The Cigna Group · NYSE:CI
The Cigna — Q3 2026 Earnings Presentation
18 slides from The Cigna's earnings presentation, Nov 5, 2026
Slide 1: 3Q2026 Investor Presentation
3Q2026 Investor Presentation November 5, 2026 © 2026 The Cigna Group
Slide 2: Forward-looking statements
Forward-looking statements CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation, and oral statements made in connection with this presentation, may contain forward-looking statements within the meaning of the Priv
Slide 3: Non-GAAP measures and other key financial information
Non-GAAP measures and other key financial information Throughout this presentation, the term “adjusted earnings” means adjusted income (loss) from operations, and “adjusted earnings per share” or “adjusted EPS” means adjusted income (loss) from operations on a diluted per share basis. Adjusted incom
Slide 4: Key highlights: 3Q 2026 Results
Key highlights 3Q 2026 Results • Adjusted EPS of $7.98 exceeded expectations, reflecting strong underlying performance and disciplined execution across our businesses 3Q26 ADJ REVENUE(1) • Adjusted revenue of $73.8B increased 6% Y/Y, driven by premium growth in Cigna Healthcare, $73.8B and drug mix
Slide 5: Consolidated Key Highlights
Consolidated Key Highlights: Dollars in millions, except where noted and per-share amounts • Adjusted revenue increased 6% reflecting premium growth in Cigna Healthcare, and drug mix in Evernorth 3Q26 3Q25 CHANGE • Adjusted EPS exceeded expectations, reflecting strong underlying performance Adjusted
Slide 6: Evernorth results
Evernorth results Evernorth Key Highlights: Dollars in millions, except where noted and per-share amounts • Evernorth results were in line with expectations, with Specialty and Care Services strength partially offsetting the 3Q26 3Q25 CHANGE expected decline in Pharmacy Benefit Services ADJUSTED REV
Slide 7: Cigna Healthcare results
Cigna Healthcare results Dollars in millions, except where noted and per-share amounts Cigna Healthcare Key Highlights: 3Q26 3Q25 CHANGE • Cigna Healthcare delivered a strong quarter that exceeded expectations with pre-tax adjusted income increasing Adjusted revenues $11,708 $10,755 9% 15% Y/Y • Cig
Slide 8: 2027 tailwinds and headwinds
2027 tailwinds and headwinds At least 10% growth off our run-rate earnings baseline We continue to expect adjusted EPS growth of at least 10% in 2027 off our run-rate earnings for our ongoing Above the businesses high-end of long-term Tailwinds: range • Cigna Healthcare: Continued stop loss margin i
Slide 9: Executing our strategic priorities
Executing our strategic priorities OUR VISION Focused on transforming health care through improving affordability and personalization for all customers STRATEGIC GROWTH ONE ACCELERATE FRAMEWORK TEAM TO ONE How we deliver on Lead to One every day How our colleagues work Multi-year modernization and a
Slide 10: Complex conditions are shaping the future of health care
Complex conditions are shaping the future of health care Costs are increasingly Pharmacy is becoming Complex drug innovation concentrated in a greater percentage of and utilization is complex conditions health care spending growing rapidly Specialty and complex care costs are Rise of new and more ef
Slide 11: Our business is built to deliver value through differentiated complex care capabilities
Our business is built to deliver value through differentiated complex care capabilities, positioning us well for continued growth Specialty and Care Services Managing the most clinically complex Comprehensive and areas of health care coordinated health benefits 8–12% ~$480B ~$1.2T projected adjusted
Slide 12: Continued cash generation and effective capital deployment
Continued cash generation and effective capital deployment will further support our adjusted EPS growth ~20–25% capital expenditures and surplus to fund growth ~$50B Capital deployment: ~20% cash flow over the next five years 4–5% dividend adjusted EPS Growth ~55–60% strategic M&A, share repurchase
Slide 13: Confident in our ability to deliver attractive growth
Confident in our ability 6–9% 5–8% to deliver attractive growth Long-term average annual adjusted earnings growth 6–9% Long-term average annual contribution from capital deployment 4-5% 10–14% Adjusted EPS PLUS AN ATTRACTIVE CURRENT DIVIDEND YIELD ~2% 13 © 2026 The Cigna Group
Slide 14: Appendix
Appendix © 2026 The Cigna Group
Slide 15: Definitions of key financial and business terms
Definitions of SG&A expense ratio on a GAAP basis for the third quarter 2026 represents enterprise selling, general and administrative expenses of $3,612 million as a percentage of total key financial revenue of $73.7 billion at a consolidated level. SG&A expense ratio on a GAAP basis for the third
Slide 16: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share THREE MONTHS ENDED SEPTEMBER 30, 2026 DOLLARS IN MILLIONS DILUTED EARNINGS PER SHARE Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $1,442 $5.47 Adjustments to reconcile to adj
Slide 17: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Shareholders’ net income and diluted earnings per share THREE MONTHS ENDED SEPTEMBER 30, 2026 DOLLARS IN MILLIONS DILUTED EARNINGS PER SHARE Pre-Tax After-Tax Pre-Tax After-Tax Shareholders’ net income $1,868 $6.98 Adjustments to reconcile to adj
Slide 18: Reconciliation of GAAP to non-GAAP financial measures
Reconciliation of GAAP to non-GAAP financial measures Adjusted revenues THREE MONTHS ENDED SEPTEMBER 30, 2026 2026 2025 Total Revenues $73,683 $69,748 Net realized investment results from certain equity method investments $110 ($178) Adjusted Revenues $73,793 $69,570 Adjusted Revenues by Segment Eve