Cigna Cigna Week Day 1: Capital Structure

Research evidence excerpt

Cigna Cigna Week Day 1: Capital Structure

J P M O R G A N North America Equity Research

15 May 2026

Cigna Overweight

CI, CI US

Cigna Week Day 1: Capital Structure Price (14 May 26):$294.93

Managed Care and Facilities

We continue our 2026 Company Week & CEO Conference Call Series with Lisa C. Gill AC

Cigna. We will be hosting a conference call on Monday, May 18 at 9:00am ET with (1-212) 622-6466

CI CEO David Cordani. Please reach out to us or your J.P. Morgan sales contact lisa.c.gill@jpmorgan.com

for details. On Day 1, we take a deeper look at CI’s capital structure, key working John Stansel, CFA

capital items, and uses of cash. CI remains well-capitalized with strong free cash (1-212) 622-0083

flow generation providing the flexibility to support internal investments while john.stansel@jpmorgan.com

returning capital to shareholders as Evenorth navigates its business model Benjamin Rossi

transition towards a rebate-free PBM model. (1-212) 622-9603

benjamin.rossi@jpmorgan.com

• Strong Free Cash Flow Generation Facilitates Attractive Dividend, Share Cole Harris

Repurchases, Strategic Investments, and M&A. Since closing the ESRX (1-212) 622-9068

cole.harris@jpmorgan.com

acquisition in 2018, CI has delivered on its plan to lower debt-to-capital to J.P. Morgan Securities LLC

~40%, enabling the company to pursue meaningful dividend growth,

continued share repurchases, and strategic M&A. Since 2023, the company has

deployed ~$4.64 billion towards dividends, ~$12.92 billion towards share

repurchases, and $1.18 billion for M&A. CI expects to generate ~$60B in cash

from operations from 2024-2028. The company plans to deploy ~20-25% of

the $60B towards capex/surplus to fund growth, ~15% toward dividends, and

~60-65% towards strategic M&A, share repurchases, and deleveraging as the