Short answer
Cigna (CI) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $274.9B (+11.2% year over year) and net income of $6.0B.
- Top risk flagged: FTC administrative complaint against Express Scripts (Sept 2024) for anticompetitive insulin rebate practices; settled Feb 2026 with no penalty but required business practice changes
FY2025 key financial metrics · XBRL
- Revenue
- $274.9B
- +11.2% YoY
- Net income
- $6.0B
- +73.5% YoY
- Operating margin
- 3.3%
- −0.5 pp YoY
- EPS (diluted)
- $22.18
- +83.0% YoY
- ROE
- 14.3%
- +5.9 pp YoY
- Operating cash flow
- $9.6B
- −7.4% YoY
Source: XBRL data from the Cigna (CI) FY2025 10-K on SEC EDGAR. USD.
Cigna FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global health company operating two core segments: Evernorth Health Services (PBM/specialty pharmacy) and Cigna Healthcare (medical benefits), serving 185M+ customer relationships across 30+ markets
- Completed sale of Medicare Advantage, Medicare Part D, and CareAllies businesses to HCSC on March 19, 2025: major portfolio exit, marking deliberate retreat from government-sponsored individual Medicare market
- Announced transformative rebate-free pharmacy benefits model: upfront drug discounts passed directly to customers; Cigna Healthcare fully insured adoption in 2027, becoming standard Evernorth client offering in 2028
- Launched EnGuide Pharmacy in 2025, dedicated GLP-1 medication pharmacy with clinical support, operating two licensed pharmacies including one fulfillment facility in Ohio: direct response to surging demand for GLP-1 drugs
- Single PBM client (Centene) drove ~19% of total external revenue in 2025, up from 16% in 2024: significant and growing revenue concentration risk
Management Discussion & Analysis
- Revenue $274.9B, up $27.8B (+11%) YoY; pharmacy revenues dominant driver, up $31.3B (+17%) from Evernorth customer growth
- Evernorth (best segment): adjusted revenues $235B, pre-tax margin 3.1% vs 3.5%; Cigna Healthcare (worst): revenues down 11% to $47.2B, MCR 84.4% vs 83.2%
- Consolidated adjusted income from operations $8.0B vs $7.7B; Cigna Healthcare pre-tax margin 8.8% vs 8.0%; shareholders' net income $6.0B vs $3.4B (+73%)
- Operating cash flow $9.6B vs $10.4B; capex $1.2B vs $1.4B; buybacks $3.6B (11.9M shares) vs $7.0B (20.9M shares); HCSC divestiture generated $4.9B proceeds
- Key risks: rebate-free pharmacy model transition costs to pressure Evernorth near-term; strategic optimization program costs $749M pre-tax in 2025 with further charges anticipated; $1.3B capex guided for 2026
Risk Factors
- FTC administrative complaint against Express Scripts (Sept 2024) for anticompetitive insulin rebate practices; settled Feb 2026 with no penalty but required business practice changes
- Total indebtedness ~$31.5B as of Dec 31, 2025, representing significant leverage constraining capital allocation flexibility
- Top 10 retail pharmacy chains represent ~47% of largest network; contracts nonexclusive and terminable on short notice
- Goodwill and intangibles ~$73.5B (47% of total consolidated assets); VillageMD investment fully impaired, $2.7B loss recorded in 2024
- AI litigation active: lawsuit claiming improper use of AI in claims evaluation process; generative AI risks flagged as unquantifiable regulatory exposure
Generated from the filing text; verify against the original. How to read a 10-K
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