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Cigna cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.6B in Q3 2026 · $9.4B over twelve months

Operating cash flow$2.6B
Free cash flow+$2.6B
Cash / net income1.5×
Cash conversion cycle32 days

Analysis

In Q3 2026, Cigna generated $2.6B of operating cash flow. That is $847M less than in Q3 2025 ($3.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.4B; the largest uses were other investing ($3.5B), net borrowing (+) / repaid (−) ($3.1B), dividends ($1.6B); besides operations, cash came from asset & business sales ($664M), shares issued ($216M); the cash balance rose by $141M.

Operating cash flow was $2.6B against net income of $1.7B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$867M, receivables −$726M, inventory +$292M.

Its cash conversion cycle was 32 days (receivables 39 + inventory 9 − payables 16).

Free cash flow

Cigna: free cash flow by quarterCigna: free cash flow by quarter$5.2BQ4 2024$1.9BQ1 2025−$1.9BQ2 2025$3.4BQ3 2025$6.1BQ4 2025$1.1BQ1 2026−$421MQ2 2026$2.6BQ3 2026
Operating cash flow less capital spending.
Cigna: operating cash flow against capital spendingCigna: operating cash flow against capital spendingOperating cash flowCapital spending$5.2B$0Q4 2024$1.9B$0Q1 2025−$1.9B$0Q2 2025$3.4B$0Q3 2025$6.1B$0Q4 2025$1.1B$0Q1 2026−$421M$0Q2 2026$2.6B$0Q3 2026
Latest (Q3 2026): Operating cash flow $2.6B, Capital spending $0.

Capital allocation, year by year

Cigna: where the cash came from (up) and went (down), by fiscal yearCigna: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $7.2BFY2021: Net borrowing −$340MFY2021: Shares issued $326MFY2021: Asset sales −$61.0MFY2021: Acquisitions −$1.8BFY2021: Buybacks −$7.7BFY2021: Dividends −$1.3B$7.5BFY2021FY2022: Operating cash flow $8.7BFY2022: Net borrowing −$533MFY2022: Shares issued $389MFY2022: Asset sales $4.8BFY2022: Buybacks −$7.6BFY2022: Dividends −$1.4B$13.9BFY2022FY2023: Operating cash flow $11.8BFY2023: Net borrowing −$1.5BFY2023: Shares issued $187MFY2023: Asset sales $13.0MFY2023: Acquisitions −$447MFY2023: Buybacks −$2.3BFY2023: Dividends −$1.4B$12.0BFY2023FY2024: Operating cash flow $10.4BFY2024: Net borrowing $1.5BFY2024: Shares issued $305MFY2024: Asset sales $521MFY2024: Acquisitions −$131MFY2024: Buybacks −$7.0BFY2024: Dividends −$1.6B$12.7BFY2024FY2025: Operating cash flow $9.6BFY2025: Net borrowing $261MFY2025: Shares issued $203MFY2025: Asset sales $3.0BFY2025: Acquisitions −$597MFY2025: Buybacks −$3.6BFY2025: Dividends −$1.6B$13.0BFY2025
Over these 5 years operating cash flow totalled $47.6B; the largest uses were buybacks ($28.3B) and dividends ($7.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.3B
Debt$31.1B
Net debt$23.8B
Due within a year$550M

Cigna funds itself: free cash flow was $9.4B over the last twelve months, and $7.3B of cash and investments stands against $31.1B of debt ($550M due within a year, 13.3× covered by cash).

Cigna: debt maturities by year (FY2025)Cigna: debt maturities by year (FY2025)$550MYear 1$2.4BYear 2$3.8BYear 3$1.0BYear 4$2.4BYear 5$21.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $7.3B of cash and investments now.

Where the cash came from and went

Cigna: sources (+) and uses (−) of cash, Q3 2026Cigna: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.6BOther investing−$1.3BOther financing−$774MDividends−$410MBuybacks−$251MCash drawn (+) / kept (−)$144MNet borrowing (+) / repaid (−)−$40.0MShares issued$33.0MExchange rates$1.0M
Cigna: sources (+) and uses (−) of cash, TTM to Q3 2026Cigna: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$9.4BOther investing−$3.5BNet borrowing (+) / repaid (−)−$3.1BDividends−$1.6BBuybacks−$1.5BAsset & business sales$664MOther financing−$347MShares issued$216MCash drawn (+) / kept (−)−$141MExchange rates−$13.0M

From profit to cash

Cigna: net income to operating cash flow, Q3 2026Cigna: net income to operating cash flow, Q3 2026Net income$1.7BDepreciation & amortization$867MReceivables−$726MInventory$292MOther operating capital−$244MOperating cash flow$2.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263991632
Q2 20263691630
Q1 202636111730
Q4 202538101633
Q3 202541101635
Q2 202539101633
Q1 202535111729
Q4 202436111731

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.6B—−$251M−$410M−$40.0M$33.0M$144M$2.6B
Q2 2026−$421M—−$280M−$409M—$101M$724M−$421M
Q1 2026$1.1B——−$417M−$550M$57.0M$656M$1.1B
Q4 2025$6.1B—−$1.0B−$396M−$2.6B$25.0M−$1.7B$6.1B
Q3 2025$3.4B——−$402M$4.4B$37.0M−$1.7B$3.4B
Q2 2025−$1.9B—−$1.1B−$401M−$900M$72.0M$4.0B−$1.9B
Q1 2025$1.9B—−$1.5B−$412M−$700M$69.0M$555M$1.9B
Q4 2024$5.2B$1.0M−$2.0B−$384M—$22.0M−$1.7B$5.2B

Cigna: income statement and cash flow

Cigna, Q3 2026: revenue $73.7B (+6% year over year), operating margin 3.3%. The chart follows the revenue to costs, profit and cash.

Cigna: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.