Cigna Raises 2026 Adjusted Outlook to at Least $30.60 a Share

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter total revenues rose 6% to $73.7 billion as the company lifted its full-year adjusted income target by $0.15 a share.

The Cigna Group (CI) raised its 2026 outlook for consolidated adjusted income from operations to at least $30.60 a share, a $0.15 increase from the prior projection of at least $30.45 a share, after a third quarter in which revenue growth continued and the healthcare franchise contributed more profit.

Total revenues for the three months ended September 30, 2026 increased 6% to $73.7 billion, after a 7% increase in the second quarter. Shareholders’ net income was $1.4 billion, or $5.47 a share, compared with $1.9 billion, or $6.98 a share, a year earlier, primarily reflecting the absence of an after-tax gain on sale recognized in third quarter 2025. Adjusted income from operations was $2.1 billion, or $7.98 a share.

The company said the 6% revenue increase was driven by growth in both Evernorth Health Services and Cigna Healthcare. Adjusted income from operations was stable versus the year-ago quarter, reflecting strong growth in Cigna Healthcare and Specialty and Care Services, partially offset by lower contribution from Pharmacy Benefit Services.

Cigna Healthcare adjusted revenues increased 9% to $11.71 billion, primarily reflecting premium rate increases to cover expected increases in medical costs. Adjusted income from operations, pre-tax, increased 15% to $1.19 billion, primarily due to higher net investment income and improved operating efficiency. The pre-tax margin was 10.2%. The medical care ratio was 85.0%. Net medical costs payable was $4.86 billion at September 30. In April 2026, the company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

Evernorth Health Services adjusted revenues increased 6% to $63.77 billion, and adjusted income from operations, pre-tax, decreased 4% to $1.83 billion. Pharmacy Benefit Services adjusted revenues increased 9% to $37.28 billion, primarily due to drug mix. Adjusted income from operations, pre-tax, decreased 22% to $765 million, primarily reflecting large client contract renewals and strategic investments, consistent with prior commentary. Specialty and Care Services adjusted revenues increased 1% to $26.50 billion, reflecting strong specialty distribution revenue growth, partially offset by lower specialty pharmacy revenue from higher biosimilar and specialty generic adoption. Adjusted income from operations, pre-tax, increased 15% to $1.06 billion.

The SG&A expense ratio and adjusted SG&A expense ratio were 4.9% and 4.7%, compared with 4.8% and 4.6% in the year-ago quarter, reflecting investments and initiatives to support long-term growth, partially offset by operating efficiencies. Corporate and Other Operations recorded a $372 million adjusted loss from operations, pre-tax.

Total customer relationships at September 30, 2026 were 177.6 million, down from 182.8 million at June 30. Pharmacy customers were 117.7 million, reflecting expected client transitions and lower membership from health plan clients. Behavioral customers were 23.0 million, due to the termination of a government contract, with minimal impact to revenues and adjusted income from operations. Medical customers were 18.5 million. The debt-to-capitalization ratio was 41.8%. Year to date through November 4, 2026, the company repurchased 1.8 million shares for approximately $500 million.

The 2026 outlook includes the impact of expected future share repurchases and anticipated 2026 dividends. Evernorth adjusted income from operations, pre-tax, is projected at at least $6.90 billion. Cigna Healthcare adjusted income from operations, pre-tax, is projected at at least $4.60 billion, up $50 million from the prior projection. The Cigna Healthcare medical care ratio outlook is 84.2% plus or minus 25 basis points, narrowed by 50 basis points.

At a 2026 Investor Day, the company introduced the “Lead to One” vision, set long-term financial targets including a 10%-14% adjusted EPS CAGR and about $50 billion in cumulative operating cash flow through 2030, and announced an “Accelerate to One” multi-year $3 billion modernization and productivity initiative.