This page shows Centene Corp Del (CNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Centene Corp Del has an operating margin of -3.9%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is down from 1.9% the prior year.
Centene Corp Del's revenue surged 19.4% year-over-year to $194.8B, reflecting rapid business expansion. This strong growth earns a score of 66/100.
Centene Corp Del carries a low D/E ratio of 0.87, meaning only $0.87 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
Centene Corp Del's current ratio of 1.10 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.
Centene Corp Del has a free cash flow margin of 2.2%, earning a moderate score of 31/100. The company generates positive cash flow after capital investments, but with room for improvement.
Centene Corp Del generates a -33.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 12.5% the prior year.
Centene Corp Del passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Centene Corp Del generates $-0.76 in operating cash flow ($5.1B OCF vs -$6.7B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Centene Corp Del earns $-11.2 in operating income for every $1 of interest expense (-$7.6B vs $678.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Centene Corp Del generated $194.8B in revenue in fiscal year 2025. This represents an increase of 19.4% from the prior year.
Centene Corp Del's EBITDA was -$6.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 243.8% from the prior year.
Centene Corp Del reported -$6.7B in net income in fiscal year 2025. This represents a decrease of 301.9% from the prior year.
Centene Corp Del earned $-13.53 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 314.4% from the prior year.
Cash & Balance Sheet
Centene Corp Del generated $4.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 981.8% from the prior year.
Centene Corp Del held $17.9B in cash against $17.4B in long-term debt as of fiscal year 2025.
Centene Corp Del had 492M shares outstanding in fiscal year 2025. This represents a decrease of 0.9% from the prior year.
Margins & Returns
Centene Corp Del's gross margin was 7.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.2 percentage points from the prior year.
Centene Corp Del's operating margin was -3.9% in fiscal year 2025, reflecting core business profitability. This is down 5.9 percentage points from the prior year.
Centene Corp Del's net profit margin was -3.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.5 percentage points from the prior year.
Centene Corp Del's ROE was -33.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 46.0 percentage points from the prior year.
Capital Allocation
Centene Corp Del spent $475.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.8% from the prior year.
Centene Corp Del invested $767.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 19.1% from the prior year.
CNC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $49.7B+0.1% | $49.7B+1.9% | $48.7B+4.6% | $46.6B+14.3% | $40.8B-2.9% | $42.0B+5.5% | $39.8B-1.4% | $40.4B |
| Cost of Revenue | $680.0M+4.5% | $651.0M+1.6% | $641.0M-8.2% | $698.0M+1.5% | $688.0M-0.6% | $692.0M+1.8% | $680.0M+1.6% | $669.0M |
| Gross Profit | $2.6B-23.5% | $3.3B+10.8% | $3.0B-42.9% | $5.3B+39.2% | $3.8B-5.2% | $4.0B-11.5% | $4.5B-4.4% | $4.7B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $3.4B+7.2% | $3.1B+3.6% | $3.0B-9.5% | $3.4B+3.8% | $3.2B+5.7% | $3.1B+5.6% | $2.9B-10.1% | $3.2B |
| Operating Income | -$1.7B+74.9% | -$7.0B-1418.3% | -$458.0M-129.9% | $1.5B+776.6% | $175.0M-73.7% | $665.0M-45.9% | $1.2B+11.1% | $1.1B |
| Interest Expense | $168.0M-1.2% | $170.0M0.0% | $170.0M0.0% | $170.0M-1.2% | $172.0M-2.3% | $176.0M0.0% | $176.0M-1.1% | $178.0M |
| Income Tax | -$443.0M-954.8% | -$42.0M-2200.0% | $2.0M-99.5% | $432.0M+544.8% | $67.0M-68.2% | $211.0M-43.0% | $370.0M+17.5% | $315.0M |
| Net Income | -$1.1B+83.4% | -$6.6B-2520.9% | -$253.0M-119.3% | $1.3B+363.3% | $283.0M-60.3% | $713.0M-37.8% | $1.1B-1.5% | $1.2B |
| EPS (Diluted) | N/A | $-13.50-2547.1% | $-0.51-119.4% | $2.63 | N/A | $1.36-37.0% | $2.160.0% | $2.16 |
CNC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $76.7B-6.5% | $82.1B-5.0% | $86.4B-0.7% | $87.0B+5.6% | $82.4B+0.1% | $82.4B-0.9% | $83.1B+0.6% | $82.6B |
| Current Assets | $40.4B-8.4% | $44.1B+9.1% | $40.4B-2.2% | $41.3B+8.7% | $38.0B+1.6% | $37.4B-2.6% | $38.4B-0.1% | $38.4B |
| Cash & Equivalents | $17.9B+4.9% | $17.1B+17.5% | $14.5B-2.0% | $14.8B+5.3% | $14.1B-3.5% | $14.6B-17.2% | $17.6B+0.1% | $17.6B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $10.8B0.0% | $10.8B-38.3% | $17.6B0.0% | $17.6B0.0% | $17.6B0.0% | $17.6B0.0% | $17.6B0.0% | $17.6B |
| Total Liabilities | $56.7B-7.1% | $61.0B+3.6% | $58.9B-0.2% | $59.0B+5.5% | $55.9B+1.8% | $54.9B-1.3% | $55.7B+0.2% | $55.6B |
| Current Liabilities | $36.7B-9.7% | $40.6B+10.4% | $36.8B-1.0% | $37.1B+8.4% | $34.3B+0.6% | $34.1B+4.1% | $32.7B-0.2% | $32.8B |
| Long-Term Debt | $17.4B-1.1% | $17.5B0.0% | $17.6B-4.1% | $18.3B-0.6% | $18.4B+5.3% | $17.5B-0.1% | $17.5B-2.1% | $17.9B |
| Total Equity | $20.0B-4.7% | $20.9B-23.6% | $27.4B-1.8% | $27.9B+5.7% | $26.4B-3.3% | $27.3B-0.2% | $27.4B+1.5% | $27.0B |
| Retained Earnings | $8.7B-11.3% | $9.8B-40.4% | $16.4B-1.5% | $16.7B+8.5% | $15.3B+1.9% | $15.1B+5.0% | $14.4B+8.7% | $13.2B |
CNC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $437.0M-67.8% | $1.4B-24.0% | $1.8B+18.2% | $1.5B+357.2% | -$587.0M+40.0% | -$978.0M-145.0% | $2.2B+577.0% | -$456.0M |
| Capital Expenditures | $213.0M+0.9% | $211.0M+1.4% | $208.0M+54.1% | $135.0M-12.3% | $154.0M+0.7% | $153.0M-17.7% | $186.0M+23.2% | $151.0M |
| Free Cash Flow | $224.0M-80.4% | $1.1B-27.4% | $1.6B+14.7% | $1.4B+285.6% | -$741.0M+34.5% | -$1.1B-156.9% | $2.0B+427.7% | -$607.0M |
| Investing Cash Flow | $660.0M-46.8% | $1.2B+237.9% | -$899.0M-69.9% | -$529.0M-618.6% | $102.0M+112.2% | -$839.0M+28.1% | -$1.2B-237.0% | $852.0M |
| Financing Cash Flow | -$187.0M-1770.0% | -$10.0M+99.1% | -$1.2B-369.6% | -$250.0M-1823.1% | -$13.0M+99.0% | -$1.2B-6.3% | -$1.2B-5191.3% | $23.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $2.0M | $0-100.0% | $432.0M+953.7% | $41.0M-95.7% | $943.0M-23.1% | $1.2B+52.8% | $803.0M+431.8% | $151.0M |
CNC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.1%-1.6pp | 6.7%+0.5pp | 6.2%-5.2pp | 11.3%+2.0pp | 9.3%-0.2pp | 9.5%-1.8pp | 11.4%-0.4pp | 11.7% |
| Operating Margin | -3.5%+10.5pp | -14.0%-13.1pp | -0.9%-4.2pp | 3.3%+2.9pp | 0.4%-1.2pp | 1.6%-1.5pp | 3.1%+0.3pp | 2.7% |
| Net Margin | -2.2%+11.1pp | -13.3%-12.8pp | -0.5%-3.3pp | 2.8%+2.1pp | 0.7%-1.0pp | 1.7%-1.2pp | 2.9%0.0pp | 2.9% |
| Return on Equity | -5.5%+26.1pp | -31.6%-30.7pp | -0.9%-5.6pp | 4.7%+3.6pp | 1.1%-1.5pp | 2.6%-1.6pp | 4.2%-0.1pp | 4.3% |
| Return on Assets | -1.4%+6.7pp | -8.1%-7.8pp | -0.3%-1.8pp | 1.5%+1.2pp | 0.3%-0.5pp | 0.9%-0.5pp | 1.4%-0.0pp | 1.4% |
| Current Ratio | 1.10+0.0 | 1.08-0.0 | 1.10-0.0 | 1.110.0 | 1.11+0.0 | 1.10-0.1 | 1.170.0 | 1.17 |
| Debt-to-Equity | 0.87+0.0 | 0.84+0.2 | 0.64-0.0 | 0.66-0.0 | 0.70+0.1 | 0.640.0 | 0.64-0.0 | 0.66 |
| FCF Margin | 0.4%-1.8pp | 2.3%-0.9pp | 3.2%+0.3pp | 2.9%+4.8pp | -1.8%+0.9pp | -2.7%-7.7pp | 5.0%+6.5pp | -1.5% |
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Frequently Asked Questions
What is Centene Corp Del's annual revenue?
Centene Corp Del (CNC) reported $194.8B in total revenue for fiscal year 2025. This represents a 19.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Centene Corp Del's revenue growing?
Centene Corp Del (CNC) revenue grew by 19.4% year-over-year, from $163.1B to $194.8B in fiscal year 2025.
Is Centene Corp Del profitable?
No, Centene Corp Del (CNC) reported a net income of -$6.7B in fiscal year 2025, with a net profit margin of -3.4%.
What is Centene Corp Del's EBITDA?
Centene Corp Del (CNC) had EBITDA of -$6.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Centene Corp Del have?
As of fiscal year 2025, Centene Corp Del (CNC) had $17.9B in cash and equivalents against $17.4B in long-term debt.
What is Centene Corp Del's gross margin?
Centene Corp Del (CNC) had a gross margin of 7.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Centene Corp Del's operating margin?
Centene Corp Del (CNC) had an operating margin of -3.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Centene Corp Del's net profit margin?
Centene Corp Del (CNC) had a net profit margin of -3.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Centene Corp Del's return on equity (ROE)?
Centene Corp Del (CNC) has a return on equity of -33.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Centene Corp Del's free cash flow?
Centene Corp Del (CNC) generated $4.3B in free cash flow during fiscal year 2025. This represents a 981.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Centene Corp Del's operating cash flow?
Centene Corp Del (CNC) generated $5.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Centene Corp Del's total assets?
Centene Corp Del (CNC) had $76.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Centene Corp Del's capital expenditures?
Centene Corp Del (CNC) invested $767.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Centene Corp Del's current ratio?
Centene Corp Del (CNC) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Centene Corp Del's debt-to-equity ratio?
Centene Corp Del (CNC) had a debt-to-equity ratio of 0.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Centene Corp Del's return on assets (ROA)?
Centene Corp Del (CNC) had a return on assets of -8.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Centene Corp Del's Piotroski F-Score?
Centene Corp Del (CNC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Centene Corp Del's earnings high quality?
Centene Corp Del (CNC) has an earnings quality ratio of -0.76x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Centene Corp Del cover its interest payments?
Centene Corp Del (CNC) has an interest coverage ratio of -11.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Centene Corp Del?
Centene Corp Del (CNC) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.