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Cigna (CI) Q3 2026 Earnings Report
CI Q3 2026 EPS Results
- Actual EPS
- $7.98
- Consensus EPS
- $7.52
- Beat/Miss
- Beat by +$0.46
- One Year Ago EPS
- $7.83
CI Q3 2026 Revenue Results
- Actual Revenue
- $73.72B
- Expected Revenue
- $72.64B
- Beat/Miss
- Beat by +$1.08B
- YoY Revenue Growth
- +5.65%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
Cigna's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. The company reported solid third-quarter revenue and earnings growth, raised its 2026 EPS outlook, cited strong client retention and new-business momentum, and reiterated ambitious 2027 and 2030 growth targets. The principal challenges are concentrated in the Pharmacy Benefit Services transition, rebate and GLP-1 coverage pressure, the ACA exchange exit, a slower 2027 specialty launch pipeline, and certain one-time or administrative costs.
For 2026, Cigna expects adjusted earnings per share of at least $30.60, Evernorth pretax adjusted earnings of at least $6.9 billion, Cigna Healthcare pretax adjusted earnings of at least $4.6 billion, and a full-year medical care ratio midpoint of 84.2% with a range of plus or minus 25 basis points; for 2027, it expects at least 10% adjusted earnings per share growth from a 2026 run-rate of approximately $30, Cigna Healthcare adjusted income from operations growth within the 6% to 9% long-term target, Specialty and Care Services adjusted earnings growth within the 8% to 12% long-term target range, though towards the low end, and Evernorth earnings up low single digits, including Pharmacy Benefit Services income down single digits, while the ACA exchange exit represents an approximately $200 million headwind; the company continues to expect at least $45 of adjusted earnings per share in 2030, 10% to 14% average annual adjusted earnings per share growth, approximately 40% debt to capital by year-end 2026, at least 4% up to 4% compounded income growth from 2026 to 30 in the PBS business, and $3 billion of gross run-rate savings by 2030, with roughly 70% to 80% from automation, modernization, and talent effectiveness and 20% to 30% from improvements in the vendor space.
- Strong Third-Quarter Financial PerformanceCigna Group delivered adjusted revenue of $73.8 billion, adjusted after-tax earnings of $2.1 billion, and adjusted earnings per share of $7.98 in the third quarter of 2026.
- Raised Full-Year 2026 EPS OutlookBased on strong performance through the first nine months of the year, management raised full-year 2026 adjusted earnings per share guidance to at least $30.60.
- Evernorth Revenue and Earnings GrowthEvernorth third-quarter revenue grew 6% year over year to $63.8 billion, while pretax adjusted earnings were $1.8 billion.
- Specialty and Care Services GrowthEvernorth Specialty and Care Services pretax adjusted earnings grew 15% year over year to $1.1 billion, driven by specialty capabilities, clinical expertise, patient support services, secular growth, and disciplined execution.
- Strong Biosimilar and Specialty Generic AdoptionThe company continued to drive biosimilar and specialty generic utilization, including approximately 90% penetration for generic Revlimid and $0 patient out-of-pocket offerings for biosimilar Humira and Stelara.
- Expansion of Specialty Pharmacy InfrastructureAccredo has access to more than 330 highly complex limited-distribution and exclusive products, and the fifth clean room in the company's network is now in the build phase to expand capacity for sterile specialty medicines.
- Specialty Distribution ExpansionCuraScript SD has access to 40 exclusive distribution drugs, while the recently launched Evernorth Wholesale business has begun fulfilling orders to distribution centers. Management expects $20 billion of net new specialty distribution revenue by 2030, increasing distribution revenue from $25 billion today to $45 billion.
- Pharmacy Benefit Services Performance and Client RetentionEvernorth Pharmacy Benefit Services generated third-quarter pretax adjusted earnings of $765 million, in line with expectations. The business is seeing strong momentum for the 2027 sales season, with client retention in the high 90s.
- Progress on the Signature Pharmacy Benefits ModelThe Signature model's design phase is complete, its build phase is well underway, and its adoption phase is on track. Price Assure is already being used by about 10% of current clients and is designed to save an average of 30% on high-cost branded drugs while ensuring patients pay the lowest available out-of-pocket cost.
- Signature Adoption MilestonesSignature adoption by Cigna Healthcare's fully insured book is scheduled for January 1, 2027. Early client discussions for the 2028 benefits year have been encouraging, and broader adoption across the Evernorth book is expected to ramp in 2028.
- Cigna Healthcare Revenue and Earnings GrowthCigna Healthcare third-quarter adjusted revenue grew 9% year over year to $11.7 billion, while pretax adjusted earnings were $1.2 billion and ahead of expectations, primarily due to favorable net investment income and ongoing operating efficiencies.
- Stable Medical Cost PerformanceThe third-quarter medical care ratio was 85%, in line with expectations. Medical cost trends remained elevated but stable and consistent with pricing assumptions.
- Medical Customer and Select Segment GrowthTotal medical customers increased 2% year to date to 18.5 million. Select segment medical customers, serving U.S. employers with fewer than 500 employees, increased 5% year to date, reflecting market share gains.
- Strong Selling Season and New PBS BusinessThe company reported high client retention and strong new-business wins for 2027, including at least 2 million new Pharmacy Benefit Services customers expected in 2027, with that new business written at targeted profit levels.
- Stop-Loss Performance and Margin ImprovementThe stop-loss book is performing well and in line with expectations. Most of the planned margin improvement was achieved in 2026, with the remaining margin recapture planned for 2027. Year-to-date frequency trends in high-cost claimants were relatively stable across multiple attachment-point levels.
- Capital Generation and Balance-Sheet ProgressThird-quarter operating cash flow was $2.6 billion. The debt-to-capitalization ratio declined by approximately 100 basis points to 41.8% as of September 30, and management remains on track to reach its long-term target of approximately 40% by year-end 2026.
- Share Repurchases and Future Capital FlexibilityCigna repurchased approximately 900,000 common shares for approximately $250 million during the third quarter. Management continues to view share repurchases as an attractive use of capital and expects greater flexibility in capital deployment in 2027.
- Accelerate to 1 Savings InitiativeAccelerate to 1 is expected to generate $3 billion of gross run-rate savings by 2030 through automation and process modernization, talent effectiveness, and vendor improvements. Approximately 70% to 80% of the savings is expected from automation, modernization, and talent effectiveness, with the remaining 20% to 30% from vendor improvements.
- Long-Term Growth FrameworkManagement remains confident in its long-term framework of 10% to 14% average annual adjusted EPS growth and at least $45 of adjusted EPS in 2030. It also expects at least 10% adjusted EPS growth in 2027 from an approximately $30 2026 run-rate.
- Lead to 1 and HealthSense InitiativesLead to 1 is intended to deliver personalization at scale by connecting medical, pharmacy, behavioral health, specialty care, data, clinical expertise, and technology. HealthSense launched in September, initially focused on oncology, and received early positive reception from clients and customers.
- Evidence of Integrated-Care BenefitsManagement cited integrated-care results including $28,000 of annual savings per cancer patient, $2,000 per year in savings for an integrated customer with cardiovascular disease and diabetes, and 12% lower A1C for Cigna Healthcare integrated customers with diabetes.
- 340B Exposure Remains LimitedAccredo's 340B contract-pharmacy exposure is a small fraction of that of large retail pharmacy chains. Management characterized the expected 2027 impact from evolved 340B requirements as a modest downward pressure that is not significant enough to be called a substantial headwind.
CI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 7.32- | 8.08 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 7.527.98 | 7.83 | 1.92% (+0.15) | |
| Jul 30, 2026 | 2026 (Q2) | 7.607.78 | 7.2 | 8.06% (+0.58) | |
| Apr 30, 2026 | 2026 (Q1) | 7.607.79 | 6.74 | 15.58% (+1.05) | |
| Feb 05, 2026 | 2025 (Q4) | 7.888.08 | 6.64 | 21.69% (+1.44) | |
| Oct 30, 2025 | 2025 (Q3) | 7.647.83 | 7.51 | 4.26% (+0.32) | |
| Jul 31, 2025 | 2025 (Q2) | 7.167.20 | 6.72 | 7.14% (+0.48) | |
| May 02, 2025 | 2025 (Q1) | 6.356.74 | 6.47 | 4.17% (+0.27) | |
| Jan 30, 2025 | 2024 (Q4) | 7.836.64 | 6.79 | -2.21% (-0.15) | |
| Oct 31, 2024 | 2024 (Q3) | 7.237.51 | 6.77 | 10.93% (+0.74) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
