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Centene (CNC) FY2025 results: revenue $194.8 billion, up 19.4% on the year

Centene Corp. (CNC) reported revenue of $194.8 billion for fiscal 2025, the year ended 31 December 2025, up 19.4% on the year before. Net income was -$6.7 billion, and diluted earnings per share $-13.53. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$194.8 billion
+19.4% on the year
FY2018FY2025
Operating margin
-3.9%
1.9% a year earlier
FY2018FY2025
Net income
-$6.7 billion
FY2018FY2025
Diluted EPS
-$13.53
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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%.
  • Commercial HBR 100 basis points above expectations: Commercial HBR was 95.4% in Q4, against 81.8% a year earlier. The figure was 100 basis points above expectations, driven by net out-of-period items.
  • SG&A ratio fell on scale and PDP mix: SG&A expense ratio was 7.5% in Q4, against 8.9%, and 7.4% for the year, against 8.5%. Marketplace growth, at a higher SG&A ratio, partly offset the decrease.
Read the Q4 FY2025 earnings call summary

From this 10-K

Centene is a managed care company built around government health programmes and the people they cover. It describes itself as the nation's largest managed care company focused on underserved populations, and says it serves more than 1 in 15 individuals across the country, including Medicaid and Medicare members and people covered through the Health Insurance Marketplace. It operated in four segments during 2025.

Centene Corp., the 10-K for 2025

Centene is a managed care company built around government health programmes and the people they cover. It describes itself as the nation's largest managed care company focused on underserved populations, and says it serves more than 1 in 15 individuals across the country, including Medicaid and Medicare members and people covered through the Health Insurance Marketplace. It operated in four segments during 2025.

Medicaid

The largest segment, at 57 percent of total external revenues in 2025. It covers a long list of separate state and federal programmes: Temporary Assistance for Needy Families, Medicaid Expansion, the Aged, Blind or Disabled programme, the Children's Health Insurance Program, Long-Term Services and Supports, Foster Care, Medicare-Medicaid Plans for people eligible for both, and other state-based programmes.

Commercial

21 percent of external revenues. It holds the Health Insurance Marketplace product together with individual and commercial group cover, Individual Coverage Health Reimbursement Arrangement products, and other individual products sold away from the exchange.

Medicare

19 percent of external revenues, covering Medicare Advantage, Dual Eligible Special Needs Plans, Medicare Prescription Drug Plans known as Part D, and Medicare Supplement.

Other

3 percent of external revenues: specialty pharmacy, vision and dental, clinical healthcare, behavioural health and centralised services. In December 2025 the company signed a definitive agreement to divest the remaining Magellan Health businesses.

How it says it is organised

The company's stated model is local. It says it works through local brands and local teams who live in and directly influence the communities they serve, and calls that a key differentiator in its ability to provide access to care. Its state-based plans, as it puts it, are built on community expertise and backed by the depth and experience of a national company.

It also describes a model structured around partnership: working with providers, policymakers and communities to connect people not only to healthcare but to essentials including food, housing, utilities and transportation. That is a claim about what a managed care company for low-income populations has to do beyond paying medical claims, and it is the company's own framing of its business.

From Centene's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue194,777163,071153,999+19.4%
Cost of revenue2,6702,7293,564-2.2%
Gross profit14,20917,06917,637-16.8%
Gross margin7.3%10.5%11.5%
Selling, general and administrative12,90412,40012,563+4.1%
Operating income-7,6233,1752,930
Operating margin-3.9%1.9%1.9%
Interest expense678702725-3.4%
Pre-tax income-6,7284,2573,598
Income tax-51.0963899
Effective tax raten/a22.6%25.0%
Net income-6,6743,3052,702
Net margin-3.4%2.0%1.8%
Diluted EPS-$13.53$6.31$4.95
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,0881548,053+3,203.9%
Capital expenditure767644799+19.1%
Free cash flow4,321-4907,254
Free cash flow margin2.2%-0.3%4.7%
Cash from investing472-1,052-1,191
Cash from financing-1,621-2,406-1,658
Depreciation and amortisation1,2751,2411,293+2.7%
Share-based compensation204212216-3.8%
Buybacks4753,1241,633-84.8%
Diluted shares, weighted493m524m546m-5.8%
Shares outstanding at period end492m496m534m-0.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity19,95326,41025,840-24.4%
Non-controlling interest80.090.097.0-11.1%
Redeemable equity23.010.019.0+130.0%
Debt17,49318,64017,962-6.2%
Operating lease liabilities615738880-16.7%
Other liabilities38,58336,55739,843+5.5%
Total liabilities and equity76,74782,44584,641-6.9%
Fixed assets2,0372,0672,019-1.5%
Goodwill10,83517,55817,558-38.3%
Intangible assets4,5305,4096,101-16.3%
Investments19,46720,05118,745-2.9%
Cash and equivalents17,88814,06317,193+27.2%
Other assets21,99023,29723,025-5.6%
Total assets76,74782,44584,641-6.9%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.