Yes. The Cigna Group's net income attributable to shareholders was $5.96 billion in FY2025, up from $3.43 billion in FY2024, when it wrote off about $2.7 billion on its VillageMD investment. Income from operations was $9.2 billion in FY2025. For the four quarters to Sep 30, 2026, net income was $5.99 billion (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases).
- What is Cigna's revenue by segment?
- In FY2025, Cigna's Evernorth Health Services segment had adjusted revenues (the company's segment measure) of $235.0 billion and Cigna Healthcare $47.2 billion, before $8.1 billion of corporate items and eliminations between segments. Total revenues under GAAP were $274.9 billion.
- Who owns Cigna?
- The Cigna Group has one class of common stock with one vote per share, and 263.5 million shares on Oct 30, 2026. Its 2026 proxy shows directors and executive officers together with 0.6% at Jan 30, 2026. Holders in filings include BlackRock with 7.6% (Mar 31, 2025) and Vanguard Capital Management with 7.51% (Mar 31, 2026).
- How much does Express Scripts bring Cigna?
- Express Scripts sits in Cigna's Evernorth Health Services segment, which had adjusted revenues of $235.0 billion and income before taxes of $5.83 billion in FY2025. Its Pharmacy Benefit Services part had adjusted revenues of $132.1 billion. Evernorth handled 2,222 million pharmacy claims in FY2025, counting a 90-day prescription as three.
- How much does Cigna Healthcare bring Cigna?
- Cigna Healthcare, The Cigna Group's health plan segment, had adjusted revenues of $47.2 billion and income before taxes of $4.34 billion in FY2025. Of its 18.1 million medical customers at Dec 31, 2025, 14.3 million were in employer plans Cigna administers while the employer pays the claims.
- Does Cigna still sell Medicare Advantage plans?
- No. The Cigna Group sold its Medicare Advantage, stand-alone Medicare drug plan and Medicare supplement businesses to Health Care Service Corporation (HCSC), closing on Mar 19, 2025, for $4.9 billion of cash proceeds. Medicare Advantage premiums fell from $8.7 billion in FY2024 to $2.4 billion in FY2025.
- How much debt does Cigna have?
- The Cigna Group had total debt of $31.1 billion and cash of $6.2 billion at Sep 30, 2026. Cigna's own debt-to-capitalization ratio was 41.8% that day. Moody's, S&P and Fitch rated its senior debt Baa1, A- and BBB+, all with a stable outlook, as the company stated on Sep 3, 2025.
Sources (10)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- 2026 proxy statement (DEF 14A)
- Schedule 13G filed by Vanguard Capital Management LLC (7.51% as of Mar 31, 2026)
- Free writing prospectus (pricing term sheet, senior notes) filed Sep 3, 2025: issuer ratings
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Cigna sell?
Drug benefits at network pharmacies ($125.6B, FY2025)
A pharmacy benefit manager runs drug coverage for a plan: which drugs are covered, which pharmacies take part and how claims are paid. Evernorth handled 2,222 million pharmacy claims in FY2025, counting a 90-day prescription as three.
Home delivery and specialty pharmacy ($80.5B)
Prescriptions shipped to members' homes and specialty drugs for complex conditions. This revenue rose from $65.7 billion in FY2023.
Employer health plans ($18.9B of premiums)
Cigna insures workers' medical bills for employers and keeps the premiums. Cover that caps self-funded employers' costs for very large claims brought another $7.6 billion.
Plans run for self-funded employers
The employer pays the medical claims and Cigna is paid a fee to run the plan. These plans held 14.3 million of Cigna's 18.1 million medical customers at Dec 31, 2025.
International Health ($4.1B of premiums)
Health cover for people outside the US. Cigna operates in more than 30 markets and jurisdictions; US customers brought 98% of revenue from external customers in FY2025.
Individual and Family Plans ($3.4B of premiums)
Plans bought by people on their own. Cigna said in April 2026 that it will exit this medical business effective Jan 1, 2027.
What it does
- Does: Runs drug coverage for health plans, employers and government programs through Express Scripts
- Does: Ships prescriptions by mail and supplies specialty drugs
- Does: Insures employer health plans and runs plans that employers fund themselves
What it does not do
- Does not: No longer sells Medicare Advantage plans: it sold those businesses to HCSC in March 2025
- Does not: Will not sell individual and family medical plans from Jan 1, 2027, under a plan announced in April 2026
- Does not: Does not name the drug-benefit client that brought about 19% of FY2025 revenue
13How the money flows
13How the money flows · FY2025
How does money flow through Cigna?
Money in
- Pharmacy revenues$216.7B
- Premiums$40.3B
- Fees and other revenues$16.9B
- Net investment income$1.0B
- Gain on sale of businesses$13M
The company
Cigna
$274.9B came in
Money out
- Pharmacy and other service costs (buying drugs)$215.0B
- Medical costs (claims)$34.3B
- Selling, general and administrative$14.6B
- Amortization of acquired intangible assets$1.7B
- Interest, investment losses and other$1.4B
- Income tax and minority owners' share$1.8B
- Net income attributable to Cigna shareholders$6.0B
- Payers gave Cigna $274.9 billion of total revenues in FY2025: $216.7 billion for drugs, $40.3 billion of premiums and $16.9 billion of fees.
- Buying drugs and paying pharmacies took $215.0 billion, and members' medical claims took $34.3 billion.
- Running costs took $14.6 billion, and amortization of intangible assets from past deals took $1.7 billion. FY2025 costs included a $749 million pre-tax charge for a strategic optimization program.
- That left $9.2 billion of income from operations. Interest and other costs took $1.4 billion and net investment losses $24 million, while business sales added $13 million.
- Income tax took $1.5 billion, and minority owners in some subsidiaries took $331 million. The Medicare sale added $401 million after tax, mostly through a tax benefit, leaving $5.96 billion for Cigna shareholders.
14What it needs to run
14What it needs to run
What does Cigna need to run?
People
About 67,700 colleagues, serving more than 185 million customer relationships in more than 30 markets.
A drug wholesaler
One wholesaler supplies about half of Cigna's pharmaceutical purchases.
Large client contracts
One unnamed client brought about 19% of FY2025 revenue. Cigna says contracts with its three largest clients were renewed or extended through the end of the decade.
Technology and property
Property and equipment purchases were $1.2 billion in FY2025. On Sep 30, 2026, Cigna announced a $3 billion multi-year modernization and productivity initiative called Accelerate to One.
15Where it sells
15Where it sells · FY2025
Where does Cigna sell?
- United States98%
- Outside the United States2%
16Competitors and what protects it
16Competitors and what protects it
Who does Cigna compete with?
CVS Health (CVS Caremark)
NYSE: CVS
Runs the CVS Caremark drug-benefit manager and the Aetna insurer. Its FY2025 10-K names "the Express Scripts business of Cigna Corporation" among drug-benefit managers owned by large national health plans.
UnitedHealth Group (Optum Rx)
NYSE: UNH
Named in CVS Health's FY2025 10-K, next to Express Scripts, as a drug-benefit manager owned by a health plan. UnitedHealth also runs the UnitedHealthcare insurer.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Scale in drug benefits4 of 5
Evernorth handled 2,222 million pharmacy claims in FY2025, up from 1,585 million in FY2023, and had 123.6 million pharmacy customers at Dec 31, 2025.
- Long contracts with large clients3 of 5
Cigna says contracts with its three largest clients run through the end of the decade. But one client alone brought about 19% of FY2025 revenue.
- Plans run for self-funded employers3 of 5
14.3 million of 18.1 million medical customers were in employer-funded plans, where the employer pays the claims and Cigna earns fees for running the plan.
Weak spot
Thin margins and a few very large clients
Income from operations was $3.35 per $100 of revenue in FY2025. Pharmacy Benefit Services' pre-tax adjusted income fell 22% in Q3 FY2026, which the company tied mainly to large client contract renewals and strategic investments.
17Where growth could come from
17Where growth could come from
Where could Cigna's growth come from?
Cigna said on Nov 5, 2026 that it expects FY2026 adjusted income from operations of at least $30.60 a share, its own measure; on Feb 5, 2026 it had said at least $30.25. At its Sep 30, 2026 Investor Day, it gave a target of 10% to 14% yearly growth in that measure and about $50 billion of cumulative cash from operations through 2030.
Specialty and Care Services
Working$102.8B adjusted revenues, FY2025
Adjusted revenues rose from $76.7 billion in FY2023 to $102.8 billion in FY2025. Pre-tax adjusted income rose 15% in Q3 FY2026, which the company tied to biosimilar and specialty generic drug adoption.
Status: Working, on track against what the company said.
Pharmacy Benefit Services
Mixed$765M pre-tax adjusted income, Q3 FY2026
Down from $975 million a year earlier, which the company tied to large client contract renewals and strategic investments. Pharmacy customers fell from 123.6 million at Dec 31, 2025 to 117.7 million at Sep 30, 2026, which the company says reflects expected client transitions.
Status: Mixed, partly on track.
Cigna Healthcare after the Medicare sale
Working18.5 million medical customers, Sep 30, 2026
Medical customers rose from 18.1 million at Dec 31, 2025. Pre-tax adjusted income rose 15% in Q3 FY2026, which the company tied to higher net investment income and operating efficiency.
Status: Working, on track against what the company said.
Rebate-free drug pricing
NewPlanned standard for Evernorth clients from 2028
Cigna said in its FY2025 10-K (Feb 26, 2026) that its rebate-free pharmacy model starts for Cigna Healthcare's insured plans in 2027 and becomes the standard for Evernorth's drug-benefit clients in 2028.
Status: New, recently announced.
Cost programs
Early$3 billion Accelerate to One initiative
The 2025 strategic optimization program cost $749 million before tax, and Cigna said in its FY2025 10-K (Feb 26, 2026) that it expects at least $500 million of annualized after-tax savings. On Sep 30, 2026, it announced a $3 billion multi-year modernization and productivity initiative.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 and Q3 FY2026 (quarter ended Sep 30, 2026)
What do Cigna's own measures show?
Official (GAAP): Diluted EPS, FY2025
$22.18
Company's own measure: Adjusted income from operations per share, FY2025
$29.84
Cigna leaves out amortization of acquired intangibles ($1,325 million after tax in FY2025), net investment gains and losses, special items such as the $565 million after-tax strategic optimization charge, and the gain on sale.
Official (GAAP): Net income attributable to Cigna, FY2025
$6.0B
Company's own measure: Adjusted income from operations, FY2025
$8.0B
Same definition. It also leaves out Cigna's share of certain joint venture investment results. The $404 million after-tax gain on sale is removed, so adjustments run in both directions.
Official (GAAP): Diluted EPS, Q3 FY2026
$5.47
Company's own measure: Adjusted income from operations per share, Q3 FY2026
$7.98
Same definition. A year earlier, the adjusted figure was $7.83 and diluted EPS was $6.98.
Official (GAAP): Income before income taxes, Evernorth, FY2025
$5.8B
Company's own measure: Pre-tax adjusted income from operations, Evernorth, FY2025
$7.2B
Cigna's segment profit measure, before tax; it leaves out intangible amortization and special items.
Official (GAAP): Income before income taxes, Cigna Healthcare, FY2025
$4.3B
Company's own measure: Pre-tax adjusted income from operations, Cigna Healthcare, FY2025
$4.2B
Same segment measure. For this segment the GAAP figure is higher than the adjusted one.
Official (GAAP): All medical costs ÷ all premiums, FY2025 (Cityfort calculation from the FY2025 10-K)
85.3%
Company's own measure: Cigna Healthcare medical care ratio, FY2025
84.4%
Cigna's ratio is Cigna Healthcare's medical costs ÷ its premiums for insured plans. It was 81.3% in FY2023 and 85.0% in Q3 FY2026. The company-wide ratio also counts Other Operations.
Official (GAAP): Premiums, FY2025
$40.3B
Company's own measure: Medical customers, Dec 31, 2025
18.1 million people
People in health plans Cigna insures or administers: 3.8 million insured and 14.3 million in self-funded employer plans. The count was 19.1 million a year earlier, before the Medicare sale.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Sep 30, 2026
How much debt does Cigna have?
- Total debt$31.1B
- Cash and investments$6.2B
- Net debt (debt minus cash)$25.0B
- Net worth (shareholders' money)$43.4B
- Debt to equity
- 0.72×
- $ of debt for every $1 of shareholders' money
- Cigna's own debt-to-capitalization ratio, total debt ÷ (total debt + shareholders' equity), was 41.8% at Sep 30, 2026 and 43.0% at Dec 31, 2025. Its revolving credit agreement requires a leverage ratio of no more than 60%.
- Goodwill and other intangible assets were $73.5 billion at Dec 31, 2025, more than shareholders' equity of $41.7 billion.
- Scheduled at Dec 31, 2025: $2.4 billion due in 2027 and $3.8 billion in 2028. A $6.5 billion revolving credit line to April 2030 was undrawn, and commercial paper was about $0.5 billion at Sep 30, 2026.
- Debt includes commercial paper and finance leases but not operating leases. Cash here leaves out Cigna's investment portfolio.
20Who owns it
20Who owns it · ownership as of Jan 30, 2026
Who owns Cigna?
- Officers and directors (as a group), shares
- 0.6%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Cigna's insiders report trading?
Cigna's insiders made 29 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 19 sales (229,533 shares) in the open market or privately (codes P and S).
18 of the 19 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 45 other share transactions (A: 24, F: 14, M: 7).
They also report 22 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 64 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Cigna's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (5)
21What it does with profit
21What it does with profit
What does Cigna do with its profit?
Dividend per share
$6.04FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
FY2021: paid $7.7 billion for its own shares.
$7.7B
Buyback · Dec 31, 2022
FY2022: paid $7.6 billion for its own shares.
$7.6B
Buyback · Dec 31, 2023
FY2023: paid $2.3 billion for its own shares.
$2.3B
Buyback · Dec 31, 2024
FY2024: paid $7.0 billion for 20.9 million shares.
$7.0B
Buyback · Dec 31, 2025
FY2025: paid $3.6 billion for 11.9 million shares.
$3.6B
22Governance signals
22Governance signals
What do Cigna's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1983
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says the board has not adopted a written policy for related-person transactions; it describes the procedures used to review them instead.
- Credit rating
- Moody's, S&P Global Ratings and Fitch (as stated in Cigna's Sep 3, 2025 bond pricing term sheet) Baa1 / A- / BBB+ (Stable (all three)), Sep 3, 2025
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
FTC case on insulin rebates, settled
In September 2024, the FTC filed an administrative complaint against Express Scripts and two other drug-benefit managers over alleged anticompetitive and unfair rebate practices related to insulin pricing. A final settlement in February 2026 came "without a monetary penalty, finding of fault or admission of liability" and requires changes to business practices.
other
Litigation over claims reviews
Cigna's FY2025 10-K says it is "currently subject to litigation claiming that we improperly used AI in the claims evaluation". The filings read do not name the case.
other
New CEO and an Executive Chair
Brian Evanko became CEO on Jul 1, 2026, and David Cordani, CEO until then, became Executive Chair. Director Donna Zarcone retires from the board on Dec 31, 2026; the company says this is not the result of any disagreement.
shares as collateral
Company stock as collateral
Cigna's insider trading policy bans hedging company stock and using it as collateral for loans. The 2026 proxy says none of the shares reported by directors and executive officers are used that way.
disclosure
What Cigna does not report
It does not name the client behind about 19% of FY2025 revenue, gives no quarterly premiums by segment, and does not split investment gains into realized and unrealized on its income statement.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Free writing prospectus (pricing term sheet, senior notes) filed Sep 3, 2025: issuer ratings
- Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed)
- Form 8-K filed Oct 9, 2026 (director retirement)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Cigna on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: $301.48, the close shown in Nasdaq's historical price table for Cigna; the shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 263.5 million shares (Oct 30, 2026), that is a market value of about $79.4 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 13.3 on diluted EPS of $22.66 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Price to book is 1.83 on shareholders' equity of $164.70 a share at Sep 30, 2026. Dividend yield is 2.07%: the $1.56 quarterly dividend declared in 2026, $6.24 a year, divided by this price.
- Share price
- $301.48
- Market value (market cap)
- $79.4B
- P/E
- 13.3×
- P/B
- 1.8×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
0.3×
$79.4B market value ÷ $286.3B revenue (four quarters to Sep 30, 2026) = 0.3×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Ks and 10-Qs. Source: CI historical prices (closing price Nov 5, 2026); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (Form 8-K, Exhibit 99.1) and 6 more
How price ratios workFree cash flow yield
10.6%
$8.4B free cash flow (FY2025) ÷ $79.4B market value = 10.6%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: CI historical prices (closing price Nov 5, 2026); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (Form 8-K, Exhibit 99.1) and 4 more
What free cash flow means
Shares used for the market value: 263.5 million ($301.48 × 263.5 million shares ≈ $79.4B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Source: CI historical prices (closing price Nov 5, 2026); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q3 2026 earnings release (Form 8-K, Exhibit 99.1) and 3 more
Sources (10)
- CI historical prices (closing price Nov 5, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- 2026 proxy statement (DEF 14A)
24How it got here
24How it got here
How did Cigna get here?
2018
Business-model change
Express Scripts combined with Cigna
Halfmoon Parent became Cigna Corporation when the combination with the drug-benefit manager Express Scripts closed on Dec 20, 2018.
2022
Business-model change
Asia-Pacific businesses sold to Chubb
Cigna sold its life, accident and supplemental benefits businesses in six Asia-Pacific markets to Chubb in July 2022, booking a $1.66 billion gain.
2023
Milestone
Renamed The Cigna Group
Cigna Corporation took the name The Cigna Group in February 2023.
2024
Business-model change
Centene drug-benefit contract
A multiyear drug-benefit agreement with Centene began on Jan 1, 2024. Total revenues rose 26.6% that year.
2024
Crisis
VillageMD write-off
Net investment losses of $2.7 billion, mostly from writing off the VillageMD equity investment, cut net income to $3.43 billion.
2025
Business-model change
Medicare businesses sold to HCSC
The sale of the Medicare Advantage, Medicare drug plan, Medicare supplement and CareAllies businesses closed on Mar 19, 2025, for $4.9 billion of cash proceeds.
2026
Milestone
New CEO
Brian Evanko succeeded David Cordani as CEO on Jul 1, 2026; Cordani became Executive Chair.
2026
Business-model change
Accelerate to One
At its Sep 30, 2026 Investor Day, Cigna announced a $3 billion multi-year modernization and productivity initiative.
Sources (8)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- EDGAR company filings index: The Cigna Group (CIK 0001739940)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K filed Sep 30, 2026 (Investor Day, 2030 targets; Exhibit 99.1)
25Sources and changes
Where every number on this page comes from
Sources (23 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 29, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S9Q3 2026 earnings release (Form 8-K, Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S10Q2 2026 earnings release (Form 8-K, Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S11Q1 2026 earnings release (Form 8-K, Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S12Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S13Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S142026 proxy statement (DEF 14A) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
- S15Schedule 13G/A filed by The Vanguard Group (0 shares after Jan 12, 2026 realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S16Schedule 13G filed by Vanguard Capital Management LLC (7.51% as of Mar 31, 2026) · Vanguard Capital Management LLC (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S17Form 8-K filed Mar 3, 2026 (CEO succession; outlook reaffirmed) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2026
- S18Form 8-K filed Sep 30, 2026 (Investor Day, 2030 targets; Exhibit 99.1) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2026
- S19Form 8-K filed Oct 9, 2026 (director retirement) · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
- S20Free writing prospectus (pricing term sheet, senior notes) filed Sep 3, 2025: issuer ratings · The Cigna Group (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2025
- S22CI historical prices (closing price Nov 5, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
- S23EDGAR company filings index: The Cigna Group (CIK 0001739940) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
- S24CVS Health Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · CVS Health Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.