What is Centene's operating income?

Centene's total operating income in 2025 was -$7.62 billion, based on the following breakdown: Total Gross Profit: $192.11 billion Total Operating Expenses: $199.73 billion

Centene (CNC) Financials

$64.13 +0.05 (+0.08%)

Closing price 03:59 PM Eastern

Extended Trading

$61.49 -2.64 (-4.12%)

As of 05:04 PM Eastern

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Annual Income Statements for Centene

This table shows Centene's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	355	562	828	900	1,321	1,808	1,347	1,202	2,702	3,305	-6,674
Consolidated Net Income / (Loss)	357	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294	-6,677
Net Income / (Loss) Continuing Operations	358	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294	-6,677
Total Pre-Tax Income	697	1,160	1,134	1,368	1,782	2,773	1,813	1,962	3,598	4,257	-6,728
Total Operating Income	705	1,263	1,199	1,458	1,781	3,082	1,784	1,318	2,930	3,175	-7,623
Total Gross Profit	21,139	8,107	8,684	11,673	72,174	21,548	22,486	137,515	150,435	160,342	192,107
Total Revenue	22,760	40,607	48,382	60,116	74,639	111,115	125,982	144,547	153,999	163,071	194,777
Operating Revenue	22,760	40,607	48,382	60,116	74,639	111,115	125,982	144,547	153,999	163,071	194,777
Total Cost of Revenue	1,621	32,500	39,698	48,443	2,465	89,567	103,496	7,032	3,564	2,729	2,670
Operating Cost of Revenue	1,621	32,500	39,698	48,443	2,465	89,567	103,496	7,032	3,564	2,729	2,670
Total Operating Expenses	20,434	6,844	7,485	10,215	70,393	18,466	20,702	136,197	147,505	157,167	199,730
Selling, General & Admin Expense	1,802	3,673	4,446	6,043	6,533	9,380	9,601	11,589	12,563	12,400	12,904
Depreciation Expense	-	-	-	-	-	487	565	614	575	549	590
Amortization Expense	24	147	156	211	258	719	770	817	718	692	685
Other Operating Expenses / (Income)	18,608	3,024	2,883	3,961	63,331	7,808	8,287	120,859	133,120	143,513	178,240
Impairment Charge	-	-	0.00	0.00	271	72	229	2,318	529	13	7,311
Total Other Income / (Expense), net	-8.00	-103	-65	-90	1.00	-309	29	644	668	1,082	895
Interest Expense	43	217	255	343	442	789	665	665	725	702	678
Interest & Investment Income	35	114	190	253	443	480	819	1,279	1,393	1,784	1,572
Other Income / (Expense), net	-	-	-	-	-	-	-125	30	0.00	0.00	1.00
Income Tax Expense	339	599	326	474	473	979	477	760	899	963	-51
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	-1.00	-20	-6.00	-12	-14	-11	0.00	-3.00	-11	-3.00
Basic Earnings per Share	$2.98	$1.76	$2.40	$2.31	$3.19	$3.17	$2.31	$2.09	$4.97	$6.33	($13.53)
Weighted Average Basic Shares Outstanding	118.70M	159.57M	344.85M	390.25M	413.49M	570.72M	582.83M	575.19M	543.32M	521.79M	493.12M
Diluted Earnings per Share	$2.88	$1.71	$2.34	$2.26	$3.14	$3.12	$2.28	$2.07	$4.95	$6.31	($13.53)
Weighted Average Diluted Shares Outstanding	118.70M	159.57M	353.40M	398.51M	420.41M	579.14M	590.52M	582.04M	545.70M	523.74M	493.12M
Weighted Average Basic & Diluted Shares Outstanding	118.70M	159.57M	344.85M	390.25M	586.77M	581.59M	582.87M	551.26M	534.86M	496.04M	491.77M

This table shows Centene's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	45	1,163	1,146	713	283	1,311	-253	-6,631	-1,101	1,541	1,091
Consolidated Net Income / (Loss)	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539	1,087
Net Income / (Loss) Continuing Operations	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539	1,087
Total Pre-Tax Income	24	1,473	1,516	921	347	1,746	-257	-6,674	-1,543	2,099	1,486
Total Operating Income	-194	1,106	1,229	665	175	1,534	-458	-6,954	-1,745	1,861	1,198
Total Gross Profit	38,499	39,738	39,156	41,331	71,049	45,922	48,101	49,039	49,045	49,242	52,850
Total Revenue	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944	53,579
Operating Revenue	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944	53,579
Total Cost of Revenue	961	669	680	692	-30,244	698	641	651	680	702	729
Operating Cost of Revenue	961	669	680	692	-30,244	698	641	651	680	702	729
Total Operating Expenses	38,693	38,632	37,927	40,666	70,874	44,388	48,559	55,993	50,790	47,381	51,652
Selling, General & Admin Expense	3,488	3,218	2,894	3,057	3,231	3,353	3,036	3,145	3,370	3,397	3,103
Depreciation Expense	139	135	133	140	141	142	141	147	160	134	139
Amortization Expense	176	173	173	173	173	173	173	170	169	166	161
Other Operating Expenses / (Income)	34,839	35,093	34,727	37,296	67,329	40,720	45,154	45,788	46,578	43,684	48,249
Impairment Charge	51	13	0.00	0.00	-	-	55	6,743	513	-	0.00
Total Other Income / (Expense), net	218	367	287	256	172	212	201	280	202	238	288
Interest Expense	183	178	176	176	172	170	170	170	168	164	153
Interest & Investment Income	401	545	463	432	344	382	371	450	369	407	435
Other Income / (Expense), net	-	-	-	-	-	0.00	0.00	-	-	-5.00	6.00
Income Tax Expense	-15	315	370	211	67	432	2.00	-42	-443	560	399
Net Income / (Loss) Attributable to Noncontrolling Interest	-6.00	-5.00	0.00	-3.00	-3.00	3.00	-6.00	-1.00	1.00	-2.00	-4.00
Basic Earnings per Share	$0.12	$2.17	$2.16	$1.37	$0.63	$2.64	($0.51)	($13.50)	($2.16)	$3.13	$2.21
Weighted Average Basic Shares Outstanding	543.32M	535.11M	529.60M	521.97M	521.79M	496.21M	493.55M	491.14M	493.12M	492.07M	493.82M
Diluted Earnings per Share	$0.12	$2.16	$2.16	$1.36	$0.63	$2.63	($0.51)	($13.50)	($2.15)	$3.11	$2.19
Weighted Average Diluted Shares Outstanding	545.70M	538.06M	530.76M	523.54M	523.74M	498.18M	493.55M	491.14M	493.12M	495.59M	497.64M
Weighted Average Basic & Diluted Shares Outstanding	534.86M	533.66M	526.03M	504.87M	496.04M	497.60M	491.13M	491.52M	491.77M	493.80M	494.00M

This table details how cash moves in and out of Centene's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	150	2,098	153	1,261	6,781	-1,174	2,257	-868	5,172	-3,296	3,939
Net Cash From Operating Activities	658	1,851	1,489	1,234	1,483	5,503	4,205	6,261	8,053	154	5,088
Net Cash From Continuing Operating Activities	658	1,851	1,489	1,234	1,483	5,503	4,205	6,261	8,053	154	5,088
Net Income / (Loss) Continuing Operations	357	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294	-6,677
Consolidated Net Income / (Loss)	357	561	808	894	1,309	1,794	1,336	1,202	2,699	3,294	-6,677
Depreciation Expense	111	278	361	495	643	1,259	1,335	1,430	1,293	1,241	1,275
Non-Cash Adjustments To Reconcile Net Income	-246	267	104	-1,028	-607	-274	-2,413	347	-1,549	-4,282	9,072
Changes in Operating Assets and Liabilities, net	436	745	216	873	138	2,724	3,947	3,282	5,610	-99	1,418
Net Cash From Investing Activities	-813	-2,469	-1,254	-4,585	-1,532	-6,955	-3,299	-2,921	-1,191	-1,052	472
Net Cash From Continuing Investing Activities	-813	-2,469	-1,254	-4,585	-1,532	-6,955	-3,299	-2,921	-1,191	-1,052	472
Purchase of Property, Plant & Equipment	-150	-306	-422	-675	-730	-869	-910	-1,004	-799	-644	-767
Purchase of Investments	-1,321	-2,432	-2,656	-3,846	-2,575	-7,402	-7,400	-6,736	-6,622	-7,183	-4,541
Divestitures	-	-	-	0.00	0.00	466	68	2,477	707	990	0.00
Sale and/or Maturity of Investments	669	1,566	1,862	1,991	1,809	4,921	5,458	3,802	5,523	5,785	5,780
Net Cash From Financing Activities	305	2,717	-82	4,612	6,832	260	1,362	-4,197	-1,658	-2,406	-1,621
Net Cash From Continuing Financing Activities	305	2,717	-82	4,612	6,832	260	1,362	-4,197	-1,658	-2,406	-1,621
Repayment of Debt	-1,567	-6,152	-1,356	-4,173	-17,814	-4,249	-7,643	-1,531	-2,316	-628	-1,914
Repurchase of Common Equity	-53	-63	-65	-71	-75	-626	-297	-3,096	-1,633	-3,124	-475
Payment of Dividends	0.00	-14	-66	-	-	-	0.00	0.00	-88	0.00	-19
Issuance of Debt	1,925	8,946	1,405	6,077	24,721	5,107	9,267	360	2,335	1,300	750
Issuance of Common Equity	-	0.00	0.00	2,779	-	28	35	70	44	46	37
Effect of Exchange Rate Changes	0.00	-1.00	-	-	-2.00	18	-11	-11	-32	8.00	0.00
Cash Interest Paid	55	165	237	323	374	725	658	657	688	688	647
Cash Income Taxes Paid	328	556	496	448	612	1,191	678	1,198	887	1,002	448

This table details how cash moves in and out of Centene's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-984	425	-162	-3,062	-497	731	-288	2,586	910	3,392	2,978
Net Cash From Operating Activities	217	-456	2,175	-978	-587	1,510	1,785	1,356	437	4,366	3,590
Net Cash From Continuing Operating Activities	217	-456	2,175	-978	-587	1,510	1,785	1,356	437	4,366	3,590
Net Income / (Loss) Continuing Operations	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539	1,087
Consolidated Net Income / (Loss)	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539	1,087
Depreciation Expense	315	308	306	313	314	314	315	317	329	300	300
Non-Cash Adjustments To Reconcile Net Income	-1,557	-1,262	116	-1,560	-1,560	-2,407	797	5,216	5,461	-1,064	1,153
Changes in Operating Assets and Liabilities, net	1,420	-660	607	-441	379	2,289	932	2,455	-4,253	3,591	1,050
Net Cash From Investing Activities	-949	852	-1,167	-839	102	-529	-899	1,240	660	89	-353
Net Cash From Continuing Investing Activities	-949	852	-1,167	-839	102	-529	-899	1,240	660	89	-353
Purchase of Property, Plant & Equipment	-223	-151	-186	-153	-154	-135	-208	-211	-213	-200	-174
Purchase of Investments	-1,893	-1,317	-2,117	-2,336	-1,413	-1,630	-1,963	-172	-776	-987	-1,341
Sale and/or Maturity of Investments	1,150	1,441	1,056	1,650	1,638	1,236	1,272	1,623	1,649	1,276	1,162
Net Cash From Financing Activities	-201	23	-1,171	-1,245	-13	-250	-1,174	-10	-187	-1,063	-259
Net Cash From Continuing Financing Activities	-201	23	-1,171	-1,245	-13	-250	-1,174	-10	-187	-1,063	-259
Repayment of Debt	-346	-190	-379	-30	-29	-969	-750	-2.00	-193	-1,044	-263
Repurchase of Common Equity	-31	-151	-803	-1,227	-943	-41	-432	-	-2.00	-29	-4.00
Issuance of Common Equity	12	14	11	12	9.00	10	8.00	11	8.00	10	8.00
Cash Interest Paid	192	155	197	143	193	129	191	138	189	146	156
Cash Income Taxes Paid	128	13	597	211	181	7.00	497	36	-92	-19	-206

This table presents Centene's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,339	20,197	21,855	30,901	40,994	68,719	78,375	76,870	84,641	82,445	76,747
Total Current Assets	3,605	8,365	8,703	11,998	20,323	23,393	28,497	30,128	40,756	37,999	40,370
Cash & Equivalents	1,760	3,930	4,072	5,342	12,123	10,800	13,118	12,074	17,193	14,063	17,888
Short-Term Investments	176	505	531	722	863	1,580	1,539	2,321	2,459	2,622	2,432
Accounts Receivable	1,279	3,215	3,413	5,150	6,247	9,696	12,238	13,272	15,532	19,713	18,105
Other Current Assets	390	715	687	784	1,090	1,317	1,602	2,461	5,572	1,601	1,945
Plant, Property, & Equipment, net	518	797	1,104	1,706	2,121	2,774	3,391	2,432	2,019	2,067	2,037
Total Noncurrent Assets	3,216	11,035	12,048	17,197	18,550	42,552	46,487	44,310	41,866	42,379	34,340
Long-Term Investments	1,927	4,545	5,312	6,861	7,717	12,853	14,043	14,684	16,286	17,429	17,035
Goodwill	842	4,712	4,749	7,015	6,863	18,652	19,771	18,812	17,558	17,558	10,835
Intangible Assets	155	1,545	1,398	2,239	2,063	8,388	7,824	6,911	6,101	5,409	4,530
Other Noncurrent Operating Assets	177	95	454	527	1,249	1,599	3,781	2,686	535	593	528
Other Noncurrent Nonoperating Assets	115	138	135	555	658	1,060	1,068	1,217	1,386	1,390	1,412
Total Liabilities & Shareholders' Equity	7,339	20,197	21,855	30,901	40,994	68,719	78,375	76,870	84,641	82,445	76,747
Total Liabilities	5,015	14,143	14,979	19,878	28,302	42,757	51,353	52,633	58,685	55,935	56,691
Total Current Liabilities	3,629	8,623	9,332	11,971	12,932	21,585	25,765	28,464	36,716	34,261	36,718
Short-Term Debt	5.00	4.00	4.00	38	88	97	267	82	119	110	50
Accounts Payable	976	3,763	4,165	4,051	4,164	7,069	8,493	9,525	16,420	13,174	13,796
Current Deferred Revenue	143	313	328	385	383	523	434	478	715	661	736
Other Current Liabilities	2,505	4,543	4,835	7,497	8,297	13,896	16,571	18,379	19,462	20,316	22,136
Total Noncurrent Liabilities	1,386	5,520	5,647	7,907	15,370	21,172	25,588	24,169	21,969	21,674	19,973
Long-Term Debt	1,216	4,651	4,695	6,648	13,638	16,682	18,571	17,938	17,710	18,423	17,351
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	189	1,534	1,407	615	641	684	833
Other Noncurrent Operating Liabilities	170	869	952	1,259	1,543	2,956	5,610	5,616	3,618	2,567	1,789
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	156	145	12	10	33	77	82	56	19	10	23
Total Equity & Noncontrolling Interests	2,168	5,909	6,864	11,013	12,659	25,885	26,940	24,181	25,937	26,500	20,033
Total Preferred & Common Equity	2,157	5,895	6,850	10,917	12,551	25,773	26,795	24,057	25,840	26,410	19,953
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,157	5,895	6,850	10,917	12,551	25,773	26,795	24,057	25,840	26,410	19,953
Common Stock	956	4,190	4,349	7,449	7,647	19,460	19,673	20,061	20,305	20,563	20,778
Retained Earnings	1,358	1,920	2,748	3,663	4,984	6,792	8,139	9,341	12,043	15,348	8,674
Treasury Stock	-147	-179	-244	-139	-214	-816	-1,094	-4,213	-5,856	-8,997	-9,441
Accumulated Other Comprehensive Income / (Loss)	-10	-36	-3.00	-56	134	337	77	-1,132	-652	-504	-58
Noncontrolling Interest	11	14	14	96	108	112	145	124	97	90	80

This table presents Centene's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	84,381	84,641	82,624	83,137	82,351	82,445	87,044	86,395	82,087	81,175	83,012
Total Current Assets	41,405	40,756	38,448	38,406	37,409	37,999	41,288	40,389	44,062	44,989	46,685
Cash & Equivalents	18,190	17,193	17,585	17,605	14,577	14,063	14,815	14,513	17,058	21,264	24,151
Short-Term Investments	2,241	2,459	2,082	2,609	2,992	2,622	2,472	2,768	2,179	2,477	2,906
Accounts Receivable	15,503	15,532	16,824	16,587	18,281	19,713	22,436	21,552	23,109	19,426	18,076
Other Current Assets	5,471	5,572	1,957	1,605	1,559	1,601	1,565	1,556	1,716	1,822	1,552
Plant, Property, & Equipment, net	2,004	2,019	1,988	2,041	2,042	2,067	2,044	2,122	2,161	2,090	2,130
Total Noncurrent Assets	40,972	41,866	42,188	42,690	42,900	42,379	43,712	43,884	35,864	34,096	34,197
Long-Term Investments	15,234	16,286	16,496	16,870	17,691	17,429	18,268	18,797	18,180	16,599	16,302
Goodwill	17,558	17,558	17,558	17,558	17,558	17,558	17,558	17,558	10,835	10,835	10,835
Intangible Assets	6,277	6,101	5,928	5,755	5,582	5,409	5,236	5,010	4,840	4,364	4,203
Other Noncurrent Operating Assets	560	535	823	1,092	617	593	1,241	1,108	593	866	1,370
Other Noncurrent Nonoperating Assets	1,343	1,386	1,383	1,415	1,452	1,390	1,409	1,411	1,416	1,432	1,487
Total Liabilities & Shareholders' Equity	84,381	84,641	82,624	83,137	82,351	82,445	87,044	86,395	82,087	81,175	83,012
Total Liabilities	58,965	58,685	55,560	55,680	54,942	55,935	59,025	58,892	61,032	59,648	60,355
Total Current Liabilities	36,851	36,716	32,784	32,729	34,061	34,261	37,143	36,786	40,630	40,045	40,759
Short-Term Debt	113	119	113	112	111	110	12	25	38	63	75
Accounts Payable	15,081	16,420	12,130	12,232	13,338	13,174	13,948	13,520	16,875	16,832	17,965
Current Deferred Revenue	2,356	715	681	597	658	661	869	682	656	953	706
Other Current Liabilities	19,301	19,462	19,860	19,788	19,954	20,316	22,314	22,559	23,061	22,197	22,013
Total Noncurrent Liabilities	22,114	21,969	22,776	22,951	20,881	21,674	21,882	22,106	20,402	19,603	19,596
Long-Term Debt	17,888	17,710	17,887	17,516	17,494	18,423	18,308	17,552	17,545	16,308	16,030
Noncurrent Deferred & Payable Income Tax Liabilities	577	641	734	665	769	684	708	651	810	744	756
Other Noncurrent Operating Liabilities	3,649	3,618	4,155	4,770	2,618	2,567	2,866	3,903	2,047	2,551	2,810
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	21	19	16	16	13	10	12	11	23	25	23
Total Equity & Noncontrolling Interests	25,395	25,937	27,048	27,441	27,396	26,500	28,007	27,492	21,032	21,502	22,634
Total Preferred & Common Equity	25,295	25,840	26,958	27,351	27,307	26,410	27,916	27,406	20,948	21,427	22,562
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	25,295	25,840	26,958	27,351	27,307	26,410	27,916	27,406	20,948	21,427	22,562
Common Stock	20,244	20,305	20,389	20,462	20,523	20,563	20,632	20,672	20,714	20,824	20,891
Retained Earnings	11,998	12,043	13,206	14,352	15,065	15,348	16,659	16,406	9,775	10,215	11,306
Treasury Stock	-5,825	-5,856	-6,007	-6,817	-8,055	-8,997	-9,038	-9,441	-9,441	-9,441	-9,441
Accumulated Other Comprehensive Income / (Loss)	-1,122	-652	-630	-646	-226	-504	-337	-231	-100	-171	-194
Noncontrolling Interest	100	97	90	90	89	90	91	86	84	75	72

This table displays calculated financial ratios and metrics derived from Centene's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.44%	78.41%	19.15%	24.25%	24.16%	48.87%	13.38%	14.74%	6.54%	5.89%	19.44%
EBITDA Growth	47.56%	88.85%	1.23%	25.19%	24.12%	79.08%	-31.03%	-7.21%	52.02%	4.57%	-243.73%
EBIT Growth	51.94%	79.15%	-5.07%	21.60%	22.15%	73.05%	-46.17%	-18.75%	117.36%	8.36%	-340.06%
NOPAT Growth	36.65%	68.68%	39.87%	11.53%	37.31%	52.41%	-34.07%	-38.58%	172.20%	11.78%	-317.20%
Net Income Growth	35.23%	57.14%	44.03%	10.64%	46.42%	37.05%	-25.53%	-10.03%	124.54%	22.05%	-302.70%
EPS Growth	28.00%	57.14%	44.03%	10.64%	38.94%	-0.64%	-26.92%	-9.21%	139.13%	27.47%	-314.42%
Operating Cash Flow Growth	-46.20%	181.31%	-19.56%	-17.13%	20.18%	271.07%	-23.59%	48.89%	28.62%	-98.09%	3,203.90%
Free Cash Flow Firm Growth	-30.64%	-454.97%	165.12%	-290.28%	127.43%	-2,056.65%	117.78%	195.60%	55.88%	-108.07%	987.41%
Invested Capital Growth	-9.07%	467.44%	-4.15%	177.31%	19.58%	225.25%	-2.16%	-25.67%	-45.98%	47.64%	-113.73%
Revenue Q/Q Growth	7.45%	16.03%	1.88%	6.66%	3.19%	9.27%	3.52%	2.11%	2.60%	0.83%	4.80%
EBITDA Q/Q Growth	4.08%	30.93%	-17.68%	14.75%	-3.35%	-1.96%	13.54%	-21.06%	1.25%	9.09%	-42.85%
EBIT Q/Q Growth	3.98%	31.70%	-22.24%	16.55%	-5.87%	-7.83%	38.71%	-38.81%	3.10%	13.15%	-33.65%
NOPAT Q/Q Growth	2.70%	36.55%	-4.54%	2.51%	-3.61%	-8.06%	58.65%	-52.41%	14.53%	12.82%	-33.67%
Net Income Q/Q Growth	1.71%	35.84%	-4.27%	2.05%	-2.89%	-10.97%	84.53%	-40.32%	10.57%	7.89%	-26.05%
EPS Q/Q Growth	-2.37%	35.84%	-4.27%	2.05%	-3.98%	-10.86%	80.95%	-39.83%	10.49%	8.79%	-25.86%
Operating Cash Flow Q/Q Growth	-20.44%	302.39%	-43.41%	-46.76%	-1.13%	194.12%	-35.42%	-26.45%	28.64%	-83.92%	25.20%
Free Cash Flow Firm Q/Q Growth	-27.17%	40.01%	-49.15%	-251.29%	37.09%	21.95%	-44.80%	-19.01%	9.86%	-318.28%	22.38%
Invested Capital Q/Q Growth	0.46%	-32.81%	4.96%	46.79%	30.07%	-9.11%	1.22%	4.04%	0.81%	14.90%	-571.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.88%	19.96%	17.95%	19.42%	96.70%	19.39%	17.85%	95.14%	97.69%	98.33%	98.63%
EBITDA Margin	3.59%	3.79%	3.22%	3.25%	3.25%	3.91%	2.38%	1.92%	2.74%	2.71%	-3.26%
Operating Margin	3.10%	3.11%	2.48%	2.43%	2.39%	2.77%	1.42%	0.91%	1.90%	1.95%	-3.91%
EBIT Margin	3.10%	3.11%	2.48%	2.43%	2.39%	2.77%	1.32%	0.93%	1.90%	1.95%	-3.91%
Profit (Net Income) Margin	1.57%	1.38%	1.67%	1.49%	1.75%	1.61%	1.06%	0.83%	1.75%	2.02%	-3.43%
Tax Burden Percent	51.22%	48.36%	71.25%	65.35%	73.46%	64.70%	73.69%	61.26%	75.01%	77.38%	99.24%
Interest Burden Percent	98.87%	91.84%	94.58%	93.83%	100.06%	89.97%	109.28%	145.55%	122.80%	134.08%	88.27%
Effective Tax Rate	48.64%	51.64%	28.75%	34.65%	26.54%	35.30%	26.31%	38.74%	24.99%	22.62%	0.00%
Return on Invested Capital (ROIC)	0.00%	105.49%	54.83%	33.12%	28.18%	18.54%	8.08%	5.76%	23.86%	30.71%	-129.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	106.87%	55.78%	34.09%	28.17%	20.88%	7.87%	2.36%	20.71%	26.12%	-122.69%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-92.10%	-42.34%	-23.13%	-17.14%	-9.26%	-3.04%	-1.07%	-13.11%	-18.15%	101.01%
Return on Equity (ROE)	16.94%	13.39%	12.50%	9.99%	11.04%	9.28%	5.04%	4.69%	10.75%	12.56%	-28.68%
Cash Return on Invested Capital (CROIC)	0.00%	-88.82%	59.07%	-60.87%	10.34%	-87.39%	10.27%	35.21%	83.57%	-7.77%	0.00%
Operating Return on Assets (OROA)	10.71%	9.17%	5.70%	5.53%	4.95%	5.62%	2.26%	1.74%	3.63%	3.80%	-9.58%
Return on Assets (ROA)	5.42%	4.07%	3.84%	3.39%	3.64%	3.27%	1.82%	1.55%	3.34%	3.94%	-8.39%
Return on Common Equity (ROCE)	15.68%	12.87%	12.32%	9.92%	10.92%	9.20%	5.00%	4.65%	10.69%	12.51%	-28.55%
Return on Equity Simple (ROE_SIMPLE)	16.55%	9.52%	11.80%	8.19%	10.43%	6.96%	4.99%	5.00%	10.45%	12.47%	0.00%
Net Operating Profit after Tax (NOPAT)	362	611	854	953	1,308	1,994	1,315	807	2,198	2,457	-5,336
NOPAT Margin	1.59%	1.50%	1.77%	1.59%	1.75%	1.79%	1.04%	0.56%	1.43%	1.51%	-2.74%
Net Nonoperating Expense Percent (NNEP)	-0.20%	-1.38%	-0.94%	-0.97%	0.01%	-2.33%	0.21%	3.40%	3.15%	4.59%	-7.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.91%	5.02%	5.46%	-14.25%
Cost of Revenue to Revenue	7.12%	80.04%	82.05%	80.58%	3.30%	80.61%	82.15%	4.86%	2.31%	1.67%	1.37%
SG&A Expenses to Revenue	7.92%	9.05%	9.19%	10.05%	8.75%	8.44%	7.62%	8.02%	8.16%	7.60%	6.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	89.78%	16.85%	15.47%	16.99%	94.31%	16.62%	16.43%	94.22%	95.78%	96.38%	102.54%
Earnings before Interest and Taxes (EBIT)	705	1,263	1,199	1,458	1,781	3,082	1,659	1,348	2,930	3,175	-7,622
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	816	1,541	1,560	1,953	2,424	4,341	2,994	2,778	4,223	4,416	-6,347
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.64	1.64	2.54	2.17	2.07	1.35	1.79	1.93	1.53	1.16	1.01
Price to Tangible Book Value (P/TBV)	6.76	0.00	24.76	14.24	7.18	0.00	0.00	0.00	18.18	8.88	4.41
Price to Revenue (P/Rev)	0.34	0.24	0.36	0.39	0.35	0.31	0.38	0.32	0.26	0.19	0.10
Price to Earnings (P/E)	22.10	17.18	21.02	26.31	19.69	19.25	35.69	38.63	14.67	9.25	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.53%	5.82%	4.76%	3.80%	5.08%	5.19%	2.80%	2.59%	6.82%	10.81%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.45	8.01	4.15	3.79	1.61	2.39	2.97	3.35	1.58	0.00
Enterprise Value to Revenue (EV/Rev)	0.24	0.14	0.25	0.29	0.26	0.24	0.31	0.25	0.14	0.09	0.00
Enterprise Value to EBITDA (EV/EBITDA)	6.58	3.56	7.83	8.98	7.91	6.11	12.84	12.80	5.13	3.42	0.00
Enterprise Value to EBIT (EV/EBIT)	7.62	4.35	10.19	12.03	10.77	8.61	23.17	26.38	7.39	4.76	0.00
Enterprise Value to NOPAT (EV/NOPAT)	14.83	8.99	14.30	18.41	14.66	13.31	29.24	44.04	9.85	6.15	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.16	2.97	8.21	14.22	12.93	4.82	9.14	5.68	2.69	98.08	0.07
Enterprise Value to Free Cash Flow (EV/FCFF)	13.49	0.00	13.28	0.00	39.93	0.00	23.01	7.20	2.81	0.00	0.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.77	0.68	0.61	1.08	0.65	0.70	0.74	0.69	0.70	0.87
Long-Term Debt to Equity	0.52	0.77	0.68	0.60	1.07	0.64	0.69	0.74	0.68	0.69	0.87
Financial Leverage	-1.20	-0.86	-0.76	-0.68	-0.61	-0.44	-0.39	-0.45	-0.63	-0.70	-0.82
Leverage Ratio	3.12	3.29	3.25	2.95	3.03	2.84	2.78	3.03	3.22	3.18	3.42
Compound Leverage Factor	3.09	3.02	3.08	2.77	3.03	2.55	3.03	4.41	3.95	4.27	3.02
Debt to Total Capital	34.44%	43.47%	40.60%	37.75%	51.96%	39.26%	41.08%	42.64%	40.72%	41.15%	46.46%
Short-Term Debt to Total Capital	0.14%	0.04%	0.03%	0.21%	0.33%	0.23%	0.58%	0.19%	0.27%	0.24%	0.13%
Long-Term Debt to Total Capital	34.30%	43.43%	40.56%	37.54%	51.62%	39.03%	40.50%	42.45%	40.45%	40.90%	46.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.71%	1.48%	0.22%	0.60%	0.53%	0.44%	0.50%	0.43%	0.26%	0.22%	0.28%
Common Equity to Total Capital	60.85%	55.05%	59.18%	61.65%	47.51%	60.30%	58.43%	56.93%	59.02%	58.63%	53.27%
Debt to EBITDA	1.50	3.02	3.01	3.42	5.66	3.87	6.29	6.49	4.22	4.20	-2.74
Net Debt to EBITDA	-3.24	-2.81	-3.34	-3.19	-2.88	-1.95	-3.29	-3.98	-4.29	-3.53	3.14
Long-Term Debt to EBITDA	1.49	3.02	3.01	3.40	5.63	3.84	6.20	6.46	4.19	4.17	-2.73
Debt to NOPAT	3.37	7.62	5.50	7.02	10.49	8.42	14.33	22.32	8.11	7.54	-3.26
Net Debt to NOPAT	-7.30	-7.08	-6.11	-6.55	-5.33	-4.24	-7.50	-13.70	-8.24	-6.34	3.74
Long-Term Debt to NOPAT	3.36	7.61	5.50	6.98	10.42	8.37	14.13	22.22	8.06	7.50	-3.25
Altman Z-Score	4.61	2.74	3.23	2.98	2.90	2.42	2.43	2.66	2.60	2.75	2.64
Noncontrolling Interest Sharing Ratio	7.45%	3.89%	1.43%	0.74%	1.04%	0.85%	0.79%	0.79%	0.59%	0.41%	0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	0.97	0.93	1.00	1.57	1.08	1.11	1.06	1.11	1.11	1.10
Quick Ratio	0.89	0.89	0.86	0.94	1.49	1.02	1.04	0.97	0.96	1.06	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	398	-1,413	920	-1,751	480	-9,397	1,671	4,938	7,698	-621	5,513
Operating Cash Flow to CapEx	438.67%	604.90%	352.84%	182.81%	203.15%	633.26%	462.09%	623.61%	1,007.88%	23.91%	663.36%
Free Cash Flow to Firm to Interest Expense	9.26	-6.51	3.61	-5.11	1.09	-11.91	2.51	7.43	10.62	-0.88	8.13
Operating Cash Flow to Interest Expense	15.30	8.53	5.84	3.60	3.36	6.97	6.32	9.42	11.11	0.22	7.50
Operating Cash Flow Less CapEx to Interest Expense	11.81	7.12	4.18	1.63	1.70	5.87	4.95	7.91	10.01	-0.70	6.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.46	2.95	2.30	2.28	2.08	2.03	1.71	1.86	1.91	1.95	2.45
Accounts Receivable Turnover	20.78	18.07	14.60	14.04	13.10	13.94	11.49	11.33	10.69	9.25	10.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	47.27	61.76	50.90	42.79	39.01	45.40	40.87	49.65	69.20	79.82	94.92
Accounts Payable Turnover	1.86	13.72	10.01	11.79	0.60	15.95	13.30	0.78	0.27	0.18	0.20
Days Sales Outstanding (DSO)	17.57	20.20	25.00	26.00	27.87	26.19	31.77	32.21	34.13	39.44	35.43
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	196.35	26.61	36.45	30.95	608.21	22.89	27.44	467.62	1,328.55	1,979.08	1,841.95
Cash Conversion Cycle (CCC)	-178.78	-6.41	-11.45	-4.96	-580.34	3.30	4.33	-435.41	-1,294.42	-1,939.63	-1,806.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-433	1,591	1,525	4,229	5,057	16,448	16,092	11,961	6,461	9,539	-1,310
Invested Capital Turnover	-54.84	70.13	31.05	20.90	16.08	10.33	7.74	10.31	16.72	20.38	47.34
Increase / (Decrease) in Invested Capital	-36	2,024	-66	2,704	828	11,391	-356	-4,131	-5,500	3,078	-10,849
Enterprise Value (EV)	5,370	5,491	12,219	17,544	19,179	26,540	38,446	35,560	21,650	15,104	375
Market Capitalization	7,845	9,657	17,409	23,677	26,015	34,805	48,081	46,439	39,643	30,585	20,226
Book Value per Share	$18.10	$34.50	$39.69	$53.16	$30.33	$44.45	$45.92	$42.48	$48.37	$52.31	$40.59
Tangible Book Value per Share	$9.73	($2.12)	$4.07	$8.10	$8.76	($2.19)	($1.37)	($2.94)	$4.08	$6.82	$9.33
Total Capital	3,545	10,709	11,575	17,709	26,418	42,741	45,860	42,257	43,785	45,043	37,457
Total Debt	1,221	4,655	4,699	6,686	13,726	16,779	18,838	18,020	17,829	18,533	17,401
Total Long-Term Debt	1,216	4,651	4,695	6,648	13,638	16,682	18,571	17,938	17,710	18,423	17,351
Net Debt	-2,642	-4,325	-5,216	-6,239	-6,977	-8,454	-9,862	-11,059	-18,109	-15,581	-19,954
Capital Expenditures (CapEx)	150	306	422	675	730	869	910	1,004	799	644	767
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,955	-4,689	-5,228	-5,999	-5,507	-10,475	-11,658	-12,649	-15,493	-12,837	-16,596
Debt-free Net Working Capital (DFNWC)	-19	-254	-625	65	7,479	1,905	2,999	1,746	4,159	3,848	3,724
Net Working Capital (NWC)	-24	-258	-629	27	7,391	1,808	2,732	1,664	4,040	3,738	3,674
Net Nonoperating Expense (NNE)	5.11	50	46	59	-0.73	200	-21	-395	-501	-837	1,341
Net Nonoperating Obligations (NNO)	-2,757	-4,463	-5,351	-6,794	-7,635	-9,514	-10,930	-12,276	-19,495	-16,971	-21,366
Total Depreciation and Amortization (D&A)	111	278	361	495	643	1,259	1,335	1,430	1,293	1,241	1,275
Debt-free, Cash-free Net Working Capital to Revenue	-8.59%	-11.55%	-10.81%	-9.98%	-7.38%	-9.43%	-9.25%	-8.75%	-10.06%	-7.87%	-8.52%
Debt-free Net Working Capital to Revenue	-0.08%	-0.63%	-1.29%	0.11%	10.02%	1.71%	2.38%	1.21%	2.70%	2.36%	1.91%
Net Working Capital to Revenue	-0.11%	-0.64%	-1.30%	0.04%	9.90%	1.63%	2.17%	1.15%	2.62%	2.29%	1.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.49	$1.76	$2.40	$2.31	$3.19	$3.17	$2.31	$2.09	$4.97	$6.33	($13.53)
Adjusted Weighted Average Basic Shares Outstanding	238.20M	319.14M	346.99M	413.17M	413.49M	570.72M	582.83M	575.19M	543.32M	521.79M	493.12M
Adjusted Diluted Earnings per Share	$1.44	$1.72	$2.35	$2.26	$3.14	$3.12	$2.28	$2.07	$4.95	$6.31	($13.53)
Adjusted Weighted Average Diluted Shares Outstanding	246.13M	327.95M	346.99M	413.17M	420.41M	579.14M	590.52M	582.04M	545.70M	523.74M	493.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	243.31M	344.06M	346.99M	413.17M	586.77M	581.59M	582.87M	551.26M	534.86M	496.04M	491.77M
Normalized Net Operating Profit after Tax (NOPAT)	362	884	854	953	1,507	2,040	2,405	2,228	2,595	2,467	-218
Normalized NOPAT Margin	1.59%	2.18%	1.77%	1.59%	2.02%	1.84%	1.91%	1.54%	1.68%	1.51%	-0.11%
Pre Tax Income Margin	3.06%	2.86%	2.34%	2.28%	2.39%	2.50%	1.44%	1.36%	2.34%	2.61%	-3.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.40	5.82	4.70	4.25	4.03	3.91	2.49	2.03	4.04	4.52	-11.24
NOPAT to Interest Expense	8.42	2.81	3.35	2.78	2.96	2.53	1.98	1.21	3.03	3.50	-7.87
EBIT Less CapEx to Interest Expense	12.91	4.41	3.05	2.28	2.38	2.80	1.13	0.52	2.94	3.61	-12.37
NOPAT Less CapEx to Interest Expense	4.93	1.40	1.70	0.81	1.31	1.43	0.61	-0.30	1.93	2.58	-9.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	2.50%	8.17%	0.00%	0.00%	0.00%	0.00%	0.00%	3.26%	0.00%	-0.28%
Augmented Payout Ratio	14.85%	13.73%	16.21%	7.94%	5.73%	34.89%	22.23%	257.57%	63.76%	94.84%	-7.40%

This table displays calculated financial ratios and metrics derived from Centene's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	491,771,000.00	493,797,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	491,771,000.00	493,797,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	3.13	2.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.96%	3.90%	5.92%	10.46%	3.41%	15.38%	22.36%	18.24%	21.86%	7.13%	9.92%
EBITDA Growth	75.36%	-8.36%	2.61%	-8.00%	304.13%	30.69%	-109.32%	-778.63%	-389.57%	16.67%	1,151.75%
EBIT Growth	31.21%	-9.20%	4.95%	-9.52%	190.21%	38.70%	-137.27%	-1,145.71%	-1,097.14%	20.99%	362.88%
NOPAT Growth	-120.93%	-12.13%	6.41%	12.77%	144.79%	32.77%	-134.51%	-1,049.54%	-965.02%	18.19%	373.34%
Net Income Growth	117.81%	2.48%	8.63%	49.47%	617.95%	13.47%	-122.60%	-1,034.08%	-492.86%	17.12%	519.69%
EPS Growth	134.29%	5.88%	12.50%	56.32%	425.00%	21.76%	-123.61%	-1,092.65%	-441.27%	18.25%	529.41%
Operating Cash Flow Growth	113.77%	-110.68%	-14.57%	-195.79%	-370.51%	431.14%	-17.93%	238.65%	174.45%	189.14%	101.12%
Free Cash Flow Firm Growth	-8.03%	-83.95%	-85.84%	-124.90%	-156.64%	-140.76%	-202.68%	362.92%	427.82%	2,180.08%	1,197.72%
Invested Capital Growth	-45.98%	-10.20%	-5.21%	29.54%	47.64%	24.70%	15.26%	-102.35%	-113.73%	-141.32%	-180.15%
Revenue Q/Q Growth	3.73%	2.40%	-1.41%	5.49%	-2.90%	14.25%	4.55%	1.94%	0.07%	0.44%	7.28%
EBITDA Q/Q Growth	-88.62%	1,068.60%	8.56%	-36.29%	-50.00%	277.91%	-107.74%	-4,541.26%	78.67%	252.26%	-30.24%
EBIT Q/Q Growth	-126.39%	670.10%	11.12%	-45.89%	-73.68%	776.57%	-129.86%	-1,418.34%	74.91%	206.36%	-35.13%
NOPAT Q/Q Growth	-169.35%	375.81%	6.85%	-44.82%	-72.45%	717.54%	-127.77%	-1,418.34%	74.91%	211.71%	-35.78%
Net Income Q/Q Growth	-91.79%	2,869.23%	-1.04%	-38.05%	-60.56%	369.29%	-119.71%	-2,460.62%	83.41%	239.91%	-29.37%
EPS Q/Q Growth	-86.21%	1,700.00%	0.00%	-37.04%	-53.68%	317.46%	-119.39%	-2,547.06%	84.07%	244.65%	-29.58%
Operating Cash Flow Q/Q Growth	-78.75%	-310.14%	576.97%	-144.97%	39.98%	357.24%	18.21%	-24.03%	-67.77%	899.08%	-17.77%
Free Cash Flow Firm Q/Q Growth	-6.46%	-66.76%	-25.09%	-206.92%	-112.76%	76.08%	-88.69%	373.78%	165.28%	51.79%	-0.43%
Invested Capital Q/Q Growth	0.81%	16.36%	-12.40%	26.06%	14.90%	-1.72%	-19.03%	-102.57%	-571.79%	-195.73%	-57.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.56%	21.79%	98.29%	98.35%	174.12%	98.50%	98.68%	98.69%	98.63%	98.59%	98.64%
EBITDA Margin	0.31%	3.50%	3.85%	2.33%	1.20%	3.96%	-0.29%	-13.36%	-2.85%	4.32%	2.81%
Operating Margin	-0.49%	2.74%	3.09%	1.58%	0.43%	3.29%	-0.94%	-13.99%	-3.51%	3.73%	2.24%
EBIT Margin	-0.49%	2.74%	3.09%	1.58%	0.43%	3.29%	-0.94%	-13.99%	-3.51%	3.72%	2.25%
Profit (Net Income) Margin	0.10%	2.87%	2.88%	1.69%	0.69%	2.82%	-0.53%	-13.35%	-2.21%	3.08%	2.03%
Tax Burden Percent	162.50%	78.62%	75.59%	77.09%	80.69%	75.26%	100.78%	99.37%	71.29%	73.32%	73.15%
Interest Burden Percent	-12.37%	133.18%	123.35%	138.50%	198.29%	113.82%	56.11%	95.97%	88.42%	113.09%	123.42%
Effective Tax Rate	-62.50%	21.38%	24.41%	22.91%	19.31%	24.74%	0.00%	0.00%	0.00%	26.68%	26.85%
Return on Invested Capital (ROIC)	-13.36%	42.12%	54.37%	26.82%	7.05%	49.63%	-16.53%	-449.17%	-116.29%	196.77%	440.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.59%	40.53%	53.27%	25.79%	6.29%	48.79%	-16.84%	-440.43%	-116.92%	195.98%	439.64%
Return on Net Nonoperating Assets (RNNOA)	9.87%	-28.21%	-39.73%	-18.61%	-4.37%	-33.83%	12.49%	366.75%	96.26%	-174.22%	-426.43%
Return on Equity (ROE)	-3.49%	13.91%	14.63%	8.22%	2.68%	15.80%	-4.04%	-82.42%	-20.03%	22.55%	14.07%
Cash Return on Invested Capital (CROIC)	83.57%	37.03%	37.03%	3.87%	-7.77%	10.50%	5.87%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-0.94%	5.14%	5.86%	3.07%	0.84%	6.57%	-1.98%	-31.64%	-8.59%	8.75%	5.38%
Return on Assets (ROA)	0.19%	5.38%	5.47%	3.28%	1.34%	5.62%	-1.12%	-30.17%	-5.41%	7.26%	4.86%
Return on Common Equity (ROCE)	-3.47%	13.85%	14.57%	8.18%	2.67%	15.74%	-4.03%	-82.06%	-19.94%	22.46%	14.02%
Return on Equity Simple (ROE_SIMPLE)	0.00%	10.12%	10.30%	11.18%	0.00%	12.36%	7.46%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-315	869	929	513	141	1,154	-321	-4,868	-1,222	1,364	876
NOPAT Margin	-0.80%	2.15%	2.33%	1.22%	0.35%	2.48%	-0.66%	-9.80%	-2.46%	2.73%	1.64%
Net Nonoperating Expense Percent (NNEP)	2.23%	1.59%	1.09%	1.04%	0.76%	0.84%	0.30%	-8.74%	0.63%	0.79%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	-0.72%	-	-	-	0.31%	2.49%	-0.71%	-12.61%	-3.26%	3.60%	2.26%
Cost of Revenue to Revenue	2.44%	78.21%	1.71%	1.65%	-74.12%	1.50%	1.32%	1.31%	1.37%	1.41%	1.36%
SG&A Expenses to Revenue	8.84%	7.96%	7.26%	7.27%	7.92%	7.19%	6.23%	6.33%	6.78%	6.80%	5.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	98.06%	19.06%	95.21%	96.77%	173.69%	95.21%	99.62%	112.68%	102.14%	94.87%	96.40%
Earnings before Interest and Taxes (EBIT)	-194	1,106	1,229	665	175	1,534	-458	-6,954	-1,745	1,856	1,204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	1,414	1,535	978	489	1,848	-143	-6,637	-1,416	2,156	1,504
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.53	1.56	1.29	1.45	1.16	1.08	0.99	0.84	1.01	0.75	1.40
Price to Tangible Book Value (P/TBV)	18.18	12.07	8.76	9.50	8.88	5.88	5.58	3.32	4.41	2.59	4.21
Price to Revenue (P/Rev)	0.26	0.27	0.22	0.24	0.19	0.18	0.15	0.09	0.10	0.08	0.16
Price to Earnings (P/E)	14.67	15.33	12.53	12.91	9.25	8.72	13.15	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.82%	6.52%	7.98%	7.75%	10.81%	11.47%	7.60%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.35	3.17	2.43	2.66	1.58	1.38	1.13	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.14	0.15	0.10	0.14	0.09	0.08	0.05	0.00	0.00	0.00	0.02
Enterprise Value to EBITDA (EV/EBITDA)	5.13	5.83	3.88	5.45	3.42	2.68	2.71	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	7.39	8.47	5.57	7.86	4.76	3.60	4.49	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	9.85	11.43	7.48	10.12	6.15	4.73	6.06	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2.69	7.17	5.42	23.01	98.08	6.12	4.97	0.00	0.07	0.00	0.47
Enterprise Value to Free Cash Flow (EV/FCFF)	2.81	8.11	6.40	77.46	0.00	14.64	20.68	0.00	0.07	0.00	0.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.67	0.64	0.64	0.70	0.65	0.64	0.84	0.87	0.76	0.71
Long-Term Debt to Equity	0.68	0.66	0.64	0.64	0.69	0.65	0.64	0.83	0.87	0.76	0.71
Financial Leverage	-0.63	-0.70	-0.75	-0.72	-0.70	-0.69	-0.74	-0.83	-0.82	-0.89	-0.97
Leverage Ratio	3.22	3.17	3.12	3.16	3.18	3.08	3.08	3.39	3.42	3.40	3.38
Compound Leverage Factor	-0.40	4.22	3.85	4.37	6.31	3.51	1.73	3.26	3.02	3.84	4.17
Debt to Total Capital	40.72%	39.94%	39.10%	39.11%	41.15%	39.53%	38.99%	45.51%	46.46%	43.20%	41.55%
Short-Term Debt to Total Capital	0.27%	0.25%	0.25%	0.25%	0.24%	0.03%	0.06%	0.10%	0.13%	0.17%	0.19%
Long-Term Debt to Total Capital	40.45%	39.69%	38.85%	38.86%	40.90%	39.51%	38.94%	45.41%	46.32%	43.03%	41.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.26%	0.24%	0.24%	0.23%	0.22%	0.22%	0.22%	0.28%	0.28%	0.26%	0.25%
Common Equity to Total Capital	59.02%	59.82%	60.67%	60.66%	58.63%	60.24%	60.79%	54.22%	53.27%	56.54%	58.21%
Debt to EBITDA	4.22	4.40	4.27	4.35	4.20	3.78	5.54	-3.96	-2.74	-2.71	-3.67
Net Debt to EBITDA	-4.29	-4.44	-4.71	-4.36	-3.53	-3.55	-5.83	4.46	3.14	3.97	6.21
Long-Term Debt to EBITDA	4.19	4.37	4.24	4.32	4.17	3.77	5.53	-3.95	-2.73	-2.70	-3.65
Debt to NOPAT	8.11	8.62	8.22	8.08	7.54	6.68	12.37	-4.40	-3.26	-3.21	-4.08
Net Debt to NOPAT	-8.24	-8.70	-9.08	-8.11	-6.34	-6.28	-13.02	4.97	3.74	4.69	6.90
Long-Term Debt to NOPAT	8.06	8.57	8.17	8.03	7.50	6.67	12.35	-4.39	-3.25	-3.19	-4.06
Altman Z-Score	2.47	2.69	2.65	2.73	2.63	2.63	2.64	2.37	2.89	2.93	3.08
Noncontrolling Interest Sharing Ratio	0.59%	0.48%	0.42%	0.42%	0.41%	0.38%	0.37%	0.43%	0.44%	0.41%	0.38%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.17	1.17	1.10	1.11	1.11	1.10	1.08	1.10	1.12	1.15
Quick Ratio	0.96	1.11	1.12	1.05	1.06	1.07	1.06	1.04	1.05	1.08	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,185	1,723	1,291	-1,380	-2,937	-703	-1,326	3,629	9,628	14,613	14,551
Operating Cash Flow to CapEx	97.31%	-301.99%	1,169.35%	-639.22%	-381.17%	1,118.52%	858.17%	642.65%	205.16%	2,183.00%	2,063.22%
Free Cash Flow to Firm to Interest Expense	28.33	9.68	7.34	-7.84	-17.07	-4.13	-7.80	21.35	57.31	89.11	95.11
Operating Cash Flow to Interest Expense	1.19	-2.56	12.36	-5.56	-3.41	8.88	10.50	7.98	2.60	26.62	23.46
Operating Cash Flow Less CapEx to Interest Expense	-0.03	-3.41	11.30	-6.43	-4.31	8.09	9.28	6.74	1.33	25.40	22.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.91	1.88	1.90	1.94	1.95	2.00	2.10	2.26	2.45	2.36	2.40
Accounts Receivable Turnover	10.69	9.71	10.45	9.57	9.25	8.62	9.34	8.98	10.30	9.46	10.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	69.20	69.64	70.79	79.94	79.82	83.97	85.61	88.44	94.92	95.84	95.46
Accounts Payable Turnover	0.27	13.37	13.85	10.76	0.18	0.21	0.21	0.18	0.20	0.17	0.18
Days Sales Outstanding (DSO)	34.13	37.59	34.93	38.12	39.44	42.33	39.06	40.64	35.43	38.57	35.64
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,328.55	27.29	26.36	33.94	1,979.08	1,725.61	1,728.48	2,058.95	1,841.95	2,100.73	2,080.38
Cash Conversion Cycle (CCC)	-1,294.42	10.30	8.56	4.19	-1,939.63	-1,683.29	-1,689.42	-2,018.31	-1,806.52	-2,062.16	-2,044.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,461	7,518	6,586	8,302	9,539	9,375	7,591	-195	-1,310	-3,874	-6,084
Invested Capital Turnover	16.72	19.57	23.31	21.99	20.38	20.04	25.14	45.85	47.34	72.02	269.33
Increase / (Decrease) in Invested Capital	-5,500	-854	-362	1,893	3,078	1,857	1,005	-8,497	-10,849	-13,249	-13,675
Enterprise Value (EV)	21,650	23,867	16,031	22,047	15,104	12,983	8,606	-2,203	375	-7,768	4,538
Market Capitalization	39,643	41,924	35,381	39,600	30,585	30,115	27,010	17,524	20,226	16,101	31,697
Book Value per Share	$48.37	$50.38	$51.25	$51.91	$52.31	$56.28	$55.08	$42.65	$40.59	$43.57	$45.69
Tangible Book Value per Share	$4.08	$6.49	$7.57	$7.92	$6.82	$10.33	$9.72	$10.74	$9.33	$12.66	$15.24
Total Capital	43,785	45,064	45,085	45,014	45,043	46,339	45,080	38,638	37,457	37,898	38,762
Total Debt	17,829	18,000	17,628	17,605	18,533	18,320	17,577	17,583	17,401	16,371	16,105
Total Long-Term Debt	17,710	17,887	17,516	17,494	18,423	18,308	17,552	17,545	17,351	16,308	16,030
Net Debt	-18,109	-18,163	-19,456	-17,655	-15,581	-17,235	-18,501	-19,834	-19,954	-23,969	-27,254
Capital Expenditures (CapEx)	223	151	186	153	154	135	208	211	213	200	174
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15,493	-13,890	-14,425	-14,110	-12,837	-13,130	-13,653	-15,767	-16,596	-18,734	-21,056
Debt-free Net Working Capital (DFNWC)	4,159	5,777	5,789	3,459	3,848	4,157	3,628	3,470	3,724	5,007	6,001
Net Working Capital (NWC)	4,040	5,664	5,677	3,348	3,738	4,145	3,603	3,432	3,674	4,944	5,926
Net Nonoperating Expense (NNE)	-354	-289	-217	-197	-139	-160	-62	1,764	-122	-175	-211
Net Nonoperating Obligations (NNO)	-19,495	-19,546	-20,871	-19,107	-16,971	-18,644	-19,912	-21,250	-21,366	-25,401	-28,741
Total Depreciation and Amortization (D&A)	315	308	306	313	314	314	315	317	329	300	300
Debt-free, Cash-free Net Working Capital to Revenue	-10.06%	-8.93%	-9.14%	-8.72%	-7.87%	-7.76%	-7.66%	-8.48%	-8.52%	-9.46%	-10.38%
Debt-free Net Working Capital to Revenue	2.70%	3.71%	3.67%	2.14%	2.36%	2.46%	2.04%	1.87%	1.91%	2.53%	2.96%
Net Working Capital to Revenue	2.62%	3.64%	3.60%	2.07%	2.29%	2.45%	2.02%	1.85%	1.89%	2.50%	2.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.12	$2.17	$2.16	$1.37	$0.63	$2.64	($0.51)	($13.50)	($2.16)	$3.13	$2.21
Adjusted Weighted Average Basic Shares Outstanding	543.32M	535.11M	529.60M	521.97M	521.79M	496.21M	493.55M	491.14M	493.12M	492.07M	493.82M
Adjusted Diluted Earnings per Share	$0.12	$2.16	$2.16	$1.36	$0.63	$2.63	($0.51)	($13.50)	($2.15)	$3.11	$2.19
Adjusted Weighted Average Diluted Shares Outstanding	545.70M	538.06M	530.76M	523.54M	523.74M	498.18M	493.55M	491.14M	493.12M	495.59M	497.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	534.86M	533.66M	526.03M	504.87M	496.04M	497.60M	491.13M	491.52M	491.77M	493.80M	494.00M
Normalized Net Operating Profit after Tax (NOPAT)	-100	880	929	513	141	1,154	-282	-148	-862	1,364	876
Normalized NOPAT Margin	-0.25%	2.18%	2.33%	1.22%	0.35%	2.48%	-0.58%	-0.30%	-1.73%	2.73%	1.64%
Pre Tax Income Margin	0.06%	3.65%	3.81%	2.19%	0.85%	3.75%	-0.53%	-13.43%	-3.10%	4.20%	2.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.06	6.21	6.98	3.78	1.02	9.02	-2.69	-40.91	-10.39	11.32	7.87
NOPAT to Interest Expense	-1.72	4.88	5.28	2.91	0.82	6.79	-1.89	-28.63	-7.27	8.32	5.73
EBIT Less CapEx to Interest Expense	-2.28	5.37	5.93	2.91	0.12	8.23	-3.92	-42.15	-11.65	10.10	6.73
NOPAT Less CapEx to Interest Expense	-2.94	4.04	4.22	2.04	-0.07	6.00	-3.11	-29.88	-8.54	7.10	4.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.26%	1.10%	0.11%	0.03%	0.00%	0.00%	0.00%	-0.36%	-0.28%	0.00%	0.00%
Augmented Payout Ratio	63.76%	51.01%	62.53%	72.49%	94.84%	87.36%	129.24%	-27.09%	-7.40%	-7.18%	-0.69%

Financials Breakdown Chart

Key Financial Trends

Centene’s latest quarter shows a sharp rebound in profitability and operating cash flow, but the broader multi-year picture is still mixed. In Q1 2026, revenue rose modestly to $49.9 billion from $49.7 billion in Q4 2025, while Centene swung back to a profit of $1.54 billion after a $1.10 billion loss in the prior quarter. Operating cash flow also improved to $4.37 billion, and the company ended the quarter with a large cash position of $21.3 billion and short-term investments of $2.5 billion.

The big headline over the last year is volatility. Centene posted a very strong Q1 2025 and Q1 2026, but several quarters in 2025 were pressured by large impairment charges and weak operating results. That suggests the business still has meaningful earnings sensitivity to medical cost trends, contract dynamics, and one-time items.

Strong liquidity position: Cash and equivalents increased to $21.3 billion in Q1 2026, up from $14.1 billion at year-end 2024.
Revenue is holding near record levels: Quarterly revenue has stayed close to the $49 billion range in recent periods, showing the business remains very large and stable in scale.
Q1 2026 earnings recovered sharply: Net income attributable to common shareholders was $1.54 billion, versus a loss of $1.10 billion in Q4 2025.
Operating cash flow improved meaningfully: Q1 2026 operating cash flow was $4.37 billion, well above Q4 2025 and enough to support ongoing obligations.
Debt appears manageable relative to liquidity: Long-term debt of $16.3 billion is backed by a substantial cash and investment balance.
Interest income is helping: Centene continues to generate meaningful interest and investment income, which has helped offset financing costs.
Balance sheet remains large and complex: The company carries significant goodwill and intangible assets, which means future impairments could remain a risk.
Working capital can swing quarter to quarter: Operating cash flow has been volatile, driven by changes in operating assets and liabilities.
2025 saw major earnings disruption: Q3 2025 had a net loss of $6.6 billion, driven largely by a $6.7 billion impairment charge.
Margins remain under pressure: Despite huge revenue, operating income has often been thin relative to sales, and some quarters have been loss-making at the operating level.

Longer-term trend: Compared with 2023 and 2024, Centene’s revenue base has grown, but profitability has become much less consistent. In 2024, the company generally delivered solid quarterly earnings, including strong cash generation in several periods. By 2025, however, earnings became far more erratic, with one especially weak quarter and a full-year balance sheet that still shows elevated intangible assets and liabilities.

Bottom line: Centene’s latest quarter is encouraging because it shows a return to profitability and strong cash generation. But investors should keep an eye on the company’s ability to sustain margins and avoid further large impairments. The stock’s long-term story will likely depend less on revenue growth and more on whether management can stabilize earnings quality and keep cash flow consistently strong.

07/28/26 09:41 PM ETAI Generated. May Contain Errors.

Centene Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Centene's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Centene's net income appears to be on a downward trend, with a most recent value of -$6.68 billion in 2025, falling from $357 million in 2015. The previous period was $3.29 billion in 2024. Check out Centene's forecast to explore projected trends and price targets.

Centene's total operating income in 2025 was -$7.62 billion, based on the following breakdown:

Total Gross Profit: $192.11 billion
Total Operating Expenses: $199.73 billion

Over the last 10 years, Centene's total revenue changed from $22.76 billion in 2015 to $194.78 billion in 2025, a change of 755.8%.

Centene's total liabilities were at $56.69 billion at the end of 2025, a 1.4% increase from 2024, and a 1,030.4% increase since 2015.

In the past 10 years, Centene's cash and equivalents has ranged from $1.76 billion in 2015 to $17.89 billion in 2025, and is currently $17.89 billion as of their latest financial filing in 2025.

Over the last 10 years, Centene's book value per share changed from 18.10 in 2015 to 40.59 in 2025, a change of 124.3%.

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Financial statements for NYSE:CNC last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Centene (CNC) Financials

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Centene (CNC) Financials

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Centene Financials - Frequently Asked Questions

When does Centene's financial year end?

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What is Centene's operating income?

How has Centene's revenue changed over the last 10 years?

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How has Centene's book value per share changed over the last 10 years?

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