Income Statement
Quarterly Data

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.

Cigna Group, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Pharmacy revenues	49,941)	48,284)	45,101)	42,036)	36,604)	34,531)	33,964)	32,144)	33,135)	32,762)	31,972)	30,697)	32,328)	31,013)	30,047)	28,025)	28,305)	27,802)	26,564)	25,098)
Premiums	11,503)	11,436)	11,454)	11,603)	11,175)	10,998)	11,039)	11,025)	9,547)	9,586)	10,426)	10,356)	10,342)	10,275)	10,323)	10,214)	10,699)	10,682)	10,406)	10,840)
Fees and other revenues	3,928)	3,889)	3,647)	3,326)	3,045)	3,198)	3,305)	3,071)	2,857)	2,728)	2,757)	2,538)	2,638)	2,532)	2,451)	2,341)	2,337)	2,174)	2,072)	2,178)
Revenues from external customers	65,372)	63,609)	60,202)	56,965)	50,824)	48,727)	48,308)	46,240)	45,539)	45,076)	45,155)	43,591)	45,308)	43,820)	42,821)	40,580)	41,341)	40,658)	39,042)	38,116)
Pharmacy and other service costs	(49,021)	(47,565)	(44,492)	(41,431)	(35,261)	(33,639)	(33,442)	(31,459)	(32,094)	(31,777)	(31,150)	(29,813)	(31,247)	(30,070)	(29,001)	(27,235)	(27,059)	(26,624)	(25,611)	(24,190)
Medical costs and other benefit expenses	(10,166)	(9,527)	(9,515)	(9,440)	(9,280)	(8,927)	(9,034)	(9,046)	(7,992)	(7,754)	(8,192)	(8,268)	(8,743)	(8,330)	(8,484)	(8,005)	(8,847)	(8,429)	(7,112)	(8,322)
Gross profit	6,185)	6,517)	6,195)	6,094)	6,283)	6,161)	5,832)	5,735)	5,453)	5,545)	5,813)	5,510)	5,318)	5,420)	5,336)	5,340)	5,435)	5,605)	6,319)	5,604)
Net investment income	277)	85)	321)	290)	290)	321)	278)	277)	212)	204)	325)	414)	380)	468)	310)	391)	371)	297)	223)	353)
Selling, general and administrative expenses	(3,865)	(3,590)	(3,684)	(3,705)	(4,062)	(3,788)	(3,434)	(3,538)	(3,483)	(3,148)	(3,256)	(3,299)	(3,662)	(3,093)	(2,996)	(3,279)	(3,966)	(3,301)	(3,407)	(3,398)
Amortization of acquired intangible assets	(424)	(436)	(420)	(423)	(451)	(454)	(455)	(459)	(457)	(460)	(501)	(458)	(499)	(501)	(503)	(495)	(495)	(493)	(496)	(498)
Income from operations	2,173)	2,576)	2,412)	2,256)	2,060)	2,240)	2,221)	2,015)	1,725)	2,141)	2,381)	2,167)	1,537)	2,294)	2,147)	1,957)	1,345)	2,108)	2,639)	2,061)
Interest expense and other	(362)	(376)	(375)	(322)	(360)	(365)	(363)	(358)	(324)	(304)	(301)	(299)	(293)	(303)	(298)	(314)	(337)	(336)	(374)	(391)
Debt extinguishment costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(10)	(131)	—)	—)	(14)	(185)
Gain (loss) on sale of businesses	130)	(87)	—)	(19)	(1,478)	(21)	—)	—)	(73)	1,735)	—)	—)	—)	—)	—)	—)	4,203)	—)	—)	—)
Net realized investment gains (losses)	68)	(921)	(48)	(1,836)	(34)	(14)	26)	(56)	—)	(81)	(95)	(319)	68)	68)	59)	1)	167)	32)	38)	(88)
Income before income taxes	2,009)	1,192)	1,989)	79)	188)	1,840)	1,884)	1,601)	1,328)	3,491)	1,985)	1,549)	1,312)	2,059)	1,898)	1,513)	5,378)	1,804)	2,289)	1,397)
Income taxes	(473)	(367)	(360)	(291)	919)	(391)	(374)	(295)	(130)	(713)	(413)	(351)	(179)	(424)	(422)	(342)	(1,236)	(406)	(529)	(208)
Net income (loss)	1,536)	825)	1,629)	(212)	1,107)	1,449)	1,510)	1,306)	1,198)	2,778)	1,572)	1,198)	1,133)	1,635)	1,476)	1,171)	4,142)	1,398)	1,760)	1,189)
Net income attributable to noncontrolling interests	(112)	(86)	(81)	(65)	(78)	(41)	(50)	(39)	(29)	(21)	(13)	(15)	(17)	(14)	(9)	(10)	(7)	(10)	(6)	(8)
Shareholders’ net income (loss)	1,424)	739)	1,548)	(277)	1,029)	1,408)	1,460)	1,267)	1,169)	2,757)	1,559)	1,183)	1,116)	1,621)	1,467)	1,161)	4,135)	1,388)	1,754)	1,181)

Revenue Trends: Pharmacy revenues exhibited a steady increase over the analyzed periods, rising from approximately $25.1 billion in the first quarter of 2020 to about $49.9 billion by the last quarter of 2024. Premiums showed relative stability with minor fluctuations, maintaining around $10 billion to $11.6 billion, although a slight dip was visible in mid-2022. Fees and other revenues demonstrated a generally upward trend, increasing from around $2.2 billion in early 2020 to nearly $3.9 billion by late 2024. Consequently, total revenues from external customers rose steadily from nearly $38.1 billion to over $65.3 billion, indicating consistent top-line growth.
Cost of Goods Sold and Expenses: Pharmacy and other service costs increased in line with the growth in pharmacy revenues, moving from about $24.2 billion outflow to nearly $49 billion outflow by the end of 2024. Medical costs and other benefit expenses remained more variable but generally around $8 to $10 billion outflow, with some quarters showing improvement while others declined, for example, an increase in expense during late 2024. Selling, general, and administrative expenses remained relatively stable but showed a slight gradual uptick in later periods, fluctuating mostly between approximately $3.1 billion and $4.1 billion outflow. Amortization of acquired intangible assets stayed consistent, averaging around $450 million per quarter.
Profitability and Operating Income: Gross profit showed some fluctuations but generally trended upward, increasing from approximately $5.6 billion to about $6.2 billion over the observed timeline, indicating effective cost control relative to revenue expansion. Income from operations followed a similar pattern, although it exhibited more volatility, peaking intermittently near $2.3 billion before ending around $2.2 billion in the final periods. Interest expense and other charges showed a mild downward trend, slightly reducing the impact on operating income.
Extraordinary and Non-Operating Items: Notable non-operating items include fluctuating net realized investment gains and losses, with some quarters showing significant negative impacts, particularly in 2022 and 2024, including a sharp loss in late 2023. Gain/loss on sale of businesses was sporadic, featuring considerable positive occurrences in Q4 2020 and Q1 2022, offset by losses in later periods such as Q4 2023. Debt extinguishment costs were mostly insignificant beyond early 2020. These items contributed to volatility in income before income taxes.
Income and Net Income Trends: Income before income taxes showed volatility, with significant peaks in late 2020 due to gains on sales and other factors, then generally stabilizing but fluctuating in subsequent quarters. Income taxes expense similarly fluctuated but with occasional periods of negative values indicating tax benefits or credits. Net income (loss) broadly followed the trend in pre-tax income with notable spikes corresponding to extraordinary gains, reaching a peak around $4.1 billion in late 2020 and then stabilizing in the $1.1 to $1.6 billion range per quarter for most of the remaining periods, with occasional negative impacts in late 2023 and negative shareholder net income in Q1 2024.
Overall Observations: The data reflects an overall positive growth trajectory in revenues, largely driven by pharmacy revenues, and maintained cost controls evidenced by steady gross profit margins. Operating income showed resilience despite some volatility introduced by non-operating items and extraordinary gains or losses. Net income figures also demonstrate the influence of these non-operational events but generally confirm profitability across most quarters. Emerging variability in investment income and realized gains/losses towards the end of the period suggests a potential area for closer monitoring to assess impact on future profitability.

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Cigna Group (NYSE:CI)

Income Statement Quarterly Data

Income Statement
Quarterly Data