Cigna dividend: payment, cash and yield
Cigna's dividend per share reached $6.00 in 2025. After about $1.2 billion of capital expenditure, roughly $8.4 billion remained before acquisitions, distributions and debt repayment.
How much does Cigna pay per share?
Evernorth revenue rose from $131,912 million in 2021 to $234,953 million in 2025. Adjusted income rose from $5,818 million in 2021 to $7,221 million in 2025. The key turn is adjusted revenue margin: 3.1% in 2025 versus 3.5% in 2024. Diluted shares fell 5.2% in 2025, while dividends per share reached $6.00 and buybacks per share were $13.48.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends, per share | 6.00 | 5.53 | 4.89 | 4.43 | 3.95 |
| − Share buybacks, per share | 13.48 | 24.84 | 7.69 | 24.30 | 22.71 |
| Book value per share | 158.33 | ||||
| Diluted shares (average of the year), change | -5.2% | -4.6% | -5.2% | -8.2% | -7.4% |
What this means. Our dividend per share can differ from Cigna's declared dividend per common share because we divide declared dividends by the year's average diluted share count, while Cigna uses the shares entitled to receive the dividend.
Does Cigna's dividend fit its cash generation?
After about $1.2 billion of capital expenditure, roughly $8.4 billion remained before acquisitions, distributions and debt repayment. Cigna does not separately identify the minimum maintenance portion of that spending.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends declared on common shares | 1,611 | 1,567 | 1,452 | 1,387 | 1,347 |
| − Share buybacks | 3,621 | 7,034 | 2,284 | 7,607 | 7,742 |
| Acquisitions | 597 | 131 | 447 | 0 | 1,833 |
| New shares sold | 203 | 305 | 187 | 389 | 326 |
| Diluted shares | 268.563 | 283.218 | 296.882 | 313.065 | 340.966 |
What this means. Diluted shares include shares that could still be created, so the count is not just the number of shares currently owned by investors.
What could change Cigna's dividend?
Dividends rise from $6.70 to $8.10 per share in the base case. The bear case holds at $6.10, while the bull case reaches $9.10. The base follows roughly 10% annual growth from the implied 2026 run rate, supported by a five-year record of increases from $4.00 to $6.04.
The bear freeze reflects weak cash conversion, debt service and regulated capital limits. The bull path assumes cash generation near the upper end of management’s ambition, although the company’s EPS target is not a dividend commitment.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 8,805 (8,846 / 8,805) | 9,648 (9,015 / 9,923) | 10,573 (9,195 / 11,181) |
| Shares (millions) | 260 (264 / 256) | 255 (265 / 249) | 250 (265 / 241) |
| Dividends per share | 6.70 (6.10 / 7.00) | 7.40 (6.10 / 8.00) | 8.10 (6.10 / 9.10) |
| Price to earnings | 9.00 (8.50 / 9.50) | 9.00 (8.00 / 10.00) | 9.00 (7.50 / 10.50) |
What is Cigna's dividend yield against its share price?
Debt narrows the room for error because cash used for interest, repayment and insurance capital cannot also fund buybacks. Management still expected debt capitalization to move closer to its 40% target. The 2.1% dividend yield is tangible, but its support depends on multi-year cash generation after debt and regulatory capital needs.