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Side-by-side financial comparison of Cigna (CI) and CVS Health (CVS). Click either name above to swap in a different company.
CVS Health is the larger business by last-quarter revenue ($105.7B vs $72.5B, roughly 1.5× Cigna). CVS Health runs the higher net margin — 2.8% vs 1.8%, a 1.0% gap on every dollar of revenue. On growth, Cigna posted the faster year-over-year revenue change (10.4% vs 8.2%). Over the past eight quarters, Cigna's revenue compounded faster (12.5% CAGR vs 9.3%).
The Cigna Group is an American multinational for-profit managed healthcare and insurance company based in Bloomfield, Connecticut. Cigna's insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups.
CVS Health Corporation is an American multinational healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's second largest healthcare company, behind UnitedHealth Group. In 2023, the company was ranked 64th in the Forbes Global 2000. CVS started in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland.
CI vs CVS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $72.5B | $105.7B |
| Net Profit | $1.3B | $2.9B |
| Gross Margin | 20.3% | 44.1% |
| Operating Margin | 3.2% | 2.0% |
| Net Margin | 1.8% | 2.8% |
| Revenue YoY | 10.4% | 8.2% |
| Net Profit YoY | -17.1% | 79.0% |
| EPS (diluted) | $4.64 | $2.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $72.5B | $105.7B | ||
| Q3 25 | $69.7B | $102.9B | ||
| Q2 25 | $67.2B | $98.9B | ||
| Q1 25 | $65.5B | $94.6B | ||
| Q4 24 | $65.6B | $97.7B | ||
| Q3 24 | $63.7B | $95.4B | ||
| Q2 24 | $60.5B | $91.2B | ||
| Q1 24 | $57.3B | $88.4B |
| Q4 25 | $1.3B | $2.9B | ||
| Q3 25 | $2.0B | $-4.0B | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $825.0M | $87.0M | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $-212.0M | $1.1B |
| Q4 25 | 20.3% | 44.1% | ||
| Q3 25 | 20.4% | 44.5% | ||
| Q2 25 | 20.7% | 45.4% | ||
| Q1 25 | 26.1% | 46.0% | ||
| Q4 24 | 25.3% | 43.4% | ||
| Q3 24 | 25.3% | 44.5% | ||
| Q2 24 | 26.5% | 45.2% | ||
| Q1 24 | 27.6% | 45.6% |
| Q4 25 | 3.2% | 2.0% | ||
| Q3 25 | 3.7% | -3.1% | ||
| Q2 25 | 3.4% | 2.4% | ||
| Q1 25 | 3.0% | 3.6% | ||
| Q4 24 | 3.3% | 2.4% | ||
| Q3 24 | 4.0% | 0.9% | ||
| Q2 24 | 4.0% | 3.3% | ||
| Q1 24 | 3.9% | 2.6% |
| Q4 25 | 1.8% | 2.8% | ||
| Q3 25 | 2.8% | -3.9% | ||
| Q2 25 | 2.4% | 1.0% | ||
| Q1 25 | 2.2% | 1.9% | ||
| Q4 24 | 2.3% | 1.7% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 2.7% | 1.9% | ||
| Q1 24 | -0.4% | 1.3% |
| Q4 25 | $4.64 | $2.31 | ||
| Q3 25 | $6.98 | $-3.13 | ||
| Q2 25 | $5.71 | $0.80 | ||
| Q1 25 | $4.85 | $1.41 | ||
| Q4 24 | $5.01 | $1.30 | ||
| Q3 24 | $2.63 | $0.07 | ||
| Q2 24 | $5.45 | $1.41 | ||
| Q1 24 | $-0.97 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.7B | $10.6B |
| Total DebtLower is stronger | $30.9B | $60.5B |
| Stockholders' EquityBook value | $41.7B | $75.2B |
| Total Assets | $157.9B | $253.5B |
| Debt / EquityLower = less leverage | 0.74× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7B | $10.6B | ||
| Q3 25 | $6.9B | $11.2B | ||
| Q2 25 | $5.1B | $14.2B | ||
| Q1 25 | $9.1B | $12.7B | ||
| Q4 24 | $8.2B | $11.0B | ||
| Q3 24 | $6.8B | $9.7B | ||
| Q2 24 | $7.9B | $16.3B | ||
| Q1 24 | $9.5B | $13.1B |
| Q4 25 | $30.9B | $60.5B | ||
| Q3 25 | $30.9B | $60.5B | ||
| Q2 25 | $26.5B | $57.3B | ||
| Q1 25 | $26.5B | $59.0B | ||
| Q4 24 | $28.9B | $60.5B | ||
| Q3 24 | $30.2B | $59.8B | ||
| Q2 24 | $30.2B | $62.6B | ||
| Q1 24 | $31.1B | $57.7B |
| Q4 25 | $41.7B | $75.2B | ||
| Q3 25 | $41.8B | $72.9B | ||
| Q2 25 | $40.2B | $77.4B | ||
| Q1 25 | $40.2B | $76.9B | ||
| Q4 24 | $41.0B | $75.6B | ||
| Q3 24 | $42.1B | $74.9B | ||
| Q2 24 | $41.3B | $74.9B | ||
| Q1 24 | $41.2B | $74.0B |
| Q4 25 | $157.9B | $253.5B | ||
| Q3 25 | $157.9B | $255.3B | ||
| Q2 25 | $151.7B | $258.3B | ||
| Q1 25 | $150.7B | $255.6B | ||
| Q4 24 | $155.9B | $253.2B | ||
| Q3 24 | $157.6B | $252.4B | ||
| Q2 24 | $155.4B | $252.5B | ||
| Q1 24 | $153.1B | $249.7B |
| Q4 25 | 0.74× | 0.80× | ||
| Q3 25 | 0.74× | 0.83× | ||
| Q2 25 | 0.66× | 0.74× | ||
| Q1 25 | 0.66× | 0.77× | ||
| Q4 24 | 0.71× | 0.80× | ||
| Q3 24 | 0.72× | 0.80× | ||
| Q2 24 | 0.73× | 0.84× | ||
| Q1 24 | 0.75× | 0.78× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.1B | $3.4B |
| Free Cash FlowOCF − Capex | — | $2.6B |
| FCF MarginFCF / Revenue | — | 2.5% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | 4.83× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $7.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.1B | $3.4B | ||
| Q3 25 | $3.4B | $796.0M | ||
| Q2 25 | $-1.9B | $1.9B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $5.2B | $1.9B | ||
| Q3 24 | $46.0M | $-745.0M | ||
| Q2 24 | $265.0M | $3.1B | ||
| Q1 24 | $4.8B | $4.9B |
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $98.0M | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $-1.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $4.2B |
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | 4.83× | 1.15× | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | -1.16× | 1.86× | ||
| Q1 25 | 1.36× | 2.56× | ||
| Q4 24 | 3.39× | 1.13× | ||
| Q3 24 | 0.06× | -8.56× | ||
| Q2 24 | 0.16× | 1.75× | ||
| Q1 24 | — | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CI
| Network Pharmacy | $34.3B | 47% |
| Home Delivery And Specialty | $21.1B | 29% |
| Cigna Healthcare | $9.4B | 13% |
| Services | $4.5B | 6% |
| Other Pharmacy | $3.4B | 5% |
| Service Other | $144.0M | 0% |
CVS
| Health Care Benefits Segment | $36.3B | 34% |
| Premiums | $34.0B | 32% |
| Sales Channel Directly To Consumer | $21.3B | 20% |
| Front Store Revenue | $5.7B | 5% |
| Services | $4.0B | 4% |
| Sales Channel Other | $2.4B | 2% |
| Other | $1.8B | 2% |
| Corporate And Other Segment | $13.0M | 0% |
