CENTENE CORP

Listed Company

CNCCIK 0001071739NYSELarge AcceleratedHospital & Medical Service PlansDelawareFY ends Dec 31

Period

FY 2025

Revenue

$194.78B

Net Income

$-6.67B

Total Assets

$76.75B

Equity

$19.95B

Shares Out

493.80M

Op. Cash Flow

$5.09B

Business

CENTENE CORP is a healthcare enterprise that provides managed care and related services focused on under-insured and uninsured populations. It offers Medicaid, Medicare (including Medicare Advantage, D‑SNPs and PDPs), commercial health insurance through the ACA Marketplace and employer channels, plus pharmacy, vision, dental, behavioral health and clinical healthcare services. The company operates four business segments — Medicaid, Medicare, Commercial and Other — delivering population health management, care coordination and value‑based contracting. Centene distributes services nationally through state and federal contracts, local plan brands, provider networks and digital/member channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premium and service revenues	174,581	145,505	140,095	135,479	117,983
Premium tax	20,196	17,566	13,904	9,068	7,999
Total revenues	194,777	163,071	153,999	144,547	125,982
Medical costs	157,702	125,707	118,894	111,529	—
Cost of services	2,670	2,729	3,564	7,032	4,894
Selling, general and administrative expenses	12,904	12,400	12,563	11,589	9,601
Depreciation expense	590	549	575	614	565
Amortization of acquired intangible assets	685	692	718	817	770
Premium tax expense	20,538	17,806	14,226	9,330	8,287
Impairment	7,311	13	529	2,318	229
Total operating expenses	202,400	159,896	151,069	143,229	124,198
Earnings (loss) from operations	−7,623	3,175	2,930	1,318	1,784
Investment and other income	1,572	1,784	1,393	1,279	819
Debt extinguishment	1	0	0	30	−125
Interest expense	−678	−702	−725	−665	—
Earnings (loss) before income tax	−6,728	4,257	3,598	1,962	1,813
Income tax (benefit) expense	−51	963	899	760	477
Net earnings (loss)	−6,677	3,294	2,699	1,202	1,336
Loss attributable to noncontrolling interests	3	11	3	0	11
Net earnings (loss) attributable to Centene Corporation	−6,674	3,305	2,702	1,202	1,347
Basic earnings (loss) per common share (in usd per share)	−13.53	6.33	4.97	2.09	2.31
Diluted earnings (loss) per common share (in usd per share)	−13.53	6.31	4.95	2.07	2.28
Basic (in shares)	493	522	543	575	583
Diluted (in shares)	493	524	546	582	591

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	17,888	14,063	17,193	12,074	13,118
Premium and trade receivables	18,105	19,713	15,532	13,272	12,238
Short-term investments	2,432	2,622	2,459	2,321	1,539
Other current assets	1,945	1,601	5,572	2,461	1,602
Total current assets	40,370	37,999	40,756	30,128	28,497
Long-term investments	17,035	17,429	16,286	14,684	14,043
Restricted deposits	1,412	1,390	1,386	1,217	1,068
Property, software and equipment, net	2,037	2,067	2,019	2,432	3,391
Goodwill	10,835	17,558	17,558	18,812	19,771
Intangible assets, net	4,530	5,409	6,101	6,911	7,824
Other long-term assets	528	593	535	2,686	3,781
Total assets	76,747	82,445	84,641	76,870	78,375
Medical claims liability	20,544	18,308	18,000	16,745	14,243
Accounts payable and accrued expenses	13,774	13,174	16,420	9,525	8,493
Return of premium payable	1,592	2,008	1,462	1,634	2,328
Unearned revenue	736	661	715	478	434
Current portion of long-term debt	50	110	119	82	267
Total current liabilities	36,696	34,261	36,716	28,464	25,765
Long-term debt	17,351	18,423	17,710	17,938	18,571
Deferred tax liability	833	684	641	615	1,407
Other long-term liabilities	1,811	2,567	3,618	5,616	5,610
Total liabilities	56,691	55,935	58,685	52,633	51,353
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests	23	10	19	56	82
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.001 par value; authorized 800,000 shares; 623,463 issued and 491,757 outstanding at December 31, 2025, and 620,195 issued and 495,907 outstanding at December 31, 2024	1	1	1	1	1
Additional paid-in capital	20,777	20,562	20,304	20,060	19,672
Accumulated other comprehensive (loss)	−58	−504	−652	−1,132	77
Retained earnings	8,674	15,348	12,043	9,341	8,139
Treasury stock, at cost (131,706 and 124,288 shares, respectively)	−9,441	−8,997	5,856	—	—
Total Centene stockholders' equity	19,953	26,410	25,840	24,057	26,795
Nonredeemable noncontrolling interest	80	90	97	124	145
Total stockholders' equity	20,033	26,500	25,937	24,181	26,940
Total liabilities, redeemable noncontrolling interests and stockholders' equity	76,747	82,445	84,641	76,870	78,375

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,275	1,241	1,293	1,430	1,335
Stock compensation expense	204	212	216	234	203
(Gain) on debt extinguishment	−1	0	0	−25	125
Deferred income taxes	−60	13	−78	−631	−132
(Gain) loss on divestitures, net	−2	−120	−152	−772	−88
Premium and trade receivables	1,480	−4,333	−2,380	−1,627	−2,453
Other assets	−230	46	5	128	−99
Medical claims liabilities	2,336	368	1,261	2,397	1,802
Unearned revenue	80	−54	238	31	−109
Accounts payable and accrued expenses	−657	−528	3,398	421	1,141
Other long-term liabilities	−46	−70	856	842	1,093
Other operating activities, net	75	72	168	125	142
Net cash provided by operating activities	5,088	154	8,053	6,261	4,205
Capital expenditures	−767	−644	−799	−1,004	−910
Purchases of investments	−4,541	−7,183	−6,622	−6,736	−7,400
Sales and maturities of investments	5,780	5,785	5,523	3,802	5,458
Divestiture proceeds, net of divested cash	0	990	707	2,477	68
Net cash provided by (used in) investing activities	472	−1,052	−1,191	−2,921	−3,299
Proceeds from long-term debt	750	1,300	2,335	360	9,267
Payments and repurchases of long-term debt	−1,895	−622	−2,316	−1,490	−7,434
Common stock repurchases	−475	−3,124	−1,633	−3,096	−297
Proceeds from common stock issuances	37	46	44	70	35
Purchase of noncontrolling interest	−19	0	−88	0	0
Other financing activities, net	−19	−6	0	−27	20
Net cash used in financing activities	−1,621	−2,406	−1,658	−4,197	1,362
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0	8	−32	−11	−11
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	3,939	−3,296	5,172	−868	2,257
Interest paid	647	688	688	657	658
Income taxes paid, net	448	1,002	887	1,198	678

Filings

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