CNC · Centene Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.94B | - | $49.69B | $48.74B | $46.62B | - | $42.02B | $39.84B | $40.41B | - |
| Cost of Revenue | $702.00M | - | $651.00M | $641.00M | $698.00M | - | $692.00M | $680.00M | $669.00M | - |
| Gross Profit | $5.65B | - | $3.35B | $3.02B | $5.29B | - | $4.01B | $4.53B | $4.74B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $3.40B | - | $3.15B | $3.04B | $3.35B | - | $3.06B | $2.89B | $3.22B | - |
| Total Operating Expenses | $48.08B | - | $56.64B | $49.20B | $45.09B | - | $41.36B | $38.61B | $39.30B | - |
| D&A | $300.00M | - | $147.00M | $141.00M | $314.00M | - | $140.00M | $133.00M | $308.00M | - |
| Operating Income | $1.86B | - | ($6.95B) | ($458.00M) | $1.53B | - | $665.00M | $1.23B | $1.11B | - |
| Interest Expense | $164.00M | - | $170.00M | $170.00M | $178.00M | - | $176.00M | $181.00M | $178.00M | - |
| Income Tax | $560.00M | - | ($42.00M) | $2.00M | $432.00M | - | $211.00M | $370.00M | $315.00M | - |
| Net Income | $1.54B | - | ($6.63B) | ($253.00M) | $1.31B | - | $713.00M | $1.15B | $1.16B | - |
| EPS - Basic | $3.13 | - | ($13.50) | ($0.51) | $2.64 | - | $1.37 | $2.16 | $2.17 | - |
| EPS - Diluted | $3.11 | - | ($13.50) | ($0.51) | $2.63 | - | $1.36 | $2.16 | $2.16 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.26B | $17.89B | $17.06B | $14.51B | $14.81B | $14.06B | $14.58B | $17.61B | $17.59B | $17.19B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $44.99B | $40.37B | $44.06B | $40.39B | $41.29B | $38.00B | $37.41B | $38.41B | $38.45B | $40.76B |
| Total Assets | $81.17B | $76.75B | $82.09B | $86.39B | $87.04B | $82.44B | $82.35B | $83.14B | $82.62B | $84.64B |
| Current Liabilities | $40.05B | $36.70B | $40.63B | $36.79B | $37.14B | $34.26B | $34.06B | $32.73B | $32.78B | $36.72B |
| Long-term Debt | $16.31B | $17.35B | $17.55B | $17.55B | $18.31B | $18.42B | $17.49B | $17.52B | $17.89B | $17.71B |
| Total Liabilities | $59.65B | $56.69B | $61.03B | $58.89B | $59.02B | $55.94B | $54.94B | $55.68B | $55.56B | $58.69B |
| Stockholders' Equity | $21.43B | $19.95B | $20.95B | $27.41B | $27.92B | $26.41B | $27.31B | $27.35B | $26.96B | $25.84B |
| Retained Earnings | $10.21B | $8.67B | $9.78B | $16.41B | $16.66B | $15.35B | $15.06B | $14.35B | $13.21B | $12.04B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.37B | - | - | - | $1.51B | - | - | - | ($456.00M) | - |
| Investing Cash Flow | $89.00M | - | - | - | ($529.00M) | - | - | - | $852.00M | - |
| Financing Cash Flow | ($1.06B) | - | - | - | ($250.00M) | - | - | - | $23.00M | - |
| CapEx | $200.00M | - | - | - | $135.00M | - | - | - | $151.00M | - |
| Free Cash Flow | $4.17B | - | - | - | $1.38B | - | - | - | ($607.00M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 11.3% | - | 6.7% | 6.2% | 11.3% | - | 9.5% | 11.4% | 11.7% | - |
| Operating margin | 3.7% | - | -14.0% | -0.9% | 3.3% | - | 1.6% | 3.1% | 2.7% | - |
| EBITDA margin | 4.3% | - | -13.7% | -0.7% | 4.0% | - | 1.9% | 3.4% | 3.5% | - |
| Net margin | 3.1% | - | -13.3% | -0.5% | 2.8% | - | 1.7% | 2.9% | 2.9% | - |
| Free cash flow margin | 8.3% | - | - | - | 2.9% | - | - | - | -1.5% | - |
| FCF / Net income | 2.70 | - | - | - | 1.05 | - | - | - | -0.52 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 6.8% | - | 6.3% | 6.2% | 7.2% | - | 7.3% | 7.3% | 8.0% | - |
| Effective tax rate | 26.7% | - | - | - | 24.8% | - | 22.8% | 24.4% | 21.3% | - |
| Return on assets | 1.9% | - | -8.1% | -0.3% | 1.5% | - | 0.9% | 1.4% | 1.4% | - |
| Return on equity | 7.2% | - | -31.7% | -0.9% | 4.7% | - | 2.6% | 4.2% | 4.3% | - |
| Return on invested capital | 3.6% | - | -14.3% | -0.8% | 2.5% | - | 1.1% | 2.1% | 1.9% | - |
| Liquidity | ||||||||||
| Current ratio | 1.12 | 1.10 | 1.08 | 1.10 | 1.11 | 1.11 | 1.10 | 1.17 | 1.17 | 1.11 |
| Quick ratio | 1.12 | 1.10 | 1.08 | 1.10 | 1.11 | 1.11 | 1.10 | 1.17 | 1.17 | 1.11 |
| Cash ratio | 0.53 | 0.49 | 0.42 | 0.39 | 0.40 | 0.41 | 0.43 | 0.54 | 0.54 | 0.47 |
| Leverage | ||||||||||
| Debt / Equity | 0.76 | 0.87 | 0.84 | 0.64 | 0.66 | 0.70 | 0.64 | 0.64 | 0.66 | 0.69 |
| Debt / Assets | 0.20 | 0.23 | 0.21 | 0.20 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | 0.21 |
| Debt / EBITDA | 7.55 | - | - | - | 9.91 | - | 21.73 | 12.86 | 12.65 | - |
| Interest coverage | 11.3x | - | -40.9x | -2.7x | 8.6x | - | 3.8x | 6.8x | 6.2x | - |
| Equity multiplier | 3.79 | 3.85 | 3.92 | 3.15 | 3.12 | 3.12 | 3.02 | 3.04 | 3.06 | 3.28 |
| Liabilities / Assets | 0.73 | 0.74 | 0.74 | 0.68 | 0.68 | 0.68 | 0.67 | 0.67 | 0.67 | 0.69 |
| Efficiency | ||||||||||
| Asset turnover | 0.62 | - | 0.61 | 0.56 | 0.54 | - | 0.51 | 0.48 | 0.49 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 10.5x | - | - | - | 23.1x | - | 55.4x | 30.7x | 36.3x | - |
| P / B | 0.8x | - | 0.8x | 1.0x | 1.1x | - | 1.4x | 1.3x | 1.6x | - |
| P / S | 0.3x | - | 0.4x | 0.5x | 0.6x | - | 0.9x | 0.9x | 1.0x | - |
| EV / EBITDA | 5.2x | - | - | - | 18.3x | - | 52.6x | 25.8x | 30.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 7.1% | - | 18.2% | 22.4% | 15.4% | - | 10.5% | 5.9% | 3.9% | - |
| Revenue CAGR (3y) | 8.7% | - | 11.5% | 10.7% | 7.8% | - | 9.0% | 8.7% | 10.5% | - |
| Revenue CAGR (5y) | 10.7% | - | 11.3% | 12.0% | 12.4% | - | 17.2% | 16.8% | 17.0% | - |
| Gross profit growth (YoY) | 6.8% | - | -16.5% | -33.3% | 11.7% | - | -0.9% | -1.9% | 1.9% | - |
| Operating income growth (YoY) | 21.3% | - | - | - | 38.7% | - | -9.5% | 5.0% | -9.2% | - |
| Net income growth (YoY) | 17.5% | - | - | - | 12.7% | - | 52.0% | 8.3% | 2.9% | - |
| EPS growth (YoY) | 18.3% | - | - | - | 21.8% | - | 56.3% | 12.5% | 5.9% | - |
| EPS CAGR (3y) | 15.1% | - | - | - | 22.2% | - | 11.2% | - | 22.0% | - |
| EPS CAGR (5y) | 21.2% | - | - | - | 101.1% | - | 42.7% | 12.9% | 11.7% | - |
| FCF growth (YoY) | 203.0% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -23.2% | -24.4% | -23.3% | 0.2% | 3.6% | 2.2% | 8.0% | 6.5% | 7.7% | 7.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$206.50B totalMedicaid Segment$110.43B · 53.5%
Commercial Segment$42.00B · 20.3%
Medicare Segment$37.21B · 18.0%
All Other Segments$16.85B · 8.2%
Product / service
$264.82B totalHealth Care Premium$171.56B · 64.8%
Total Premium And Service$90.24B · 34.1%
Service$3.02B · 1.1%
Peer comparison
Same SIC group: Hospital & Medical Service Plans
Comparing CENTENE CORP against the 5 most active filers in the same SIC group.