Name: Cigna Group (NYSE:CI) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Cigna Group, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Pharmacy revenues	185,362)	137,243)	128,566)	121,413)	107,769)
Premiums	45,996)	44,237)	39,915)	41,154)	42,627)
Fees and other revenues	14,790)	12,619)	10,880)	9,962)	8,761)
Revenues from external customers	246,148)	194,099)	179,361)	172,529)	159,157)
Pharmacy and other service costs	(182,509)	(133,801)	(124,834)	(117,553)	(103,484)
Medical costs and other benefit expenses	(38,648)	(36,287)	(32,206)	(33,562)	(32,710)
Gross profit	24,991)	24,011)	22,321)	21,414)	22,963)
Net investment income	973)	1,166)	1,155)	1,549)	1,244)
Selling, general and administrative expenses	(14,844)	(14,822)	(13,186)	(13,030)	(14,072)
Amortization of acquired intangible assets	(1,703)	(1,819)	(1,876)	(1,998)	(1,982)
Income from operations	9,417)	8,536)	8,414)	7,935)	8,153)
Interest expense on long-term and short-term debt	(1,500)	(1,400)	(1,300)	(1,300)	(1,400)
Other	65)	(46)	72)	92)	(38)
Interest expense and other	(1,435)	(1,446)	(1,228)	(1,208)	(1,438)
Debt extinguishment costs	—)	—)	—)	(141)	(199)
Net gain (loss) on sale of businesses	24)	(1,499)	1,662)	—)	4,203)
Net investment gains (losses)	(2,737)	(78)	(495)	196)	149)
Income before income taxes	5,269)	5,513)	8,353)	6,782)	10,868)
Income taxes	(1,491)	(141)	(1,607)	(1,367)	(2,379)
Net income	3,778)	5,372)	6,746)	5,415)	8,489)
Net income attributable to noncontrolling interests	(344)	(208)	(78)	(50)	(31)
Shareholders’ net income	3,434)	5,164)	6,668)	5,365)	8,458)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The company has experienced substantial growth in top-line revenue, primarily driven by a significant expansion in pharmacy revenues. Total revenues from external customers increased from US$ 159.16 billion in 2020 to US$ 246.15 billion by 2024. This growth is closely mirrored by an increase in pharmacy and other service costs, which rose from US$ 103.48 billion to US$ 182.51 billion over the same period, indicating a high correlation between revenue growth and direct service expenditures.

Revenue Composition and Gross Margin: Pharmacy revenues acted as the primary growth engine, increasing by approximately 72% between 2020 and 2024. In contrast, premiums and fees from other revenues showed more modest growth. Despite the surge in total revenue, gross profit grew at a significantly slower rate, rising from US$ 22.96 billion to US$ 24.99 billion. This suggests a compression in gross profit margins as the business scaled.
Operating Profitability: Income from operations maintained a positive upward trend, increasing from US$ 8.15 billion in 2020 to US$ 9.42 billion in 2024. This operational growth was supported by disciplined management of selling, general, and administrative expenses, which remained relatively stable, fluctuating between US$ 13.03 billion and US$ 14.84 billion throughout the five-year period.
Net Income Divergence: A notable divergence is observed between operating income and the final net income. While operating performance improved, shareholders' net income declined from US$ 8.46 billion in 2020 to US$ 3.43 billion in 2024. This decline is primarily attributed to non-operating volatility, including substantial net investment losses of US$ 2.74 billion in 2024 and fluctuating results from the sale of businesses, which shifted from a gain of US$ 4.20 billion in 2020 to a loss of US$ 1.50 billion in 2023.
Cost and Investment Trends: Medical costs and other benefit expenses saw a steady increase from US$ 32.71 billion to US$ 38.65 billion. Simultaneously, net investment income experienced a gradual decline, falling from US$ 1.24 billion in 2020 to US$ 973 million in 2024, further contributing to the reduction in net profitability.

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