v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Note 17 – Segment Information
See Note 1 to the Consolidated Financial Statements for a description of our segments. A description of our basis for reporting segment operating results is outlined below. Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments. The Chairman and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to the segment and assessing its performance.
The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions. We define pre-tax adjusted income (loss) from operations as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management, including the CODM, believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results.
The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management, including the CODM, believes are not representative of the underlying results
of operations due to their nature or size. We exclude these items from this measure because management, including the CODM, believes they are not indicative of past or future underlying performance of the business.
The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.
The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In millions)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Strategic optimization program (primarily Selling, general and administrative expenses)$222 $168 $— $— $566 $429 $— $— 
Integration and transaction-related costs (Selling, general and administrative expenses)7 6 77 59 297 226 177 135 
(Gain) loss on sale of businesses (38)(241)87 62 (79)(356)106 19 
(Benefits) associated with litigation matters (Selling, general and administrative expenses)(17)(13)— — (17)(13)— — 
Deferred tax expenses, net (Income taxes, less amount attributable to noncontrolling interests)— 19 — 41 — 53 — 75 
Impairment of dividend receivable (Net investment income)— — 182 138 — — 182 138 
Total impact from special items$174 $(61)$346 $300 $767 $339 $465 $367 
Summarized segment financial information was as follows:
(In millions)
Evernorth Health Services
Cigna Healthcare
Other Operations
Corporate and Eliminations
Total
Three months ended September 30, 2025
Revenues from external customers $59,982 $9,460 $68 $5 $69,515 
Intersegment revenues380 1,357 14 (1,751)
Net investment income
29 116 80 8 233 
Total revenues60,391 10,933 162 (1,738)69,748 
Net investment results from certain equity method investments — (178)— — (178)
Adjusted revenues$60,391 $10,755 $162 $(1,738)$69,570 
Pharmacy and other service costs57,326 — 
Medical costs— 7,579 
Selling, general and administrative expenses excluding special items1,037 2,140 
Other segment items (1)
Interest (expense) and other(2)2 
Less: Income attributable to noncontrolling interests123 — 
Pre-tax adjusted income (loss) from operations1,903 1,038 36 (399)2,578 
Income (loss) before income taxes
$1,563 $1,302 $— $(570)$2,295 
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests
(123)— — — (123)
Net investment losses (gains) (2)
17 (218)(5)2 (204)
Amortization of acquired intangible assets431 5 — — 436 
Special items
Strategic optimization program15 4 41 162 222 
Integration and transaction-related costs— — — 7 7 
(Gain) on sale of businesses— (38)— — (38)
(Benefits) associated with litigation matters— (17)— — (17)
Pre-tax adjusted income (loss) from operations$1,903 $1,038 $36 $(399)$2,578 
Other segment information
Depreciation and amortization601 88 2 6 697 
(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
(In millions)
Evernorth Health Services
Cigna Healthcare
Other Operations
Corporate and Eliminations
Total
Three months ended September 30, 2024
Revenues from external customers $51,552 $11,919 $137 $1 $63,609 
Intersegment revenues1,045 1,279 18 (2,342)
Net investment (loss) income
(142)142 79 6 85 
Total revenues52,455 13,340 234 (2,335)63,694 
Net investment results from certain equity method investments— (177)— — (177)
Special item related to impairment of dividend receivable182 — — — 182 
Adjusted revenues$52,637 $13,163 $234 $(2,335)$63,699 
Pharmacy and other service costs49,768 — 
Medical costs— 9,355 
Selling, general and administrative expenses excluding special items894 2,637 
Other segment items (1)
Interest (expense) and other— 3 
Less: Income attributable to noncontrolling interests99 — 
Pre-tax adjusted income (loss) from operations$1,876 $1,174 $(6)$(425)$2,619 
Income (loss) before income taxes
$631 $1,073 $(10)$(502)$1,192 
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests
(99)— — — (99)
Net investment losses (gains) (2)
748 (8)4 — 744 
Amortization of acquired intangible assets414 22 — — 436 
Special items
Integration and transaction-related costs— — — 77 77 
Loss on sale of businesses— 87 — — 87 
Impairment of dividend receivable 182 — — — 182 
Pre-tax adjusted income (loss) from operations$1,876 $1,174 $(6)$(425)$2,619 
Other segment information
Depreciation and amortization$544 $97 $4 $5 $650 
(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
(In millions)
Evernorth Health Services
Cigna Healthcare
Other Operations
Corporate and Eliminations
Total
Nine months ended September 30, 2025
Revenues from external customers$169,470 $31,986 $260 $5 $201,721 
Intersegment revenues2,336 3,901 39 (6,276)
Net investment income
91 376 222 18 707 
Total revenues171,897 36,263 521 (6,253)202,428 
Net investment results from certain equity method investments
— (272)— — (272)
Adjusted revenues$171,897 $35,991 $521 $(6,253)$202,156 
Pharmacy and other service costs163,386 — 
Medical costs— 25,446 
Selling, general and administrative expenses3,135 7,132 
Other segment items (1)
Interest (expense) and other(1)6 
Less: Income attributable to noncontrolling interests342 — 
Pre-tax adjusted income (loss) from operations5,033 3,419 61 (1,192)7,321 
Income (loss) before income taxes
$4,101 $3,764 $(40)$(1,861)$5,964 
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests
(342)— — — (342)
Net investment (gains) losses (2)
(67)(285)2 2 (348)
Amortization of acquired intangible assets1,262 18 — — 1,280 
Special items
Strategic optimization program83 14 99 370 566 
Integration and transaction-related costs— — — 297 297 
(Gain) on sale of businesses(4)(75)— — (79)
(Benefits) associated with litigation matters— (17)— — (17)
Pre-tax adjusted income (loss) from operations$5,033 $3,419 $61 $(1,192)$7,321 
Other segment information
Depreciation and amortization$1,772 $252 $13 $16 $2,053 
(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
(In millions)
Evernorth Health Services
Cigna Healthcare
Other Operations
Corporate and Eliminations
Total
Nine months ended September 30, 2024
Revenues from external customers $144,689 $35,752 $333 $2 $180,776 
Intersegment revenues3,558 3,606 63 (7,227)
Net investment (loss) income
(18)463 231 20 696 
Total revenues148,229 39,821 627 (7,205)181,472 
Net investment results from certain equity method investments— (238)— — (238)
Special item related to impairment of dividend receivable182 — — — 182 
Adjusted revenues$148,411 $39,583 $627 $(7,205)$181,416 
Pharmacy and other service costs140,458 — 
Medical costs— 27,886 
Selling, general and administrative expenses2,825 7,986 
Other segment items (1)
Interest (expense) and other(2)7 
Less: Income attributable to noncontrolling interests271 — 
Pre-tax adjusted income (loss) from operations4,855 3,718 (4)(1,269)7,300 
Income (loss) before income taxes
$1,494 $3,221 $(9)$(1,446)$3,260 
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests
(271)— — — (271)
Net investment losses (2)
2,203 359 5 — 2,567 
Amortization of acquired intangible assets1,247 32 — — 1,279 
Special items
Integration and transaction-related costs
— — — 177 177 
Loss on sale of businesses
— 106 — — 106 
Impairment of dividend receivable
182 — — — 182 
Pre-tax adjusted income (loss) from operations$4,855 $3,718 $(4)$(1,269)$7,300 
Other segment information
Depreciation and amortization$1,764 $334 $7 $24 $2,129 
(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.
(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.
Revenue from external customers includes Pharmacy revenues, Premiums and Fees and other revenues. The following table presents these revenues by product, premium and service type:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2025202420252024
Products (Pharmacy revenues) (ASC 606)
Network revenues$32,525 $27,353 $91,319 $76,795 
Home delivery and specialty revenues20,513 18,909 59,424 53,384 
Other revenues3,403 2,990 9,913 8,433 
Total Evernorth Health Services
56,441 49,252 160,656 138,612 
Other Operations
14 14 41 47 
Corporate and eliminations(401)(982)(2,361)(3,238)
Total Pharmacy revenues
56,054 48,284 158,336 135,421 
Insurance premiums (ASC 944)
Cigna Healthcare
U.S. Healthcare
Employer insured4,705 4,382 14,077 13,125 
Medicare Advantage— 2,110 2,363 6,604 
Stop loss1,908 1,689 5,655 5,022 
Individual and Family Plans788 1,001 2,588 3,016 
Other488 1,203 2,822 3,681 
U.S. Healthcare
7,889 10,385 27,505 31,448 
International Health1,047 911 3,051 2,687 
Total Cigna Healthcare8,936 11,296 30,556 34,135 
Other Operations68 122 227 285 
Corporate and eliminations77 18 190 73 
Total Premiums
9,081 11,436 30,973 34,493 
Services (Fees) (ASC 606) and Other revenues (1)
Evernorth Health Services
3,921 3,345 11,150 9,635 
Cigna Healthcare
1,881 1,902 5,331 5,223 
Other Operations
— 19 31 64 
Corporate and eliminations(1,422)(1,377)(4,100)(4,060)
Total Fees and other revenues (1)
4,380 3,889 12,412 10,862 
Total revenues from external customers$69,515 $63,609 $201,721 $180,776 
(1)Other revenues for the three months ended September 30, 2025 and 2024 were $276 million and $267 million, respectively, and for the nine months ended September 30, 2025 and 2024 were $552 million and $509 million, respectively.
Financial and performance guarantees. Evernorth Health Services may also provide certain financial and performance guarantees, including a minimum level of discounts a client may receive, generic utilization rates and various service levels. Clients may be entitled to receive compensation if we fail to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period, and the Company defers revenue for any estimated payouts within Accrued expenses and other liabilities (current). These estimates are adjusted and paid following the end of the annual guarantee period. Historically, adjustments to original estimates have not been material. This guarantee liability was $1.6 billion as of September 30, 2025 and $1.9 billion December 31, 2024.