Company file · CNC

Centene

Centene's revenue rose 19.4% in FY2025, to $194.8B, and it posted a net loss of $6.7B (FY2024: net income of $3.3B)

Revenue rose 19.4% to $194.8B in FY2025, from $163.1B in FY2024. It posted a net loss of $6.7B. Medicaid was the largest segment, at 57% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026) · Data pulled Nov 11, 2026

Key facts

Centene (NYSE: CNC) closed fiscal 2025 on Dec 31, 2025 with revenue of $194.8B, up 19.4% from a year before; net income came to −$6.7B, compared with $3.3B. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $50.6B, up 1.9% on the same stretch of the prior year, and net income of −$71M. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).

Revenue$194.8BFY2025 · +19.4% vs FY2024

Net income−$6.7BFY2025 · vs $3.3B in FY2024

Operating cash flow$5.1BFY2025 · vs $154M in FY2024

Cash & equivalents$20.7Bat Sep 30, 2026 · +15.7% vs FY2025 end

Total debt$15.5Bat Sep 30, 2026 · −10.7% vs FY2025 end

Diluted shares493MFY2025 avg · −5.8% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026

How it makes money

By segment in FY2025: Medicaid (57%), Commercial (22%) and Medicare (19%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $194.8B.

By segment, FY2025

Medicaid$110.4B57%+8.9%

Commercial$42.0B22%+24.6%

Medicare$37.2B19%+61.6%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

By product or service, FY2025

Health Care, Premium$171.6B88%+20.6%

Services$3.0B2%−5.5%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$50.6B Q3 2026

$49.7B Q3 2025

1.9% increase

Net income

−$71M Q3 2026

−$6.6B Q3 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Centene 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

Cash & equivalents $20.7B at Sep 30, 2026, vs $17.9B at FY2025 end.
Total debt $15.5B at Sep 30, 2026, vs $17.4B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $4.3B vs $4.7B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 19.4% in FY2025 to $194.8B, from $163.1B a year earlier. 10-K, FY2025
Operating cash flow rose 3203.9% in FY2025 to $5.1B. 10-K, FY2025
Diluted shares fell 5.8% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Total debt fell 6.1% in FY2025 to $17.4B. 10-K, FY2025

The bear case

It reported a net loss of $6.7B in FY2025. 10-K, FY2025
Services revenue fell 5.5% in FY2025 to $3.0B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Centene is in the managed health care industry, part of the health care sector. The SEC files it under Hospital & Medical Service Plans.

Centene reports 3 segments: Medicaid, Commercial and Medicare.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the managed health care industry. They are not a summary of Centene’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$154.0B	$163.1B	$194.8B
Net income	$2.7B	$3.3B	−$6.7B
Operating cash flow	$8.1B	$154M	$5.1B
Cash & equivalents (year end)	$17.2B	$14.1B	$17.9B
Total debt (year end)	$17.8B	$18.5B	$17.4B
Diluted shares	546M	524M	493M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Oct 27, 2026	Sep 30, 2026
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 28, 2026	Mar 31, 2026
DEF 14A	Mar 26, 2026	May 12, 2026
10-K	Feb 17, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Centene

How does Centene make money?

Fiscal 2025 revenue: $194.8B. By segment in FY2025: Medicaid (57%), Commercial (22%) and Medicare (19%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $194.8B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Centene's revenue in fiscal 2025?

$194.8B, up 19.4% from fiscal 2024 ($163.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $154.0B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Centene profitable?

Net income was −$6.7B in fiscal 2025 (compared with $3.3B; fiscal 2024 was $3.3B). That counts as a GAAP loss. The latest quarter, ended Sep 30, 2026: net income was −$71M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Centene report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $50.6B (up 1.9% from $49.7B) and net income −$71M (compared with −$6.6B from −$6.6B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.

How much cash and debt does Centene have?

As of Sep 30, 2026: $20.7B of cash and cash equivalents, $15.5B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.

What are the main risks Centene faces?

Centene's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the managed health care industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Centene numbers come from?

The 10-K filed Feb 17, 2026 (fiscal 2025) and the 10-Q filed Oct 27, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Centene

Two Sigma Investments: 6,348,038 shares, reported value $407.5M at Jun 30, 2026 (−5.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 2,192,412 shares, reported value $140.7M at Jun 30, 2026 (+30.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Millennium Management: 1,590,899 shares, reported value $102.1M at Jun 30, 2026 (−38.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 1,007,326 shares, reported value $64.7M at Jun 30, 2026 (−42.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 682,469 shares, reported value $43.8M at Jun 30, 2026 (−72.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 387,225 shares, reported value $24.9M at Jun 30, 2026 (+130.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in CNC: The editor holds no position in Centene (CNC). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell CNC from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold CNC, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
CenteneCNC	FY2025	$194.8B	+19.4%	−$6.7B
UnitedHealthUNH	FY2025	$447.6B	+11.8%	$12.1B
Elevance HealthELV	FY2025	$199.1B	+12.5%	$5.7B
HumanaHUM	FY2025	$129.7B	+10.1%	$1.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.