Centene (CNC) Financials

$59.15 +0.01 (+0.02%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$58.84 -0.31 (-0.52%)

As of 05/22/2026 07:39 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	469	45	1,163	1,146	713	283	1,311	-253	-6,631	-1,101	1,541
Consolidated Net Income / (Loss)	475	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539
Net Income / (Loss) Continuing Operations	475	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539
Total Pre-Tax Income	768	24	1,473	1,516	921	347	1,746	-257	-6,674	-1,543	2,099
Total Operating Income	735	-194	1,106	1,229	665	175	1,534	-458	-6,954	-1,745	1,861
Total Gross Profit	37,186	38,499	39,738	39,156	41,331	71,049	45,922	48,101	49,039	49,045	49,242
Total Revenue	38,042	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944
Operating Revenue	38,042	39,460	40,407	39,836	42,023	40,805	46,620	48,742	49,690	49,725	49,944
Total Cost of Revenue	856	961	669	680	692	-30,244	698	641	651	680	702
Operating Cost of Revenue	856	961	669	680	692	-30,244	698	641	651	680	702
Total Operating Expenses	36,451	38,693	38,632	37,927	40,666	70,874	44,388	48,559	55,993	50,790	47,381
Selling, General & Admin Expense	3,048	3,488	3,218	2,894	3,057	3,231	3,353	3,036	3,145	3,370	3,397
Depreciation Expense	148	139	135	133	140	141	142	141	147	160	134
Amortization Expense	180	176	173	173	173	173	173	173	170	169	166
Other Operating Expenses / (Income)	32,635	34,839	35,093	34,727	37,296	67,329	40,720	45,154	45,788	46,578	43,684
Total Other Income / (Expense), net	33	218	367	287	256	172	212	201	280	202	238
Interest Expense	181	183	178	176	176	172	170	170	170	168	164
Interest & Investment Income	214	401	545	463	432	344	382	371	450	369	407
Other Income / (Expense), net	-	-	-	-	-	-	0.00	-	-	-	-5.00
Income Tax Expense	293	-15	315	370	211	67	432	2.00	-42	-443	560
Net Income / (Loss) Attributable to Noncontrolling Interest	6.00	-6.00	-5.00	0.00	-3.00	-3.00	3.00	-6.00	-1.00	1.00	-2.00
Basic Earnings per Share	$0.87	$0.12	$2.17	$2.16	$1.37	$0.63	$2.64	($0.51)	($13.50)	($2.16)	$3.13
Weighted Average Basic Shares Outstanding	539.54M	543.32M	535.11M	529.60M	521.97M	521.79M	496.21M	493.55M	491.14M	493.12M	492.07M
Diluted Earnings per Share	$0.87	$0.12	$2.16	$2.16	$1.36	$0.63	$2.63	($0.51)	($13.50)	($2.15)	$3.11
Weighted Average Diluted Shares Outstanding	541.27M	545.70M	538.06M	530.76M	523.54M	523.74M	498.18M	493.55M	491.14M	493.12M	495.59M
Weighted Average Basic & Diluted Shares Outstanding	534.20M	534.86M	533.66M	526.03M	504.87M	496.04M	497.60M	491.13M	491.52M	491.77M	493.80M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	958	-984	425	-162	-3,062	-497	731	-288	2,586	910	3,392
Net Cash From Operating Activities	1,021	217	-456	2,175	-978	-587	1,510	1,785	1,356	437	4,366
Net Cash From Continuing Operating Activities	1,021	217	-456	2,175	-978	-587	1,510	1,785	1,356	437	4,366
Net Income / (Loss) Continuing Operations	475	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539
Consolidated Net Income / (Loss)	475	39	1,158	1,146	710	280	1,314	-259	-6,632	-1,100	1,539
Depreciation Expense	328	315	308	306	313	314	314	315	317	329	300
Non-Cash Adjustments To Reconcile Net Income	-1,447	-1,557	-1,262	116	-1,560	-1,560	-2,407	797	5,216	5,461	-1,064
Changes in Operating Assets and Liabilities, net	1,665	1,420	-660	607	-441	379	2,289	932	2,455	-4,253	3,591
Net Cash From Investing Activities	435	-949	852	-1,167	-839	102	-529	-899	1,240	660	89
Net Cash From Continuing Investing Activities	435	-949	852	-1,167	-839	102	-529	-899	1,240	660	89
Purchase of Property, Plant & Equipment	-136	-223	-151	-186	-153	-154	-135	-208	-211	-213	-200
Purchase of Investments	-1,530	-1,893	-1,317	-2,117	-2,336	-1,413	-1,630	-1,963	-172	-776	-987
Sale and/or Maturity of Investments	2,080	1,150	1,441	1,056	1,650	1,638	1,236	1,272	1,623	1,649	1,276
Net Cash From Financing Activities	-524	-201	23	-1,171	-1,245	-13	-250	-1,174	-10	-187	-1,063
Net Cash From Continuing Financing Activities	-524	-201	23	-1,171	-1,245	-13	-250	-1,174	-10	-187	-1,063
Repayment of Debt	-648	-346	-190	-379	-30	-29	-969	-750	-2.00	-193	-1,044
Repurchase of Common Equity	-774	-31	-151	-803	-1,227	-943	-41	-432	-	-2.00	-29
Issuance of Debt	889	165	350	-	-	950	750	-	-	-	0.00
Issuance of Common Equity	11	12	14	11	12	9.00	10	8.00	11	8.00	10
Cash Interest Paid	148	192	155	197	143	193	129	191	138	189	146
Cash Income Taxes Paid	167	128	13	597	211	181	7.00	497	36	-92	-19

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	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
Total Assets	82,853	84,381	84,641	82,624	83,137	82,351	82,445	87,044	86,395	82,087	81,175
Total Current Assets	34,866	41,405	40,756	38,448	38,406	37,409	37,999	41,288	40,389	44,062	44,989
Cash & Equivalents	17,170	18,190	17,193	17,585	17,605	14,577	14,063	14,815	14,513	17,058	21,264
Short-Term Investments	2,212	2,241	2,459	2,082	2,609	2,992	2,622	2,472	2,768	2,179	2,477
Accounts Receivable	13,601	15,503	15,532	16,824	16,587	18,281	19,713	22,436	21,552	23,109	19,426
Other Current Assets	1,883	5,471	5,572	1,957	1,605	1,559	1,601	1,565	1,556	1,716	1,822
Plant, Property, & Equipment, net	2,416	2,004	2,019	1,988	2,041	2,042	2,067	2,044	2,122	2,161	2,090
Total Noncurrent Assets	45,571	40,972	41,866	42,188	42,690	42,900	42,379	43,712	43,884	35,864	34,096
Long-Term Investments	16,108	15,234	16,286	16,496	16,870	17,691	17,429	18,268	18,797	18,180	16,599
Goodwill	18,716	17,558	17,558	17,558	17,558	17,558	17,558	17,558	17,558	10,835	10,835
Intangible Assets	6,520	6,277	6,101	5,928	5,755	5,582	5,409	5,236	5,010	4,840	4,364
Other Noncurrent Operating Assets	2,872	560	535	823	1,092	617	593	1,241	1,108	593	866
Other Noncurrent Nonoperating Assets	1,355	1,343	1,386	1,383	1,415	1,452	1,390	1,409	1,411	1,416	1,432
Total Liabilities & Shareholders' Equity	82,853	84,381	84,641	82,624	83,137	82,351	82,445	87,044	86,395	82,087	81,175
Total Liabilities	57,066	58,965	58,685	55,560	55,680	54,942	55,935	59,025	58,892	61,032	59,648
Total Current Liabilities	31,306	36,851	36,716	32,784	32,729	34,061	34,261	37,143	36,786	40,630	40,045
Short-Term Debt	110	113	119	113	112	111	110	12	25	38	63
Accounts Payable	9,868	15,081	16,420	12,130	12,232	13,338	13,174	13,948	13,520	16,875	16,832
Current Deferred Revenue	2,373	2,356	715	681	597	658	661	869	682	656	953
Other Current Liabilities	18,955	19,301	19,462	19,860	19,788	19,954	20,316	22,314	22,559	23,061	22,197
Total Noncurrent Liabilities	25,760	22,114	21,969	22,776	22,951	20,881	21,674	21,882	22,106	20,402	19,603
Long-Term Debt	17,896	17,888	17,710	17,887	17,516	17,494	18,423	18,308	17,552	17,545	16,308
Noncurrent Deferred & Payable Income Tax Liabilities	495	577	641	734	665	769	684	708	651	810	744
Other Noncurrent Operating Liabilities	7,369	3,649	3,618	4,155	4,770	2,618	2,567	2,866	3,903	2,047	2,551
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	19	21	19	16	16	13	10	12	11	23	25
Total Equity & Noncontrolling Interests	25,768	25,395	25,937	27,048	27,441	27,396	26,500	28,007	27,492	21,032	21,502
Total Preferred & Common Equity	25,671	25,295	25,840	26,958	27,351	27,307	26,410	27,916	27,406	20,948	21,427
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	25,671	25,295	25,840	26,958	27,351	27,307	26,410	27,916	27,406	20,948	21,427
Common Stock	20,184	20,244	20,305	20,389	20,462	20,523	20,563	20,632	20,672	20,714	20,824
Retained Earnings	11,529	11,998	12,043	13,206	14,352	15,065	15,348	16,659	16,406	9,775	10,215
Treasury Stock	-5,044	-5,825	-5,856	-6,007	-6,817	-8,055	-8,997	-9,038	-9,441	-9,441	-9,441
Accumulated Other Comprehensive Income / (Loss)	-998	-1,122	-652	-630	-646	-226	-504	-337	-231	-100	-171
Noncontrolling Interest	97	100	97	90	90	89	90	91	86	84	75

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	491,771,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	491,771,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.07%	10.96%	3.90%	5.92%	10.46%	3.41%	15.38%	22.36%	18.24%	21.86%	7.13%
EBITDA Growth	25.50%	75.36%	-8.36%	2.61%	-8.00%	304.13%	30.69%	-109.32%	-778.63%	-389.57%	16.67%
EBIT Growth	51.23%	31.21%	-9.20%	4.95%	-9.52%	190.21%	38.70%	-137.27%	-1,145.71%	-1,097.14%	20.99%
NOPAT Growth	30.22%	-120.93%	-12.13%	6.41%	12.77%	144.79%	32.77%	-134.51%	-1,049.54%	-965.02%	18.19%
Net Income Growth	-35.81%	117.81%	2.48%	8.63%	49.47%	617.95%	13.47%	-122.60%	-1,034.08%	-492.86%	17.12%
EPS Growth	-31.50%	134.29%	5.88%	12.50%	56.32%	425.00%	21.76%	-123.61%	-1,092.65%	-441.27%	18.25%
Operating Cash Flow Growth	-69.36%	113.77%	-110.68%	-14.57%	-195.79%	-370.51%	431.14%	-17.93%	238.65%	174.45%	189.14%
Free Cash Flow Firm Growth	16.68%	-8.03%	-83.95%	-85.84%	-124.90%	-156.64%	-140.76%	-202.68%	362.92%	427.82%	2,180.08%
Invested Capital Growth	-44.26%	-45.98%	-10.20%	-5.21%	29.54%	47.64%	24.70%	15.26%	-102.35%	-113.73%	-141.32%
Revenue Q/Q Growth	1.15%	3.73%	2.40%	-1.41%	5.49%	-2.90%	14.25%	4.55%	1.94%	0.07%	0.44%
EBITDA Q/Q Growth	-28.94%	-88.62%	1,068.60%	8.56%	-36.29%	-50.00%	277.91%	-107.74%	-4,541.26%	78.67%	252.26%
EBIT Q/Q Growth	-37.23%	-126.39%	670.10%	11.12%	-45.89%	-73.68%	776.57%	-129.86%	-1,418.34%	74.91%	206.36%
NOPAT Q/Q Growth	-47.93%	-169.35%	375.81%	6.85%	-44.82%	-72.45%	717.54%	-127.77%	-1,418.34%	74.91%	211.71%
Net Income Q/Q Growth	-54.98%	-91.79%	2,869.23%	-1.04%	-38.05%	-60.56%	369.29%	-119.71%	-2,460.62%	83.41%	239.91%
EPS Q/Q Growth	-54.69%	-86.21%	1,700.00%	0.00%	-37.04%	-53.68%	317.46%	-119.39%	-2,547.06%	84.07%	244.65%
Operating Cash Flow Q/Q Growth	-59.90%	-78.75%	-310.14%	576.97%	-144.97%	39.98%	357.24%	18.21%	-24.03%	-67.77%	899.08%
Free Cash Flow Firm Q/Q Growth	-39.22%	-6.46%	-66.76%	-25.09%	-206.92%	-112.76%	76.08%	-88.69%	373.78%	165.28%	51.79%
Invested Capital Q/Q Growth	-7.76%	0.81%	16.36%	-12.40%	26.06%	14.90%	-1.72%	-19.03%	-102.57%	-571.79%	-195.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.75%	97.56%	21.79%	98.29%	98.35%	174.12%	98.50%	98.68%	98.69%	98.63%	98.59%
EBITDA Margin	2.79%	0.31%	3.50%	3.85%	2.33%	1.20%	3.96%	-0.29%	-13.36%	-2.85%	4.32%
Operating Margin	1.93%	-0.49%	2.74%	3.09%	1.58%	0.43%	3.29%	-0.94%	-13.99%	-3.51%	3.73%
EBIT Margin	1.93%	-0.49%	2.74%	3.09%	1.58%	0.43%	3.29%	-0.94%	-13.99%	-3.51%	3.72%
Profit (Net Income) Margin	1.25%	0.10%	2.87%	2.88%	1.69%	0.69%	2.82%	-0.53%	-13.35%	-2.21%	3.08%
Tax Burden Percent	61.85%	162.50%	78.62%	75.59%	77.09%	80.69%	75.26%	100.78%	99.37%	71.29%	73.32%
Interest Burden Percent	104.49%	-12.37%	133.18%	123.35%	138.50%	198.29%	113.82%	56.11%	95.97%	88.42%	113.09%
Effective Tax Rate	38.15%	-62.50%	21.38%	24.41%	22.91%	19.31%	24.74%	0.00%	0.00%	0.00%	26.68%
Return on Invested Capital (ROIC)	20.03%	-13.36%	42.12%	54.37%	26.82%	7.05%	49.63%	-16.53%	-449.17%	-116.29%	196.77%
ROIC Less NNEP Spread (ROIC-NNEP)	19.91%	-15.59%	40.53%	53.27%	25.79%	6.29%	48.79%	-16.84%	-440.43%	-116.92%	195.98%
Return on Net Nonoperating Assets (RNNOA)	-12.92%	9.87%	-28.21%	-39.73%	-18.61%	-4.37%	-33.83%	12.49%	366.75%	96.26%	-174.22%
Return on Equity (ROE)	7.11%	-3.49%	13.91%	14.63%	8.22%	2.68%	15.80%	-4.04%	-82.42%	-20.03%	22.55%
Cash Return on Invested Capital (CROIC)	78.26%	83.57%	37.03%	37.03%	3.87%	-7.77%	10.50%	5.87%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	3.50%	-0.94%	5.14%	5.86%	3.07%	0.84%	6.57%	-1.98%	-31.64%	-8.59%	8.75%
Return on Assets (ROA)	2.26%	0.19%	5.38%	5.47%	3.28%	1.34%	5.62%	-1.12%	-30.17%	-5.41%	7.26%
Return on Common Equity (ROCE)	7.06%	-3.47%	13.85%	14.57%	8.18%	2.67%	15.74%	-4.03%	-82.06%	-19.94%	22.46%
Return on Equity Simple (ROE_SIMPLE)	9.65%	0.00%	10.12%	10.30%	11.18%	0.00%	12.36%	7.46%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	455	-315	869	929	513	141	1,154	-321	-4,868	-1,222	1,364
NOPAT Margin	1.20%	-0.80%	2.15%	2.33%	1.22%	0.35%	2.48%	-0.66%	-9.80%	-2.46%	2.73%
Net Nonoperating Expense Percent (NNEP)	0.12%	2.23%	1.59%	1.09%	1.04%	0.76%	0.84%	0.30%	-8.74%	0.63%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.72%	-	-	-	0.31%	2.49%	-0.71%	-12.61%	-3.26%	3.60%
Cost of Revenue to Revenue	2.25%	2.44%	78.21%	1.71%	1.65%	-74.12%	1.50%	1.32%	1.31%	1.37%	1.41%
SG&A Expenses to Revenue	8.01%	8.84%	7.96%	7.26%	7.27%	7.92%	7.19%	6.23%	6.33%	6.78%	6.80%
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	95.82%	98.06%	19.06%	95.21%	96.77%	173.69%	95.21%	99.62%	112.68%	102.14%	94.87%
Earnings before Interest and Taxes (EBIT)	735	-194	1,106	1,229	665	175	1,534	-458	-6,954	-1,745	1,856
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,063	121	1,414	1,535	978	489	1,848	-143	-6,637	-1,416	2,156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.47	1.53	1.56	1.29	1.45	1.16	1.08	0.99	0.84	1.01	0.75
Price to Tangible Book Value (P/TBV)	25.55	18.18	12.07	8.76	9.50	8.88	5.88	5.58	3.32	4.41	2.59
Price to Revenue (P/Rev)	0.25	0.26	0.27	0.22	0.24	0.19	0.18	0.15	0.09	0.10	0.08
Price to Earnings (P/E)	15.26	14.67	15.33	12.53	12.91	9.25	8.72	13.15	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	6.55%	6.82%	6.52%	7.98%	7.75%	10.81%	11.47%	7.60%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.08	3.35	3.17	2.43	2.66	1.58	1.38	1.13	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.13	0.14	0.15	0.10	0.14	0.09	0.08	0.05	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	4.74	5.13	5.83	3.88	5.45	3.42	2.68	2.71	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	6.95	7.39	8.47	5.57	7.86	4.76	3.60	4.49	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.29	9.85	11.43	7.48	10.12	6.15	4.73	6.06	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.16	2.69	7.17	5.42	23.01	98.08	6.12	4.97	0.00	0.07	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	2.82	2.81	8.11	6.40	77.46	0.00	14.64	20.68	0.00	0.07	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.69	0.67	0.64	0.64	0.70	0.65	0.64	0.84	0.87	0.76
Long-Term Debt to Equity	0.70	0.68	0.66	0.64	0.64	0.69	0.65	0.64	0.83	0.87	0.76
Financial Leverage	-0.65	-0.63	-0.70	-0.75	-0.72	-0.70	-0.69	-0.74	-0.83	-0.82	-0.89
Leverage Ratio	3.25	3.22	3.17	3.12	3.16	3.18	3.08	3.08	3.39	3.42	3.40
Compound Leverage Factor	3.39	-0.40	4.22	3.85	4.37	6.31	3.51	1.73	3.26	3.02	3.84
Debt to Total Capital	41.46%	40.72%	39.94%	39.10%	39.11%	41.15%	39.53%	38.99%	45.51%	46.46%	43.20%
Short-Term Debt to Total Capital	0.26%	0.27%	0.25%	0.25%	0.25%	0.24%	0.03%	0.06%	0.10%	0.13%	0.17%
Long-Term Debt to Total Capital	41.20%	40.45%	39.69%	38.85%	38.86%	40.90%	39.51%	38.94%	45.41%	46.32%	43.03%
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	0.28%	0.26%	0.24%	0.24%	0.23%	0.22%	0.22%	0.22%	0.28%	0.28%	0.26%
Common Equity to Total Capital	58.26%	59.02%	59.82%	60.67%	60.66%	58.63%	60.24%	60.79%	54.22%	53.27%	56.54%
Debt to EBITDA	4.32	4.22	4.40	4.27	4.35	4.20	3.78	5.54	-3.96	-2.74	-2.71
Net Debt to EBITDA	-4.24	-4.29	-4.44	-4.71	-4.36	-3.53	-3.55	-5.83	4.46	3.14	3.97
Long-Term Debt to EBITDA	4.29	4.19	4.37	4.24	4.32	4.17	3.77	5.53	-3.95	-2.73	-2.70
Debt to NOPAT	9.38	8.11	8.62	8.22	8.08	7.54	6.68	12.37	-4.40	-3.26	-3.21
Net Debt to NOPAT	-9.20	-8.24	-8.70	-9.08	-8.11	-6.34	-6.28	-13.02	4.97	3.74	4.69
Long-Term Debt to NOPAT	9.32	8.06	8.57	8.17	8.03	7.50	6.67	12.35	-4.39	-3.25	-3.19
Altman Z-Score	2.45	2.47	2.69	2.65	2.73	2.63	2.63	2.64	2.37	2.89	2.93
Noncontrolling Interest Sharing Ratio	0.67%	0.59%	0.48%	0.42%	0.42%	0.41%	0.38%	0.37%	0.43%	0.44%	0.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.11	1.17	1.17	1.10	1.11	1.11	1.10	1.08	1.10	1.12
Quick Ratio	0.98	0.96	1.11	1.12	1.05	1.06	1.07	1.06	1.04	1.05	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,543	5,185	1,723	1,291	-1,380	-2,937	-703	-1,326	3,629	9,628	14,613
Operating Cash Flow to CapEx	750.74%	97.31%	-301.99%	1,169.35%	-639.22%	-381.17%	1,118.52%	858.17%	642.65%	205.16%	2,183.00%
Free Cash Flow to Firm to Interest Expense	30.62	28.33	9.68	7.34	-7.84	-17.07	-4.13	-7.80	21.35	57.31	89.11
Operating Cash Flow to Interest Expense	5.64	1.19	-2.56	12.36	-5.56	-3.41	8.88	10.50	7.98	2.60	26.62
Operating Cash Flow Less CapEx to Interest Expense	4.89	-0.03	-3.41	11.30	-6.43	-4.31	8.09	9.28	6.74	1.33	25.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.81	1.91	1.88	1.90	1.94	1.95	2.00	2.10	2.26	2.45	2.36
Accounts Receivable Turnover	10.26	10.69	9.71	10.45	9.57	9.25	8.62	9.34	8.98	10.30	9.46
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	66.96	69.20	69.64	70.79	79.94	79.82	83.97	85.61	88.44	94.92	95.84
Accounts Payable Turnover	2.57	0.27	13.37	13.85	10.76	0.18	0.21	0.21	0.18	0.20	0.17
Days Sales Outstanding (DSO)	35.59	34.13	37.59	34.93	38.12	39.44	42.33	39.06	40.64	35.43	38.57
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)	141.92	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
Cash Conversion Cycle (CCC)	-106.33	-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
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,409	6,461	7,518	6,586	8,302	9,539	9,375	7,591	-195	-1,310	-3,874
Invested Capital Turnover	16.77	16.72	19.57	23.31	21.99	20.38	20.04	25.14	45.85	47.34	72.02
Increase / (Decrease) in Invested Capital	-5,088	-5,500	-854	-362	1,893	3,078	1,857	1,005	-8,497	-10,849	-13,249
Enterprise Value (EV)	19,754	21,650	23,867	16,031	22,047	15,104	12,983	8,606	-2,203	375	-7,768
Market Capitalization	37,297	39,643	41,924	35,381	39,600	30,585	30,115	27,010	17,524	20,226	16,101
Book Value per Share	$46.71	$48.37	$50.38	$51.25	$51.91	$52.31	$56.28	$55.08	$42.65	$40.59	$43.57
Tangible Book Value per Share	$2.70	$4.08	$6.49	$7.57	$7.92	$6.82	$10.33	$9.72	$10.74	$9.33	$12.66
Total Capital	43,417	43,785	45,064	45,085	45,014	45,043	46,339	45,080	38,638	37,457	37,898
Total Debt	18,001	17,829	18,000	17,628	17,605	18,533	18,320	17,577	17,583	17,401	16,371
Total Long-Term Debt	17,888	17,710	17,887	17,516	17,494	18,423	18,308	17,552	17,545	17,351	16,308
Net Debt	-17,664	-18,109	-18,163	-19,456	-17,655	-15,581	-17,235	-18,501	-19,834	-19,954	-23,969
Capital Expenditures (CapEx)	136	223	151	186	153	154	135	208	211	213	200
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15,764	-15,493	-13,890	-14,425	-14,110	-12,837	-13,130	-13,653	-15,767	-16,596	-18,734
Debt-free Net Working Capital (DFNWC)	4,667	4,159	5,777	5,789	3,459	3,848	4,157	3,628	3,470	3,724	5,007
Net Working Capital (NWC)	4,554	4,040	5,664	5,677	3,348	3,738	4,145	3,603	3,432	3,674	4,944
Net Nonoperating Expense (NNE)	-20	-354	-289	-217	-197	-139	-160	-62	1,764	-122	-175
Net Nonoperating Obligations (NNO)	-19,007	-19,495	-19,546	-20,871	-19,107	-16,971	-18,644	-19,912	-21,250	-21,366	-25,401
Total Depreciation and Amortization (D&A)	328	315	308	306	313	314	314	315	317	329	300
Debt-free, Cash-free Net Working Capital to Revenue	-10.50%	-10.06%	-8.93%	-9.14%	-8.72%	-7.87%	-7.76%	-7.66%	-8.48%	-8.52%	-9.46%
Debt-free Net Working Capital to Revenue	3.11%	2.70%	3.71%	3.67%	2.14%	2.36%	2.46%	2.04%	1.87%	1.91%	2.53%
Net Working Capital to Revenue	3.03%	2.62%	3.64%	3.60%	2.07%	2.29%	2.45%	2.02%	1.85%	1.89%	2.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.87	$0.12	$2.17	$2.16	$1.37	$0.63	$2.64	($0.51)	($13.50)	($2.16)	$3.13
Adjusted Weighted Average Basic Shares Outstanding	539.54M	543.32M	535.11M	529.60M	521.97M	521.79M	496.21M	493.55M	491.14M	493.12M	492.07M
Adjusted Diluted Earnings per Share	$0.87	$0.12	$2.16	$2.16	$1.36	$0.63	$2.63	($0.51)	($13.50)	($2.15)	$3.11
Adjusted Weighted Average Diluted Shares Outstanding	541.27M	545.70M	538.06M	530.76M	523.54M	523.74M	498.18M	493.55M	491.14M	493.12M	495.59M
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	534.20M	534.86M	533.66M	526.03M	504.87M	496.04M	497.60M	491.13M	491.52M	491.77M	493.80M
Normalized Net Operating Profit after Tax (NOPAT)	727	-100	880	929	513	141	1,154	-282	-148	-862	1,364
Normalized NOPAT Margin	1.91%	-0.25%	2.18%	2.33%	1.22%	0.35%	2.48%	-0.58%	-0.30%	-1.73%	2.73%
Pre Tax Income Margin	2.02%	0.06%	3.65%	3.81%	2.19%	0.85%	3.75%	-0.53%	-13.43%	-3.10%	4.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.06	-1.06	6.21	6.98	3.78	1.02	9.02	-2.69	-40.91	-10.39	11.32
NOPAT to Interest Expense	2.51	-1.72	4.88	5.28	2.91	0.82	6.79	-1.89	-28.63	-7.27	8.32
EBIT Less CapEx to Interest Expense	3.31	-2.28	5.37	5.93	2.91	0.12	8.23	-3.92	-42.15	-11.65	10.10
NOPAT Less CapEx to Interest Expense	1.76	-2.94	4.04	4.22	2.04	-0.07	6.00	-3.11	-29.88	-8.54	7.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.56%	3.26%	1.10%	0.11%	0.03%	0.00%	0.00%	0.00%	-0.36%	-0.28%	0.00%
Augmented Payout Ratio	127.90%	63.76%	51.01%	62.53%	72.49%	94.84%	87.36%	129.24%	-27.09%	-7.40%	-7.18%

Financials Breakdown Chart

Key Financial Trends

Below are key takeaways from Centene (NYSE: CNC) quarterly statements over the last several years, focused on trends in income, cash flow, and the balance sheet. The bullets are ordered with positives first, neutrals second, and negatives last.

Revenue momentum: In 2025, Centene’s quarterly revenue remained strong and trending higher. Q4 2025 operating revenue was $49,725,000,000, up from $40,805,000,000 in Q4 2024. The quarterly totals for 2025 were roughly $46.62B (Q1), $48.74B (Q2), and $49.69B (Q3), before the Q4 print.
Positive operating cash flow across 2025: Net cash from continuing operating activities was positive in all four 2025 quarters, indicating ongoing cash generation from core operations (example quarters around mid-to-high hundreds of millions to low billions in several periods).
Solid near‑term liquidity: As of 9/30/2025, Centene held about $17.1B in cash & equivalents. Total current assets were $44.1B vs. total current liabilities of $40.6B, yielding roughly $3.5B of working capital.
Gross margin remains very high: The gross margin in 2025 runs in the high 90s. For example, Q4 2025 shows gross profit of $49.045B on revenue of $49.725B, and Q3 2025 shows gross profit of $49.039B on revenue of $49.69B.

Balance sheet leverage and asset base: Long‑term debt is in the low‑to‑mid teens of billions (around $17.5B in mid‑2025), with total liabilities around $61B and total equity near $21B. Total assets sit in the $82B–$86B range across the 2025 period, reflecting a large asset base to support operations.
Significant non-operating costs and impairments: The company incurred substantial non‑operating charges and impairment costs in 2025 (for example, impairment charges in Q3 2025 around $6.74B and in Q4 2025 around $0.513B; plus large Other Operating Expenses lines in the tens of billions across recent periods). These items heavily affect reported profitability despite strong top‑line results.

Net income and earnings per share: Net income attributable to common shareholders was negative in every 2025 quarter (Q1: about -$1.10B; Q2: about -$2.53B; Q3: about -$6.63B; Q4: about -$1.10B). Corresponding basic/diluted EPS were consistently negative in 2025 (e.g., Q3 2025 diluted EPS around -$13.50, Q4 2025 around -$2.16).
Earnings quality pressured by non‑operating items: The sizable non‑operating expenses (Other Operating Expenses) and impairment charges mean the operating performance is much improved versus reported net income, but earnings quality remains a concern for 2025.
Impairments and one‑offs: Impairment charges were material in 2025 (Q3 ~$6.74B; Q4 ~$0.513B), contributing to variability in quarterly results and signaling potential ongoing measurement risk in asset values.
: Net change in cash and equivalents swung across quarters (e.g., Q3 2025 +$2.586B; Q4 2025 +$0.910B; Q2 2025 −$0.288B), highlighting near‑term volatility in financing/investing decisions and cash balance trajectory.

05/25/26 02:36 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. See where experts think Centene is headed by visiting Centene's forecast page.

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%.

Related Companies

Financial statements for NYSE:CNC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Centene (CNC) Financials

Financials Breakdown Chart

Key Financial Trends

Centene Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Centene (CNC) Financials

Annual Income Statements for Centene

Quarterly Income Statements for Centene

Annual Cash Flow Statements for Centene

Quarterly Cash Flow Statements for Centene

Annual Balance Sheets for Centene

Quarterly Balance Sheets for Centene

Annual Metrics And Ratios for Centene

Quarterly Metrics And Ratios for Centene

Financials Breakdown Chart

Key Financial Trends

Centene Financials - Frequently Asked Questions

When does Centene's financial year end?

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

What is Centene's operating income?

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

How much debt does Centene have?

How much cash does Centene have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools