Cigna Corporation (CI) Earnings
Cigna Corporation is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $7.57. CI has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +2.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $7.60 | $7.79 | +2.5% | $68.5B | +3.3% |
| Feb 5, 2026 | $7.88 | $8.08 | +2.5% | $72.5B | +3.1% |
| Oct 30, 2025 | $7.64 | $7.83 | +2.5% | $69.7B | +3.2% |
| Jul 31, 2025 | $7.16 | $7.20 | +0.6% | $67.2B | +6.9% |
| May 2, 2025 | $6.35 | $6.74 | +6.1% | $65.5B | +8.8% |
| Jan 30, 2025 | $7.84 | $6.64 | -15.3% | $65.7B | +3.6% |
| Oct 31, 2024 | $7.23 | $7.51 | +3.9% | $62.8B | +5.6% |
| Aug 1, 2024 | $6.41 | $6.72 | +4.8% | $60.5B | +3.8% |
| May 2, 2024 | $6.22 | $6.47 | +4.0% | $55.4B | -2.0% |
| Feb 2, 2024 | $6.54 | $6.79 | +3.8% | $51.1B | +4.4% |
| Nov 2, 2023 | $6.66 | $6.77 | +1.7% | $49.0B | +1.7% |
| Aug 3, 2023 | $6.02 | $6.13 | +1.8% | $48.6B | +3.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• David Cordani highlighted strong first quarter performance, total revenues of $68.5 billion and adjusted earnings per share of $7.79, and raised full year 2026 adjusted EPS outlook to at least $30.35. Focused on putting customer at center, strategic portfolio shaping, and innovation. Mentioned upcoming leadership transition with Brian Ivanko succeeding as CEO on July 1st. • Brian Ivanko discussed portfolio shaping, including planning to exit individual exchange business at end of year and initiating strategic review of alternatives for eviCore. Shared first quarter business performance across growth platforms, including strong results in specialty and care services, Evernote's pharmacy benefit services in line with expectations, and Cigna Healthcare's earnings exceeding expectations. Emphasized harnessing data, advanced analytics, and AI to drive affordability and personalization. • Anne Dennison reviewed key consolidated financial highlights, raised full year 2026 adjusted earnings per share outlook, discussed segment results including Evernote and Cigna Healthcare, and provided outlook for full year 2026 regarding earnings cadence, capital management, etc.
Guidance
• Raised full year 2026 adjusted EPS outlook to at least $30.35. • Expect second quarter adjusted earnings per share to be approximately 25% of the full year outlook. • In Evernote, expect full year 2026 adjusted income from operations of at least $6.9 billion. • For Cigna Healthcare, now expect full-year pre-tax adjusted earnings of at least $4.525 billion, and pre-tax adjusted earnings in the first half of the year to be slightly above 60% of the full-year outlook. • Expect the second quarter medical care ratio to be slightly above the high end of the full year range. • Expect debt-to-capitalization ratio to be lower by year-end 2026 as balance debt repayment with other uses of capital including share repurchase.
Segment performance
Evernote: First quarter 2026 revenues grew 9% to $58.4 billion, pre-tax adjusted earnings grew 2% to $1.5 billion, slightly ahead of expectations. Specialty and care services showed strong growth with pre-tax adjusted earnings up 20% to $1.1 billion. Pharmacy Benefit Services pre-tax adjusted earnings decreased 28% to $394 million. Cigna Healthcare: First quarter 2026 revenues were $11.5 billion and pre-tax adjusted earnings were $1.5 billion. The medical care ratio for the first quarter was 79.8%. Cigna Healthcare results were favorable to expectations in the first quarter, driven in part by lower flu volumes and weather-related care deferrals. As part of portfolio shaping, the decision to exit the individual exchange beginning in 2027 was made.
Analyst Q&A
Q: AJ Rice asked about rolling out the new PBM model, including lead time for transition, uptake indications, and driving factors of strong selling season.
A: Brian Ivanko responded, discussing the positive market feedback on the new rebate-free signature model, the selling season details, and how the model addresses affordability challenges.
Q: Kevin Fitchbeck asked about impact from exchange side capital recapture and Evercore transaction.
A: Brian Ivanko responded, stating the decisions were proactive portfolio-shaping, related to lack of scale and management focus, and impact on capital and assessment of eviCore.
Q: Lisa Gill asked about cadence of cost related to renewal and transition to new model, and key drivers of specialty business.
A: Brian Ivanko and Anne Dennison responded, with Anne discussing the drivers of specialty and care services, and Brian talking about specialty volume growth, mix towards cost-efficient therapies, and contribution from SHIELD.
Q: Scott Seidel asked about continuity around five growth pillars and personal touch on approach.
A: Brian Ivanko responded, discussing the three growth platforms (specialty and care services, pharmacy benefit services, Cigna healthcare), and areas of greater intensification like harnessing data, advanced analytics, AI, and shifting upstream into care journeys.
Q: Charles Rhee asked about biosimilars and strength in specialty, and synergies between Evernorth business.
A: Brian Ivanko and David Cordani responded, discussing biosimilar adoption, penetration of biosimilars like Humira and Stelara, and use of AI for personalized conversion strategies.
Q: George Hill asked about 340B exposure, contribution of Carapath and Shields, and operating earnings perspective.
A: Brian Ivanko responded, stating 340B is a component of specialty and care services portfolio, supporting hospitals and health systems indirectly.
Q: Justin Lake asked about non-controlling interest in Evernorth.
A: Brian Ivanko responded, explaining NCI includes minority earnings from joint ventures and partnerships, driven by a new joint venture with large client.
Q: Erin Wright asked about optimization in portfolio and commitment to other parts of insurance business.
A: Brian Ivanko responded, stating portfolio shaping decisions are proactive, specialty is a scale player but other growth platforms also get resources, and balanced capital deployment.
Q: Jason Casola asked about healthcare MOR, employer cost trend, and second quarter MLR.
A: Anne Dennison and Brian Ivanko responded, discussing drivers of MOR, balanced contribution to results, cost trend, and second quarter MLR expectations.
Q: Dave Windley asked about uptake in GLP-1 programs and other popular programs.
A: Brian Ivanko responded, discussing GLP-1 space, coverage rates, programs like Encircle and EnReach, and financing solutions for GLP-1 programs