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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Cigna Group, consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	3,778)	5,372)	6,746)	5,415)	8,489)
Depreciation and amortization	2,775)	3,035)	2,937)	2,923)	2,802)
Investment (gains) losses, net	2,737)	78)	495)	(196)	(149)
Deferred income tax benefit	(95)	(1,659)	(480)	(220)	(386)
Net (gain) loss on sale of businesses	(24)	1,499)	(1,662)	—)	(4,203)
Debt extinguishment costs	—)	—)	—)	141)	199)
Accounts receivable, net	(7,369)	(1,663)	(2,237)	(2,843)	(1,496)
Inventories	(1,032)	(868)	(1,055)	(557)	(504)
Reinsurance recoverable and Other assets	(485)	(539)	(38)	(656)	(77)
Insurance liabilities	(591)	584)	291)	967)	841)
Pharmacy and other service costs payable	8,757)	2,030)	1,760)	1,961)	2,891)
Accounts payable and Accrued expenses and other liabilities	1,138)	3,481)	1,574)	(77)	1,346)
Other, net	774)	463)	325)	333)	597)
Net changes in assets and liabilities, net of non-operating effects	1,192)	3,488)	620)	(872)	3,598)
Adjustments to reconcile net income to net cash provided by operating activities	6,585)	6,441)	1,910)	1,776)	1,861)
Net cash provided by operating activities	10,363)	11,813)	8,656)	7,191)	10,350)
Debt securities and equity securities	856)	1,078)	1,744)	2,030)	2,283)
Proceeds from investments sold	856)	1,078)	1,744)	2,030)	2,283)
Debt securities and equity securities	839)	972)	1,327)	1,628)	1,519)
Commercial mortgage loans	188)	186)	98)	180)	19)
Other sales, maturities and repayments, primarily short-term and other long-term investments	752)	586)	1,039)	1,936)	1,575)
Investment maturities and repayments	1,779)	1,744)	2,464)	3,744)	3,113)
Debt securities and equity securities	(1,386)	(4,334)	(2,756)	(3,553)	(4,765)
Commercial mortgage loans	(54)	(118)	(161)	(327)	(113)
Other, primarily short-term and other long-term investments	(1,309)	(1,205)	(1,563)	(2,554)	(1,924)
Investments purchased or originated	(2,749)	(5,657)	(4,480)	(6,434)	(6,802)
Property and equipment purchases, net	(1,406)	(1,573)	(1,295)	(1,154)	(1,094)
Acquisitions, net of cash acquired	(131)	(447)	—)	(1,833)	(139)
Divestitures, net of cash sold	521)	13)	4,835)	(61)	5,592)
Renewable energy tax credit equity investments	(1,030)	(313)	(125)	—)	—)
Other, net	58)	(19)	(45)	97)	23)
Net cash (used in) provided by investing activities	(2,102)	(5,174)	3,098)	(3,611)	2,976)
Deposits and interest credited to contractholder deposit funds	166)	167)	164)	153)	1,023)
Withdrawals and benefit payments from contractholder deposit funds	(228)	(223)	(220)	(168)	(979)
Net change in short-term debt	(402)	1,198)	(2,059)	975)	60)
Net proceeds on issuance of term loan	—)	—)	—)	—)	1,398)
Repayment of term loan	—)	—)	—)	—)	(1,400)
Payments for debt extinguishment	—)	—)	—)	(136)	(212)
Repayment of long-term debt	(3,000)	(2,967)	(500)	(4,578)	(8,047)
Net proceeds on issuance of long-term debt	4,462)	1,491)	—)	4,260)	3,465)
Repurchase of common stock	(7,034)	(2,284)	(7,607)	(7,742)	(4,042)
Issuance of common stock	305)	187)	389)	326)	376)
Common stock dividend paid	(1,567)	(1,450)	(1,384)	(1,341)	(15)
Other, net	(349)	(413)	(23)	39)	(160)
Net cash used in financing activities	(7,647)	(4,294)	(11,240)	(8,212)	(8,533)
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash	(20)	16)	(86)	(65)	41)
Net increase (decrease) in cash, cash equivalents and restricted cash	594)	2,361)	428)	(4,697)	4,834)
Cash, cash equivalents and restricted cash, January 1	8,337)	5,976)	5,548)	10,245)	5,411)
Cash, cash equivalents and restricted cash, December 31	8,931)	8,337)	5,976)	5,548)	10,245)

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 cash flow profile over the five-year period from 2020 to 2024 reveals a company maintaining stable operating cash generation despite a significant downward trend in net income. While net income decreased from 8,489 million USD in 2020 to 3,778 million USD in 2024, net cash provided by operating activities remained resilient, ending 2024 at 10,363 million USD, nearly identical to the 2020 level of 10,350 million USD. This divergence is primarily driven by substantial non-cash adjustments and volatility in working capital.

Operating Activity Drivers: A notable shift occurred in the reconciliation of net income to operating cash flow. Adjustments increased sharply in 2023 and 2024, exceeding 6,400 million USD annually, compared to approximately 1,800 million USD in the 2020-2022 period. In 2024, a significant impact was observed in working capital, specifically a substantial increase in pharmacy and other service costs payable (8,757 million USD) and a corresponding increase in accounts receivable outflows (7,369 million USD).
Investing Activity Patterns: Investing cash flows exhibit high volatility, characterized by large periodic inflows from divestitures and consistent outflows for asset acquisition. Major divestiture gains were recorded in 2020 (5,592 million USD) and 2022 (4,835 million USD). Capital expenditures for property and equipment remained relatively stable, ranging between 1,094 million USD and 1,573 million USD annually. A new expenditure trend emerged starting in 2022 with renewable energy tax credit equity investments, which scaled from 125 million USD in 2022 to 1,030 million USD by 2024.
Financing Activity and Shareholder Returns: Financing activities have been consistently negative, reflecting a strategy of aggressive capital return to shareholders. Repurchase of common stock represents the primary outflow, with significant spending in 2021 (7,742 million USD), 2022 (7,607 million USD), and 2024 (7,034 million USD). Common stock dividends also showed a marked increase, rising from a negligible 15 million USD in 2020 to 1,567 million USD in 2024. These returns are partially offset by long-term debt issuance, such as the 4,462 million USD raised in 2024.

Overall liquidity remains robust, with cash, cash equivalents, and restricted cash ending 2024 at 8,931 million USD. The company demonstrates a capacity to fund significant shareholder distributions and strategic investments through a combination of strong operating cash flows and periodic asset divestitures, while utilizing the debt market to manage long-term capital requirements.

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