Centene (CNC) Q4 FY2025 earnings: revenue $49.7 billion, up 21.9% on the year

Centene Corp. (CNC) reported revenue of $49.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.9% on the same quarter a year earlier. Net income was -$1.1 billion, and diluted earnings per share $-2.24. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue

$49.7 billion

+21.9% on the year · +0.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-3.5%

0.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$1.1 billion

Q1 FY2024Q4 FY2025

Diluted EPS

-$2.24

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 11 new.

Q4 loss per share, full-year adjusted EPS: Q4 GAAP diluted loss per share was $(2.24) and adjusted diluted loss was $(1.19). Full-year GAAP diluted loss was $(13.53) and adjusted diluted EPS was $2.08.
Premium and service revenue up 23%: Q4 total revenues were $49,725 million and premium and service revenues were $44,727 million. Drivers were PDP yield and membership, Marketplace market growth and Medicaid rate increases.
Q4 health benefits ratio rose to 94.3%: Q4 HBR was 94.3% against 89.6% a year earlier, driven by higher Marketplace morbidity and PDP program changes under the IRA. Full-year HBR was 91.9% against 88.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	49,725	49,690	40,805	+0.1%	+21.9%
Cost of revenue	680	651	688	+4.5%	-1.2%
Gross profit	2,558	3,345	3,799	-23.5%	-32.7%
Gross margin	5.1%	6.7%	9.3%
Selling, general and administrative	3,370	3,145	3,231	+7.2%	+4.3%
Operating income	-1,745	-6,954	175
Operating margin	-3.5%	-14.0%	0.4%
Interest expense	168	170	172	-1.2%	-2.3%
Pre-tax income	-1,543	-6,674	347
Income tax	-443	-42.0	67.0
Effective tax rate	n/a	n/a	19.3%
Net income	-1,101	-6,631	283
Net margin	-2.2%	-13.3%	0.7%
Diluted EPS	-$2.24	-$13.50	$0.56

$ 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 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	437	1,356	-587	-67.8%
Capital expenditure	213	211	154	+0.9%	+38.3%
Free cash flow	224	1,145	-741	-80.4%
Free cash flow margin	0.5%	2.3%	-1.8%
Cash from investing	660	1,240	102	-46.8%	+547.1%
Cash from financing	-187	-10.0	-13.0
Depreciation and amortisation	330	317	314	+4.1%	+5.1%
Share-based compensation	58.0	52.0	31.0	+11.5%	+87.1%
Buybacks	2.0	0.0	943		-99.8%
Diluted shares, weighted	492m	491m	502m	+0.1%	-2.1%
Shares outstanding at period end	492m	491m	496m	+0.1%	-0.8%

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 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	19,953	20,948	26,410	-4.7%	-24.4%
Non-controlling interest	80.0	84.0	90.0	-4.8%	-11.1%
Redeemable equity	23.0	23.0	10.0	0.0%	+130.0%
Debt	17,493	17,583	18,640	-0.5%	-6.2%
Operating lease liabilities	615	n/a	738		-16.7%
Other liabilities	38,583	43,449	36,557	-11.2%	+5.5%
Total liabilities and equity	76,747	82,087	82,445	-6.5%	-6.9%
Fixed assets	2,037	2,161	2,067	-5.7%	-1.5%
Goodwill	10,835	10,835	17,558	0.0%	-38.3%
Intangible assets	4,530	4,840	5,409	-6.4%	-16.3%
Investments	19,467	20,359	20,051	-4.4%	-2.9%
Cash and equivalents	17,888	17,058	14,063	+4.9%	+27.2%
Other assets	21,990	26,834	23,297	-18.1%	-5.6%
Total assets	76,747	82,087	82,445	-6.5%	-6.9%

Questions

What was Centene's revenue in Q4 FY2025?

Centene (CNC) reported revenue of $49.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.9% on the same quarter a year earlier.

How much did Centene earn in Q4 FY2025?

Net loss for Q4 FY2025 was $1.1 billion, and the diluted loss per share $2.24.

When did Centene report Q4 FY2025 results?

Centene filed its 10-K for the year that ended with the quarter on 17 February 2026; 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 2025, filed 17 February 2026: the filing.