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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Cigna Group, consolidated cash flow statement
US$ in millions
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).
- Net Income Trend
- Net income displayed a declining trend from 2020 to 2024, with a peak of 8,489 million USD in 2020 decreasing sharply to 3,778 million USD by 2024. Notably, 2021 and 2023 showed declines compared to their preceding years, with a slight rebound in 2022.
- Depreciation and Amortization
- Depreciation and amortization expenses have shown relative stability, fluctuating mildly between approximately 2,775 and 3,035 million USD during the period, showing no significant upward or downward trend.
- Investment Gains/Losses
- Investment gains and losses experienced volatility, notably a large net gain in 2024 (2,737 million USD) contrasting with negative or minimal gains in prior years, indicating a strong investment performance improvement in the most recent period.
- Deferred Income Tax Benefit
- The deferred income tax benefit was consistently negative throughout the period and saw a significant spike in absolute terms in 2023 (-1,659 million USD), before declining in 2024 (-95 million USD), indicating fluctuations in tax-related financial elements.
- Net Gain/Loss on Sale of Businesses
- This item exhibited high volatility with a large gain in 2020 (-4,203 million USD) turned into a substantial loss in 2022 (-1,662 million USD) and positive amounts again in 2023 (1,499 million USD), but close to neutral in 2024 (-24 million USD), reflecting fluctuating divestiture activities or strategic restructurings.
- Working Capital Changes
- Accounts receivable increased in negative impact on cash flows especially in 2024 (-7,369 million USD). Inventories and reinsurance recoverables exhibited moderate negative trends, while insurance liabilities swung from positive to negative by 2024. Pharmacy and other service costs payable saw a marked increase especially in 2024 (8,757 million USD), suggesting a substantial rise in operational payables.
- Operating Cash Flow
- Net cash provided by operating activities generally remained strong, peaking in 2023 (11,813 million USD) with a slight decline in 2024 (10,363 million USD), demonstrating robust core business cash generation despite income volatility.
- Investing Activities
- Net cash from investing activities showed considerable fluctuations, being positive in 2020 (2,976 million USD) and 2022 (3,098 million USD), but negative in 2021 (-3,611 million USD), 2023 (-5,174 million USD), and 2024 (-2,102 million USD). This indicates inconsistent investment outflows and inflows, possibly tied to acquisitions, divestitures, and capital expenditures.
- Financing Activities
- Net cash used in financing activities remained consistently negative, with peaks in 2022 (-11,240 million USD) and 2024 (-7,647 million USD). This was largely driven by substantial repurchases of common stock and repayments of long-term debt, partially offset by issuances of common stock and long-term debt in some years.
- Capital Structure and Shareholder Returns
- There was a clear trend of aggressive share repurchases, especially in 2020, 2021, 2022, and 2024, with repurchases exceeding 4,000 million USD in most years, demonstrating a strategy focused on returning value to shareholders. Dividends increased steadily over the years, indicating a commitment to shareholder distributions despite income volatility. Debt repayment was substantial each year, with some years showing net issuances of long-term debt, reflecting active debt management.
- Cash and Cash Equivalents
- Cash and cash equivalents declined sharply from 2020 to 2021 but recovered steadily from 2022 onward, ending at 8,931 million USD in 2024, indicating stabilization of liquidity after a trough.
- Overall Summary
- The data reveals a company experiencing declining net income but maintaining strong cash generation from operations. Investment activities show variability, suggesting ongoing portfolio adjustments. Financing activities reflect a pattern of robust shareholder returns through stock repurchases and dividends, alongside significant debt repayments. Liquidity appears stable with a recovery in cash balances after a significant decrease in 2021. Operational liabilities, particularly related to pharmacy and service costs, increased substantially in the most recent year, potentially indicating changes in operational scale or strategy.