What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-07-30 compared with 2026-04-30 · 266 added, 123 removed, 803 unchanged (33% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

Three Months Ended March 31,

Unaudited Unaudited

Three Months Ended June 30, Six Months Ended June 30,

(In millions, except per share amounts) 2026 2025

11 unchanged sentences

Income from operations

2,676 2,306 5,034 4,277

Interest expense and other ( 356 ) ( 337 ) ( 713 ) ( 699 )

Gain on sale of businesses

Net investment gains (losses)

Net investment (losses) gains

( 69 ) 52 189 50

Income before income taxes

2,257 2,021 4,527 3,669

TOTAL INCOME TAXES 382 389 791 628

1,875 1,632 3,736 3,041

Net income attributable to noncontrolling interests

215 100 422 186

SHAREHOLDERS' NET INCOME $ 1,660 $ 1,532 $ 3,314 $ 2,855

5 unchanged sentences

Consolidated Statements of Comprehensive Income

Three Months Ended March 31,

Unaudited Unaudited

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026

1 unchanged sentence

Other comprehensive income (loss), net of tax

Net unrealized depreciation on securities and derivatives

Net unrealized appreciation on securities and derivatives

249 321 120 221

Net long-duration insurance and contractholder liabilities measurement adjustments ( 1,012 ) ( 609 ) ( 1,647 ) ( 777 )

Net translation (depreciation) appreciation on foreign currencies

Net translation (losses) gains on foreign currencies

( 13 ) 65 ( 48 ) 78

Postretirement benefits liability adjustment 13 ( 3 ) 20 3

2 unchanged sentences

Total comprehensive income

1,112 1,406 2,181 2,566

Net income attributable to other noncontrolling interests 215 100 422 186

4 unchanged sentences

Consolidated Balance Sheets

March 31, As of

June 30, As of

(In millions) 2026 2025

37 unchanged sentences

(1) Par value per share, $ 0.01 ;

shares issued, 406 million as of March 31, 2026 and 405 million as of December 31, 2025;

shares issued, 406 million as of June 30, 2026 and 405 million as of December 31, 2025;

authorized shares, 600 million.

2 unchanged sentences

Consolidated Statements of Changes in Total Equity

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(In millions) Common

7 unchanged sentences

Interests Total

Balance at December 31, 2025 $ 4 $ 31,790 $ ( 2,806 ) $ 47,865 $ ( 35,140 ) $ 41,713 $ 161 $ 41,874

Effects of issuing stock for employee benefit plans 127 ( 76 ) 51 51

Balance at March 31, 2026 $ 4 $ 31,914 $ ( 3,598 ) $ 49,106 $ ( 35,216 ) $ 42,210 $ 232 $ 42,442

Effect of issuing stock for employee benefit plans 178 ( 4 ) 174 174

Other comprehensive loss ( 763 ) ( 763 ) ( 763 )

4 unchanged sentences

Other transactions impacting noncontrolling interests — — ( 157 ) ( 157 )

Balance at March 31, 2026 $ 4 $ 31,914 $ ( 3,598 ) $ 49,106 $ ( 35,216 ) $ 42,210 $ 232 $ 42,442

Three Months Ended March 31, 2025

Balance at June 30, 2026 $ 4 $ 32,092 $ ( 4,361 ) $ 50,355 $ ( 35,470 ) $ 42,620 $ 290 $ 42,910

Three Months Ended June 30, 2025

(In millions) Common

7 unchanged sentences

Interests Total

Balance at March 31, 2025

$ 4 $ 31,443 $ ( 2,590 ) $ 44,434 $ ( 33,065 ) $ 40,226 $ 188 $ 40,414

Effect of issuing stock for employee benefit plans 145 ( 1 ) 144 144

Other comprehensive loss ( 226 ) ( 226 ) ( 226 )

Net income 1,532 1,532 100 1,632

Common dividends declared (per share:

( 402 ) ( 402 ) ( 402 )

Repurchase of common stock — ( 1,060 ) ( 1,060 ) ( 1,060 )

Other transactions impacting noncontrolling interests — — ( 72 ) ( 72 )

Balance at June 30, 2025 $ 4 $ 31,588 $ ( 2,816 ) $ 45,564 $ ( 34,126 ) $ 40,214 $ 216 $ 40,430

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

The Cigna Group

Consolidated Statements of Changes in Total Equity

Six Months Ended June 30, 2026

(In millions) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Retained Earnings Treasury Stock Shareholders' Equity Other Non- controlling Interests Total Equity

Balance at December 31, 2025

7 unchanged sentences

Other transactions impacting noncontrolling interests ( 3 ) ( 3 ) ( 293 ) ( 296 )

Balance at March 31, 2025 $ 4 $ 31,443 $ ( 2,590 ) $ 44,434 $ ( 33,065 ) $ 40,226 $ 188 $ 40,414

Balance at June 30, 2026 $ 4 $ 32,092 $ ( 4,361 ) $ 50,355 $ ( 35,470 ) $ 42,620 $ 290 $ 42,910

Six Months Ended June 30, 2025

(In millions) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Retained Earnings Treasury Stock Shareholders' Equity Other Non- controlling Interests Total Equity

Balance at December 31, 2024

$ 4 $ 31,288 $ ( 2,341 ) $ 43,519 $ ( 31,437 ) $ 41,033 $ 210 $ 41,243

Effect of issuing stock for employee benefit plans 300 ( 108 ) 192 192

Other comprehensive loss ( 475 ) ( 475 ) ( 475 )

Net income 2,855 2,855 186 3,041

Common dividends declared (per share:

( 810 ) ( 810 ) ( 810 )

Repurchase of common stock — ( 2,581 ) ( 2,581 ) ( 2,581 )

Other transactions impacting noncontrolling interests — — ( 180 ) ( 180 )

Balance at June 30, 2025 $ 4 $ 31,588 $ ( 2,816 ) $ 45,564 $ ( 34,126 ) $ 40,214 $ 216 $ 40,430

The accompanying Notes to the Consolidated Financial Statements (unaudited) are an integral part of these statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Three Months Ended March 31,

Six Months Ended June 30,

(In millions) 2026

Cash Flows from Operating Activities

Net income $ 1,861 $ 1,409

$ 3,736 $ 3,041

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 1,305 1,356

Investment (gains) losses, net

Investment gains, net

( 189 ) ( 50 )

Deferred income tax benefit

28 unchanged sentences

NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES

( 1,140 ) 400

Cash Flows from Financing Activities

8 unchanged sentences

NET CASH USED IN FINANCING ACTIVITIES

( 934 ) ( 5,014 )

Effect of foreign currency rate changes on cash, cash equivalents and restricted cash ( 16 ) 35

Net decrease in cash, cash equivalents and restricted cash

( 1,380 ) ( 4,545 )

Cash, cash equivalents and restricted cash January 1, (1)

Cash, cash equivalents and restricted cash March 31, (1)

Cash, cash equivalents and restricted cash June 30, (1)

$ 6,356 $ 4,386

39 unchanged sentences

Healthcare also included the Medicare Advantage and related businesses until the divestiture of such businesses to Health Care Services Corporation ("HCSC") on March 19, 2025 ("HCSC transaction").

In April 2026, the Company announced its planned exit from the Individual and Family Plans medical business as of January 1, 2027.

Other Operations comprises the remainder of our business operations, which includes certain continuing business (corporate-owned life insurance ("COLI")), as well as run-off and other non-strategic businesses.

8 unchanged sentences

These Consolidated Financial Statements were prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Certain goodwill and other intangible assets amounts in the Consolidated Balance Sheet have been reclassified as of March 31, 2026.

Certain goodwill and other intangible assets amounts in the Consolidated Balance Sheet were reclassified in the first quarter of 2026.

Amounts as of June 30, 2026 continue to reflect the reclassified presentation.

Amounts recorded in the Consolidated Financial Statements necessarily reflect management's estimates and assumptions about medical costs, investment, tax and receivable valuations, interest rates, and other factors.

3 unchanged sentences

These interim Consolidated Financial Statements are unaudited but include all adjustments (including normal recurring adjustments) necessary, in the opinion of management, for a fair statement of financial position and results of operations for the periods reported.

The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K").

The Company has not included certain footnote disclosures that would substantially duplicate the disclosures contained in its 2025 Form

10-K, unless the information in those disclosures materially changed or is required by GAAP.

The interim Consolidated Financial Statements and Notes should be read in conjunction with the Consolidated Financial Statements

and Notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K").

The Company has not included certain footnote disclosures that would substantially duplicate the disclosures contained in its 2025 Form 10-K, unless the information in those disclosures materially changed or is required by GAAP.

The preparation of interim Consolidated Financial Statements necessarily relies heavily on estimates.

7 unchanged sentences

The following amounts were included within Accounts receivable, net:

(In millions) March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

Noninsurance customer receivables $ 15,097 $ 14,707

3 unchanged sentences

Total $ 30,800 $ 28,768

These accounts receivable are reported net of our allowances of $ 7.7 billion and $ 6.8 billion as of March 31, 2026 and December 31, 2025, respectively.

These accounts receivable are reported net of our allowances of $ 7.4 billion and $ 6.8 billion as of June 30, 2026 and December 31, 2025, respectively.

These allowances include contractual allowances for certain rebates receivable with pharmaceutical manufacturers and certain accounts receivable from third-party payors, discounts and claims adjustments issued to customers in the form of client credits, an allowance for current expected credit losses, and other non-credit adjustments.

The Company's allowance for current expected credit losses was $ 228 million and $ 199 million as of March 31, 2026 and December 31, 2025, respectively.

The Company's allowance for current expected credit losses was $ 195 million and $ 199 million as of June 30, 2026 and December 31, 2025, respectively.

Accounts Receivable Factoring Facilities

6 unchanged sentences

Factoring fees paid under the Facilities are reflected in Interest expense and other in the Consolidated Statements of Income.

We sold receivables under the Facilities of $ 0.3 billion and $ 1.4 billion for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 and 2025, factoring fees paid were not material.

As of March 31, 2026 and December 31, 2025, all sold accounts receivable had been collected.

As of March 31, 2026, all collections have been remitted to the financial institution.

As of December 31, 2025, there were $ 0.4 billion of collections that had not been remitted to the financial institution.

We sold accounts receivable under the Facilities of $ 1.2 billion and $ 1.3 billion for the three months ended June 30, 2026 and 2025, respectively, and $ 1.5 billion and $ 2.7 billion for the six months ended June 30, 2026 and 2025, respectively.

For the three and six months ended June 30, 2026 and 2025, factoring fees paid were not material.

As of June 30, 2026, there were $ 0.9 billion of sold accounts receivable that have not been collected and have been removed from the Company's Consolidated Balance Sheets.

As of December 31, 2025, all sold accounts receivable had been collected.

As of June 30, 2026 and December 31, 2025, there were $ 0.3 billion and $ 0.4 billion, respectively, of collections that had not been remitted to the financial institution.

Such amounts are recorded within Accrued expenses and other liabilities in the Consolidated Balance Sheets.

1 unchanged sentence

The Company facilitates a voluntary supplier finance program (the "Program") that provides suppliers the opportunity to sell their accounts receivable due from us (i.e., our payment obligations to the suppliers) to a financial institution, on a non-recourse basis, in order to be paid earlier than our payment terms require.

As of March 31, 2026 and December 31, 2025, $ 1.3 billion and $ 1.6 billion, respectively, of the Company's outstanding payment obligations were confirmed as valid within the Program by the financial institution and are reflected in Accounts payable in the Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, $ 1.4 billion and $ 1.6 billion, respectively, of the Company's outstanding payment obligations were confirmed as valid within the Program by the financial institution and are reflected in Accounts payable in the Consolidated Balance Sheets.

The amounts confirmed as valid for both periods are predominately associated with one supplier.

2 unchanged sentences

Three Months Ended

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

(Shares in thousands, dollars in millions, except per share amounts) Basic Effect of

2 unchanged sentences

Shareholders' net income $ 1,660 $ 1,660 $ 1,532 $ 1,532

Weighted average 262,986 262,986 266,181 266,181

Common stock equivalents 976 976 1,973 1,973

Total shares 262,986 976 263,962 266,181 1,973 268,154

Earnings per share $ 6.31 $ ( 0.02 ) $ 6.29 $ 5.76 $ ( 0.05 ) $ 5.71

Six Months Ended

June 30, 2026 June 30, 2025

(Shares in thousands, dollars in millions, except per share amounts) Basic Effect of

Dilution Diluted Basic Effect of

Dilution Diluted

Shareholders' net income

$ 3,314 $ 3,314 $ 2,855 $ 2,855

4 unchanged sentences

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

Anti-dilutive options 2.2 1.5 2.3 1.9

On April 22, 2026 , the Board of Directors of The Cigna Group (the "Board") declared the second quarter cash dividend of $ 1.56 per share of The Cigna Group common stock to be paid on June 18, 2026 to shareholders of record on June 4, 2026 .

On July 22, 2026 , the Board of Directors of The Cigna Group (the "Board") declared the third quarter cash dividend of $ 1.56 per share of The Cigna Group common stock to be paid on September 23, 2026 to shareholders of record on September 8, 2026 .

The Company currently intends to pay regular quarterly dividends, with future declarations subject to approval by the Board and the Board's determination that the declaration of dividends remains in the best interests of The Cigna Group and its shareholders.

The decision of whether to pay future dividends and the amount of any such dividends will be based on the Company's financial position, results of operations, cash flows, capital requirements, the requirements of applicable law and any other factors the Board may deem relevant.

The Company held approximately 141.4 million shares of common stock in treasury as of March 31, 2026, 141.1 million shares as of December 31, 2025 and 134.1 million shares as of March 31, 2025.

The Company held approximately 142.3 million shares of common stock in treasury as of June 30, 2026, 141.1 million shares as of December 31, 2025 and 137.4 million shares as of June 30, 2025.

Note 6 – Debt

Short-Term and Long-Term Debt.

During the three months ended March 31, 2026, the Company repaid $ 550 million 1.250 % senior notes that matured in March 2026.

During the six months ended June 30, 2026, the Company repaid $ 550 million 1.250 % senior notes that matured in March 2026.

For more information regarding our short-term and long-term debt, see Note 7 to the Consolidated Financial Statements in the Company's 2025 Form 10-K.

2 unchanged sentences

Our Credit Agreement provides us with the ability to borrow amounts for general corporate purposes, including providing liquidity support if necessary under our commercial paper program discussed below.

As of March 31, 2026, there was no outstanding balance under the Credit Agreement.

As of June 30, 2026, there was no outstanding balance under the Credit Agreement.

Commercial Paper.

2 unchanged sentences

The net proceeds of issuances have been and are expected to be used for general corporate purposes.

There was no commercial paper balance as of March 31, 2026.

The commercial paper program had approximately $ 1.0 billion outstanding as of June 30, 2026 and an average interest rate of 3.92 %.

Interest Expense.

Interest expense on long-term and short-term debt was $ 357 million for the three months ended March 31, 2026 and $ 362 million for the three months ended March 31, 2025.

Interest expense on long-term and short-term debt was $ 359 million for the three months ended and $ 716 million for the six months ended June 30, 2026, compared with $ 338 million for the three months ended and $ 700 million for the six months ended June 30, 2025.

Note 7 – Insurance and Contractholder Liabilities

1 unchanged sentence

The Company's insurance and contractholder liabilities were comprised of the following:

March 31, 2026 December 31, 2025 March 31, 2025

June 30, 2026 December 31, 2025 June 30, 2025

(In millions) Current Non-current Total Current Non-current Total Total

14 unchanged sentences

This liability reflects estimates of the ultimate cost of claims that have been incurred but not reported, expected development on reported claims, claims that have been reported but not yet paid (reported claims in process), and other medical care expenses and services payable that are primarily comprised of accruals for incentives and other amounts payable to health care professionals and facilities.

The total of incurred but not reported liabilities plus expected development on reported claims and reported claims in process was $ 4.7 billion as of March 31, 2026 and $ 4.4 billion as of March 31, 2025.

The total of incurred but not reported liabilities plus expected development on reported claims and reported claims in process was $ 5.0 billion as of June 30, 2026 and $ 4.5 billion as of June 30, 2025.

Activity, net of intercompany transactions, in the unpaid claims liability for the Cigna Healthcare segment was as follows:

Three Months Ended March 31,

Six Months Ended June 30,

(In millions) 2026

19 unchanged sentences

Variances in incurred costs related to prior years' unpaid claims and claim expenses that resulted from the differences between actual experience and the Company's key assumptions were as follows:

Three Months Ended March 31,

Six Months Ended June 30,

(Dollars in millions) $ % (1)

8 unchanged sentences

The weighted average interest rates applied and duration for future policy benefits in Other Operations, consisting of annuity and life insurance products, were as follows:

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

Interest accretion rate 5.64 % 5.64 %

4 unchanged sentences

therefore, future policy benefit reserves represent the present value of expected future policy benefits, discounted using the current discount rate, and the remaining amortizable deferred profit liability.

Future policy benefits include deferred profit liability of $ 348 million as of March 31, 2026 and $ 359 million as of March 31, 2025.

Future policy benefits excluding deferred profit liability were $ 2.8 billion as of March 31, 2026, $ 2.9 billion as of December 31, 2025, $ 3.0 billion as of March 31, 2025, and $ 2.9 billion as of December 31, 2024.

Undiscounted expected future policy benefits were $ 4.1 billion as of March 31, 2026 and $ 4.3 billion as of March 31, 2025.

As of March 31, 2026 and March 31, 2025, $ 0.8 billion and $ 0.9 billion, respectively, of the future policy benefit reserve was recoverable through treaties with external reinsurers.

Future policy benefits include deferred profit liability of $ 344 million as of June 30, 2026 and $ 353 million as of June 30, 2025.

Future policy benefits excluding deferred profit liability were $ 2.8 billion as of June 30, 2026 and $ 2.9 billion as of December 31, 2025, June 30, 2025, and December 31, 2024.

Undiscounted expected future policy benefits were $ 4.1 billion as of June 30, 2026 and $ 4.2 billion as of June 30, 2025.

As of June 30, 2026 and June 30, 2025, $ 0.8 billion and $ 0.9 billion, respectively, of the future policy benefit reserve was recoverable through treaties with external reinsurers.

Contractholder Deposit Funds

Contractholder deposit fund liabilities within Other Operations were $ 6.0 billion as of March 31, 2026, $ 6.1 billion as of December 31, 2025 and $ 6.3 billion as of both March 31, 2025 and December 31, 2024.

Contractholder deposit fund liabilities within Other Operations were $ 6.0 billion as of June 30, 2026, $ 6.1 billion as of December 31, 2025, $ 6.2 billion as of June 30, 2025 and $ 6.3 billion as of December 31, 2024.

Approximately 37 % of the balance is reinsured externally.

Activity in these liabilities is presented net of reinsurance in the Consolidated Statements of Cash Flows.

As of March 31, 2026, the weighted average crediting rate, net amount at risk and cash surrender value for contractholder deposit fund liabilities not effectively exited through reinsurance were 3.19 %, $ 2.4 billion and $ 2.8 billion, respectively.

The comparative amounts as of March 31, 2025 were 3.20 %, $ 2.8 billion and $ 2.8 billion, respectively.

More than 99 % of the $ 3.8 billion liability as of March 31, 2026 and the $ 4.0 billion liability as of March 31, 2025 not reinsured externally is for contracts with guaranteed interest rates of 3 % - 4 %, and approximately $ 1.2 billion as of both period ends represented contracts with policies at the guarantee.

At these same period ends, $ 1.0 billion and $ 1.2 billion was 50 - 150 basis points ("bps") above the guarantee, and the remaining $ 1.6 billion as of both March 31, 2026 and March 31, 2025 represented contracts above the guarantee that pay the policyholder based on the greater of a guaranteed minimum cash value or the actual cash value.

As of both March 31, 2026 and March 31, 2025, more than 90 % of these contracts have actual cash values of at least 110% of the guaranteed cash value.

As of June 30, 2026, the weighted average crediting rate, net amount at risk and cash surrender value for contractholder deposit fund liabilities not effectively exited through reinsurance were 3.24 %, $ 2.4 billion and $ 2.7 billion, respectively.

The comparative amounts as of June 30, 2025 were 3.22 %, $ 2.7 billion and $ 2.8 billion, respectively.

More than 99 % of the $ 3.8 billion liability as of June 30, 2026 and the $ 3.9 billion liability as of June 30, 2025 not reinsured externally is for contracts with guaranteed interest rates of 3 % - 4 %, and approximately $ 1.1 billion and $ 1.2 billion as of these period ends represented contracts with policies at the guarantee.

At these same period ends, $ 1.0 billion and $ 1.1 billion was 50 - 150 basis points ("bps") above the guarantee, and the remaining $ 1.7 billion as of June 30, 2026 and $ 1.6 billion as of June 30, 2025 represented contracts above the guarantee that pay the policyholder based on the greater of a guaranteed minimum cash value or the actual cash value.

As of both June 30, 2026 and June 30, 2025, more than 90 % of these contracts have actual cash values of at least 110% of the guaranteed cash value.

Market Risk Benefits

4 unchanged sentences

Market risk benefits activity was as follows:

Three Months Ended March 31,

Six Months Ended June 30,

(In millions) 2026 2025

11 unchanged sentences

The Company should be reimbursed in full for these payments unless the Berkshire reinsurance limit is exceeded, as discussed further in Note 8 to the Consolidated Financial Statements.

(Dollars in millions, excludes impact of reinsurance ceded) March 31, 2026 March 31, 2025

(Dollars in millions, excludes impact of reinsurance ceded) June 30, 2026 June 30, 2025

Net amount at risk $ 1,019 $ 1,236

9 unchanged sentences

The Company reviews its reinsurance arrangements and establishes reserves against the recoverables primarily for expected credit losses.

The Company's reinsurance recoverables as of March 31, 2026 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:

The Company's reinsurance recoverables as of June 30, 2026 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:

(In millions) Fair Value of Collateral Contractually Required to Meet or Exceed Carrying Value of Recoverable

21 unchanged sentences

Berkshire reinsured 100 % of the Company's future cash flows in this business, net of other reinsurance arrangements existing at that time.

The reinsurance agreement is subject to an overall limit, with approximately $ 3.0 billion remaining as of March 31, 2026.

The reinsurance agreement is subject to an overall limit, with approximately $ 3.0 billion remaining as of June 30, 2026.

As a result of the reinsurance transaction, amounts payable are offset by a corresponding reinsurance recoverable, provided the increased recoverable remains within the overall Berkshire limit.

As of both March 31, 2026 and 2025, market risk benefits (shown in the table net of nonperformance risk as of March 31, 2026) were predominantly reinsured by Berkshire, which is rated AA+ by an NRSRO.

As of March 31, 2026, approximately 100 % of the Berkshire recoverable is secured by assets in a trust.

As of both June 30, 2026 and 2025, market risk benefits (shown in the table net of nonperformance risk as of June 30, 2026) were predominantly reinsured by Berkshire, which is rated AA+ by an NRSRO.

As of June 30, 2026, approximately 100 % of the Berkshire recoverable is secured by assets in a trust.

Note 9 – Investments

The following table summarizes the Company's investments by category and current or long-term classification:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(In millions) Current Long-Term Total Current Long-Term Total

8 unchanged sentences

Debt Securities

The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of March 31, 2026:

The amortized cost and fair value by contractual maturity periods for debt securities were as follows as of June 30, 2026:

(In millions) Amortized

11 unchanged sentences

Depreciation Fair

March 31, 2026

June 30, 2026

Federal government and agency $ 217 $ — $ 12 $ ( 4 ) $ 225

17 unchanged sentences

Unrealized depreciation on these debt securities is primarily due to declines in fair value resulting from increasing interest rates since these securities were purchased.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(Dollars in millions) Fair

15 unchanged sentences

The following table provides the values of the Company's equity security investments:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(In millions) Cost Carrying Value Cost Carrying Value

9 unchanged sentences

The following table summarizes the credit risk profile of the Company's commercial mortgage loan portfolio:

(Dollars in millions) March 31, 2026 December 31, 2025

(Dollars in millions) June 30, 2026 December 31, 2025

Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio Carrying Value Average Debt Service Coverage Ratio Average Loan-to-Value Ratio

11 unchanged sentences

Carrying Value as of

(In millions) March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

Real estate investments $ 1,971 $ 1,895

7 unchanged sentences

see Note 12A to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for further information.

As of March 31, 2026, the notional value of interest rate swap contracts increased to $ 3.5 billion compared with $ 3.2 billion as of December 31, 2025.

There were no other material changes to the Company's individual derivative hedging strategies during the three months ended March 31, 2026.

Please refer to the Company's 2025 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies.

The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of March 31, 2026 and December 31, 2025.

As of June 30, 2026, the notional value of interest rate swap contracts increased to $ 3.8 billion compared with $ 3.2 billion as of December 31, 2025.

There were no other material changes to the Company's individual derivative hedging strategies during the three and six months ended June 30, 2026.

See Note 11B to the Consolidated Financial Statements in the Company's 2025 Form 10-K for further discussion of the types of derivative financial instruments and associated accounting policies.

The effects of derivative financial instruments used in our individual hedging strategies were not material to the Consolidated Financial Statements as of June 30, 2026 and December 31, 2025.

The gross fair values of our derivative financial instruments are presented in Note 10 to the Consolidated Financial Statements.

Investment Gains and Losses

Net investment gains (losses) before income taxes were $ 258 million for the three months ended March 31, 2026 versus $( 2 ) million for the three months ended March 31, 2025.

Investment results increased primarily due to fair value changes of derivative instruments associated with certain equity securities.

Net investment gains (losses), before income taxes were $( 69 ) million and $ 189 million, respectively, for the three and six months ended June 30, 2026, versus $ 52 million and $ 50 million, respectively, for the three and six months ended June 30, 2025.

Net investment results for the three and six months ended June 30, 2026 primarily reflect fair value changes of derivative instruments associated with certain equity securities.

These amounts exclude investment gains and losses attributed to the Company's separate accounts because those gains and losses generally accrue directly to separate account policyholders.

9 unchanged sentences

(Level 3) Total

2026 December 31, 2025 March 31,

2026 December 31, 2025 June 30,

2026 December 31, 2025

25 unchanged sentences

Fair Value as of Unobservable Adjustment Range (Weighted Average by Quantity) as of

(Fair value in millions) March 31,

(Fair value in millions) June 30,

2026 December 31,

2025 Unobservable Input

March 31, 2026

June 30, 2026

2026 December 31,

12 unchanged sentences

Three Months Ended

Six Months Ended

(In millions) 2026 2025 2026 2025

Beginning balance $ 1,146 $ 373 $ 896 $ 417

Gains (losses) included in Shareholders' net income

(Losses) gains included in Other comprehensive loss

(Losses) gains included in Shareholders' net income

( 83 ) ( 4 ) 175 ( 14 )

Gains (losses) included in Other comprehensive loss

Purchases, sales and settlements

8 unchanged sentences

Ending balance $ 1,052 $ 362 $ 1,052 $ 362

Total gains (losses) included in Shareholders' net income attributable to instruments held at the reporting date

Total (losses) gains included in Shareholders' net income attributable to instruments held at the reporting date

$ ( 83 ) $ ( 4 ) $ 175 $ ( 17 )

Change in unrealized gain or (loss) included in Other comprehensive loss for assets held at the end of the reporting period

$ 2 $ 4 $ ( 1 ) $ 7

Total gains and losses included in Shareholders' net income in the table above are reflected in the Consolidated Statements of Income as Net investment gains/losses and as Net investment income/losses .

Gains and losses included in Other comprehensive loss, net of tax, in the table above are reflected in Net unrealized depreciation on securities and derivatives in the Consolidated Statements of Comprehensive Income.

Gains and losses included in Other comprehensive loss, net of tax, in the table above are reflected in Net unrealized appreciation on securities and derivatives in the Consolidated Statements of Comprehensive Income.

Transfers into or out of the Level 3 category occur when unobservable inputs, such as the Company's best estimate of what a market participant would use to determine a current transaction price, become more or less significant to the fair value measurement.

5 unchanged sentences

The investment income and fair value gains and losses of Separate account assets generally accrue directly to the contractholders and, together with their deposits and withdrawals, are excluded from the Company's Consolidated Statements of Income and Cash Flows.

The separate account activity for the three months ended March 31, 2026 and 2025 was primarily driven by changes in the market values of the underlying separate account investments.

The separate account activity for the six months ended June 30, 2026 and 2025 was primarily driven by changes in the market values of the underlying separate account investments.

Fair values of Separate account assets were as follows:

3 unchanged sentences

(Level 3) Total

(In millions) March 31,

(In millions) June 30,

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

6 unchanged sentences

Total $ 7,525 $ 7,487

(1) Non-guaranteed separate accounts include $ 3.7 billion as of March 31, 2026 and $ 3.8 billion as of December 31, 2025 in assets supporting the Company's pension plans, including $ 0.1 billion classified in Level 3 as of March 31, 2026 and $ 0.2 billion as of December 31, 2025.

(1) Non-guaranteed separate accounts include $ 3.7 billion as of June 30, 2026 and $ 3.8 billion as of December 31, 2025 in assets supporting the Company's pension plans, including $ 0.1 billion classified in Level 3 as of June 30, 2026 and $ 0.2 billion as of December 31, 2025.

Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.

Separate account assets classified in Level 3 primarily support the Company's pension plans and include certain newly issued, privately placed, complex or illiquid securities that are priced using methods discussed above, as well as commercial mortgage loans.

Activity, including transfers into and out of Level 3, was not material for the three months ended March 31, 2026 or 2025.

Activity, including transfers into and out of Level 3, was not material for the three and six months ended June 30, 2026 or 2025.

Assets and Liabilities Measured at Fair Value under Certain Conditions

1 unchanged sentence

However, these financial assets and liabilities may be measured using fair value under certain conditions, such as when investments become impaired and are written down to their fair value, or when there are observable price changes from orderly market transactions of equity securities that otherwise had no readily determinable fair value.

For the three months ended March 31, 2026 and 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material.

Observable price changes for equity securities with no readily determinable fair value were not material for the three months ended March 31, 2026 or March 31, 2025.

For the six months ended June 30, 2026 and 2025, impairments recognized requiring the assets and liabilities described above to be measured at fair value were not material.

Observable price changes for equity securities with no readily determinable fair value were not material for the six months ended June 30, 2026 or 2025.

Fair Value Disclosures for Financial Instruments Not Carried at Fair Value

1 unchanged sentence

In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table.

Classification in Fair Value Hierarchy March 31, 2026 December 31, 2025

Classification in Fair Value Hierarchy June 30, 2026 December 31, 2025

(In millions) Fair Value Carrying Value Fair Value Carrying Value

5 unchanged sentences

Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized.

Shareholders' other comprehensive loss, net of tax, for the three months ended March 31, 2026 and March 31, 2025 is primarily attributable to the change in discount rates for certain long-duration liabilities and unrealized changes in the market values of securities and derivatives, including the impacts from unconsolidated entities reported on the equity method.

Shareholders' other comprehensive loss, net of tax, for the three and six months ended June 30, 2026 and June 30, 2025 is primarily attributable to the change in discount rates for certain long-duration liabilities, including the impacts from unconsolidated entities reported on the equity method.

Changes in the components of AOCI were as follows:

Three Months Ended

Six Months Ended

(In millions) 2026 2025 2026 2025

1 unchanged sentence

Beginning balance $ 465 $ 732 $ 594 $ 832

Unrealized (depreciation) on securities and derivatives, before reclassification, net of tax benefit of $ 44 and $ 49 , respectively

Unrealized appreciation on securities and derivatives, before reclassification, net of tax (expense) of $( 76 ), $( 93 ), $( 32 ) and $( 44 ), respectively

249 303 116 169

Amounts reclassified to Shareholders' net income, net of tax (benefit) of $ — , $( 4 ), $( 1 ) and $( 13 ), respectively

Other comprehensive (loss), net of tax

Other comprehensive income, net of tax

249 321 120 221

7 unchanged sentences

( 1,007 ) ( 615 ) ( 1,643 ) ( 779 )

Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit of $ — and $ 1 , respectively

Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit (expense) of $ 2 , $( 2 ), $ 2 and $( 1 ), respectively

( 5 ) 6 ( 4 ) 2

Other comprehensive (loss), net of tax

3 unchanged sentences

Beginning balance $ ( 162 ) $ ( 185 ) $ ( 127 ) $ ( 198 )

Net translation of foreign currencies, before reclassification, net of tax benefit (expense) of $ 2 and $( 6 ), respectively

Net translation of foreign currencies, before reclassification, net of tax (expense) benefit of $ — , $( 2 ), $ 2 and $( 8 ), respectively

( 13 ) 65 ( 48 ) 78

Ending balance $ ( 175 ) $ ( 120 ) $ ( 175 ) $ ( 120 )

2 unchanged sentences

Amounts reclassified to Shareholders' net income, net of tax (benefit) of $( 2 ), $( 2 ), $( 4 ) and $( 4 ), respectively

Net change due to valuation update, before reclassification, net of tax (expense) benefit of $( 3 ), $ 3 , $( 3 ) and $ 3 , respectively

7 ( 9 ) 7 ( 9 )

Other comprehensive income (loss), net of tax

13 ( 3 ) 20 3

Ending balance $ ( 924 ) $ ( 934 ) $ ( 924 ) $ ( 934 )

8 unchanged sentences

The program includes severance and other employee costs, asset impairments and accelerated asset amortization, and the operating results of certain small non-strategic businesses that we plan to discontinue.

During the three months ended March 31, 2026, we reported total costs of $ 380 million pre-tax ($ 290 million after-tax) associated with this initiative, compared with $ 215 million ($ 163 million after-tax) for the three months ended March 31, 2025.

The total costs for the three months ended March 31, 2026 included $ 377 million, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 337 million).

The total costs for the three months ended March 31, 2025 included $ 198 million, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 171 million).

During the three and six months ended June 30, 2026, we reported total costs of $ 70 million ($ 53 million after-tax) and $ 450 million ($ 343 million after-tax), respectively, associated with this initiative, compared with $ 129 million ($ 98 million after-tax) and $ 344 million ($ 261 million after-tax), respectively, for the three and six months ended June 30, 2025.

The total costs for the three and six months ended June 30, 2026 included $ 69 million and $ 446 million, respectively, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 33 million and $ 370 million, respectively).

Comparatively, the total costs for the three and six months ended June 30, 2025 included $ 88 million and $ 286 million, respectively, pre-tax in Selling, general and administrative expenses, which was primarily associated with severance ($ 23 million and $ 194 million, respectively).

Program-to-date total costs of $ 1,199 million pre-tax ($ 908 million after-tax) included $ 1,062 million in Selling, general and administrative expenses, which were primarily associated with severance ($ 748 million) and asset impairments ($ 109 million).

6 unchanged sentences

2026 payments

Balance, March 31, 2026

Balance, June 30, 2026

Note 13 – Income Taxes

Income Tax Expense.

The 18.0 % effective tax rate for the three months ended March 31, 2026 was higher than the 14.5 % rate for the three months ended March 31, 2025 primarily due to the absence of a benefit related to the HCSC transaction.

The effective tax rate of 16.9 % for the three months ended June 30, 2026 was lower than the effective tax rate of 19.2 % for the three months ended June 30, 2025.

The decrease was primarily driven by tax benefits related to equity investments and the absence of prior-period charges related to state tax audits.

The effective tax rate of 17.5 % for the six months ended June 30, 2026 was higher than the effective tax rate of 17.1 % for the six months ended June 30, 2025.

The increase was primarily due to the absence of a prior-period benefit related to the HCSC transaction, partially offset by the absence of prior-period charges related to state tax audits.

Note 14 – Contingencies and Other Matters

5 unchanged sentences

If employers fail to do so, the Company or an affiliate of the buyer of the retirement benefits business has the right to redirect the management of the related assets to provide for benefit payments.

As of March 31, 2026, employers maintained assets that generally exceeded the benefit obligations under these arrangements of approximately $ 390 million.

As of June 30, 2026, employers maintained assets that generally exceeded the benefit obligations under these arrangements of approximately $ 390 million.

An additional liability is established if management believes that the Company will be required to make payments under the guarantees;

there were no additional liabilities required for these guarantees, net of reinsurance, as of March 31, 2026.

there were no additional liabilities required for these guarantees, net of reinsurance, as of June 30, 2026.

Separate account assets supporting these guarantees are classified in Levels 1 and 2 of the GAAP fair value hierarchy.

1 unchanged sentence

Certain Other Guarantees

The Company had indemnification obligations as of March 31, 2026 in connection with acquisition and disposition transactions.

The Company had indemnification obligations as of June 30, 2026 in connection with acquisition and disposition transactions.

These indemnification obligations are triggered by the breach of representations or covenants provided by the Company, such as representations for the presentation of financial statements, filing of tax returns, compliance with laws or regulations, or identification of outstanding litigation.

2 unchanged sentences

The Company does not believe that it is possible to determine the maximum potential amount due under these obligations because not all amounts due under these indemnification obligations are subject to limitation.

There were no recorded liabilities for these indemnification obligations as of March 31, 2026.

There were no recorded liabilities for these indemnification obligations as of June 30, 2026.

Guaranty Fund Assessments

1 unchanged sentence

The Company's exposure to assessments for certain obligations of insolvent insurance companies to policyholders and claimants is based on its share of business written in the relevant jurisdictions.

There were no material charges or credits resulting from existing or new guaranty fund assessments for the three months ended March 31, 2026.

There were no material charges or credits resulting from existing or new guaranty fund assessments for the six months ended June 30, 2026.

Legal and Regulatory Matters

6 unchanged sentences

Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments.

The Chair and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.

The President and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.

The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions.

9 unchanged sentences

The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:

Three Months Ended March 31,

(In millions) Pre-tax After-tax Pre-tax After-tax

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(In millions) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax

Strategic optimization program

4 unchanged sentences

34 26 74 56 69 53 290 220

Charges associated with litigation matters

(Selling, general and administrative expenses)

77 60 — — 66 52 — —

Deferred tax expenses, net

(Income taxes, less amount attributable to noncontrolling interests)

— 17 — 17 — 33 — 34

(Gain) on sale of businesses

( 6 ) ( 3 ) — — ( 6 ) ( 6 ) ( 41 ) ( 115 )

(Benefits) associated with litigation matters

Total impact from special items $ 175 $ 153 $ 203 $ 171 $ 579 $ 475 $ 593 $ 400

Summarized segment financial information was as follows:

(In millions) Evernorth Health Services

Cigna Healthcare

Other Operations

Corporate and Eliminations

Three months ended June 30, 2026

Revenues from external customers $ 61,077 $ 10,268 $ 51 $ — $ 71,396

Intersegment revenues 372 1,395 7 ( 1,774 )

Net investment income

19 175 73 5 272

Total revenues 61,468 11,838 131 ( 1,769 ) 71,668

Net investment results from certain equity method investments — ( 110 ) — — ( 110 )

Adjusted revenues $ 61,468 $ 11,728 $ 131 $ ( 1,769 ) $ 71,558

Pharmacy and other service costs 58,531 —

Medical costs — 8,161

Selling, general and administrative expenses 1,044 2,293

Other segment items (1)

Interest (expense) and other — 2

Income attributable to noncontrolling interests 230 —

Pre-tax adjusted income (loss) from operations 1,663 1,276 21 ( 410 ) 2,550

Income (loss) before income taxes

$ 1,423 $ 1,308 $ 10 $ ( 484 ) $ 2,257

Total impact from special items $ 404 $ 322 $ 390 $ 229

Pre-tax adjustments to reconcile to adjusted income from operations

(Income) attributable to noncontrolling interests

( 230 ) — — — ( 230 )

Net investment losses (gains) (2)

76 ( 127 ) 10 — ( 41 )

Amortization of acquired intangible assets 387 2 — — 389

Special items

Charges associated with litigation matters

Strategic optimization program

Integration and transaction-related costs

For the three months ended March 31, 2026 and March 31, 2025 the Company incurred transaction-related costs, as shown in the table above, associated with the HCSC transaction.

These costs incurred consisted primarily of post-closing technology activities to separate the divested systems;

fees for legal, advisory and other professional services;

and certain employment-related costs.

Summarized segment financial information was as follows:

(Gain) on sale of businesses

— ( 6 ) — — ( 6 )

Pre-tax adjusted income (loss) from operations $ 1,663 $ 1,276 $ 21 $ ( 410 ) $ 2,550

Other segment information

Depreciation and amortization 564 83 2 6 655

(1) Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(2) Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.

(In millions) Evernorth Health Services

2 unchanged sentences

Corporate and Eliminations

Three months ended March 31, 2026

Three months ended June 30, 2025

Revenues from external customers $ 57,486 $ 9,358 $ 98 $ — $ 66,942

24 unchanged sentences

Integration and transaction-related costs

(Benefits) associated with litigation matters

— ( 11 ) — — ( 11 )

Pre-tax adjusted income (loss) from operations $ 1,696 $ 1,094 $ 25 $ ( 382 ) $ 2,433

7 unchanged sentences

Corporate and Eliminations

Three months ended March 31, 2025

Six months ended June 30, 2026

Revenues from external customers $ 119,283 $ 20,307 $ 98 $ — $ 139,688

4 unchanged sentences

Net investment results from certain equity method investments

— ( 87 ) — — ( 87 )

Adjusted revenues $ 119,910 $ 23,205 $ 251 $ ( 3,291 ) $ 140,075

15 unchanged sentences

Special items

Strategic optimization program

11 35 4 400 450

Integration and transaction-related costs

Charges associated with litigation matters

(Gain) on sale of businesses

— ( 6 ) — — ( 6 )

Pre-tax adjusted income (loss) from operations $ 3,129 $ 2,790 $ 48 $ ( 814 ) $ 5,153

Other segment information

Depreciation and amortization $ 1,124 $ 166 $ 4 $ 11 $ 1,305

(In millions) Evernorth Health Services

Cigna Healthcare

Other Operations

Corporate and Eliminations

Six months ended June 30, 2025

Revenues from external customers $ 109,488 $ 22,526 $ 192 $ — $ 132,206

Intersegment revenues 1,956 2,544 25 ( 4,525 )

Net investment income

62 260 142 10 474

Total revenues 111,506 25,330 359 ( 4,515 ) 132,680

Net investment results from certain equity method investments — ( 94 ) — — ( 94 )

Adjusted revenues $ 111,506 $ 25,236 $ 359 $ ( 4,515 ) $ 132,586

Pharmacy and other service costs 106,060 —

Medical costs — 17,867

Selling, general and administrative expenses 2,098 4,992

Other segment items (1)

Interest (expense) and other 1 4

Income attributable to noncontrolling interests 219 —

Pre-tax adjusted income (loss) from operations 3,130 2,381 25 ( 793 ) 4,743

Income (loss) before income taxes

$ 2,538 $ 2,462 $ ( 40 ) $ ( 1,291 ) $ 3,669

Pre-tax adjustments to reconcile to adjusted income from operations

(Income) attributable to noncontrolling interests

( 219 ) — — — ( 219 )

Net investment (gains) losses (2)

( 84 ) ( 67 ) 7 — ( 144 )

Amortization of acquired intangible assets 831 13 — — 844

Special items

Strategic optimization program

68 10 58 208 344

Integration and transaction-related costs

— — — 290 290

(Gain) on sale of businesses

7 unchanged sentences

The following table presents these revenues by product, premium and service type:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

16 unchanged sentences

Other 525 462 1,032 2,334

8,512 7,966 17,004 19,616

International Health 1,144 1,026 2,257 2,004

3 unchanged sentences

Total Premiums

9,859 9,156 19,671 21,892

Services (Fees) (ASC 606) and other revenues (1)

Evernorth Health Services

3,959 3,805 8,082 7,229

Cigna Healthcare

2,007 1,679 3,753 3,450

Other Operations

1 unchanged sentence

Total Fees and other revenues (1)

4,365 4,137 8,808 8,032

Total revenues from external customers $ 71,396 $ 66,942 $ 139,688 $ 132,206

(1) Other revenues for the three months ended March 31, 2026 and 2025 were $ 159 million and $ 162 million, respectively.

(1) Other revenues for the three months ended June 30, 2026 and 2025 were $ 315 and $ 114 million, respectively and for the six months ended June 30, 2026 and 2025, were $ 474 million and $ 276 million, respectively.

Financial and performance guarantees.

4 unchanged sentences

Historically, adjustments to original estimates have not been material.

This guarantee liability was $ 2.0 billion as of March 31, 2026 and $ 1.8 billion as of December 31, 2025.

This guarantee liability was $ 1.7 billion as of June 30, 2026 and $ 1.8 billion as of December 31, 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements