Centene (CNC) Q4 FY2021 earnings: revenue $32.6 billion, up 15.1% on the year

Centene Corp. (CNC) reported revenue of $32.6 billion for Q4 FY2021, the quarter ended 31 December 2021, up 15.1% on the same quarter a year earlier. Net income was $599 million, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$32.6 billion

+15.1% on the year · +0.5% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

1.9%

0.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$599 million

+2.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$1.02

+3.0% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	32,568	32,406	28,288	+0.5%	+15.1%
Cost of revenue	1,384	n/a	n/a
Gross profit	31,184	n/a	n/a
Gross margin	95.8%	n/a	n/a
Selling, general and administrative	2,842	n/a	n/a
Operating income	603	545	15.0	+10.6%	+3,920.0%
Operating margin	1.9%	1.7%	0.1%
Interest expense	162	n/a	n/a
Pre-tax income	694	n/a	n/a
Income tax	101	n/a	n/a
Effective tax rate	14.6%	n/a	n/a
Net income	599	584	-12.0	+2.6%
Net margin	1.8%	n/a	n/a
Diluted EPS	$1.02	$0.99	n/a	+3.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	675	n/a	n/a
Capital expenditure	248	n/a	n/a
Free cash flow	427	n/a	n/a
Free cash flow margin	1.3%	n/a	n/a
Cash from investing	-857	n/a	n/a
Cash from financing	-235	n/a	n/a
Depreciation and amortisation	378	345	343	+9.6%	+10.2%
Share-based compensation	76.0	n/a	n/a
Buybacks	248	n/a	n/a
Diluted shares, weighted	591m	591m	579m	-0.0%	+2.0%
Shares outstanding at period end	582m	584m	581m	-0.2%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	26,795	26,466	25,773	+1.2%	+4.0%
Non-controlling interest	145	n/a	n/a
Redeemable equity	82.0	n/a	n/a
Debt	19,026	18,839	16,880	+1.0%	+12.7%
Operating lease liabilities	3,619	n/a	n/a
Other liabilities	28,708	n/a	n/a
Total liabilities and equity	78,375	n/a	n/a
Fixed assets	3,391	n/a	n/a
Goodwill	19,771	n/a	n/a
Intangible assets	7,824	n/a	n/a
Investments	15,582	n/a	n/a
Cash and equivalents	13,118	13,423	10,800	-2.3%	+21.5%
Other assets	18,689	n/a	n/a
Total assets	78,375	n/a	n/a

Questions

What was Centene's revenue in Q4 FY2021?

Centene (CNC) reported revenue of $32.6 billion for Q4 FY2021, the quarter ended 31 December 2021, up 15.1% on the same quarter a year earlier.

How much did Centene earn in Q4 FY2021?

Net income for Q4 FY2021 was $599 million, and diluted earnings per share $1.02.

When did Centene report Q4 FY2021 results?

Centene filed its 10-K for the year that ended with the quarter on 22 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	32,568	37,185	35,936	35,865	35,561	38,889	37,608	38,042	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944	53,579	50,647
Cost of revenue	1,384	1,988	2,099	1,571	1,374	870	877	856	961	669	680	692	688	698	641	651	680	702	729	675
Gross profit	31,184	4,406	4,557	4,044	3,911	4,648	4,614	4,632	3,743	4,736	4,528	4,006	3,799	5,288	3,018	3,345	2,558	5,650	4,617	3,302
Gross margin	96%	12%	13%	11%	11%	12%	12%	12%	9%	12%	11%	10%	9%	11%	6%	7%	5%	11%	9%	7%
SG&A	2,842	2,745	2,800	2,846	3,198	3,011	3,016	3,048	3,488	3,218	2,894	3,057	3,231	3,353	3,036	3,145	3,370	3,397	3,103	3,235
Operating income	603	1,253	-129	476	-282	1,218	1,171	735	-194	1,106	1,229	665	175	1,534	-458	-6,954	-1,745	1,861	1,198	-307
Operating margin	2%	3%	-0%	1%	-1%	3%	3%	2%	-0%	3%	3%	2%	0%	3%	-1%	-14%	-4%	4%	2%	-1%
Interest expense	162	160	162	169	174	180	181	181	183	178	176	176	172	170	170	170	168	164	153	149
Pre-tax income	694	1,148	-236	1,009	41.0	1,391	1,415	768	24.0	1,473	1,516	921	347	1,746	-257	-6,674	-1,543	2,099	1,486	-122
Tax rate	15%	26%	n/a	27%	634%	19%	25%	38%	-62%	21%	24%	23%	19%	25%	n/a	n/a	n/a	27%	27%	n/a
Net income	599	849	-172	738	-213	1,130	1,058	469	45.0	1,163	1,146	713	283	1,311	-253	-6,631	-1,101	1,541	1,091	-71.0
Net margin	2%	2%	-0%	2%	-1%	3%	3%	1%	0%	3%	3%	2%	1%	3%	-1%	-13%	-2%	3%	2%	-0%
Diluted EPS	$1.02	$1.44	-$0.29	$1.27	-$0.38	$2.04	$1.92	$0.87	$0.08	$2.16	$2.16	$1.36	$0.56	$2.63	-$0.51	-$13.50	-$2.24	$3.11	$2.19	-$0.14
Operating cash flow	675	1,151	3,354	3,332	-1,576	4,269	2,546	1,021	217	-456	2,175	-978	-587	1,510	1,785	1,356	437	4,366	3,590	-3,669
Capital expenditure	248	242	282	247	233	225	215	136	223	151	186	153	154	135	208	211	213	200	174	194
Free cash flow	427	909	3,072	3,085	-1,809	4,044	2,331	885	-6.0	-607	1,989	-1,131	-741	1,375	1,577	1,145	224	4,166	3,416	-3,863
Buybacks	248	71.0	349	1,243	1,433	423	405	774	31.0	151	803	1,227	943	41.0	432	0.0	2.0	29.0	4.0	24.0
Shares outstanding	582m	585m	581m	570m	551m	552m	546m	535m	534m	536m	526m	510m	496m	498m	491m	491m	492m	494m	494m	495m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 22 February 2022: the filing.