Evernorth SG&A expense ratio measures segment selling, general and administrative expense as a percentage of adjusted revenue.
Evernorth reported a 1.7% SG&A expense ratio in the second quarter of 2026, down 20 basis points from 1.9% a year earlier.
Higher adjusted revenue improved the expense ratio
Cigna said the ratio decline primarily reflected higher adjusted revenue.
That does not mean every operating cost declined in absolute dollars.
SG&A ratio and pre-tax margin answer different questions
SG&A captures one expense layer, while pre-tax margin also reflects pharmacy and other service costs and additional segment economics.
Read it with Evernorth pre-tax margin and total pharmacy revenue growth.
Primary source: Cigna Q2 2026 Form 10-Q.
Part of the Pharmacy Benefit & Specialty Care Economics
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- CIOpen operating-model research →10 of 10 reviewed concepts in Pharmacy Benefit & Specialty Care EconomicsSegment expense and pre-tax conversion2 of 2 bridge concepts supportedContinue through this bridge:Evernorth Pre-Tax Margin
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Compare pharmacy services economics
Compare SG&A intensity separately from pharmacy service costs and total pre-tax margin.
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