The Cigna GroupNYSE: CI

Third Quarter 2026 Financial Supplement

· Issued by The Cigna Group

Summary by 6ix AI

The Cigna Group, a health services and insurance company, released its unaudited financial supplement dated November 5, 2026. For the third quarter ended September 30, 2026, it reported total revenues of $73,683 million, compared with $69,748 million a year earlier. Shareholders' net income was $1,442 million, compared with $1,868 million.

Key details

  • Diluted earnings per share for the third quarter ended September 30, 2026 were $5.47, compared with $6.98. Adjusted income from operations per share was $7.98, compared with $7.83. This is a company measure that excludes items such as investment gains and losses, amortization of acquired intangible assets and special items.
  • Consolidated after-tax adjusted income from operations for the third quarter was $2,104 million, compared with $2,096 million. Adjusted revenues were $73,793 million, compared with $69,570 million.
  • Third-quarter pre-tax adjusted income from operations by segment: Evernorth Health Services had $1,829 million, compared with $1,903 million. Cigna Healthcare had $1,193 million, compared with $1,038 million.
  • For the nine months ended September 30, 2026, total revenues were $213,845 million, compared with $202,428 million. Shareholders' net income was $4,756 million, compared with $4,723 million. Adjusted income from operations per share was $23.55, compared with $21.76.
  • In April 2026, the company announced a planned exit from its Individual and Family Plans medical business as of January 1, 2027. That business had 306 thousand customers as of September 30, 2026. Total medical customers were 18,452 thousand as of the same date.

What’s still pending

  • The exit from the Individual and Family Plans medical business is planned for January 1, 2027.
  • The company's quarterly report on Form 10-Q for the period ended September 30, 2026 was expected to be filed on November 5, 2026.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/cigna-third-quarter-2026-financial-supplement

Watch The Cigna explain itThe Cigna Group (NYSE:CI) Q3 2026 Earnings Call · Replay · Nov 5, 2026
The Cigna Group Quarterly Financial Supplement

September 30, 2026

This document is dated November 5, 2026. The data contained in this document may

not be accurate after such date and The Cigna Group does not undertake to update or keep it accurate after such date.

‌September 30, 2026 Quarterly Financial Supplement Table of Contents

Financial Highlights 1

Consolidated Income Statements 2

Evernorth Health Services Segment Analysis 3

Cigna Healthcare Segment Analysis 5

Corporate and Other Operations Analysis 9

Consolidated Balance Sheets 10

Condensed Consolidated Statements of Cash Flows 11

BASIS OF PRESENTATION:

All dollar amounts are in millions, unless otherwise noted.

The Cigna Group® (the "Company" or "our") measures its financial results on a consolidated basis using adjusted income from operations and adjusted revenues. Adjusted income from operations and adjusted revenues on a consolidated basis are not determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") and should not be viewed as a substitute for the most directly comparable GAAP measures which are shareholders' net income and total revenues. The Company also uses adjusted income (loss) from operations to measure the results of its segments, however the segment metric is determined before income taxes.

Adjusted income (loss) from operations is a principal financial measure of profitability used by The Cigna Group's management because it presents the underlying results of operations of the Company's businesses and facilitates analysis of trends in underlying revenue, expenses and shareholders' net income. The Company defines adjusted income (loss) from operations as shareholders' net income (or income (loss) before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding 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 believes are not representative of the underlying results of normal, recurring 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. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See the Financial Highlights page for a reconciliation of consolidated adjusted income from operations to shareholders' net income.

Adjusted revenues is used by The Cigna Group's management because it facilitates analysis of trends in underlying revenue. 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 believes are not representative of the underlying results of normal, recurring operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future underlying performance of the business. Adjusted revenues is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, total revenues. See the Financial Highlights page for a reconciliation of consolidated adjusted revenues to total revenues.

In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

In some financial tables in this Quarterly Financial Supplement, we present percentage changes. When those changes are so large as to become not meaningful, we present "N/M" in place of the computed percentage.

‌Financial Highlights (unaudited)‌

(Dollars in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

Total revenues

$ 73,683

$ 69,748

6 %

$ 213,845

$ 202,428

6 %

Net investment results from certain equity method investments

110

(178)

N/M

23

(272)

N/M

Adjusted revenues

$ 73,793

$ 69,570

6 %

$ 213,868

$ 202,156

6 %

Shareholders' net income

$ 1,442

$ 1,868

(23) %

$ 4,756

$ 4,723

1 %

Pre-Tax Adjusted Income (Loss) From Operations by Segment

Evernorth Health Services

$ 1,829

$ 1,903

(4) %

$ 4,958

$ 5,033

(1) %

Cigna Healthcare

1,193

1,038

15

3,983

3,419

16

Corporate and Other Operations

(372)

(363)

2

(1,138)

(1,131)

1

Adjusted income tax expense

(546)

(482)

13

(1,587)

(1,455)

9

Consolidated after-tax adjusted income from operations

$ 2,104

$ 2,096

- %

$ 6,216

$ 5,866

6 %

Adjusted EBITDA (1)

$ 3,281

$ 3,205

2 %

$ 9,673

$ 9,159

6 %

Operating cash flow (see page 11)

$ 2,571

$ 3,418

(25) %

$ 3,281

$ 3,452

(5) %

SG&A expense ratio (2)

4.9

%

4.8

%

10 bps

5.1

%

5.4

%

(30) bps

Adjusted SG&A expense ratio (2)

4.7

%

4.6

%

10 bps

4.7

%

5.1

%

(40) bps

Weighted average shares (in thousands)

263,788

267,530

263,923

269,527

Three Months Ended September 30, Nine Months Ended September 30,

2026

2025

2026

2025

Pre-tax After-tax

Pre-tax After-tax

% Change

Pre-tax After-tax

Pre-tax After-tax

% Change

Diluted earnings per share

Shareholders' net income

$ 5.47

$ 6.98

(22) %

$ 18.02

$ 17.52

3

%

Adjustments to reconcile to adjusted income from operations

Net investment losses (gains) (3)

$ 0.28

0.25

$ (0.76)

(0.16)

$ (0.77)

(0.84)

$ (1.29)

(0.72)

Amortization of acquired intangible assets

2.23

1.71

1.63

1.24

5.19

4.02

4.74

3.70

Special items

Strategic optimization program

0.32

0.24

0.82

0.63

2.02

1.53

2.10

1.59

Charges (benefits) associated with litigation matters

0.23

0.18

(0.06)

(0.05)

0.48

0.38

(0.06)

(0.05)

Integration and transaction-related costs

0.09

0.06

0.03

0.02

0.35

0.27

1.10

0.84

Deferred tax expenses, net

-

0.07

-

0.07

-

0.19

-

0.20

(Gain) on sale of businesses

-

-

(0.14)

(0.90)

(0.02)

(0.02)

(0.29)

(1.32)

Total special items

$ 0.64

0.55

$ 0.65

(0.23)

$ 2.83

2.35

$ 2.85

1.26

Adjusted income from operations

$ 7.98

$ 7.83

2 %

$ 23.55

$ 21.76

8

%

CUSTOMER RELATIONSHIPS As of September 30, As of December 31,

(Relationships and lives in thousands)

2026

2025

% Change

2025

% Change

Pharmacy

117,698

122,486

(4) %

123,603

(5) %

Medical (see page 7)

18,452

18,059

2

18,118

2

Behavioral Care

23,012

23,526

(2)

28,269

(19)

Dental

18,400

18,419

-

18,438

-

Total customer relationships

177,562

182,490

(3) %

188,428

(6) %

  1. Adjusted income from operations excluding interest, taxes, depreciation and amortization ("Adjusted EBITDA") is a non-GAAP measure, defined as shareholders' net income excluding income taxes and the pre-tax impact of special items, interest expense, total depreciation and amortization, and net investment results.

  2. SG&A expense ratio is calculated as selling, general and administrative expenses including special items divided by total revenues. Adjusted SG&A expense ratio is calculated as selling, general and administrative expenses excluding special items divided by adjusted revenues.

  3. 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.

‌Consolidated Income Statements (unaudited)‌

(Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

Revenues

Pharmacy revenues

$ 58,982

$ 56,054

5

%

$ 170,191

$ 158,336

7 %

Premiums

9,885

9,081

9

29,556

30,973

(5)

Fees and other revenues

4,529

4,380

3

13,337

12,412

7

Net investment income

287

233

23

761

707

8

Total revenues

73,683

69,748

6

213,845

202,428

6

Benefits and expenses

Pharmacy and other service costs

58,590

55,530

6

169,393

157,196

8

Medical costs and other benefit expenses

8,496

7,842

8

24,850

26,089

(5)

Selling, general and administrative expenses excluding special items

3,443

3,191

8

10,054

10,261

(2)

Amortization of acquired intangible assets

589

436

35

1,368

1,280

7

Special items

169

171

(1)

750

747

-

Total benefits and expenses

71,287

67,170

6

206,415

195,573

6

Income from operations

2,396

2,578

(7)

7,430

6,855

8

Interest expense and other

(333)

(347)

(4)

(1,046)

(1,046)

-

Gain on sale of businesses

-

38

N/M

17

79

(78)

Net investment gains

36

26

38

225

76

196

Income before income taxes

2,099

2,295

(9)

6,626

5,964

11

Total income taxes

401

322

25

1,192

950

25

Net income

1,698

1,973

(14)

5,434

5,014

8

Less: Net income attributable to noncontrolling interests

256

105

144

678

291

133

Shareholders' net income

$ 1,442

$ 1,868

(23) %

$ 4,756

$ 4,723

1

%

Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Pre-tax After-tax Pre-tax After-tax % Change Pre-tax After-tax Pre-tax After-tax % Change

Shareholders' net income

Adjustments to reconcile to adjusted income from operations

$ 1,442

$ 1,868

(23) %

$ 4,756

$ 4,723

1

%

Net investment losses (gains) (1)

$ 74

67

$ (204)

(43)

$ (202)

(221)

$ (348)

(194)

Amortization of acquired intangible assets

589

449

436

332

1,368

1,060

1,280

998

Special items

Strategic optimization program

85

62

222

168

535

405

566

429

Charges (benefits) associated with litigation matters

60

49

(17)

(13)

126

101

(17)

(13)

Integration and transaction-related costs

23

17

7

6

92

70

297

226

Deferred tax expenses, net

-

18

-

19

-

51

-

53

(Gain) on sale of businesses

-

-

(38)

(241)

(6)

(6)

(79)

(356)

Adjusted income from operations

$ 2,104

$ 2,096

- %

$ 6,216

$ 5,866

6

%

  1. 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.

    ‌Segment Results (unaudited)‌

    (Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30,

    2026

    2025

    % Change

    2026

    2025

    % Change

    Revenues

    Pharmacy revenues

    $ 59,366

    $ 56,441

    5

    %

    $ 171,150

    $ 160,656

    7 %

    Fees and other revenues

    4,382

    3,921

    12

    12,464

    11,150

    12

    Net investment income

    26

    29

    (10)

    70

    91

    (23)

    Total revenues (1)

    63,774

    60,391

    6

    183,684

    171,897

    7

    Benefits and expenses

    Pharmacy and other service costs

    60,519

    57,326

    6

    174,750

    163,386

    7

    Selling, general and administrative expenses (2)

    1,147

    1,037

    11

    3,240

    3,135

    3

    Amortization of acquired intangible assets

    587

    431

    36

    1,362

    1,262

    8

    Special items

    8

    15

    (47)

    19

    83

    (77)

    Total benefits and expenses

    62,261

    58,809

    6

    179,371

    167,866

    7

    Income from operations

    1,513

    1,582

    (4)

    4,313

    4,031

    7

    Interest expense and other

    1

    (2)

    N/M

    -

    (1)

    N/M

    Gain on sale of businesses

    -

    -

    N/M

    -

    4

    N/M

    Net investment gains (losses)

    94

    (17)

    N/M

    279

    67

    N/M

    Income before income taxes

    1,608

    1,563

    3

    4,592

    4,101

    12

    Pre-tax adjustments required to reconcile to adjusted income from operations

    Pre-tax (income) attributable to noncontrolling interests

    (280)

    (123)

    (736)

    (342)

    Net investment (gains) losses

    (94)

    17

    (279)

    (67)

    Amortization of acquired intangible assets

    587

    431

    1,362

    1,262

    Special items

    8

    15

    19

    79

    Pre-tax adjusted income from operations

    $ 1,829

    $ 1,903

    (4)

    %

    $ 4,958

    $ 5,033

    (1) %

    Pre-tax margin

    2.9

    %

    3.2

    %

    (30)

    bps

    2.7

    %

    2.9 %

    (20) bps

    (1) Total revenues equal adjusted revenues as there were no special items in the periods presented

    .

  2. Selling, general and administrative expenses reflect the expenses included in the evaluation of Evernorth Health Services' performance.

‌Selected Financial Information (unaudited)

(Dollars and pharmacy scripts in millions) Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 % Change 2026 2025 % Change Total adjusted revenues

Pharmacy Benefit Services (1)

$ 37,276

$ 34,091

9

%

$ 104,774

$ 95,787

9 %

Specialty and Care Services (1)

26,498

26,300

1

78,910

76,110

4

Total adjusted revenues

$ 63,774

$ 60,391

6

%

$ 183,684

$ 171,897

7 %

Pre-tax adjusted income from operations

Pharmacy Benefit Services (1)

$ 765

$ 975

(22) %

$ 1,768

$ 2,352

(25) %

Specialty and Care Services (1)

1,064

928

15

3,190

2,681

19

Total pre-tax adjusted income from operations

$ 1,829

$ 1,903

(4) %

$ 4,958

$ 5,033

(1) %

Pharmacy claim volume (2)

546

558

(2) %

1,610

1,645

(2) %

  1. Includes Net investment income of $7 million and $13 million for Pharmacy Benefit Services and $19 million and $16 million for Specialty and Care Services for the three months ended September 30, 2026 and 2025, respectively, and $16 million and $46 million for Pharmacy Benefit Services and $54 million and $45 million for Specialty and Care Services for the nine months ended September 30, 2026 and 2025, respectively.

  2. Non-specialty network prescriptions filled through 90-day programs and home delivery prescriptions are counted as three claims. All other network and specialty prescriptions are counted as one claim.

‌(Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

Revenues

Premiums

$ 9,684

$ 8,936

8 %

$ 28,945

$ 30,556

(5) %

Fees and other revenues

1,735

1,881

(8)

5,488

5,331

3

Net investment income

179

116

54

457

376

22

Total revenues

11,598

10,933

6

34,890

36,263

(4)

Benefits and expenses

Medical costs

8,228

7,579

9

24,053

25,446

(5)

Selling, general and administrative expenses (1)

2,290

2,140

7

6,884

7,132

(3)

Amortization of acquired intangible assets

2

5

(60)

6

18

(67)

Special items

76

(13)

N/M

177

(3)

N/M

Total benefits and expenses

10,596

9,711

9

31,120

32,593

(5)

Income from operations

1,002

1,222

(18)

3,770

3,670

3

Interest expense and other

3

2

50

7

6

17

Gain on sale of businesses

-

38

N/M

6

75

(92)

Net investment (losses) gains

(59)

40

N/M

(48)

13

N/M

Income before income taxes

946

1,302

(27)

3,735

3,764

(1)

Pre-tax adjustments required to reconcile to adjusted income from operations

Net investment losses (gains) (2)

169

(218)

71

(285)

Amortization of acquired intangible assets

2

5

6

18

Special items

76

(51)

171

(78)

Pre-tax adjusted income from operations $ 1,193

$ 1,038

15

%

$ 3,983

$ 3,419

16 %

Pre-tax margin 10.2

%

9.7

%

50

bps

11.4

%

9.5

%

190 bps

Reconciliation of total revenues to adjusted revenues

Total revenues $ 11,598

$ 10,933

6

%

$ 34,890

$ 36,263

(4) %

Net investment results from certain equity method investments

110

(178)

N/M

23

(272)

N/M

Adjusted revenues

$ 11,708

$ 10,755

9 %

$ 34,913

$ 35,991

(3) %

  1. Selling, general and administrative expenses reflect the expenses included in the assessment of Cigna Healthcare's performance.

  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.

‌(Dollars in millions) Three Months Ended September 30, Nine Months Ended September 30,

2026

2025

% Change

2026

2025

% Change

Premiums:

U.S. Healthcare

Employer insured

$ 5,018

$ 4,705

7

%

$ 15,003

$ 14,077

7 %

Stop loss

2,191

1,908

15

6,445

5,655

14

Individual and Family Plans

796

788

1

2,529

2,588

(2)

Other

521

488

7

1,553

1,407

10

U.S. Healthcare - ongoing businesses

8,526

7,889

8

25,530

23,727

8

Medicare Advantage (1)

- - N/M

-

2,363

N/M

Other (1)

- - N/M

-

1,415

N/M

U.S. Healthcare - divested businesses (1)

-

-

N/M

-

3,778

N/M

Total U.S. Healthcare

8,526

7,889

8

25,530

27,505

(7)

International Health

1,158

1,047

11

3,415

3,051

12

Total premiums

$ 9,684

$ 8,936

8

%

$ 28,945

$ 30,556

(5) %

Medical Care Ratio

85.0

%

84.8

%

20

bps

83.1

%

83.3

%

(20) bps

(1) On March 19, 2025, the Company completed the sale of our Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies® businesses (the "HCSC transaction"). For additional information, please refer to the Divestiture footnote in the Company's Form 10-K for the period ended December 31, 2025.

‌MEDICAL CUSTOMERS (1) BY As of September 30, As of December 31, MEDICAL CUSTOMERS (1) BY As of September 30, As of December 31,

FUNDING TYPE:

2026

2025 (5)

% Change

2025

% Change

MARKET SEGMENT: (4)

2026

2025 (5)

% Change

2025 (5)

% Change

(Lives in thousands)

U.S. Healthcare insured Employer insured

2,103

2,175

(3) %

2,179

(3) %

(Lives in thousands)

U.S. Healthcare National Accounts

5,134

5,414

(5) %

5,415

(5) %

Individual and Family Plans (2)

306

387

(21)

369

(17)

Middle Market

7,939

7,402

7

7,460

6

Total U.S. Healthcare insured

2,409

2,562

(6)

2,548

(5)

Select

3,319

3,139

6

3,174

5

Small

1

10

(90)

5

(80)

International Health insured (3)

1,280

1,268

1

1,260

2

Individual and Family Plans (2)

306

387

(21)

369

(17)

U.S. Healthcare administrative services only

14,290

13,790

4

13,875

3

Total U.S. Healthcare

16,699

16,352

2

16,423

2

International Health administrative services only (3)

473

439

8

435

9

International Health

1,753

1,707

3

1,695

3

Total medical customers

18,452

18,059

2

%

18,118

2 %

Total medical customers

18,452

18,059

2

%

18,118

2 %

  1. Includes individuals who meet any one of the following criteria: (i) are covered under a medical insurance policy, managed care arrangement or administrative services agreement issued by Cigna Healthcare; (ii) have access to the Cigna Healthcare provider network for covered services under their medical plan; or (iii) have medical claims that are administered by Cigna Healthcare.

  2. As of September 30, 2026, Individual and Family Plans medical business includes on-exchange Patient Protection and Affordable Care and Education Reconciliation Act ("ACA") business (293 thousand customers) and off-exchange ACA business (13 thousand customers). In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

  3. International Health excludes medical customers served by less than 100% owned subsidiaries, as well as certain customers served by our third-party administrator.

  4. Market Segments are defined as follows:

    • the National Accounts market segment includes employers with 3,000 or more eligible employees;

    • the Middle Market segment includes employers with 500 to 2,999 eligible employees, solutions for third party payers, Taft Hartley plans, and other groups;

    • the Select market segment includes employers with 51 to 499 eligible employees;

    • the Small market segment includes employers with 2 to 50 eligible employees;

    • the Individual and Family Plans market segment offers individual health insurance coverage both on and off the public exchanges;

    • the International Health market segment is focused on health care coverage in our international markets, as well as health care benefits for globally mobile individuals and employees of multinational organizations.

  5. Prior year lives have been reclassified to reflect current market segment presentation according to the definitions discussed in note 4.

(Dollars in millions)

Nine M

onths Ende

d September 30

Ye

ar Ended

2026

2025

December 31, 2025

Beginning balance

$

4,241

$ 5,018

$ 5,018

Less: Reinsurance and other amounts recoverable

147

159

159

Beginning balance, net

Incurred costs related to:

Current year

4,094

24,409

4,859

25,763

4,859

33,816

Prior years

(356)

(319)

(342)

Total incurred

24,053

25,444

33,474

Paid costs related to:

Current year

19,880

20,399

28,769

Prior years

3,412

4,055

4,147

Total paid

23,292

24,454

32,916

Less: Divestiture and other

-

1,323

1,323

Ending balance, net

4,855

4,526

4,094

Add: Reinsurance and other amounts recoverable

133

150

147

Ending balance

$

4,988

$ 4,676

$

4,241

,

  1. Unpaid claims liability is included in the Insurance and contractholder liabilities balance on the Consolidated Balance Sheets, except $983 million classified as liabilities of businesses held for sale as of December 31, 2024. For additional information regarding this liability, see the Insurance and Contractholder Liabilities footnote in the Company's Form 10-Q for the period ended September 30, 2026, expected to be filed on November 5, 2026.

‌Corporate and Other Operations Results (unaudited)‌

(Dollars in millions)

Three Months E

nde

d September 30,

Nine Months En

ded

September 30,

2026

2025

% Change

2026

2025

% Change

Revenues

Total revenues and eliminations (1)

$ (1,689)

$ (1,576)

7 %

$ (4,729)

$ (5,732)

(17) %

Expenses

Total expenses and eliminations excluding special items (1)

(1,655)

(1,519)

9

(4,630)

(5,553)

(17)

Special items

85

169

(50)

554

667

(17)

Total expenses and eliminations (1)

(1,570)

(1,350)

16

(4,076)

(4,886)

(17)

Loss from operations

(119)

(226)

(47)

(653)

(846)

(23)

Interest expense and other

(337)

(347)

(3)

(1,053)

(1,051)

-

Gain on sale of businesses

-

-

N/M

11

-

N/M

Net investment gains (losses)

1

3

(67)

(6)

(4)

50

Loss before income taxes

(455)

(570)

(20)

(1,701)

(1,901)

(11)

Pre-tax adjustments required to reconcile to adjusted income (loss) from operations

Net investment (gains) losses

(1)

(3)

6

4

Special items

84

210

557

766

Pre-tax adjusted loss from operations

$ (372)

$ (363)

2 %

$ (1,138)

$ (1,131)

1 %

(1) Includes amounts for elimination of intercompany revenues and expenses.

‌Consolidated Balance Sheets (unaudited)‌

(Dollars in millions)

As of September 30,

2026

As of December 31,

2025

As of September 30,

2026

As of December 31,

2025

Assets

Liabilities

Current Assets

Current Liabilities

Cash and cash equivalents

$ 6,186

$ 7,676

Current insurance and contractholder liabilities

$ 6,404

$ 5,710

Investments

1,109

1,056

Pharmacy and other service costs payable

27,368

30,333

Accounts receivable, net

31,492

28,768

Accounts payable

10,100

10,659

Inventories

5,555

7,338

Accrued expenses and other liabilities

9,868

9,048

Other current assets

2,890

2,976

Short-term debt

2,293

592

Total current assets

47,232

47,814

Total current liabilities

56,033

56,342

Long-term investments

19,043

18,471

Non-current insurance and contractholder liabilities

9,242

9,938

Reinsurance recoverables

3,729

4,103

Deferred tax liabilities, net

6,573

7,145

Property and equipment

3,739

3,651

Other non-current liabilities

5,917

4,238

Goodwill

45,537

44,924

Long-term debt

28,849

30,871

Other intangible assets

26,755

28,560

Separate account liabilities

7,308

7,511

Other assets

4,301

2,885

Total liabilities

113,922

116,045

Separate account assets

7,308

7,511

Shareholders' Equity

Common stock

4

4

Additional paid-in capital

32,189

31,790

Accumulated other comprehensive loss

(4,472)

(2,806)

Retained earnings

51,385

47,865

Less: Treasury stock, at cost

(35,723)

(35,140)

Total shareholders' equity

43,383

41,713

Noncontrolling interests

339

161

Total equity

43,722

41,874

Total assets

$ 157,644

$ 157,919

Total liabilities and equity

$ 157,644

$ 157,919

‌Condensed Consolidated Statements of Cash Flows (unaudited)‌

(Dollars in millions)

Nine Months E

nded

September 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

5,434

$

5,014

Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization

2,172

2,053

Investment gains, net

(225)

(76)

Deferred income tax benefit

(266)

(174)

Gain on sale of businesses

Net changes in assets and liabilities, net of non-operating effects:

(17)

(79)

Accounts receivable, net

(2,770)

(6,911)

Inventories

1,782

1,060

Reinsurance recoverable and Other assets

25

(537)

Insurance liabilities

489

1,662

Pharmacy and other service costs payable

(2,964)

1,837

Accounts payable and accrued expenses and other liabilities

(104)

(857)

Other, net

(275)

460

Net cash provided by operating activities

3,281

3,452

Net cash used in investing activities

(2,414)

(3,987)

Net cash used in financing activities

(2,376)

(2,355)

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash

(15)

30

Net decrease in cash, cash equivalents and restricted cash

(1,524)

(2,860)

Cash, cash equivalents and restricted cash January 1, (1)

7,736

8,931

Cash, cash equivalents and restricted cash September 30, (2)

$

6,212

$

6,071

(1) Includes restricted cash of $60 million reported in other long-term investments and Other assets as of January 1, 2026.

(2) Includes restricted cash of $26 million reported in other long-term investments and Other assets as of September 30, 2026.

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