Centene Corp (CNC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$2.13	$3.37	+58.2%	—	$49.9B	—
Q4 25	-$1.22	-$1.19	+2.5%	—	$49.7B	—
Q3 25	-$0.16	$0.5	+412.5%	—	$49.7B	—
Q2 25	$0.21	-$0.16	-176.2%	—	$48.7B	—
Q1 25	$2.52	$2.9	+15.1%	—	$46.6B	—
Q4 24	$0.49	$0.8	+63.3%	—	$40.8B	—
Q3 24	$1.41	$1.62	+14.9%	—	$42B	—
Q2 24	$2.09	$2.42	+15.8%	—	$39.8B	—
Q1 24	$2.08	$2.26	+8.7%	—	$40.4B	—
Q4 23	$0.44	$0.45	+2.3%	—	$39.5B	—
Q3 23	$1.54	$2	+29.9%	—	$38B	—
Q2 23	$2.05	$2.1	+2.4%	—	$37.6B	—
Q1 23	$2.1	$2.11	+0.5%	—	$38.9B	—
Q4 22	$0.84	$0.86	+2.4%	—	$35.6B	—
Q3 22	$1.23	$1.3	+5.7%	—	$35.9B	—
Q2 22	$1.59	$1.77	+11.3%	—	$35.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$13.5	—	—	$194.8B	—
FY24	—	$6.33	—	—	$163.1B	—
FY23	—	$4.97	—	—	$154B	—
FY22	—	$2.09	—	—	$144.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$40.6B	$48.4B	$60.1B	$74.6B	$111.1B	$126B	$144.5B	$154B	$163.1B	$194.8B
YoY change	+78.4%	+19.1%	+24.3%	+24.2%	+48.9%	+13.4%	+14.7%	+6.54%	+5.89%	+19.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	40.6B	48.4B	60.1B	74.6B	111.1B	126B	144.5B	154B	163.1B	194.8B
Cost of revenue	35.1B	42.6B	51.7B	65.8B	95.9B	111.8B	127.9B	136.7B	146.2B	180.9B
Gross profit	5.5B	5.8B	8.4B	8.8B	15.2B	14.2B	16.7B	17.3B	16.8B	13.9B
Gross margin	13.7%	12%	14%	11.8%	13.7%	11.3%	11.5%	11.2%	10.3%	7.12%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.1B	4.4B	6.8B	6.5B	11.3B	9.6B	11.6B	12.6B	12.4B	12.9B
Operating expenses	4.1B	4.4B	6.8B	6.5B	11.3B	9.6B	11.6B	12.6B	12.4B	12.9B
Operating income	1.3B	1.2B	1.5B	2.1B	3.2B	3.3B	3.6B	3.5B	3.2B	-312M
Operating margin	3.11%	2.48%	2.43%	2.75%	2.84%	2.59%	2.52%	2.25%	1.95%	-0.16%
Non-operating income, net	114M	190M	253M	142M	347M	-785M	-1B	864M	1.8B	-5.7B
Pretax income	1.2B	1.1B	1.4B	1.8B	2.8B	1.8B	2B	3.6B	4.3B	-6.7B
Income tax	599M	326M	474M	473M	979M	477M	760M	899M	963M	-51M
Net income	561M	808M	894M	1.3B	1.8B	1.3B	1.2B	2.7B	3.3B	-6.7B
Net margin	1.38%	1.67%	1.49%	1.75%	1.61%	1.06%	0.83%	1.75%	2.02%	-3.43%
EBITDA	1.5B	1.6B	2B	2.7B	4.4B	4.6B	5.1B	4.8B	4.4B	963M
EPS	1.76	2.4	2.31	3.19	3.17	2.31	2.09	4.97	6.33	-13.5
Diluted EPS	1.72	2.35	2.26	3.14	3.12	2.28	2.07	4.95	6.31	-13.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	38B	39.5B	40.4B	39.8B	42B	40.8B	46.6B	48.7B	49.7B	49.7B	49.9B	53.6B
Cost of revenue	33.5B	35.8B	35.8B	35.4B	38B	37.1B	41.4B	45.8B	46.4B	47.3B	44.4B	49B
Gross profit	4.6B	3.7B	4.6B	4.4B	4B	3.7B	5.2B	2.9B	3.3B	2.5B	5.6B	4.6B
Gross margin	12%	9.28%	11.5%	11.1%	9.6%	9.12%	11.2%	6.05%	6.54%	4.96%	11.1%	8.59%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3B	3.5B	3.2B	2.9B	3.1B	3.2B	3.4B	3B	3.1B	3.4B	3.4B	3.1B
Operating expenses	3B	3.5B	3.2B	2.9B	3.1B	3.2B	3.4B	3B	3.1B	3.4B	3.4B	3.1B
Operating income	1.2B	-143M	1.1B	1.2B	665M	175M	1.5B	-403M	-211M	-1.2B	1.9B	1.2B
Operating margin	3.09%	-0.36%	2.77%	3.09%	1.58%	0.43%	3.29%	-0.83%	-0.42%	-2.48%	3.73%	2.24%
Non-operating income, net	-226M	350M	532M	463M	432M	344M	382M	316M	-6.3B	-143M	402M	441M
Pretax income	768M	24M	1.5B	1.5B	921M	347M	1.7B	-257M	-6.7B	-1.5B	2.1B	1.5B
Income tax	293M	-15M	315M	370M	211M	67M	432M	2M	-42M	-443M	560M	399M
Net income	475M	39M	1.2B	1.1B	710M	280M	1.3B	-259M	-6.6B	-1.1B	1.5B	1.1B
Net margin	1.25%	0.1%	2.87%	2.88%	1.69%	0.69%	2.82%	-0.53%	-13.3%	-2.21%	3.08%	2.03%
EBITDA	1.5B	172M	1.4B	1.5B	978M	489M	1.8B	-88M	106M	-903M	2.2B	1.5B
EPS	0.87	0.08	2.17	2.16	1.37	0.57	2.64	-0.51	-13.5	-2.24	3.13	2.21
Diluted EPS	0.87	0.08	2.16	2.16	1.36	0.56	2.63	-0.51	-13.5	-2.24	3.11	2.19

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	17.4B	—	26B	—	48B	47.2B	40.3B	31.6B	20.3B	30.9B
Enterprise value	—	17.5B	—	27.5B	—	56B	54.1B	39.5B	34.4B	18.1B	19.7B
Shares outstanding	319.1M	345M	390.2M	413.5M	570.7M	582.8M	575.2M	543.3M	521.8M	493.1M	493.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	21.5	—	19.9	—	35.9	39.2	14.9	9.6	—	8.06
P/S	—	0.36	—	0.35	—	0.38	0.33	0.26	0.19	0.1	0.17
P/B	—	2.53	—	2.05	—	1.78	1.95	1.55	1.19	1.01	1.36
EV/EBITDA	—	11.2	—	10.2	—	12.2	10.7	8.32	7.76	18.8	4.27
EV/Sales	—	0.36	—	0.37	—	0.44	0.37	0.26	0.21	0.09	0.11
Earnings yield	—	4.64%	—	5.04%	—	2.78%	2.55%	6.69%	10.4%	—	12.4%
FCF yield	—	6.13%	—	2.9%	—	6.86%	11.1%	18%	-1.55%	21.3%	31.2%
PEG	—	—	—	—	—	—	—	—	—	—	-0.02

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.7%	12%	14%	11.8%	13.7%	11.3%	11.5%	11.2%	10.3%	7.12%	8.59%
Operating margin	3.11%	2.48%	2.43%	2.75%	2.84%	2.59%	2.52%	2.25%	1.95%	-0.16%	3.76%
Net margin	1.38%	1.67%	1.49%	1.75%	1.61%	1.06%	0.83%	1.75%	2.02%	-3.43%	-2.83%
ROE	9.27%	11.8%	8.11%	10.3%	6.91%	4.94%	4.96%	10.4%	12.4%	-33.3%	-20.4%
ROA	2.78%	3.7%	2.89%	3.19%	2.61%	1.7%	1.56%	3.19%	4%	-8.7%	2.48%
ROIC	9.74%	12.3%	8.18%	10.6%	6.72%	6.86%	7.15%	10.3%	8.43%	-1.74%	13.8%
Return on tangible assets	7.3%	8.45%	7.21%	5.66%	12.3%	5.76%	4.73%	7.23%	9.02%	-14.5%	-9.65%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.97	0.93	1	1.57	1.08	1.11	1.06	1.11	1.11	1.1	1.15
Quick ratio	0.97	0.93	1	1.57	1.08	1.11	1.06	1.11	1.11	1.1	1.15
Debt / equity	0.77	0.68	0.61	1.14	0.65	0.84	0.88	0.73	0.73	0.91	0.71
Debt / assets	0.23	0.22	0.22	0.35	0.24	0.29	0.28	0.22	0.24	0.24	0.19
Net debt / EBITDA	0.14	0.06	0.32	0.57	1	1.74	1.37	-0.16	0.62	-2.24	-3.83
Interest coverage	6.35	5.45	4.99	5.33	4.81	3.73	3.95	5.96	7.06	-8.92	-6.07
Effective tax rate	51.6%	28.7%	34.6%	26.5%	35.3%	26.3%	38.7%	25%	22.6%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	127.2	140.2	154	180.5	194.7	216.2	251.3	283.4	312.5	395	366.4
EPS (basic)	1.76	2.4	2.31	3.19	3.17	2.31	2.09	4.97	6.33	-13.5	-13.5
EPS (diluted)	1.72	2.35	2.26	3.14	3.12	2.28	2.07	4.95	6.31	-13.5	-10.4
Book value per share	19	19.9	28.2	30.7	45.5	46.4	42.1	47.8	50.8	40.7	45.7
FCF per share	4.84	3.09	1.43	1.82	8.12	5.65	9.14	13.4	-0.94	8.76	18
Cash per share	13.9	13.3	15.5	31.4	21.7	25.1	25	36.2	32	41.2	54.8
Capex per share	—	—	—	—	—	—	—	—	—	1.56	1.6

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	0.39%	0.39%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	15.1%	8.19%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$38B	$39.5B	$40.4B	$39.8B	$42B	$40.8B	$46.6B	$48.7B	$49.7B	$49.7B	$49.9B	$53.6B
YoY change	+6.07%	+11%	+3.9%	+5.92%	+10.5%	+3.41%	+15.4%	+22.4%	+18.2%	+21.9%	+7.13%	+9.92%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.4B	4.6B	6.1B	13B	12.4B	14.7B	14.4B	19.7B	16.7B	20.3B
Receivables	3.2B	3.4B	5.2B	6.2B	9.7B	12.2B	13.3B	15.5B	19.7B	18.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	8.4B	8.7B	12B	20.3B	23.4B	28.5B	30.1B	40.8B	38B	40.4B
Property, plant & equipment	526M	737M	1.1B	2B	3.2B	5.8B	4.3B	1.9B	1.9B	1.9B
Goodwill & intangibles	12.5B	12.3B	18.5B	17.9B	54.1B	55.2B	51.4B	47.3B	45.9B	30.7B
Total assets	20.2B	21.9B	30.9B	41B	68.7B	78.4B	76.9B	84.6B	82.4B	76.7B
Accounts payable	3.8B	4.2B	4.1B	4B	7.1B	8.3B	9.3B	16.3B	13B	13.6B
Short-term debt	4M	4M	38M	249M	97M	471M	262M	287M	268M	196M
Total current liabilities	8.6B	9.3B	12B	12.9B	21.6B	25.8B	28.5B	36.7B	34.3B	36.7B
Long-term debt	4.7B	4.7B	6.6B	14.3B	16.7B	22.2B	21.1B	18.6B	19.2B	18B
Total liabilities	14.1B	15B	19.9B	28.3B	42.8B	51.4B	52.6B	58.7B	55.9B	56.7B
Shareholders' equity	6.1B	6.9B	11B	12.7B	26B	27B	24.2B	26B	26.5B	20.1B
Total debt	4.7B	4.7B	6.7B	14.5B	16.8B	22.7B	21.3B	18.9B	19.4B	18.2B
Net debt	725M	627M	1.3B	2.4B	6B	9.5B	9.3B	1.7B	5.4B	274M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	20.4B	19.7B	19.7B	20.2B	17.6B	16.7B	17.3B	17.3B	19.2B	20.3B	23.7B	27.1B
Receivables	15.5B	15.5B	16.8B	16.6B	18.3B	19.7B	22.4B	21.6B	23.1B	18.1B	19.4B	18.1B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	41.4B	40.8B	38.4B	38.4B	37.4B	38B	41.3B	40.4B	44.1B	40.4B	45B	46.7B
Property, plant & equipment	2.4B	1.9B	—	—	—	1.9B	—	—	—	4.1B	—	—
Goodwill & intangibles	47.7B	47.3B	47B	46.6B	46.3B	45.9B	45.6B	45.1B	31.4B	30.7B	30.4B	30.1B
Total assets	84.4B	84.6B	82.6B	83.1B	82.4B	82.4B	87B	86.4B	82.1B	76.7B	81.2B	83B
Accounts payable	14.9B	16.3B	12.1B	12.2B	13.3B	13B	13.9B	13.5B	16.9B	13.6B	16.8B	18B
Short-term debt	283M	287M	113M	112M	111M	268M	12M	25M	38M	196M	63M	75M
Total current liabilities	36.9B	36.7B	32.8B	32.7B	34.1B	34.3B	37.1B	36.8B	40.6B	36.7B	40B	40.8B
Long-term debt	18.8B	18.6B	17.9B	17.5B	17.5B	19.2B	18.3B	17.6B	17.5B	18B	16.3B	16B
Total liabilities	59B	58.7B	55.6B	55.7B	54.9B	55.9B	59B	58.9B	61B	56.7B	59.6B	60.4B
Shareholders' equity	25.4B	26B	27.1B	27.5B	27.4B	26.5B	28B	27.5B	21.1B	20.1B	21.5B	22.7B
Total debt	19.1B	18.9B	18B	17.6B	17.6B	19.4B	18.3B	17.6B	17.6B	18.2B	16.4B	16.1B
Net debt	917M	1.7B	415M	23M	3B	5.4B	3.5B	3.1B	525M	274M	-4.9B	-8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	561M	808M	894M	1.3B	1.8B	1.3B	1.2B	2.7B	3.3B	-6.7B
Depreciation & amortization	278M	361M	495M	643M	1.3B	1.3B	1.4B	1.3B	1.2B	1.3B
Stock-based compensation	148M	135M	145M	177M	281M	203M	234M	216M	212M	204M
Change in working capital	377M	240M	362M	-581M	1.6B	376M	1.9B	-24M	-4B	3.7B
Operating cash flow	1.5B	1.4B	1.8B	1.6B	4.9B	2.8B	4.1B	4.3B	789M	5.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-767M
Investing cash flow	-2.2B	-832M	-3.9B	-802M	-6.1B	-2.4B	-1.9B	-392M	-408M	472M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-63M	-65M	-71M	-75M	-626M	-297M	-3.1B	-1.6B	-3.1B	-475M
Financing cash flow	2.7B	-82M	4.6B	6.8B	260M	1.4B	-4.2B	-1.7B	-2.4B	-2.4B
Net change in cash	2B	521M	2.5B	7.6B	-933M	1.8B	-2B	2.2B	-2B	3.2B
Free cash flow	1.5B	1.1B	559M	753M	4.6B	3.3B	5.3B	7.3B	-490M	4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	475M	39M	1.2B	1.1B	710M	280M	1.3B	-259M	-6.6B	-1.1B	1.5B	1.1B
Depreciation & amortization	328M	315M	308M	306M	313M	314M	314M	315M	317M	329M	300M	300M
Stock-based compensation	50M	49M	70M	62M	49M	31M	59M	35M	52M	58M	67M	59M
Change in working capital	-3B	-450M	-598M	1B	-3.2B	-1.2B	-728M	2.1B	-1.7B	4.1B	-397M	787M
Operating cash flow	-1.9B	-125M	1B	2.5B	-2.2B	-545M	937M	2.1B	1.4B	437M	4.4B	3.6B
Capital expenditure	—	—	—	—	—	—	—	—	-211M	-213M	-200M	-174M
Investing cash flow	571M	-726M	1B	-981M	-686M	256M	-394M	-691M	1.2B	660M	89M	-353M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-774M	-31M	-151M	-803M	-1.2B	-943M	-41M	-432M	0	-2M	-29M	-4M
Financing cash flow	-524M	-201M	23M	-1.2B	-1.2B	-13M	-250M	-1.2B	-10M	-187M	-1.1B	-259M
Net change in cash	-1.9B	-1.1B	2.1B	321M	-4.1B	-302M	293M	214M	2.6B	910M	3.4B	3B
Free cash flow	885M	-6M	-607M	2B	-1.1B	-741M	1.4B	1.6B	1.1B	224M	4.2B	3.4B

Centene Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement