Companies /Healthcare

Cigna Group (The)

NYSE: CI Healthcare Plans
$278.88
â–² $1.21 (+0.44%) today
Markets closed · 9:42pm ET

Q2 2025 Earnings

Reported Jul 31, 2025, 6:15am ET · SEC source
$7.20
Beat +0.65%
EPS · est. $7.15
$67.2B
Beat +7.30%
Revenue · est. $62.6B
+11.2%
Beating market
CI vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−15%−10%−5%0Jul 31Aug 1report 6:15am ETearnings−2.5%−13.5%
−15%−10%−5%0Jul 31Aug 1earnings−2.5%−13.5%
CI −13.5%S&P 500 −2.5%
−15%−10%−5%0Jul 31Aug 1report 6:15am ETearnings−3.2%−13.5%
−15%−10%−5%0Jul 31Aug 1earnings−3.2%−13.5%
CI −13.5%NASDAQ −3.2%
−15%−10%−5%0Jul 30Aug 7report 6:15am ETearnings−1.1%−12.9%
−15%−10%−5%0Jul 30Aug 7earnings−1.1%−12.9%
CI −12.9%S&P 500 −1.1%
−15%−10%−5%0Jul 30Aug 7report 6:15am ETearnings−1.0%−12.9%
−15%−10%−5%0Jul 30Aug 7earnings−1.0%−12.9%
CI −12.9%NASDAQ −1.0%
−10.23%
Day of report
−1.93%
Next session
+1.35%
One week
+12.47%
30 days

S&P 500 over the same 30 days: +1.30%.

Did CI Beat Earnings? Q2 2025 Results

The Cigna Group delivered a strong second quarter for 2025, posting adjusted earnings of $7.20 per share against a consensus estimate of $7.15, a beat of 0.65%, while revenue climbed 11.0% year-over-year to $67.18 billion, clearing Wall Street's $62.61 billion estimate by 7.30%. The headline growth story was Evernorth Health Services, where adjusted revenues surged 17% to $57.83 billion as Pharmacy Benefit Services expanded rapidly and specialty volume gains accelerated biosimilar adoption across the platform. Cigna Healthcare, meanwhile, faced pressure from the March 2025 divestiture of its Medicare-related businesses to HCSC, which weighed on segment revenues, though the unit's underlying performance held more steady on an adjusted basis. Some observers have flagged lingering uncertainty around PBM regulatory risks, a backdrop that has kept sentiment measured even as the numbers impress. Management reaffirmed its full-year 2025 outlook for consolidated adjusted income from operations of at least $29.60 per share, signaling confidence in the durability of Evernorth's momentum heading into the second half of the year.

Key Takeaways
  • Strong organic growth in Evernorth Health Services, including growth of existing client relationships and strong specialty pharmacy growth
  • Pharmacy Benefit Services adjusted revenues grew 20% from strong organic growth and new business
  • Specialty and Care Services drove 13% adjusted revenue growth from strong specialty volume growth and increased biosimilar adoption
  • Premium rate increases in Cigna Healthcare to cover expected increases in medical costs
  • Improved SG&A expense ratio from 6.1% to 5.1% reflecting business mix shift and strong revenue growth
  • Higher stop loss medical costs pressured Cigna Healthcare MCR to 83.2% from 82.3%

“Listening, adapting, and innovating to meet the evolving needs of our patients, customers, and clients enables us to deliver meaningful value.”

Cigna CEO, on the earnings call

Forward Guidance & Outlook

The Cigna Group reaffirmed its 2025 full-year outlook for consolidated adjusted income from operations of at least $29.60 per share. Evernorth adjusted income from operations, pre-tax, is projected at least $7,200 million. Cigna Healthcare adjusted income from operations, pre-tax, is projected at least $4,125 million. The Cigna Healthcare medical care ratio is expected to be in the range of 83.2% to 84.2%. The outlook includes the impact of expected future share repurchases and anticipated 2025 dividends.

CI YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$20.0B$40.0B$60.0B$60.5B$67.2BRevenue$1.5B$1.5BNet Income
$0$20.0B$40.0B$60.0BRevenueNet Income

CI Revenue by Segment

Evernorth Health Services$57.8B+17.0%
Pharmacy Benefit Services$32.0B+20.0%
Specialty and Care Services$25.9B+13.0%
Cigna Healthcare$10.8B−18.0%

Figures from SEC filings and company reports. Not investment advice.