Cigna Group (CI) · Nov 5, 2026 · Earnings

Cigna earnings beat and guidance raise mask a 22% PBM profit drop

Beat — Adj. EPS $7.98 vs ~$7.46 consensus

Cigna earnings beat expectations and lifted 2026 guidance, though Pharmacy Benefit Services profit declined sharply and customer counts fell.

Cigna is reshaping itself around Evernorth’s pharmacy, specialty-care and benefits capabilities while preparing to exit Individual and Family Plans medical coverage on January 1, 2027. The prior setup already included a $30.45 minimum 2026 adjusted-EPS outlook and a $3 billion modernization program, so this filing is mainly about execution and a modest upgrade rather than a new strategic direction.

The quarter cleared the earnings bar and lifted the floor. Adjusted EPS was $7.98 versus published estimates around $7.46-$7.52, while revenue reached $73.7 billion against an estimate around $73.5 billion. The company also raised its 2026 adjusted-EPS outlook by $0.15 to at least $30.60 and lifted Cigna Healthcare’s segment outlook by $50 million.

	Q3 2026	Q3 2025	Consensus / prior guide
Adjusted EPS (Financial Results)	$7.98 (+1.9%)	$7.83	~$7.46 consensus
Total revenue (Consolidated Financial Results)	$73.683B (+5.6%)	$69.748B	~$73.5B consensus
Adjusted operating income (Consolidated Financial Results)	$2.104B (+0.4%)	$2.096B
FY2026 adjusted EPS outlook (2026 Outlook)	≥$30.60		≥$30.45 prior
FY2026 Cigna Healthcare operating income (2026 Outlook)	≥$4.600B		≥$4.550B prior

The beat was carried by Cigna Healthcare and Specialty, not the pharmacy engine. Cigna Healthcare operating income rose 15% to $1.193 billion, helped by premium increases, investment income and efficiency. Specialty and Care Services operating income rose 15% as biosimilar and specialty-generic adoption supported organic growth.

Evernorth’s most important profit engine is still under pressure. Pharmacy Benefit Services revenue rose 9%, but its operating income fell 22% to $765 million because of large client renewals and strategic investment. That leaves consolidated operating profit essentially flat year over year despite 6% revenue growth, and it makes the guidance raise more dependent on the stronger insurance and specialty businesses offsetting PBM weakness. 〔0〕

The operating picture is mixed beneath the headline beat. Total medical customers grew 2%, but pharmacy customers fell 5% and behavioral customers fell 19% after a government-contract termination; management says the behavioral loss has minimal earnings impact. The Cigna Healthcare medical care ratio also edged up to 85.0% from 84.8%, while the full-year outlook was narrowed to 84.2% plus or minus 25 basis points. 〔1〕

The balance sheet gives the upgrade some support. Debt-to-capitalization improved to 41.8% from 43.0% at year-end, and the company repurchased approximately $500 million of stock through November 4. Those are supportive details, but they do not change the central tension: Cigna is meeting and slightly exceeding near-term targets while its largest Evernorth profit contributor is absorbing renewal pressure and investment spending. 〔2〕

Bottom line: This is a genuine earnings beat and a modest guidance raise, but not a clean acceleration story. Cigna is executing well enough to lift its 2026 floor, while the PBM slowdown keeps the broader turnaround and growth narrative only partially improved.

What to watch next

January 1, 2027 Individual and Family Plans exit

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Cigna earnings beat and guidance raise mask a 22% PBM profit drop

What to watch next

More Cigna Group news

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