Tuesday 3 November 2026 Export CNC’s income statement to Excel — free account

Centene Corporation

Centene Corporation’s revenue for fiscal 2025 (year ended December 2025) was $194.8 billion, up 19.4% from fiscal 2024.

Revenue: +1.93%
EPS: +99.0%
Free cash flow: −437.4%
Total debt: −11.6%

Quarter to September 2026, against a year earlier

66.49 1.96 −2.86%

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Market cap: $32.9B
P/E: 22.4×
Fwd P/E: 17.4×
Dividend yield: —
F-score: 5/9
Altman Z: 2.64
Beneish M: −3.07
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Centene Corporation (CNC) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2015: revenue by segment, and margins
Managed Care	20,966	92.12%
Specialty Services	6,757	29.69%
Gross margin		12.07%
Operating margin		3.10%
Pre-tax margin		3.06%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Premium	171,556 98.27%	142,303 97.80%	135,636 96.82%	127,131 93.84%	112,319 95.20%	100,055 96.39%	67,439 95.84%	53,629 95.03%	43,353 95.03%	35,399 94.20%
Service	3,025 1.73%	3,202 2.20%	4,459 3.18%	8,348 6.16%	5,664 4.80%	3,745 3.61%	2,925 4.16%	2,806 4.97%	2,267 4.97%	2,180 5.80%
Premium and service revenues	174,581	145,505	140,095	135,479	117,983	—	—	—	—	—
Revenue	174,581	145,505	140,095	135,479	117,983	103,800	70,364	56,435	45,620	37,579

Revenue by segment $m

Line	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Managed Care	106,867 102.95%	71,213 101.21%	57,099 101.18%	45,798 100.39%	38,382 102.14%	20,966 92.12%	14,835 89.58%
Specialty Services	4,253 4.10%	3,430 4.87%	12,506 22.16%	2,584 5.66%	8,377 22.29%	6,757 29.69%	4,804 29.01%
Eliminations	(7,320) (7.05%)	(4,279) (6.08%)	(13,170) (23.34%)	(2,762) (6.05%)	(9,180) (24.43%)	(4,963) (21.81%)	(3,079) (18.59%)
Revenue	103,800	70,364	56,435	45,620	37,579	22,760	16,560

Operating income by segment $m, and margin

	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Managed Care	‡	‡	‡	‡	‡	‡	‡
Specialty Services	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Commercial Group and Individual	Q3 FY2026	497.4K	447.9K	+11.05%
Commercial Marketplace	Q3 FY2026	3.4M	5.8M	−41.61%
Days in claims payable	Q3 FY2026	48.00	48.00	0.00%
High Acuity Medicaid	Q3 FY2026	1.4M	1.6M	−15.05%
Medicare	Q3 FY2026	954.4K	1.0M	−5.80%
Medicare PDP	Q3 FY2026	8.9M	8.0M	+12.23%
Number of employees	Q3 FY2026	53.9K	60.9K	−11.49%
Total	Q4 FY2025	27.6M	28.6M	−3.38%
Total at-risk membership	Q3 FY2026	25.7M	28.0M	−8.12%
Total Commercial	Q3 FY2026	3.9M	6.3M	−37.85%
Total Medicaid	Q3 FY2026	11.9M	12.7M	−6.38%
Traditional Medicaid	Q3 FY2026	10.5M	11.1M	−5.14%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Commercial Group and Individual	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial Marketplace	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Days in claims payable	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High Acuity Medicaid	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medicare	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medicare PDP	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Number of employees	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total at-risk membership	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Commercial	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Medicaid	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Traditional Medicaid	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.