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Financials · CNC

Centene Corporation (CNC) financials

For the twelve months ended Sep 30, 2026, Centene Corporation reported $203.90B of revenue and $1.46B of net income.

Revenue, TTM
$203.90B
Revenue growth, YoY
+9.7%
Net income, TTM
$1.46B
Net margin
0.7%
Free cash flow, TTM
$3.94B
EPS, diluted, TTM
$3.01
Cash
$20.70B
Total debt
$15.54B
P/E
23.65
P/S
0.17
Market cap
$34.53B
Annual revenue$194.78B
FY2016FY2025
Annual net income-$6.67B
FY2016FY2025
Annual free cash flow$4.32B
FY2016FY2025

CNC revenue and earnings growth

CNC revenueQ3 2026$50.65B

Quarter YoY
+1.9%
QoQ
-5.5%
FY YoY
+19.4%
5Y CAGR
+11.9%
10Y CAGR
+23.9%

CNC revenue was $50.65B in fiscal Q3 2026 (ended Sep 30, 2026), up 1.9% from a year earlier and down 5.5% from the prior quarter. For the full fiscal 2025 it was $194.78B, up 19.4% from fiscal 2024. Compound annual growth was +11.9% over 5 years and +23.9% over 10 years. It rose in each of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

CNC net incomeQ3 2026-$71.00M

CNC net income was -$71.00M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$6.63B a year earlier. For the full fiscal 2025 it was -$6.67B, compared with $3.31B in fiscal 2024.

CNC EPSQ3 2026-$0.14

CNC diluted EPS was -$0.14 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$13.50 a year earlier. For the full fiscal 2025 it was -$13.53, compared with $6.31 in fiscal 2024.

CNC free cash flowQ3 2026-$3.86B

5Y CAGR
-1.4%
10Y CAGR
+23.9%

CNC free cash flow was -$3.86B in fiscal Q3 2026 (ended Sep 30, 2026), compared with $1.15B a year earlier. For the full fiscal 2025 it was $4.32B, compared with -$490.00M in fiscal 2024. Compound annual growth was -1.4% over 5 years and +23.9% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$194.78B$163.07B$154.00B$144.55B$125.98B$111.11B$74.64B$60.12B$48.38B$40.61B
Cost of revenue$2.67B$2.73B$3.56B$7.03B$4.89B$3.30B$2.46B$2.39B$1.85B$1.86B
Gross profit$14.21B$17.07B$17.64B$16.92B$14.49B-----
Selling, general and admin$12.90B$12.40B$12.56B$11.59B$9.60B$9.38B$6.53B$6.04B$4.45B$3.67B
Operating income-$7.62B$3.17B$2.93B$1.32B$1.78B$3.08B$1.78B$1.46B$1.20B$1.26B
Interest expense$678.00M$702.00M$725.00M$665.00M$665.00M$728.00M$412.00M$343.00M$255.00M$217.00M
Pre-tax income-$6.73B$4.26B$3.60B$1.96B$1.81B$2.77B$1.78B$1.37B$1.13B$1.16B
Income tax-$51.00M$963.00M$899.00M$760.00M$477.00M$979.00M$473.00M$474.00M$326.00M$599.00M
Net income-$6.67B$3.31B$2.70B$1.20B$1.35B$1.81B$1.32B$900.00M$828.00M$562.00M
EPS, basic-$13.53$6.33$4.97$2.09$2.31$3.17$3.19$2.31$2.40$1.76
EPS, diluted-$13.53$6.31$4.95$2.07$2.28$3.12$3.14$2.26$2.34$1.71
Diluted shares493.1M523.7M545.7M582.0M590.5M579.1M420.4M398.5M353.4M328.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$17.89B$14.16B$17.19B$12.33B$13.21B$10.96B$12.13B$5.35B$4.09B$3.94B
Short-term investments$2.43B$2.62B$2.46B$2.32B$1.54B$1.58B$863.00M$722.00M$531.00M$505.00M
Current assets$40.37B$38.00B$40.76B$30.13B$28.50B$23.39B$20.32B$12.00B$8.70B$8.37B
Goodwill$10.84B$17.56B$17.56B$18.81B$19.77B$18.65B$6.86B$7.01B$4.75B$4.71B
Total assets$76.75B$82.44B$84.64B$76.87B$78.38B$68.72B$40.99B$30.90B$21.86B$20.20B
Current liabilities$36.72B$34.26B$36.72B$28.46B$25.77B$21.59B$12.93B$11.97B$9.33B$8.62B
Short-term debt$50.00M$110.00M$119.00M$82.00M$267.00M$97.00M$88.00M$38.00M$4.00M$4.00M
Long-term debt$17.35B$18.42B$17.71B$17.94B$18.57B$16.68B$13.64B$6.65B$4.70B$4.65B
Total debt$17.40B$18.53B$17.83B$18.02B$18.84B$16.78B$13.73B$6.69B$4.70B$4.66B
Total liabilities$56.69B$55.94B$58.69B$52.63B$51.35B$42.76B$28.30B$19.88B$14.98B$14.14B
Shareholders' equity$19.95B$26.50B$25.94B$24.18B$26.94B$25.89B$12.66B$11.01B$6.86B$5.91B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$5.09B$154.00M$8.05B$6.26B$4.21B$5.50B$1.48B$1.23B$1.49B$1.85B
Capital expenditures$767.00M$644.00M$799.00M$1.00B$910.00M$869.00M$730.00M$675.00M$422.00M$306.00M
Free cash flow$4.32B-$490.00M$7.25B$5.26B$3.29B$4.63B$753.00M$559.00M$1.07B$1.54B
Investing cash flow$472.00M-$1.05B-$1.19B-$2.92B-$3.30B-$6.96B-$1.53B-$4.58B-$1.25B-$2.47B
Financing cash flow-$1.62B-$2.41B-$1.66B-$4.20B$1.36B$260.00M$6.83B$4.61B-$82.00M$2.72B
Share repurchases$475.00M$3.12B$1.63B$3.10B$297.00M$626.00M$75.00M$71.00M$65.00M$63.00M
Stock-based compensation$204.00M$212.00M$216.00M$234.00M$203.00M$281.00M$177.00M$145.00M$135.00M$148.00M
Depreciation and amortization$1.27B$1.24B$1.29B$1.43B$1.33B$1.26B$643.00M$495.00M$361.00M$278.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY19.4%5.9%6.5%14.7%13.4%48.9%24.2%24.3%19.1%78.4%
Net income growth, YoY-22.3%124.8%-10.8%-25.5%36.9%46.8%8.7%47.3%58.3%
EPS growth, YoY-27.5%139.1%-9.2%-26.9%-0.6%38.9%-3.4%36.8%18.8%
Gross margin7.3%10.5%11.5%11.7%11.5%-----
Operating margin-3.9%1.9%1.9%0.9%1.4%2.8%2.4%2.4%2.5%3.1%
Net margin-3.4%2.0%1.8%0.8%1.1%1.6%1.8%1.5%1.7%1.4%
Free cash flow margin2.2%-0.3%4.7%3.6%2.6%4.2%1.0%0.9%2.2%3.8%
Return on equity-33.4%12.5%10.4%5.0%5.0%7.0%10.4%8.2%12.1%9.5%
Return on assets-8.7%4.0%3.2%1.6%1.7%2.6%3.2%2.9%3.8%2.8%
Current ratio1.101.111.111.061.111.081.571.000.930.97
Debt to equity0.870.700.690.750.700.651.080.610.680.79

Source: XBRL data Centene Corporation files with the SEC, latest filing dated Oct 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 2-for-1, first reported Feb 23, 2015; 2-for-1, first reported Feb 19, 2019.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CNC peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CNC$203.90B+9.7%$1.46B0.7%$34.53B
UNH$449.66B+3.3%$15.88B3.5%$353.17B
ELV$201.83B+3.6%$5.13B2.5%$91.96B
CI$286.32B+6.8%$5.99B2.1%$77.58B
HUM$154.19B+22.0%$1.25B0.8%$52.08B
NTRA$2.91B+37.4%-$164.71M-5.7%$44.78B
ILMN$4.54B+5.8%$895.00M19.7%$32.22B
LH$14.59B+6.0%$1.00B6.9%$29.77B
DGX$11.84B+9.1%$1.13B9.5%$28.12B

CNC FAQ

9 questions
  • What is CNC revenue?
    Centene Corporation (CNC) reported $203.90B of revenue for the twelve months ended Sep 30, 2026. That is up 9.7% from the year before. Revenue for fiscal 2025 was $194.78B.
  • Is CNC profitable?
    Yes. Centene Corporation earned $1.46B in net income for the twelve months ended Sep 30, 2026, a net margin of 0.7%.
  • How much cash and debt does CNC have?
    Centene Corporation reported $20.70B in cash and cash equivalents and $15.54B of debt on its most recent balance sheet in SEC filings.
  • How fast is CNC revenue growing?
    Centene Corporation's revenue changed +19.4% in fiscal 2025, to $194.78B. Its compound annual growth rate was +11.9% over 5 years and +23.9% over 10 years.
  • What is CNC gross margin?
    Centene Corporation's gross profit was $16.13B on $203.90B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 7.9%.
  • What is CNC free cash flow?
    Centene Corporation generated $3.94B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $4.72B less capital expenditures.
  • What is CNC earnings per share?
    Diluted earnings per share were $3.01 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CNC last report financial results?
    The latest statements here come from Centene Corporation's 10-Q filed on Oct 27, 2026, covering the period ended Sep 30, 2026.
  • Where does this CNC financial data come from?
    Quantisnow builds these statements from the structured XBRL data Centene Corporation files with the SEC. It is provided for information only and is not investment advice.