Selected Financial Data
since 2005
Income Statement
Cigna Group, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues from external customers | Income from operations | Shareholders’ net income |
|---|---|---|---|
| Dec 31, 2024 | 246,148) | 9,417) | 3,434) |
| Dec 31, 2023 | 194,099) | 8,536) | 5,164) |
| Dec 31, 2022 | 179,361) | 8,414) | 6,668) |
| Dec 31, 2021 | 172,529) | 7,935) | 5,365) |
| Dec 31, 2020 | 159,157) | 8,153) | 8,458) |
| Dec 31, 2019 | 152,176) | 8,077) | 5,104) |
| Dec 31, 2018 | 47,170) | 4,160) | 2,637) |
| Dec 31, 2017 | 40,580) | 3,942) | 2,237) |
| Dec 31, 2016 | 38,352) | —) | 1,867) |
| Dec 31, 2015 | 36,666) | —) | 2,094) |
| Dec 31, 2014 | 33,594) | —) | 2,102) |
| Dec 31, 2013 | 31,003) | —) | 1,476) |
| Dec 31, 2012 | 27,931) | —) | 1,623) |
| Dec 31, 2011 | 20,790) | —) | 1,327) |
| Dec 31, 2010 | 20,073) | —) | 1,345) |
| Dec 31, 2009 | 17,443) | —) | 1,302) |
| Dec 31, 2008 | 18,208) | —) | 292) |
| Dec 31, 2007 | 16,494) | —) | 1,115) |
| Dec 31, 2006 | 15,132) | —) | 1,155) |
| Dec 31, 2005 | 15,332) | —) | 1,625) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Revenue growth exhibited a steady upward trajectory from 2005 through 2018, followed by a substantial escalation starting in 2019. Between 2005 and 2018, revenues from external customers grew from 15.3 billion USD to 47.2 billion USD. A significant structural shift occurred in 2019, where revenues jumped to 152.2 billion USD, continuing a climb to 246.1 billion USD by 2024.
- Revenue Dynamics
- The expansion of revenues is characterized by two distinct phases: a period of gradual growth from 2005 to 2018 and a period of rapid scaling from 2019 to 2024. The abrupt increase in 2019 indicates a fundamental change in the scale of business operations.
- Operating Income Trends
- Income from operations, for which data is available from 2017 onward, showed an initial increase from 3.9 billion USD in 2017 to 8.1 billion USD in 2019. From 2019 to 2024, operating income remained relatively stable, fluctuating between 7.9 billion USD and 9.4 billion USD. This suggests that operating profitability did not scale proportionally with the massive increase in external revenues.
- Net Income Performance
- Shareholders' net income demonstrated significant volatility over the analyzed period. A notable low occurred in 2008, with net income dropping to 292 million USD. A period of recovery and growth led to a peak of 8.5 billion USD in 2020. However, a downward trend is observed from 2021 to 2024, with net income falling to 3.4 billion USD.
- Analysis of Profitability Divergence
- A clear divergence is observable between top-line growth and bottom-line results in the final five years of the data. While revenues grew from 152.2 billion USD in 2019 to 246.1 billion USD in 2024, net income declined from 5.1 billion USD to 3.4 billion USD during the same interval. This indicates a compression of net profit margins despite the continued expansion of the revenue base.
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Balance Sheet: Assets
Cigna Group, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 48,870) | 155,881) |
| Dec 31, 2023 | 37,351) | 152,761) |
| Dec 31, 2022 | 30,120) | 143,932) |
| Dec 31, 2021 | 36,134) | 154,889) |
| Dec 31, 2020 | 27,799) | 155,451) |
| Dec 31, 2019 | 29,845) | 155,774) |
| Dec 31, 2018 | 20,430) | 153,226) |
| Dec 31, 2017 | 9,311) | 61,759) |
| Dec 31, 2016 | —) | 59,360) |
| Dec 31, 2015 | —) | 57,088) |
| Dec 31, 2014 | —) | 55,896) |
| Dec 31, 2013 | —) | 54,336) |
| Dec 31, 2012 | —) | 53,734) |
| Dec 31, 2011 | —) | 51,047) |
| Dec 31, 2010 | —) | 45,682) |
| Dec 31, 2009 | —) | 43,013) |
| Dec 31, 2008 | —) | 41,406) |
| Dec 31, 2007 | —) | 40,065) |
| Dec 31, 2006 | —) | 42,399) |
| Dec 31, 2005 | —) | 44,863) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet reflects a distinct shift in asset scale and composition between 2005 and 2024, characterized by a period of moderate growth followed by a substantial expansion in the total asset base.
- Total Asset Trajectory
- Total assets experienced a steady but modest increase from 2005 (US$ 44,863 million) through 2017 (US$ 61,759 million). A significant inflection point occurred between 2017 and 2018, where total assets increased by approximately 148% to reach US$ 153,226 million. Following this expansion, the asset base remained relatively stable, fluctuating between a low of US$ 143,932 million in 2022 and a closing value of US$ 155,881 million in 2024.
- Current Asset Growth
- Current assets show a consistent upward trend since reporting began in 2017. Starting at US$ 9,311 million, these assets grew to US$ 48,870 million by 2024. Although minor declines were observed in 2020 and 2022, the overall trajectory represents a significant increase in short-term asset holdings over the seven-year reporting window.
- Asset Composition and Liquidity Shift
- There is a observable shift in the liquidity profile of the organization. In 2017, current assets represented approximately 15% of total assets. By 2024, this proportion increased to approximately 31% of total assets. This trend indicates a strategic shift toward a higher concentration of liquid assets relative to the total balance sheet.
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Balance Sheet: Liabilities and Stockholders’ Equity
Cigna Group, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 57,979) | 114,638) | 31,972) | 41,033) |
| Dec 31, 2023 | 48,716) | 106,410) | 30,930) | 46,223) |
| Dec 31, 2022 | 41,229) | 98,981) | 31,093) | 44,872) |
| Dec 31, 2021 | 43,572) | 107,705) | 33,670) | 47,112) |
| Dec 31, 2020 | 36,022) | 105,065) | 32,919) | 50,321) |
| Dec 31, 2019 | 40,138) | 110,395) | 37,407) | 45,338) |
| Dec 31, 2018 | 31,895) | 112,154) | 42,478) | 41,028) |
| Dec 31, 2017 | 11,009) | 47,999) | 5,439) | 13,711) |
| Dec 31, 2016 | —) | 45,575) | 5,032) | 13,723) |
| Dec 31, 2015 | —) | 44,975) | 5,169) | 12,035) |
| Dec 31, 2014 | —) | 45,017) | 5,152) | 10,774) |
| Dec 31, 2013 | —) | 43,659) | 5,247) | 10,567) |
| Dec 31, 2012 | —) | 43,851) | 5,187) | 9,769) |
| Dec 31, 2011 | —) | 42,703) | 5,094) | 8,344) |
| Dec 31, 2010 | —) | 39,019) | 2,840) | 6,645) |
| Dec 31, 2009 | —) | 37,584) | 2,540) | 5,417) |
| Dec 31, 2008 | —) | 37,814) | 2,391) | 3,592) |
| Dec 31, 2007 | —) | 35,317) | 1,793) | 4,748) |
| Dec 31, 2006 | —) | 38,069) | 1,676) | 4,330) |
| Dec 31, 2005 | —) | 39,503) | 1,438) | 5,360) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial structure of the organization experienced two distinct phases between 2005 and 2024. From 2005 to 2017, the balance sheet exhibited moderate growth and relative stability. However, a structural pivot occurred in 2018, characterized by a substantial and simultaneous increase in total liabilities, total debt, and shareholders' equity, indicating a major corporate action or capital restructuring event.
- Total Liabilities and Debt Dynamics
- Total liabilities remained relatively stable, fluctuating between 35 billion and 48 billion US dollars from 2005 through 2017. A sharp increase occurred in 2018, with liabilities rising to 112.15 billion US dollars. Following this spike, the total remained elevated, closing at 114.64 billion US dollars in 2024. Total debt mirrored this pattern, growing slowly from 1.44 billion US dollars in 2005 to 5.44 billion US dollars in 2017, before surging to 42.48 billion US dollars in 2018. Since 2018, total debt has trended slightly downward, stabilizing around 31.97 billion US dollars by 2024.
- Shareholders' Equity Trajectory
- Shareholders' equity demonstrated steady growth in the first phase, rising from 5.36 billion US dollars in 2005 to 13.71 billion US dollars in 2017. In 2018, equity increased dramatically to 41.03 billion US dollars. This upward trend continued to a peak of 50.32 billion US dollars in 2020, after which a gradual decline was observed, with equity returning to 41.03 billion US dollars by the end of 2024.
- Current Liabilities Analysis
- From 2017 onward, there is a consistent and significant increase in current liabilities. Starting at 11.01 billion US dollars in 2017, these short-term obligations grew to 57.98 billion US dollars by 2024. This represents a substantial increase in the proportion of total liabilities that are due within one year, suggesting a shift in the composition of the company's obligations toward shorter-term maturities.
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Cash Flow Statement
Cigna Group, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 10,363) | (2,102) | (7,647) |
| Dec 31, 2023 | 11,813) | (5,174) | (4,294) |
| Dec 31, 2022 | 8,656) | 3,098) | (11,240) |
| Dec 31, 2021 | 7,191) | (3,611) | (8,212) |
| Dec 31, 2020 | 10,350) | 2,976) | (8,533) |
| Dec 31, 2019 | 9,485) | (734) | (7,187) |
| Dec 31, 2018 | 3,770) | (26,378) | 23,515) |
| Dec 31, 2017 | 4,086) | (1,703) | (2,651) |
| Dec 31, 2016 | 4,026) | (2,574) | (225) |
| Dec 31, 2015 | 2,717) | (1,599) | (530) |
| Dec 31, 2014 | 1,994) | (1,755) | (1,582) |
| Dec 31, 2013 | 719) | 15) | (930) |
| Dec 31, 2012 | 2,350) | (3,857) | (228) |
| Dec 31, 2011 | 1,491) | (1,270) | 2,867) |
| Dec 31, 2010 | 1,743) | (1,342) | 274) |
| Dec 31, 2009 | 745) | (1,485) | 307) |
| Dec 31, 2008 | 1,656) | (2,572) | 314) |
| Dec 31, 2007 | 1,342) | 269) | (1,041) |
| Dec 31, 2006 | 642) | 1,548) | (2,513) |
| Dec 31, 2005 | 718) | 258) | (1,785) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile of the organization reflects a transition from moderate growth to high-scale cash generation over the nineteen-year period analyzed. Operating cash flows demonstrate a significant upward trajectory, particularly accelerating after 2017, indicating a substantial expansion in the company's ability to generate liquidity from its core business operations.
- Operating Activities
- Net cash provided by operating activities grew from 718 million in 2005 to 10.36 billion in 2024. While the growth was characterized by volatility between 2005 and 2017, including a notable dip in 2013, a structural shift occurred in 2019. From 2019 onward, operating cash flows remained consistently above 7 billion, peaking at 11.81 billion in 2022. This suggests a heightened operational efficiency or a significant increase in the scale of the business model during the latter part of the decade.
- Investing Activities
- Investing activities were predominantly characterized by cash outflows, consistent with ongoing capital expenditures or acquisitions. A massive outlier occurred in 2018, with a net cash use of 26.38 billion, indicating a major strategic investment or acquisition. In more recent years, investing cash flows have fluctuated, with positive inflows in 2020 and 2022, contrasted by an outflow of 5.17 billion in 2023.
- Financing Activities
- Financing activities show a long-term trend of net cash outflows, suggesting a priority on debt repayment, dividend distributions, or share repurchases. The most significant anomaly occurred in 2018, where a cash inflow of 23.52 billion was recorded, likely providing the funding necessary for the concurrent investment surge seen in the same period. Following this event, financing activities returned to a consistent negative trend, with outflows reaching a peak of 11.24 billion in 2022.
The overall financial strategy appears to have evolved toward utilizing strong operating cash flows to fund both strategic investments and aggressive capital returns to shareholders or creditors. The synergy between the 2018 financing inflow and investing outflow highlights a period of significant corporate restructuring or expansion, while the post-2019 period emphasizes robust organic cash generation.
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Per Share Data
Cigna Group, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 12.25 | 12.12 | 5.60 |
| Dec 31, 2023 | 17.57 | 17.39 | 4.92 |
| Dec 31, 2022 | 21.54 | 21.30 | 4.48 |
| Dec 31, 2021 | 15.87 | 15.73 | 4.00 |
| Dec 31, 2020 | 23.17 | 22.96 | 0.04 |
| Dec 31, 2019 | 13.58 | 13.44 | 0.04 |
| Dec 31, 2018 | 10.69 | 10.54 | 0.04 |
| Dec 31, 2017 | 8.92 | 8.77 | 0.04 |
| Dec 31, 2016 | 7.31 | 7.19 | 0.04 |
| Dec 31, 2015 | 8.17 | 8.04 | 0.04 |
| Dec 31, 2014 | 7.97 | 7.83 | 0.04 |
| Dec 31, 2013 | 5.28 | 5.18 | 0.04 |
| Dec 31, 2012 | 5.70 | 5.61 | 0.04 |
| Dec 31, 2011 | 4.90 | 4.84 | 0.04 |
| Dec 31, 2010 | 4.93 | 4.89 | 0.04 |
| Dec 31, 2009 | 4.75 | 4.73 | 0.04 |
| Dec 31, 2008 | 1.06 | 1.05 | 0.04 |
| Dec 31, 2007 | 3.94 | 3.87 | 0.04 |
| Dec 31, 2006 | 3.49 | 3.43 | 0.03 |
| Dec 31, 2005 | 4.25 | 4.17 | 0.03 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance of the Cigna Group from 2005 through 2024 is characterized by long-term earnings growth punctuated by periods of significant volatility and a fundamental shift in capital return strategy.
- Earnings Per Share Trends
- Basic and diluted earnings per share followed a similar trajectory over the two-decade period. A notable contraction occurred in 2008, where basic earnings fell to 1.06 USD, the lowest point in the recorded period. This was followed by a recovery phase between 2009 and 2013, with values stabilizing between 4.70 USD and 5.70 USD. A period of accelerated growth began in 2014, with basic earnings rising from 7.97 USD to 13.58 USD by 2019.
- Extreme volatility is observed between 2020 and 2024. Earnings peaked in 2020 at 23.17 USD, experienced a correction in 2021, peaked again in 2022 at 21.54 USD, and subsequently declined to 12.25 USD by the end of 2024.
- Dividend Distribution Strategy
- For the majority of the period between 2005 and 2017, the dividend per share remained nominal and stagnant, fluctuating minimally between 0.03 USD and 0.04 USD. This indicates a historical preference for retaining earnings or utilizing share repurchases over cash dividends.
- A structural change in dividend policy is evident starting in 2021, with the dividend increasing sharply to 4.00 USD. This upward trend has continued consistently through 2024, reaching 5.60 USD, signaling a strategic pivot toward returning significant capital to shareholders via direct cash payments.
- Dilution Analysis
- The variance between basic and diluted earnings per share has remained consistently narrow across the entire timeline. This suggests that the impact of potentially dilutive securities, such as stock options or convertible bonds, has been minimal and has not significantly eroded the value available to common shareholders.
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