CNC

MKT CAP:$20B

Centene Corporation

Market Cap

$20B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$38.17-$3.61 (-8.64%)

Apr 17, 2026

Company Details

Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals ...

CEO

Sarah London

IPO Date

Dec 13, 2001

Website

www.centene.com

Key Metrics TTM

Revenue

$188.1B

+19.5% YoY

Net Income

-$5.7B

EPS (Diluted)

-$11.75

Free Cash Flow

$1.6B

Revenue / Share

$382.95

Gross Margin

13.3%

Operating Margin

-3.5%

Net Margin

-3.0%

FCF Margin

0.9%

P/S

0.1x

P/E

—

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 17, 2026

$194.8B+19.4%EPS -$13.62

Q4 2025

Feb 17, 2026

$49.7BEPS -$2.24

Q3 2025

Oct 28, 2025

$49.7B+18.2%EPS -$13.50

Q1 2025

Apr 24, 2025

$46.6B+15.4%EPS $2.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$16.6B	$2.2B	$388M
Q1 20	$26.0B	$3.2B	$188M
Q2 20	$27.7B	$4.8B	$2.0B
Q1 21	$30.0B	$3.6B	$1.1B
Q2 21	$31.0B	$3.3B	-$418M
Q1 22	$37.2B	$4.4B	$1.3B
Q3 22	$35.9B	$4.0B	$476M
Q1 23	$38.9B	$4.6B	$1.2B
Q2 23	$37.6B	$4.5B	$1.2B
Q4 23	$39.5B	$3.7B	-$194M
Q1 24	$40.4B	$4.6B	$1.1B
Q2 24	$39.8B	$4.4B	$1.2B
Q3 24	$42.0B	$4.0B	$665M
Q1 25	$46.6B	$5.2B	$1.5B
Q3 25	$49.7B	$8.1B	-$7.0B
Q4 25	$49.7B	$7.5B	-$1.7B

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q1 20	0.3x	35.9x
Q2 20	0.2x	11.4x
Q1 21	0.2x	9.3x
Q2 21	0.2x	14.5x
Q1 22	0.2x	9.2x
Q3 22	0.2x	11.7x
Q1 23	0.1x	9.4x
Q2 23	0.1x	5.4x
Q4 23	0.1x	6.9x
Q1 24	0.1x	6.0x
Q2 24	0.1x	6.0x
Q3 24	0.1x	6.7x
Q1 25	0.1x	4.7x
Q3 25	0.1x	—
Q4 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$634M	-$820M
Q1 20	-$240M	-$417M
Q2 20	$3.7B	$3.5B
Q1 21	$43M	-$144M
Q2 21	$1.7B	$1.4B
Q1 22	$1.2B	$909M
Q3 22	$3.3B	$3.1B
Q1 23	$4.3B	$4.0B
Q2 23	$2.5B	$2.3B
Q4 23	$217M	-$6M
Q1 24	-$456M	-$607M
Q2 24	$2.2B	$2.0B
Q3 24	-$978M	-$1.1B
Q1 25	$1.5B	$1.4B
Q3 25	$1.4B	$1.1B
Q4 25	$437M	$224M

Capital Expenditures

Quarter	CapEx
Q4 18	$186M
Q1 20	$177M
Q2 20	$235M
Q1 21	$187M
Q2 21	$250M
Q1 22	$242M
Q3 22	$247M
Q1 23	$225M
Q2 23	$215M
Q4 23	$223M
Q1 24	$151M
Q2 24	$186M
Q3 24	$153M
Q1 25	$135M
Q3 25	$211M
Q4 25	$213M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+298.6%	+270.6%
Q1 21	+111.4%	+111.3%
Q2 21	+87.4%	+94.4%
Q1 22	+42.9%	+39.1%
Q3 22	+29.4%	+37.7%
Q1 23	+29.7%	+30.2%
Q2 23	+21.2%	+15.9%
Q4 23	+6.1%	+10.4%
Q1 24	+12.7%	+11.1%
Q2 24	+2.4%	+2.5%
Q3 24	+11.7%	+13.5%
Q1 25	+18.1%	+13.7%
Q3 25	+23.0%	+44.1%
Q4 25	+24.8%	+33.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$40M	0.2%
Q1 20	$117M	0.4%
Q2 20	$47M	0.2%
Q1 21	$51M	0.2%
Q2 21	$36M	0.1%
Q1 22	$70M	0.2%
Q3 22	$51M	0.1%
Q1 23	$61M	0.2%
Q2 23	$56M	0.1%
Q4 23	$49M	0.1%
Q1 24	$70M	0.2%
Q2 24	$62M	0.2%
Q3 24	$49M	0.1%
Q1 25	$59M	0.1%
Q3 25	$52M	0.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 18	$1.7B	—
Q1 20	$2.7B	—
Q2 20	$2.6B	—
Q1 21	$2.2B	—
Q2 21	$2.1B	—
Q1 22	$2.7B	—
Q3 22	$2.8B	—
Q1 23	—	$3.0B
Q2 23	—	$3.0B
Q4 23	—	$3.5B
Q1 24	—	$3.2B
Q2 24	—	$2.9B
Q3 24	—	$3.1B
Q1 25	—	$3.4B
Q3 25	—	$3.1B
Q4 25	$3.7B	—

Revenue Segments

Quarter	Commercial Segment	Medicaid Segment	Other Segments	Other Operating Segment
Q1 24	$7.8B	$31.5B	$1.2B	—
Q1 25	$10.1B	$35.2B	—	$1.3B
Q3 25	$11.0B	$37.4B	—	$1.3B
Q4 25	$10.8B	$37.7B	—	$1.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11.2B	$1.7B	$12.9B
Q2 22	$13.4B	$1.8B	$15.2B
Q3 22	$15.0B	$2.2B	$17.2B
Q4 22	$12.1B	$2.3B	$14.4B
Q1 23	$15.9B	$2.1B	$18.0B
Q2 23	$17.2B	$2.2B	$19.4B
Q3 23	$18.2B	$2.2B	$20.4B
Q4 23	$17.2B	$2.5B	$19.7B
Q1 24	$17.6B	$2.1B	$19.7B
Q2 24	$17.6B	$2.6B	$20.2B
Q3 24	$14.6B	$3.0B	$17.6B
Q4 24	$14.1B	$2.6B	$16.7B
Q1 25	$14.8B	$2.5B	$17.3B
Q2 25	$14.5B	$2.8B	$17.3B
Q3 25	$17.1B	$2.2B	$19.2B
Q4 25	$17.9B	$0	$17.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	420M	+5.4%	—
Q1 20	552M	+31.4%	—
Q2 20	587M	+6.4%	+134.0%
Q1 21	589M	+0.3%	+47.7%
Q2 21	583M	-1.1%	+38.7%
Q1 22	591M	+1.3%	+7.0%
Q3 22	581M	-1.7%	-1.2%
Q1 23	554M	-4.6%	-6.0%
Q2 23	550M	-0.6%	-5.6%
Q4 23	538M	-2.3%	-9.0%
Q1 24	538M	+0.1%	-7.3%
Q2 24	531M	-1.4%	-4.2%
Q3 24	524M	-1.4%	-4.9%
Q1 25	498M	-4.8%	-7.3%
Q3 25	491M	-1.4%	-8.7%
Q4 25	491M	-0.0%	-7.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$350.1K	47K
Q1 20	$459.8K	57K
Q2 20	$489.6K	57K
Q1 21	$420.5K	71K
Q2 21	$435.1K	71K
Q1 22	$512.9K	73K
Q3 22	$494.7K	73K
Q1 23	$523.4K	74K
Q2 23	$506.2K	74K
Q4 23	$582.9K	68K
Q1 24	$596.9K	68K
Q2 24	$588.4K	68K
Q3 24	$620.7K	68K
Q1 25	$770.6K	61K
Q3 25	$821.3K	61K
Q4 25	$3.3B	15

Revenue / Employee