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Side-by-side financial comparison of Cigna (CI) and McKesson Corporation (MCK). Click either name above to swap in a different company.
McKesson Corporation is the larger business by last-quarter revenue ($106.2B vs $72.5B, roughly 1.5× Cigna). Cigna runs the higher net margin — 1.8% vs 1.1%, a 0.6% gap on every dollar of revenue. On growth, McKesson Corporation posted the faster year-over-year revenue change (11.4% vs 10.4%). Over the past eight quarters, McKesson Corporation's revenue compounded faster (17.9% CAGR vs 12.5%).
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.
McKesson Corporation is an American publicly traded company that distributes pharmaceuticals and provides health information technology, medical supplies, and health management tools. The company delivers a third of all pharmaceutical products used or consumed in North America and employs over 80,000 employees. With $308.9 billion in 2024 revenue, it is the ninth-largest company by revenue in the United States and the nation's largest health care company.
CI vs MCK — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $72.5B | $106.2B |
| Net Profit | $1.3B | $1.2B |
| Gross Margin | 20.3% | 3.5% |
| Operating Margin | 3.2% | 1.5% |
| Net Margin | 1.8% | 1.1% |
| Revenue YoY | 10.4% | 11.4% |
| Net Profit YoY | -17.1% | 34.9% |
| EPS (diluted) | $4.64 | $9.59 |
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 | $106.2B | ||
| Q3 25 | $69.7B | $103.2B | ||
| Q2 25 | $67.2B | $97.8B | ||
| Q1 25 | $65.5B | $90.8B | ||
| Q4 24 | $65.6B | $95.3B | ||
| Q3 24 | $63.7B | $93.7B | ||
| Q2 24 | $60.5B | $79.3B | ||
| Q1 24 | $57.3B | $76.4B |
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.6B | $784.0M | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.5B | $879.0M | ||
| Q3 24 | $825.0M | $241.0M | ||
| Q2 24 | $1.6B | $915.0M | ||
| Q1 24 | $-212.0M | $791.0M |
| Q4 25 | 20.3% | 3.5% | ||
| Q3 25 | 20.4% | 3.4% | ||
| Q2 25 | 20.7% | 3.4% | ||
| Q1 25 | 26.1% | 4.0% | ||
| Q4 24 | 25.3% | 3.4% | ||
| Q3 24 | 25.3% | 3.5% | ||
| Q2 24 | 26.5% | 4.0% | ||
| Q1 24 | 27.6% | 4.7% |
| Q4 25 | 3.2% | 1.5% | ||
| Q3 25 | 3.7% | 1.4% | ||
| Q2 25 | 3.4% | 1.1% | ||
| Q1 25 | 3.0% | 1.8% | ||
| Q4 24 | 3.3% | 1.3% | ||
| Q3 24 | 4.0% | 0.6% | ||
| Q2 24 | 4.0% | 1.3% | ||
| Q1 24 | 3.9% | 1.6% |
| Q4 25 | 1.8% | 1.1% | ||
| Q3 25 | 2.8% | 1.1% | ||
| Q2 25 | 2.4% | 0.8% | ||
| Q1 25 | 2.2% | 1.4% | ||
| Q4 24 | 2.3% | 0.9% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 2.7% | 1.2% | ||
| Q1 24 | -0.4% | 1.0% |
| Q4 25 | $4.64 | $9.59 | ||
| Q3 25 | $6.98 | $8.92 | ||
| Q2 25 | $5.71 | $6.25 | ||
| Q1 25 | $4.85 | $9.90 | ||
| Q4 24 | $5.01 | $6.95 | ||
| Q3 24 | $2.63 | $1.87 | ||
| Q2 24 | $5.45 | $7.00 | ||
| Q1 24 | $-0.97 | $6.03 |
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 | $3.0B |
| Total DebtLower is stronger | $30.9B | $5.4B |
| Stockholders' EquityBook value | $41.7B | $-1.3B |
| Total Assets | $157.9B | $84.2B |
| Debt / EquityLower = less leverage | 0.74× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7B | $3.0B | ||
| Q3 25 | $6.9B | $4.0B | ||
| Q2 25 | $5.1B | $2.4B | ||
| Q1 25 | $9.1B | $5.7B | ||
| Q4 24 | $8.2B | $1.1B | ||
| Q3 24 | $6.8B | $2.5B | ||
| Q2 24 | $7.9B | $2.3B | ||
| Q1 24 | $9.5B | $4.6B |
| Q4 25 | $30.9B | $5.4B | ||
| Q3 25 | $30.9B | $6.0B | ||
| Q2 25 | $26.5B | $6.5B | ||
| Q1 25 | $26.5B | $4.5B | ||
| Q4 24 | $28.9B | $4.4B | ||
| Q3 24 | $30.2B | $5.7B | ||
| Q2 24 | $30.2B | $5.6B | ||
| Q1 24 | $31.1B | $5.6B |
| Q4 25 | $41.7B | $-1.3B | ||
| Q3 25 | $41.8B | $-1.7B | ||
| Q2 25 | $40.2B | $-2.0B | ||
| Q1 25 | $40.2B | $-2.1B | ||
| Q4 24 | $41.0B | $-3.1B | ||
| Q3 24 | $42.1B | $-3.0B | ||
| Q2 24 | $41.3B | $-1.8B | ||
| Q1 24 | $41.2B | $-2.0B |
| Q4 25 | $157.9B | $84.2B | ||
| Q3 25 | $157.9B | $84.2B | ||
| Q2 25 | $151.7B | $81.3B | ||
| Q1 25 | $150.7B | $75.1B | ||
| Q4 24 | $155.9B | $71.1B | ||
| Q3 24 | $157.6B | $72.4B | ||
| Q2 24 | $155.4B | $71.7B | ||
| Q1 24 | $153.1B | $67.4B |
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.74× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.73× | — | ||
| Q1 24 | 0.75× | — |
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 | $1.2B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 1.1% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 4.83× | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $10.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.1B | $1.2B | ||
| Q3 25 | $3.4B | $2.4B | ||
| Q2 25 | $-1.9B | $-918.0M | ||
| Q1 25 | $1.9B | $7.7B | ||
| Q4 24 | $5.2B | $-2.4B | ||
| Q3 24 | $46.0M | $2.1B | ||
| Q2 24 | $265.0M | $-1.4B | ||
| Q1 24 | $4.8B | $4.1B |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $-1.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $-2.5B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $-1.5B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | -2.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | 4.83× | 1.04× | ||
| Q3 25 | 1.73× | 2.18× | ||
| Q2 25 | -1.16× | -1.17× | ||
| Q1 25 | 1.36× | 6.15× | ||
| Q4 24 | 3.39× | -2.71× | ||
| Q3 24 | 0.06× | 8.71× | ||
| Q2 24 | 0.16× | -1.51× | ||
| Q1 24 | — | 5.24× |
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% |
MCK
| North American Pharmaceutical Segment | $88.3B | 83% |
| Oncology And Multispecialty Segment | $13.0B | 12% |
| Medical Surgical Solutions Segment | $3.0B | 3% |
| Prescription Technology Solutions Segment | $1.5B | 1% |
