CI US S&P 500Russell 1000 Earnings call
Cigna (CI) · Q2 2026 results and valuation
Share price: $301.45 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income flat on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+0.4%
Net income vs Q1 2026
Guidance raised
Net income 1.66B vs 1.65B
Revenue +4.6%
2 · How management spoke
Typical
More upbeat than 62% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Cigna plans to exit its individual exchange business at the end of the year as part of its portfolio shaping discipline.
Valuation
Is Cigna undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $513.04 a share — the stock trades 41% below it. Today's price assumes 2.2% growth a year.
Current price
$301.45
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.2% for 10 yrs
Fair value / share
$513.04
Buy below
$384.78
Price vs fair value
Undervalued 41%
Price vs buy-below price
Undervalued 22%
Read between the lines
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Guidance ↑
CI raised its full-year guidance after posting second-quarter adjusted EPS of $7.78.
Source quote
“As a result, in the second quarter, we delivered on our financial commitments with adjusted EPS of $7.78 and are pleased to increase our guidance for full year...”
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Guidance
Second-half adjusted earnings are expected to be split roughly evenly between the third and fourth quarters.
Source quote
“Regarding the earnings cadence, we expect second half adjusted earnings per share to be split roughly evenly between the third and fourth quarter.”
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Figure
Cigna delivered second-quarter revenue of $71.7 billion and adjusted earnings per share of $7.78 as its headline quarterly results.
Source quote
“In the second quarter, The Cigna Group delivered total revenues of $71.7 billion and adjusted earnings per share of $7.78...”
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Fading
Cigna is planning to exit its individual exchange business at the end of this year.
Source quote
“First, we are planning to exit our individual exchange business at the end of this year. In keeping with this portfolio shaping discipline, today, we are announcing 2 additional actions. We did not make this decision lightly and appreciate the importance of ensuring patients have continuity through the transition.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“I'm pleased to share we delivered strong performance in the second quarter as we continue to execute at a high level, drive results and accelerate momentum across our enterprise.”
“The year-over-year growth reflects the strength of our Specialty businesses supported by continued specialty utilization growth and increased biosimilar adoption.”
“We're proud of what we've achieved and are excited about the opportunities ahead.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 71.67B | 68.49B | +4.6% | 67.18B | +6.7% |
| Gross profit | 14.96B | 14.39B | +4.0% | 13.91B | +7.6% |
| Operating income | 2.68B | 2.36B | +13.5% | 2.31B | +16.0% |
| Net income | 1.66B | 1.65B | +0.4% | 1.53B | +8.4% |
| EPS | 6.29 | 6.26 | +0.5% | 5.71 | +10.2% |
| P/E today 11.2 | 11.4 | 11.3 | +0.1 | 18.1 | −6.7 |
Topics
Most discussed now
- The team is making strong progress in the build-out of Cigna's Signature Pharmacy benefits model.
- As noted in its earnings release, when describing its financial results, Cigna uses certain financial measures, including adjusted income…
- Growing expectations for more personalized experiences as people want health care to feel as easy as other areas of...
- As I've stepped into the CEO role, I'm energized by its strategic direction, its execution and the impact Cigna is having...
- The year-over-year growth reflects the strength of Cigna's Specialty businesses supported by continued specialty utilization growth and…
Faded since Q1 2026
- Fading On the other end of the spectrum are the businesses Cigna has divested where the assets no longer support its...
- Dropped Through his 35 years of service with the company, he has left an enduring legacy defined by an unwavering focus...
- Fading Specialty and Care Services showed strong growth with pretax adjusted earnings up 20% to $1.1 billion.
- Fading This performance reflects continued momentum in Cigna's fastest-growing business, including strong demand for specialty drugs and increased…
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K