Cigna Raises 2026 Earnings Outlook to $30.60 per Share, Reports Strong Third-Quarter Results
Key Facts
Cigna raised its 2026 adjusted operating income outlook to at least $30.60 per share, up $0.15 from its previous forecast, as it reported third-quarter results on November 5. The company said quarterly revenue rose 6% year over year to $73.683 billion, compared with $69.748 billion in the same period of 2025. It attributed revenue growth to the performance of Evernorth Health Services and Cigna Healthcare. In its results statement, the company reiterated its multiyear Accelerate to One initiative, which aims to modernize operations and increase productivity through announced investments or savings of $3 billion. Cigna announced the initiative at its September 30 Investor Day as part of its Lead to One vision, and its inclusion in the results statement places it within a broader plan to improve productivity and support growth.
The company's business units posted mixed results for the quarter. Adjusted revenue at Cigna Healthcare rose 9% from the third quarter of 2025, which the company attributed mainly to premium increases that covered expected growth in medical costs. The segment's adjusted pretax income also rose 15% year over year, driven mainly by higher investment income and improved operating efficiency. By contrast, adjusted pretax income at pharmacy benefit services fell 22%, despite a 9% rise in adjusted revenue, according to the company's statement. Cigna attributed the unit's lower earnings mainly to large contract renewals and strategic investments. It said growth at Cigna Healthcare and specialty and care services partly offset the lower contribution from pharmacy benefit services to group results.
Cigna Healthcare's medical care ratio was 85.0% in the third quarter, compared with 84.8% in the same quarter a year earlier. The company attributed the increase mainly to the mix of its U.S. employer business. On the balance sheet, the debt-to-capital ratio was 41.8% on September 30, 2026, versus 44.9% on the same date in 2025 and 43.0% at the end of 2025. Cigna said it had repurchased 1.8 million shares from the start of the year through November 4, for about $500 million. These indicators offer a parallel view of revenue growth: operating performance varied across units, while the debt-to-capital ratio declined and share repurchases continued during the year.
Cigna shares, listed under the ticker CI, closed at $301.48 on November 5, compared with a close of $305.41 in the previous session. The comparison shows a decline between the two closes, but does not on its own establish when the move occurred during the results-announcement session or what caused it. The available EL7 data did not include reliable session high and low prices, so the trading account here is limited to the recorded closing prices. The daily comparison came as the company raised its annual outlook and reported results across its different segments. In its statement, the company did not link the share-price move to the productivity program or to the results of any particular unit.
Cigna places the productivity initiative within its long-term financial goals, announced at its Investor Day in September. Those goals include compound annual growth in adjusted earnings per share of between 10% and 14% through 2030, and cumulative operating cash flow of about $50 billion over the same period. Chief Executive Brian Evanko said the company's priorities are to "drive core growth, leverage our distinctive capabilities, and execute with discipline," linking progress on the initiative to productivity improvements, cost reductions and long-term earnings growth. Accelerate to One aims to modernize operations and increase productivity over several years as part of the Lead to One vision presented to investors. The November 5 statement brought the initiative back into the quarterly results, while its stated target remains multiyear through 2030.
For 2027, Cigna said it expects adjusted earnings-per-share growth of at least 10%. Coverage pointed to potential headwinds including the shrinking pharmacy discount pools, reduced employer coverage of GLP-1 drugs and an exit from the ACA market. This puts next year's growth outlook alongside a long-term path targeting compound annual growth of between 10% and 14% through 2030. In its November 5 statement, the company raised the lower end of its 2026 adjusted operating income outlook to $30.60 per share. Its guidance combines a higher estimate for the current year with an expectation of continued earnings-per-share growth next year, while noting factors that could weigh on performance.