Evernorth Adjusted Revenues

Evernorth adjusted revenues are The Cigna Group's issuer-defined non-GAAP revenue measure for its Evernorth Health Services segment. The measure is useful for following the scale and growth of Evernorth, but investors need to keep the company's adjustment policy, business mix, and disclosed growth bridge separate from GAAP total revenue.

Evernorth reported $61.468B of adjusted revenues in Q2 2026, up from $57.825B a year earlier. The reported increase was $3.643B, or about 6.3% by direct calculation, which Cigna reported as 6% growth after rounding.

Reconcile the total to the two operating businesses

The Q2 2026 Evernorth total reconciles directly to its two reported businesses. Pharmacy Benefit Services adjusted revenues were $34.496B, while Specialty and Care Services adjusted revenues were $26.972B. Together they equal the reported $61.468B Evernorth total.

That mix matters because the two businesses did not grow at the same rate. Pharmacy Benefit Services adjusted revenues increased about 8% from $31.954B, while Specialty and Care Services adjusted revenues increased about 4% from $25.871B. A change in Evernorth's consolidated growth rate can therefore reflect both growth within each business and changes in the relative size of those businesses.

The disclosed growth bridge explains why revenue rose

Cigna attributed roughly +7 percentage points of Q2 Evernorth adjusted-revenue growth to Pharmacy Benefit Services claims composition, about -2 points to lower Pharmacy Benefit Services claim volume, and about +1 point to Specialty and Care Services claim volume. The three disclosed contributions sum to roughly +6 percentage points, matching the rounded headline growth rate.

The bridge is most useful when read as one explanation rather than as three standalone metrics. Claims composition describes changes in the mix of pharmacy claims, while claim-volume contributions describe how changing activity affected total Evernorth revenue growth. These are percentage-point contributions to the consolidated growth rate, not independent business growth rates.

The distinction is especially important for Pharmacy Benefit Services. Pharmacy claim volume declined about 2%, to 537M claims from 548M, while claims composition contributed about +7 points to adjusted-revenue growth. Revenue can therefore rise even when claim count falls if the mix of claims shifts toward higher-revenue activity.

A contribution is not the same thing as the underlying operating rate

The approximately -2-point PBM claim-volume contribution happened to have the same magnitude as the 2% decline in reported pharmacy claim volume, but the two measures answer different questions. The claim-count measure tracks activity under Cigna's prescription-equivalency convention. The bridge contribution estimates how that activity change affected total Evernorth adjusted-revenue growth.

Likewise, the approximately +1-point Specialty and Care Services claim-volume contribution is not the segment's revenue-growth rate. Specialty and Care Services adjusted revenues increased about 4%. Investors should not substitute a consolidated percentage-point contribution for the underlying business's own growth rate.

The bridge figures and the headline growth rate are also rounded. Although +7, -2, and +1 points align with the reported 6% growth rate, that arithmetic should not be used to infer that every unmentioned influence was exactly zero or to create false precision around any single driver.

Adjusted revenue is not GAAP total revenue

Cigna defines adjusted revenues as total revenues excluding special items and its share of certain equity-method joint-venture investment results. The company uses the measure to describe underlying operating trends, but it is not determined under GAAP and should not replace total revenues when reconciling the consolidated financial statements.

Comparability also depends on definition. Another health-services or PBM company may use a different adjustment policy, business perimeter, claim-count convention, or revenue presentation. For cross-company work, investors should compare the underlying definitions before treating two adjusted-revenue growth rates as equivalent.

Read Evernorth adjusted revenues with the sub-business revenue pages and pharmacy claim volume rather than treating any one bridge component as a durable standalone growth metric.

Primary source: The Cigna Group Q2 2026 Form 10-Q filed with the SEC.

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