CIGNA

Red flags

• Net receivables were $26.2 billion at December 31, 2025, supported by $6.8 billion of allowances versus $5.0 billion a year earlier; pharmaceutical-manufacturer rebate allowances rose to $6.2 billion from $4.3 billion.
• Debt totaled approximately $31.5 billion at year-end, including $30.9 billion long term and $592 million short term; the company issued $4.5 billion of senior notes in September 2025 and used $2.0 billion to repay a term loan, increasing reliance on debt markets.
• The 10 largest retail pharmacy chains account for approximately 47% of stores in the largest network, creating meaningful counterparty and access concentration even though pharmacy contracts are generally terminable on relatively short notice.
• The company has $3.2 billion of investment commitments and $3.1 billion of future service commitments, with $2.1 billion expected to be disbursed in 2026.
• Critical estimates include medical claims reserves and goodwill valuation; the filing states that actual claims may exceed reserves and that changes in projected cash flows or discount rates could materially affect results.