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CENTENE CORPCNC

Industry
Hospital & Medical Service Plans
Exchange
NYSE

Stock Price $CNC

You are here#34 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K217

CNC filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 217 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jul ’18Jul ’18
  2. Leadership change8-K · Jan ’20Jan ’20
  3. Deal closed8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Aug ’25Aug ’25
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  1. $194.78B
YoY changeLargest recent move+78.4%in FY16Latest +19.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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CENTENE CORP Financial Overview 2021–2025

Updated Aug 8, 2026

A massive $6.7 billiona goodwill impairment charge decimated Centene Corporation's bottom line in FY2025, driving a steep net loss of -$13.53 per share despite record revenues. This stark divergence highlights a central investment reality: while the managed care giant consistently drives top-line expansion across government-sponsored programs, escalating medical costs and Medicaid acuity are severely testing its core profitability.

Total revenue surged from $126.0 billion in FY2021 to $194.8 billionb in FY2025, fueled by strategic acquisitions like the $2.6 billion purchase of Magellan Health and aggressive expansion in the Health Insurance Marketplace. Yet, the cost of delivering care outpaced this growth. Centene's Health Benefits Ratio (HBR) climbed from 87.7% in FY2022 to a bruising 91.9% in FY2025. To combat margin pressures, management executed cost-cutting initiatives that reduced the Selling, General, and Administrative (SG&A) expense ratio to 7.0% by Q3 2025. Simultaneously, the core managed care base faced industry headwinds, with membership contracting by 3% to 27.6 million in FY2025 following widespread Medicaid eligibility redeterminations.

Despite generating $5.1 billionc in operating cash flow during FY2025, the heavy impairment charges and elevated medical utilization weighed heavily on equity values. At the close of FY2025, the market priced Centene at $41.15 per share, assigning the healthcare provider a $20.2 billion market capitalization amid its severe earnings deficit.

Recent Developments (Q1 and Q2 2026)

Centene orchestrated a profitability turnaround in H1 2026, reversing prior-year losses. Total revenues grew 10% year-over-year to $53.6 billiond in Q2 2026, yielding $1.09 billion in quarterly net earnings. This recovery was anchored by an improved Health Benefits Ratio of 89.6%. Management actively reduced corporate leverage, repurchasing $1.3 billion in senior notes before announcing a subsequent $500 million redemption in July 2026. Leadership also refreshed its board by appointing Paul Diaz and Lauren Tyler.

Bulls will emphasize the $7.96 billione in H1 2026 operating cash flow as evidence of operational strength and expanding premium yields. Conversely, bears will highlight the ongoing loss of covered lives, with managed care membership falling 8% year-over-year to 25.9 million. Due to trailing impairment impacts, the stock traded at -4.7x earnings as of the July 28, 2026 reporting date.

What to watch: membership stabilization in government plans; ongoing execution of the debt redemption strategy.

Recent SEC Filings

  1. 8-KCENTENE CORP 8-K Report, Corporate Update (Oct 8, 2026)Centene Corporation (CNC) has announced a significant financial action through an 8-K filing, detailing the redemption of its remaining 4.25% Notes due December 15, 2027. The company will redeem the full outstanding principal amount of $568,664,000 on October 23, 2026. This action will effectively eliminate all outstanding 2027 Notes from the company's balance sheet.
  2. 8-KCENTENE CORP 8-K Report, Regulation FD Disclosure (Sep 16, 2026)Centene Corporation (CNC) announced its participation in the Deutsche Bank 2026 Healthcare Summit on September 16, 2026, and subsequent investor discussions. Management will reiterate the company's full-year 2026 financial guidance, affirming GAAP diluted EPS expectations of greater than $3.11 and adjusted diluted EPS expectations of greater than $4.80. This filing serves primarily as a disclosure under Regulation FD, ensuring fair and timely information dissemination to investors. The company emphasizes its use of non-GAAP financial measures, such as adjusted diluted EPS, to provide a clearer view of ongoing operational performance. Investors are encouraged to review these non-GAAP measures alongside GAAP results and refer to previous filings for detailed reconciliations. The company also included standard forward-looking statement disclaimers, highlighting the inherent risks and uncertainties associated with future performance projections.
  3. 8-KCENTENE CORP 8-K Report, Executive Changes (Aug 17, 2026)Centene Corporation (NYSE: CNC) announced a planned Chief Financial Officer transition. CFO Andrew (Drew) Asher, who has served as CFO since 2021, will step down effective December 31, 2026, and remain with the company as a Strategic Advisor through the end of 2027 to support an orderly handover and strategic initiatives. Christopher Neczypor, most recently CFO of Lincoln National/Lincoln Financial (February 2023 to August 2026), has been named his successor. He joins Centene as Executive Vice President in early September 2026 and is expected to become Executive Vice President and CFO on January 1, 2027. He is not initially a Section 16 officer in the EVP role. The compensation package for Neczypor is substantial: a $1.1 million base salary, a 150% target annual cash bonus (with up to 200% payout potential), $5.25 million in target 2027 long-term equity awards, a one-time $10 million make-whole RSU grant vesting over three years, and a $2 million cash sign-on bonus subject to a 12-month clawback if he leaves voluntarily or is terminated for cause. The make-whole awards are designed to offset compensation he forfeits from Lincoln, which signals a competitive hire. The full employment agreement will be filed later as an exhibit to a periodic report. Alongside the leadership news, Centene reaffirmed its 2026 full-year adjusted diluted EPS guidance of greater than $4.80 and all related metrics from its July 28, 2026 second-quarter earnings release. For investors, the filing reads as a planned, well-telegraphed transition with a continuity bridge rather than a signal of operational trouble, though the new CFO's background is insurance-focused and heavily strategy and investment oriented rather than managed care operations.
  4. 8-KCENTENE CORP 8-K Report, Corporate Update (Jul 29, 2026)Centene Corporation (CNC) has announced a partial redemption of its 4.25% Notes due December 15, 2027. The company intends to redeem $500,000,000 of these notes on August 13, 2026. This action will reduce the outstanding principal amount of the 2027 Notes to approximately $568,664,000 following the redemption. Investors holding these notes should be aware that their principal investment will be partially repaid at par plus any accrued interest up to the redemption date. This move signals a potential shift in Centene's capital structure or debt management strategy, and investors should monitor any further announcements regarding the use of cash or changes in debt levels.
  5. 8-KCENTENE CORP 8-K Report, Financial Results (Jul 28, 2026)Centene reported second-quarter 2026 results on July 28, 2026, with GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.51, compared with a GAAP loss of $(0.51) and adjusted loss of $(0.16) in the prior-year quarter. Total revenues rose to $53.6 billion from $48.7 billion, and premium and service revenues grew 4% to $44.4 billion. The health benefits ratio improved sharply to 89.6% from 93.0%, driven by Marketplace pricing and risk transfer, Medicaid rate increases, and a favorable Medicare outcome, with Commercial HBR falling to 79.2%. Management raised full-year 2026 guidance: GAAP diluted EPS is now greater than $3.11 and adjusted diluted EPS greater than $4.80, with total revenue guidance increased by $6.0 billion to $193.5–$197.5 billion. Management noted roughly $0.50 of non-recurring items in the guidance increase, a point investors should weigh when judging the sustainability of the raised outlook. Balance sheet and cash generation also strengthened. Operating cash flow for the quarter was $3.6 billion, and cash, investments and restricted deposits reached $44.8 billion. Total debt declined to $16.1 billion after $260 million of senior note repurchases, and debt-to-capitalization fell to 41.6% from 46.5% at year-end 2025. Membership continued to shift: Marketplace enrollment dropped to 3.5 million from 5.9 million a year earlier, while PDP membership grew to 8.8 million. Total at-risk membership declined about 8% year over year to 25.9 million, reflecting deliberate repricing and exits in Marketplace. Separately, director Kenneth Burdick resigned effective July 28, 2026, and the board appointed Paul Diaz, a healthcare private equity managing partner and former CEO of Myriad Genetics and Kindred Healthcare, to fill the vacancy. The board change is routine and not tied to any disagreement with the company, so it is unlikely to affect the investment case on its own.
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