CNC 10-K Annual Reports

Centene Corporation (CNC) reported its 2025 fiscal year results, characterized by significant revenue growth and a substantial increase in medical costs. Total revenues reached $194.8 billion, a 19% increase year-over-year, driven by membership growth in the PDP business, marketplace expansion, and Medicaid rate increases. However, the Health Benefits Ratio (HBR) rose to 91.9% from 88.3% in the prior year, largely due to lower marketplace risk adjustment revenue, increased marketplace medical costs, and higher medical costs in Medicaid, particularly in behavioral health, home health, and high-cost drugs. A notable event for 2025 was the substantial goodwill impairment of $6.7 billion, primarily impacting the Medicaid and Commercial reporting units, contributing to a GAAP diluted loss per share of $(13.53). Adjusted diluted EPS stood at $2.08. The company also experienced a decrease in overall membership by 3% to 27.6 million, largely due to Medicaid redeterminations. Despite these challenges, Centene's operating cash flow improved significantly to $5.1 billion, and the company continued to manage its debt, with $1.8 billion remaining under its stock repurchase program as of year-end.

Centene Corporation reported solid financial performance for the year ended December 31, 2024, with total revenues increasing by 6% to $163.1 billion and net earnings attributable to Centene rising by 22% to $3.3 billion. This growth was driven by a 4% increase in total membership to 28.6 million, largely fueled by expansion in the Health Insurance Marketplace segment. The company's strategic focus on government-sponsored healthcare programs continues to be its core, with Medicaid representing 62% of its total external revenues. Despite overall revenue growth, the Health Benefits Ratio (HBR) saw a slight increase to 88.3% from 87.7% in the prior year, primarily due to higher acuity in the Medicaid population following redeterminations and impacts from Medicare Star rating changes. However, an improved Selling, General, and Administrative (SG&A) expense ratio of 8.5% helped offset some of these pressures.

Centene Corporation's (CNC) 2023 10-K filing reveals a year of significant strategic repositioning, marked by substantial divestitures and a focus on profitable growth through its core government-sponsored healthcare programs. The company reported total revenues of $154.0 billion, a 7% increase year-over-year, driven primarily by strong performance in its Medicaid and Commercial segments, particularly the Health Insurance Marketplace (Ambetter Health). Despite a 2% increase in overall membership to 27.5 million, the company experienced a decline in its Medicare membership. Financially, Centene demonstrated improved profitability, with diluted EPS of $4.95, a significant increase from $2.07 in the prior year, and adjusted diluted EPS of $6.68, up over 15%. This improvement was achieved despite $529 million in impairment charges, largely related to divestitures and real estate optimization. The company also generated strong operating cash flows of $8.1 billion, highlighting operational efficiency. Key strategic moves in 2023 included the completion of several divestitures (Operose Health, Circle Health) as part of its Value Creation Plan, alongside $1.6 billion in share repurchases. Looking ahead, Centene is focused on margin expansion, leveraging its scale, and navigating evolving regulatory landscapes, particularly within the Medicare and Medicaid programs.

Centene Corporation reported a net earnings of $1.2 billion on total revenues of $144.5 billion for the year ended December 31, 2022. This represents a decrease in net earnings compared to the prior year, primarily due to significant impairment charges totaling $2.3 billion related to real estate optimization, business divestitures, and a loss on a government contract. The company's value creation plan is actively being executed, including significant divestitures of non-core businesses and a strategic review of its real estate footprint, which is expected to yield substantial annualized lease expense savings. Centene's membership grew by 5% year-over-year, reaching 27.1 million members, driven by increases in its Medicaid and Medicare segments. Despite the reported net loss, the company generated robust operating cash flow of $6.3 billion. Centene continues to focus on margin expansion and profitable growth, with strategic initiatives in place to streamline operations and modernize its infrastructure. Key financial highlights include a stable Health Benefits Ratio (HBR) of 87.7% and a slight increase in the SG&A expense ratio to 8.6%. The company also announced substantial stock repurchase programs, signaling a commitment to returning capital to shareholders.

Centene Corporation (CNC) reported a significant year of growth and strategic acquisitions in its 2021 10-K filing. Total revenues reached $126.0 billion, marking a 13% increase year-over-year, driven primarily by Medicaid membership growth and expansion in Medicare offerings. A key strategic move was the acquisition of Magellan Health for approximately $2.6 billion, aimed at expanding Centene's integrated healthcare solutions for complex populations. The company also reported strong operating cash flows of $4.2 billion, demonstrating its ability to generate cash from its core business activities. Despite the revenue growth, the company's net earnings attributable to Centene decreased by 25% to $1.3 billion, or $2.28 per diluted share, from $1.8 billion in the prior year. This decrease was largely due to a $1.25 billion legal settlement reserve related to its pharmacy benefits manager subsidiary, Envolve. Looking ahead, Centene is focused on its Value Creation Plan, designed to drive margin expansion through SG&A savings, gross margin improvements, and strategic capital management, including share repurchases and portfolio optimization.

Centene Corporation's (CNC) 2020 10-K filing highlights a year of significant growth and strategic acquisitions, most notably the acquisition of WellCare Health Plans, Inc. This move substantially expanded Centene's scale and market presence, particularly in the Medicare segment. The company reported total revenues of $111.1 billion, a 49% increase year-over-year, driven by strong membership growth across its government-sponsored programs, especially Medicaid, and the reinstatement of the health insurer fee. Despite facing operational adjustments due to the COVID-19 pandemic, Centene demonstrated resilience, with operating cash flows reaching $5.5 billion. The company also announced its intention to acquire Magellan Health in early 2021, further bolstering its capabilities in behavioral health, signaling a continued focus on strategic expansion and diversification. Looking ahead, Centene is navigating a dynamic healthcare landscape marked by evolving regulations and market trends. The company's financial health remains robust, supported by strong operating cash flows and a diversified business model. Key areas of focus include integrating recent acquisitions, managing medical costs effectively, and adapting to regulatory changes. The company's proactive approach to managing its business, coupled with strategic investments, positions it to continue its growth trajectory in serving government-sponsored and commercial healthcare programs.

Centene Corporation's 2019 10-K filing highlights a year of significant growth and strategic expansion, culminating in the transformative acquisition of WellCare Health Plans in January 2020. The company demonstrated robust top-line growth, with total revenues increasing by 24% to $74.6 billion, driven by membership gains across its Medicaid, Medicare, and Health Insurance Marketplace offerings, as well as strategic acquisitions like Fidelis Care. Centene's focus on serving government-sponsored healthcare programs and its localized, yet centralized, operational approach have proven effective in expanding its market reach and member base to 15.2 million by year-end 2019. The company's financial performance showed a 47% increase in net earnings attributable to Centene, reaching $1.3 billion, with diluted EPS rising to $3.14. Despite an increase in the health benefits ratio (HBR) to 87.3% primarily due to normalized margins in the Health Insurance Marketplace business, the SG&A expense ratio improved to 9.3%, reflecting operational efficiencies. The significant debt incurred for the WellCare acquisition indicates a strategic shift towards a larger, more integrated healthcare enterprise poised to capture a greater share of the government-sponsored healthcare market.

Centene Corporation's (CNC) 2018 10-K filing details a year of significant growth, primarily driven by the acquisition of Fidelis Care, which expanded its presence into New York State and significantly increased its membership and revenue. The company reported total revenues of $60.1 billion and net earnings of $900 million for the year ended December 31, 2018. Membership grew by 15% to 14.0 million. Key financial metrics show a health benefits ratio (HBR) of 85.9%, an improvement from the previous year, indicating better cost management. However, the selling, general and administrative (SG&A) expense ratio increased to 10.7%, largely due to acquisition-related costs. Centene's business is heavily reliant on government-sponsored programs like Medicaid and Medicare. The company highlights its expertise in these areas, its localized approach to member services, and its focus on quality and innovation as key competitive strengths. Significant risk factors include reductions in government funding, changes in eligibility requirements, and the ongoing regulatory landscape surrounding healthcare reform. The company also noted the successful integration of acquisitions and continued investment in technology as strategic priorities.

Centene Corporation, a diversified healthcare enterprise, reported strong financial performance for the year ended December 31, 2017. The company experienced significant growth in total revenues, reaching $48.4 billion, a 19% increase year-over-year, driven largely by the full-year impact of the Health Net acquisition and organic membership growth across its government-sponsored and commercial healthcare programs. Net earnings from continuing operations attributable to Centene were $828 million, a substantial increase of 48% compared to the prior year, reflecting improved operational efficiencies and strategic execution. The company's membership grew by 7% to 12.2 million, underscoring its expanding reach in serving under-insured and uninsured individuals through Medicaid, Medicare, and Health Insurance Marketplace offerings. Centene also announced a significant strategic move with an agreement to acquire Fidelis Care in New York for $3.75 billion, signaling a continued commitment to expanding its market presence. The company's robust financial performance and strategic growth initiatives position it for continued success in the healthcare sector.

Centene Corporation's 2016 10-K filing highlights a year of significant transformation, largely driven by the impactful acquisition of Health Net, Inc. This acquisition dramatically expanded Centene's scale and market presence, more than doubling its membership to 11.4 million and nearly doubling its total revenues to $40.6 billion. The company continues its core mission of providing services to government-sponsored healthcare programs, with a strong focus on Medicaid and Medicare beneficiaries. The financial performance reflects this growth, with revenues up 78% and net earnings from continuing operations rising 57%. While the company navigated increased selling, general, and administrative expenses due to integration costs and the expanded operations, key metrics like the Health Benefits Ratio (HBR) improved. Centene's strategy remains focused on increasing penetration in existing markets, diversifying its business lines, and addressing evolving state needs, positioning it for continued growth in the government-sponsored health insurance sector.

Centene Corporation's 2015 10-K filing highlights a year of significant growth, marked by a 36% increase in premium and service revenues to $21.3 billion and a 33% rise in net earnings to $356 million, primarily driven by membership expansion across government-sponsored programs like Medicaid and CHIP. The company reported a substantial 26% increase in total membership, reaching 5.1 million by year-end. A pivotal development during the year was the announcement of Centene's definitive merger agreement with Health Net, Inc., a transaction valued at approximately $5.5 billion. This strategic move aims to significantly expand Centene's scale and market reach, particularly into Medicare Advantage and federal government contracts. The company emphasizes its decentralized, local approach supported by a centralized infrastructure as a key competitive strength, enabling it to effectively serve under-insured and uninsured populations.

Centene Corporation's 2015 10-K filing reveals a period of significant growth and expansion, primarily driven by its focus on government-sponsored healthcare programs like Medicaid and CHIP. The company demonstrated robust top-line growth, with premium and service revenues increasing by 48.8% in 2014 to $15.7 billion, fueled by a 41% rise in membership to 4.1 million. Net earnings also saw a substantial increase, reaching $271 million in 2014. Key to this growth were strategic expansions into new states, new product offerings like Health Insurance Marketplaces, and acquisitions in complementary service areas. The company's strategy centers on increasing penetration in existing markets, diversifying its business lines, and adapting to emerging state healthcare needs, leveraging a decentralized local approach supported by a centralized infrastructure. Centene's financial health appears strong, with operating cash flow significantly increasing and a solid equity position. Investors should note the company's continued reliance on government contracts, which exposes it to regulatory and funding risks, as well as its ongoing efforts to manage medical costs effectively.

Centene Corporation, a diversified healthcare enterprise, reported strong growth in its 2013 fiscal year, driven by expansion in existing and new state markets and acquisitions. The company primarily serves government-sponsored healthcare programs, with Medicaid accounting for 75% of its at-risk membership. Premium and service revenues grew by 37% to $10.5 billion, with a net earnings of $165.1 million. The company's membership base expanded by 12.3% to 2.7 million members, reflecting successful market penetration and new contract wins across several states, including California, Kansas, and New Hampshire. Centene's strategy emphasizes expanding its multi-line managed care approach, diversifying its service offerings, and leveraging its centralized infrastructure for efficiency.

Centene Corporation, a diversified healthcare enterprise, reported significant membership growth in 2012, increasing its at-risk managed care membership by 41% to 2.56 million. This expansion was driven by new contracts and geographic expansions in states like Texas, Louisiana, and Washington. Despite a substantial revenue increase of 59% to $8.2 billion, the company reported a net loss of $11.3 million for the year, largely due to increased medical costs, particularly in its Kentucky health plan which incurred a premium deficiency reserve of $41.5 million. The company also recorded a $28 million impairment loss related to its individual health insurance business (Celtic). While growth was strong, the high health benefits ratio (91.6%) and operational challenges in specific markets present areas of concern for investors.

Centene Corporation's 2011 10-K filing provides a comprehensive overview of its business operations, financial performance, and strategic direction as of February 21, 2012. The company, a significant player in the managed care industry, primarily serves government-sponsored healthcare programs, including Medicaid and Medicare. Investors should note the company's focus on expanding its market share within these government programs, which represent a substantial portion of its revenue. The filing also details the competitive landscape and regulatory environment impacting the company's operations and future growth prospects. Key areas of focus for investors include Centene's financial health, operational efficiency, and risk management strategies. The report outlines the company's revenue streams, cost structures, and profitability drivers, offering insights into its ability to generate value. Furthermore, potential risks, such as changes in government healthcare policy, competition, and operational challenges, are thoroughly discussed, providing a balanced view of the company's outlook and the factors that could influence its stock performance.

Centene Corporation's 2011 10-K filing provides a comprehensive overview of its operations as a diversified healthcare company, primarily focused on government-sponsored healthcare programs. The company operates in a dynamic and highly regulated environment, with a significant portion of its revenue derived from Medicaid and Medicare programs. Investors should note Centene's emphasis on strategic growth, including potential acquisitions and expansion into new markets, alongside its efforts to manage regulatory changes and operational challenges inherent in the healthcare sector. The filing highlights Centene's commitment to serving vulnerable populations and its role in the evolving landscape of healthcare delivery. Key areas of focus for investors include the company's revenue streams, profitability drivers, and its ability to navigate the complexities of government healthcare contracts. Understanding the risk factors, such as competitive pressures, government policy shifts, and healthcare reform impacts, is crucial for assessing the company's future performance and stability.

Centene Corporation's 2010 10-K filing provides a comprehensive overview of its business operations, financial performance, and strategic outlook as of December 31, 2009. The company, a significant player in the managed care industry, primarily focuses on government-sponsored healthcare programs, including Medicaid and Medicare. This filing is crucial for investors to understand Centene's market position, growth drivers, and the inherent risks associated with operating in the highly regulated healthcare sector. The report details the company's efforts to expand its membership base and diversify its service offerings, particularly through strategic acquisitions and partnerships, which are key to its long-term value creation strategy. Investors should pay close attention to Management's Discussion and Analysis (MD&A) for insights into the company's financial condition and results of operations. The filing highlights revenue growth, profitability trends, and the factors influencing these metrics, such as enrollment levels, premium rates, and healthcare utilization. Additionally, the Risk Factors section is critical for understanding potential challenges, including regulatory changes, competitive pressures, and operational complexities. The company's financial statements and selected financial data will provide the quantitative foundation for assessing its performance and financial health.

Centene Corporation (CNC) reported substantial revenue growth in its 2008 10-K filing, driven primarily by its Medicaid Managed Care segment. The company's strategy focuses on increasing market penetration, diversifying its service offerings, and adapting to emerging state needs in government-subsidized healthcare. Key financial highlights include a revenue of $3.4 billion and net earnings of $84.2 million from continuing operations, reflecting strong operational performance and growth. The company's business is heavily reliant on government contracts, particularly Medicaid and SCHIP programs, and it operates in a highly regulated environment. Risks identified include changes in government funding and regulations, competition, and the accuracy of medical cost estimates. Centene also reported a pending sale of its New Jersey health plan assets and is actively managing its financial resources, including a $300 million credit facility.

Centene Corporation, a multi-line healthcare enterprise, reported significant growth in its 2007 fiscal year, with total revenues reaching $2.9 billion, a 48.8% increase over the prior year. This growth was primarily driven by strong performance in its Medicaid Managed Care segment, which experienced a 58.7% membership increase between December 31, 2005, and December 31, 2007, fueled by new contracts and strategic acquisitions in states like Georgia, Ohio, and Texas. The company also expanded its Specialty Services segment, contributing to revenue diversification. Financially, Centene demonstrated improved profitability from continuing operations, with net earnings rising 97.1% to $41.3 million in 2007. This was supported by disciplined expense management, with a focus on controlling the health benefits ratio (HBR) which stood at 83.2% for Medicaid and SCHIP. The company maintained a healthy operational cash flow of $202.2 million, underscoring its ability to fund growth and operations. Key strategic initiatives include further market penetration, business line diversification, and leveraging its established infrastructure for efficiency. Despite its growth, the company remains subject to significant regulatory oversight and faces ongoing risks associated with government funding, program changes, and competition.

Centene Corporation's (CNC) 2006 10-K filing reveals a company experiencing significant growth in its Medicaid Managed Care segment, driven by a 45% increase in membership to 1.3 million. This expansion was fueled by new state contracts and strategic acquisitions, contributing to total revenues of $2.3 billion. Despite this growth, the company reported a net loss for the year, largely due to a substantial $81.1 million goodwill impairment charge related to the exit from Kansas and Missouri markets, along with associated exit costs. The company's strategy centers on increasing penetration in existing state markets, diversifying its business lines through acquisitions like US Script (a pharmacy benefits manager) and OptiCare (managed vision), and addressing emerging state needs. Centene emphasizes a localized approach to member services supported by a centralized infrastructure, aiming for efficient operations and quality care delivery within government-subsidized healthcare programs.

Centene Corporation's 2005 Form 10-K reveals a company experiencing significant growth, primarily driven by its Medicaid Managed Care segment. The company successfully expanded its membership by 78% over two years and saw revenues increase by 50% in 2005 to $1.5 billion. This growth was fueled by strategic acquisitions, including a pharmacy benefits manager (US Script, Inc.) and a disease management provider (AirLogix, Inc.), as well as organic membership gains in existing states and new contract awards, such as in Georgia. The company's strategy centers on diversifying its business lines, addressing emerging state needs, increasing penetration in existing markets, and developing new state markets, particularly where Medicaid enrollment is mandated. Centene emphasizes its localized approach, deep Medicaid expertise, and collaborative relationships with states and providers as key competitive advantages. While growth is robust, investors should note the inherent risks associated with operating in a heavily regulated government-subsidized healthcare sector, including potential funding reductions, contract non-renewals, and evolving regulatory landscapes.

Centene Corporation's 2004 10-K filing reveals a company experiencing significant growth, primarily driven by expansion in the Medicaid and Medicaid-related managed care sector. The company operates health plans in seven states, serving populations through government-subsidized programs like Medicaid, SSI, and SCHIP. Recent acquisitions in Kansas, Missouri, and Ohio have expanded its market presence, while strategic initiatives focus on diversifying service offerings into specialty areas such as behavioral health and nurse triage. Financially, Centene reported substantial revenue growth, reflecting increased membership and strategic acquisitions. The company's health benefits ratio shows effective cost management, and while general and administrative expenses saw an increase due to expansion and new state taxes, overall earnings from operations and net earnings demonstrated positive trends. Management highlights a strong focus on operational efficiency, leveraging a decentralized local approach with a centralized support infrastructure. The company is well-positioned for continued growth, but faces ongoing regulatory scrutiny and competitive pressures inherent in the managed care industry.

Centene Corporation's 2004 10-K filing (as amended) reveals a company primarily focused on providing managed care services for government-subsidized programs, particularly Medicaid and its related programs like SSI and SCHIP. The company emphasizes its localized approach to serving diverse communities, supported by a centralized infrastructure for efficiency. Centene operates health plans in Wisconsin, Texas, Indiana, New Jersey, and Ohio, and offers specialty services such as behavioral health and nurse triage across several states. The company has demonstrated significant revenue growth, driven by membership expansion through both organic growth and strategic acquisitions. Centene highlights its expertise in the Medicaid managed care market and its collaborative relationships with state governments as key competitive advantages. The filing also details expansion into specialty services as a strategy to diversify revenue streams and complement its core business, positioning Centene for continued growth in serving vulnerable populations.

Centene Corporation, a multi-line managed care organization, reported significant growth in its 2003 Form 10-K filing, driven primarily by an expansion in its Medicaid and Medicaid-related programs. The company's strategy emphasizes a localized approach to healthcare delivery, focusing on the unique needs of low-income populations through government-subsidized programs like Medicaid, SSI, and SCHIP. Key growth drivers included organic membership increases across its existing health plans in Wisconsin, Texas, and Indiana, along with strategic acquisitions in New Jersey and entry into the Ohio market. The company also expanded its service offerings by acquiring businesses in behavioral health and medication compliance, diversifying its revenue streams beyond traditional managed care. Financially, Centene demonstrated robust revenue growth, with total revenues increasing by 66.8% to $769.7 million in 2003, primarily due to a 64.8% surge in premium revenue driven by membership growth. Despite increased medical costs reflecting this growth, the company maintained a stable health benefits ratio, indicating effective cost management. General and administrative expenses also rose, partly due to expansion and new state-mandated taxes, but the overall operating performance improved, with earnings from operations growing by 48.5%. The company's liquidity position strengthened, supported by successful follow-on public offerings and positive cash flow from operations, positioning it for continued expansion and investment in its infrastructure.

Centene Corporation's 2002 Form 10-K details a period of significant growth, driven primarily by an expanding membership base across its Medicaid and SCHIP managed care programs. The company operates in Wisconsin, Texas, Indiana, and New Jersey, emphasizing a localized approach to healthcare delivery while leveraging centralized financial and IT support. Revenue growth was substantial, fueled by both organic membership increases and strategic acquisitions, notably the acquisition of 80% of University Health Plans in New Jersey. The company highlights its expertise in navigating complex state Medicaid programs and its commitment to quality care through various member and provider initiatives. Financially, Centene demonstrated strong revenue growth and improved profitability, evidenced by increasing earnings from operations and a declining general and administrative expense ratio, indicating operational efficiencies. The company also strengthened its balance sheet through a follow-on public offering, enhancing its liquidity and financial flexibility for future growth opportunities. Key to its strategy is continued market penetration, expansion into new states, and diversification of business lines to reduce reliance on solely Medicaid reimbursements.