CENTENE CORPCNC
CENTENE CORP Segments Disclosure
Segment Information
The Company operates in four segments: (1) a Medicaid segment, (2) a Medicare segment, (3) a Commercial segment and (4) an Other segment. The Medicaid, Medicare and Commercial segments primarily represent the government-sponsored or subsidized programs under which the Company offers managed healthcare services. The Other segment includes the Company's pharmacy operations, vision and dental services, clinical healthcare, behavioral health, and centralized services, among others. The Company signed a definitive agreement to divest the remaining Magellan Health businesses in December 2025.
Factors used in determining the reportable business segments include the nature of operating activities, the existence of separate senior management teams and the type of information presented to the Company's chief operating decision-maker (CODM) to evaluate all results of operations. The Company's CODM is its Chief Executive Officer. The Company's CODM focuses primarily on each segment's ability to generate sufficient revenues and manage expenses associated with health benefits and cost of services (including estimated costs incurred). As such, the CODM measures operating performance at the segment level based on gross margin, including evaluation of budget to actual variances, to determine the allocation of financial and capital resources for each segment. The Company does not report total assets by segment since this is not a metric used by the Company's CODM to allocate resources or evaluate segment performance.
Segment information for the year ended December 31, 2025, is as follows ($ in millions):
| Medicaid | Medicare | Commercial | Other/Eliminations | Consolidated Total | ||||||||||||||||||||||||||||
| Premium | $ | 90,137 | $ | 37,210 | $ | 42,001 | $ | 2,208 | $ | 171,556 | ||||||||||||||||||||||
| Service | 101 | — | 2 | 2,922 | 3,025 | |||||||||||||||||||||||||||
| Premium and service revenues | 90,238 | 37,210 | 42,003 | 5,130 | 174,581 | |||||||||||||||||||||||||||
| Premium tax | 20,196 | — | — | — | 20,196 | |||||||||||||||||||||||||||
| Total external revenues | 110,434 | 37,210 | 42,003 | 5,130 | 194,777 | |||||||||||||||||||||||||||
| Internal revenues | — | — | — | 16,854 | 16,854 | |||||||||||||||||||||||||||
| Eliminations | — | — | — | (16,854) | (16,854) | |||||||||||||||||||||||||||
| Total revenues | $ | 110,434 | $ | 37,210 | $ | 42,003 | $ | 5,130 | $ | 194,777 | ||||||||||||||||||||||
| Medical costs | $ | 84,450 | $ | 34,227 | $ | 36,902 | $ | 2,123 | $ | 157,702 | ||||||||||||||||||||||
| Cost of services | 98 | — | — | 2,572 | 2,670 | |||||||||||||||||||||||||||
Other operating expenses (1) | 42,028 | |||||||||||||||||||||||||||||||
Other income (expense) (2) | 895 | |||||||||||||||||||||||||||||||
| Loss before income tax expense | $ | (6,728) | ||||||||||||||||||||||||||||||
Segment gross margin (3) | $ | 5,690 | $ | 2,983 | $ | 5,101 | $ | 435 | $ | 14,209 | ||||||||||||||||||||||
(1) | Other operating expenses include selling, general and administrative expenses, depreciation, amortization, premium tax expense and impairment. | |||||||||||||||||||||||||||||||
(2) | Other income (expense) includes investment and other income, debt extinguishment and interest expense. | |||||||||||||||||||||||||||||||
(3) | Segment gross margin represents premium and service revenues less medical costs and cost of services. | |||||||||||||||||||||||||||||||
Segment information for the year ended December 31, 2024, is as follows ($ in millions):
| Medicaid | Medicare | Commercial | Other/Eliminations | Consolidated Total | ||||||||||||||||||||||||||||
| Premium | $ | 83,758 | $ | 23,032 | $ | 33,699 | $ | 1,814 | $ | 142,303 | ||||||||||||||||||||||
| Service | 93 | — | 3 | 3,106 | 3,202 | |||||||||||||||||||||||||||
| Premium and service revenues | 83,851 | 23,032 | 33,702 | 4,920 | 145,505 | |||||||||||||||||||||||||||
| Premium tax | 17,566 | — | — | — | 17,566 | |||||||||||||||||||||||||||
| Total external revenues | 101,417 | 23,032 | 33,702 | 4,920 | 163,071 | |||||||||||||||||||||||||||
| Internal revenues | — | — | — | 16,879 | 16,879 | |||||||||||||||||||||||||||
| Eliminations | — | — | — | (16,879) | (16,879) | |||||||||||||||||||||||||||
| Total revenues | $ | 101,417 | $ | 23,032 | $ | 33,702 | $ | 4,920 | $ | 163,071 | ||||||||||||||||||||||
| Medical costs | $ | 77,516 | $ | 20,437 | $ | 26,039 | $ | 1,715 | $ | 125,707 | ||||||||||||||||||||||
| Cost of services | 89 | — | — | 2,640 | 2,729 | |||||||||||||||||||||||||||
Other operating expenses (1) | 31,460 | |||||||||||||||||||||||||||||||
Other income (expense) (2) | 1,082 | |||||||||||||||||||||||||||||||
| Earnings before income tax expense | $ | 4,257 | ||||||||||||||||||||||||||||||
Segment gross margin (3) | $ | 6,246 | $ | 2,595 | $ | 7,663 | $ | 565 | $ | 17,069 | ||||||||||||||||||||||
(1) | Other operating expenses include selling, general and administrative expenses, depreciation, amortization, premium tax expense and impairment. | |||||||||||||||||||||||||||||||
(2) | Other income (expense) includes investment and other income, debt extinguishment and interest expense. | |||||||||||||||||||||||||||||||
(3) | Segment gross margin represents premium and service revenues less medical costs and cost of services. | |||||||||||||||||||||||||||||||
Segment information for the year ended December 31, 2023, is as follows ($ in millions):
| Medicaid | Medicare | Commercial | Other/Eliminations | Consolidated Total | ||||||||||||||||||||||||||||
| Premium | $ | 86,853 | $ | 22,261 | $ | 24,843 | $ | 1,679 | $ | 135,636 | ||||||||||||||||||||||
| Service | 2 | — | 2 | 4,455 | 4,459 | |||||||||||||||||||||||||||
| Premium and service revenues | 86,855 | 22,261 | 24,845 | 6,134 | 140,095 | |||||||||||||||||||||||||||
| Premium tax | 13,904 | — | — | — | 13,904 | |||||||||||||||||||||||||||
| Total external revenues | 100,759 | 22,261 | 24,845 | 6,134 | 153,999 | |||||||||||||||||||||||||||
| Internal revenues | — | — | — | 16,735 | 16,735 | |||||||||||||||||||||||||||
| Eliminations | — | — | — | (16,735) | (16,735) | |||||||||||||||||||||||||||
| Total revenues | $ | 100,759 | $ | 22,261 | $ | 24,845 | $ | 6,134 | $ | 153,999 | ||||||||||||||||||||||
| Medical costs | $ | 78,210 | $ | 19,394 | $ | 19,816 | $ | 1,474 | $ | 118,894 | ||||||||||||||||||||||
| Cost of services | 4 | — | — | 3,560 | 3,564 | |||||||||||||||||||||||||||
Other operating expenses (1) | 28,611 | |||||||||||||||||||||||||||||||
Other income (expense) (2) | 668 | |||||||||||||||||||||||||||||||
| Earnings before income tax expense | $ | 3,598 | ||||||||||||||||||||||||||||||
Segment gross margin (3) | $ | 8,641 | $ | 2,867 | $ | 5,029 | $ | 1,100 | $ | 17,637 | ||||||||||||||||||||||
(1) | Other operating expenses include selling, general and administrative expenses, depreciation, amortization, premium tax expense and impairment. | |||||||||||||||||||||||||||||||
(2) | Other income (expense) includes investment and other income, debt extinguishment and interest expense. | |||||||||||||||||||||||||||||||
(3) | Segment gross margin represents premium and service revenues less medical costs and cost of services. | |||||||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.