Centene Corporation (CNC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CNC SEC filings page.
Centene Corporation (CNC) reported $202.9B in revenue over the twelve months to Jun 30, 2026, up 13.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Revenue expansion now coexists with margin compression, while cash generation diverges from reported earnings and equity absorbs the shock.
In FY2025, a net loss of$6.7B coexisted with operating cash flow of$5.1B , a mismatch that points to substantial non-cash or working-capital effects. It also reverses FY2024, when net income was$3.3B but operating cash flow was only$154M ; cash conversion changed more dramatically than accounting profit suggests. Free cash flow was$4.3B in FY2025 despite the loss, reinforcing that cash generation was not a simple measure of reported profitability.
FY2025 revenue was
Total equity fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Centene Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Centene Corporation has an operating margin of -3.9%, meaning the company loses $4 on every $100 of revenue. This results in a profitability score of 24/100. This is down from 1.9% the prior year.
Centene Corporation's revenue surged 19.4% year-over-year to $194.8B, reflecting rapid business expansion. This strong growth earns a score of 71/100.
Centene Corporation has a moderate D/E ratio of 0.87. This balance of debt and equity financing earns a leverage score of 50/100.
Centene Corporation's current ratio of 1.10 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Centene Corporation has a free cash flow margin of 2.2%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Centene Corporation posts a -33.5% return on equity (ROE), meaning it loses $33 for every $100 of shareholders' equity. This results in a returns score of 15/100. This is down from 12.5% the prior year.
Centene Corporation scores 2.75, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Centene Corporation 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.
Centene Corporation reported a net loss of $6.7B while generating $5.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Centene Corporation reported an operating loss of $7.6B against $678.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Centene Corporation generated $53.6B in revenue in Q2 2026. This represents an increase of 9.9% from the same quarter a year earlier. Against the prior quarter it is up 7.3%.
Centene Corporation's EBITDA was $1.5B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1140.3% from the same quarter a year earlier. Against the prior quarter it is down 30.7%.
Centene Corporation reported $1.1B in net income in Q2 2026. This represents an increase of 531.2% from the same quarter a year earlier. Against the prior quarter it is down 29.2%.
Centene Corporation earned $2.19 per diluted share (EPS) in Q2 2026. This represents an increase of 529.4% from the same quarter a year earlier. Against the prior quarter it is down 29.6%.
Cash & Balance Sheet
Centene Corporation generated $3.4B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 116.6% from the same quarter a year earlier. Against the prior quarter it is down 18.0%.
Centene Corporation held $24.2B in cash against $16.0B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Centene Corporation's gross margin was 8.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.7 percentage points.
Centene Corporation's operating margin was 2.2% in Q2 2026, reflecting core business profitability. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.
Centene Corporation's net profit margin was 2.0% in Q2 2026, showing the share of revenue converted to profit. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Centene Corporation's ROE was 4.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 5.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.
Capital Allocation
Centene Corporation spent $4.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.1% from the same quarter a year earlier. Against the prior quarter it is down 86.2%.
Centene Corporation invested $174.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 16.3% from the same quarter a year earlier. Against the prior quarter it is down 13.0%.
Not reported for Q2 2026.
CNC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $53.6B+9.9% | $49.9B+7.1% | $49.7B+21.9% | $49.7B+18.2% | $48.7B+22.4% | $46.6B+15.4% | $40.8B+3.4% | $42.0B+10.5% |
| Cost of Revenue | $729.0M+13.7% | $702.0M+0.6% | $680.0M-1.2% | $651.0M-5.9% | $641.0M-5.7% | $698.0M+4.3% | $688.0M-28.4% | $692.0M-19.2% |
| Gross Profit | $4.6B+53.0% | $5.7B+6.8% | $2.6B-32.7% | $3.3B-16.5% | $3.0B-33.3% | $5.3B+11.7% | $3.8B+1.5% | $4.0B-13.5% |
| SG&A Expenses | $3.1B+2.2% | $3.4B+1.3% | $3.4B+4.3% | $3.1B+2.9% | $3.0B+4.9% | $3.4B+4.2% | $3.2B-7.4% | $3.1B+0.3% |
| Operating Income | $1.2B+361.6% | $1.9B+21.3% | -$1.7B-1097.1% | -$7.0B-1145.7% | -$458.0M-137.3% | $1.5B+38.7% | $175.0M+190.2% | $665.0M-9.5% |
| EBITDA | $1.5B+1140.3% | $2.2B+16.9% | -$1.4B-389.4% | -$6.6B-778.6% | -$144.0M-109.4% | $1.8B+30.7% | $489.0M+304.1% | $978.0M-8.0% |
| Interest Expense | $153.0M-10.0% | $164.0M-3.5% | $168.0M-2.3% | $170.0M-3.4% | $170.0M-3.4% | $170.0M-4.5% | $172.0M-6.0% | $176.0M-2.8% |
| Income Tax | $399.0M+19850.0% | $560.0M+29.6% | -$443.0M-761.2% | -$42.0M-119.9% | $2.0M-99.5% | $432.0M+37.1% | $67.0M+546.7% | $211.0M-28.0% |
| Net Income | $1.1B+531.2% | $1.5B+17.5% | -$1.1B-489.0% | -$6.6B-1030.0% | -$253.0M-122.1% | $1.3B+12.7% | $283.0M+528.9% | $713.0M+52.0% |
| EPS (Basic) | $2.21+533.3% | $3.13+18.6% | -$2.24-461.3% | -$13.50-1085.4% | -$0.51-123.6% | $2.64+21.7% | $0.62+463.6% | $1.37+57.5% |
| EPS (Diluted) | $2.19+529.4% | $3.11+18.3% | -$2.24-461.3% | -$13.50-1092.6% | -$0.51-123.6% | $2.63+21.8% | $0.62+520.0% | $1.36+56.3% |
| Diluted Shares (Avg) | 498M+0.8% | 496M-0.5% | N/A | 491M-6.2% | 494M-7.0% | 498M-7.4% | N/A | 524M-3.3% |
Not reported in any period shown, so not listed: R&D Expenses.
CNC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $83.0B-3.9% | $81.2B-6.7% | $76.7B-6.9% | $82.1B-0.3% | $86.4B+3.9% | $87.0B+5.3% | $82.4B-2.6% | $82.4B-2.4% |
| Current Assets | $46.7B+15.6% | $45.0B+9.0% | $40.4B+6.2% | $44.1B+17.8% | $40.4B+5.2% | $41.3B+7.4% | $38.0B-6.8% | $37.4B-9.7% |
| Cash & Equivalents | $24.2B+66.4% | $21.3B+43.5% | $17.9B+27.2% | $17.1B+17.0% | $14.5B-17.6% | $14.8B-15.8% | $14.1B-18.2% | $14.6B-19.9% |
| Short-Term Investments | $2.9B+5.0% | $2.5B+0.2% | $2.4B-7.2% | $2.2B-27.2% | $2.8B+6.1% | $2.5B+18.7% | $2.6B+6.6% | $3.0B+33.5% |
| Long-Term Investments | $16.3B-13.3% | $16.6B-9.1% | $17.0B-2.3% | $18.2B+2.8% | $18.8B+11.4% | $18.3B+10.7% | $17.4B+7.0% | $17.7B+16.1% |
| Goodwill | $10.8B-38.3% | $10.8B-38.3% | $10.8B-38.3% | $10.8B-38.3% | $17.6B0.0% | $17.6B0.0% | $17.6B0.0% | $17.6B0.0% |
| Total Liabilities | $60.4B+2.5% | $59.6B+1.1% | $56.7B+1.4% | $61.0B+11.1% | $58.9B+5.8% | $59.0B+6.2% | $55.9B-4.7% | $54.9B-6.8% |
| Current Liabilities | $40.8B+10.8% | $40.0B+7.8% | $36.7B+7.2% | $40.6B+19.3% | $36.8B+12.4% | $37.1B+13.3% | $34.3B-6.7% | $34.1B-7.6% |
| Non-Current Liabilities | $19.6B-11.4% | $19.6B-10.4% | $20.0B-7.8% | $20.4B-2.3% | $22.1B-3.7% | $21.9B-3.9% | $21.7B-1.3% | $20.9B-5.6% |
| Long-Term Debt | $16.0B-8.7% | $16.3B-10.9% | $17.4B-5.8% | $17.5B+0.3% | $17.6B+0.2% | $18.3B+2.4% | $18.4B+4.0% | $17.5B-2.2% |
| Total Equity | $22.6B-17.7% | $21.4B-23.2% | $20.0B-24.4% | $20.9B-23.3% | $27.4B+0.2% | $27.9B+3.6% | $26.4B+2.2% | $27.3B+8.0% |
| Retained Earnings | $11.3B-31.1% | $10.2B-38.7% | $8.7B-43.5% | $9.8B-35.1% | $16.4B+14.3% | $16.7B+26.1% | $15.3B+27.4% | $15.1B+25.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
CNC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.6B+101.1% | $4.4B+189.1% | $437.0M+174.4% | $1.4B+238.7% | $1.8B-17.9% | $1.5B+431.1% | -$587.0M-370.5% | -$978.0M-195.8% |
| Depreciation & Amortization | $300.0M-4.5% | $300.0M-4.5% | $329.0M+4.8% | $317.0M+1.3% | $314.0M+2.6% | $314.0M+1.9% | $314.0M-0.3% | $313.0M-4.6% |
| Stock-Based Compensation | N/A | $67.0M+13.6% | N/A | N/A | N/A | $59.0M-15.7% | N/A | N/A |
| Capital Expenditures | $174.0M-16.3% | $200.0M+48.1% | $213.0M+38.3% | $211.0M+37.9% | $208.0M+11.8% | $135.0M-10.6% | $154.0M-30.9% | $153.0M+12.5% |
| Free Cash Flow | $3.4B+116.6% | $4.2B+203.0% | $224.0M+130.2% | $1.1B+201.2% | $1.6B-20.7% | $1.4B+326.5% | -$741.0M-12250.0% | -$1.1B-227.8% |
| Investing Cash Flow | -$353.0M+60.7% | $89.0M+116.8% | $660.0M+547.1% | $1.2B+247.8% | -$899.0M+23.0% | -$529.0M-162.1% | $102.0M+110.7% | -$839.0M-292.9% |
| Financing Cash Flow | -$259.0M+77.9% | -$1.1B-325.2% | -$187.0M-1338.5% | -$10.0M+99.2% | -$1.2B-0.3% | -$250.0M-1187.0% | -$13.0M+93.5% | -$1.2B-137.6% |
| Share Buybacks | $4.0M-99.1% | $29.0M-29.3% | $2.0M-99.8% | $0-100.0% | $432.0M-46.2% | $41.0M-72.8% | $943.0M+2941.9% | $1.2B+58.5% |
Not reported in any period shown, so not listed: Dividends Paid.
CNC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.6%+2.4pp | 11.3%0.0pp | 5.1%-4.2pp | 6.7%-2.8pp | 6.2%-5.2pp | 11.3%-0.4pp | 9.3%-0.2pp | 9.5%-2.7pp |
| Operating Margin | 2.2%+3.2pp | 3.7%+0.4pp | -3.5%-3.9pp | -14.0%-15.6pp | -0.9%-4.0pp | 3.3%+0.5pp | 0.4%+0.9pp | 1.6%-0.3pp |
| Net Margin | 2.0%+2.6pp | 3.1%+0.3pp | -2.2%-2.9pp | -13.3%-15.0pp | -0.5%-3.4pp | 2.8%-0.1pp | 0.7%+0.6pp | 1.7%+0.5pp |
| Return on Equity | 4.8%+5.8pp | 7.2%+2.5pp | -5.5%-6.6pp | -31.6%-34.3pp | -0.9%-5.1pp | 4.7%+0.4pp | 1.1%+0.9pp | 2.6%+0.8pp |
| Return on Assets | 1.3%+1.6pp | 1.9%+0.4pp | -1.4%-1.8pp | -8.1%-8.9pp | -0.3%-1.7pp | 1.5%+0.1pp | 0.3%+0.3pp | 0.9%+0.3pp |
| Current Ratio | 1.150.0x | 1.120.0x | 1.100.0x | 1.080.0x | 1.10-0.1x | 1.11-0.1x | 1.110.0x | 1.100.0x |
| Debt-to-Equity | 0.71+0.1x | 0.76+0.1x | 0.87+0.2x | 0.84+0.2x | 0.640.0x | 0.660.0x | 0.700.0x | 0.64-0.1x |
| Asset Turnover | 0.65+0.1x | 0.62+0.1x | 0.65+0.2x | 0.61+0.1x | 0.56+0.1x | 0.540.0x | 0.490.0x | 0.51+0.1x |
| FCF Margin | 6.4%+3.1pp | 8.3%+5.4pp | 0.4%+2.3pp | 2.3%+5.0pp | 3.2%-1.8pp | 2.9%+4.5pp | -1.8%-1.8pp | -2.7%-5.0pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Centene Corporation CNC | FY2025 | $194.8B | -$6.7B | -3.4% | $31.1B | 36/100 |
| Molina Healthcare, Inc. MOH | FY2025 | $45.4B | $472.0M | 1.0% | $9.4B | 63/100 |
| Humana Inc. HUM | FY2025 | $129.7B | $1.2B | 0.9% | $45.6B | 50/100 |
| The Cigna Group CI | FY2025 | $274.9B | $6.0B | 2.2% | $70.8B | 42/100 |
| Elevance Health, Inc. ELV | FY2025 | $199.1B | $5.7B | 2.8% | $82.8B | 49/100 |
| CVS Health Corporation CVS | FY2025 | $402.1B | $1.8B | 0.4% | $109.0B | 35/100 |
Where Centene Corporation Ranks
Frequently Asked Questions
What is Centene Corporation's annual revenue?
Centene Corporation (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 Corporation's revenue growing?
Centene Corporation (CNC) revenue grew by 19.4% year-over-year, from $163.1B to $194.8B in fiscal year 2025.
Is Centene Corporation profitable?
No, Centene Corporation (CNC) reported a net income of -$6.7B in fiscal year 2025, with a net profit margin of -3.4%.
What is Centene Corporation's EBITDA?
Centene Corporation (CNC) had EBITDA of -$6.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Centene Corporation have?
As of fiscal year 2025, Centene Corporation (CNC) had $17.9B in cash and equivalents against $17.4B in long-term debt.
What is Centene Corporation's gross margin?
Centene Corporation (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 Corporation's operating margin?
Centene Corporation (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 Corporation's net profit margin?
Centene Corporation (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 Corporation's return on equity (ROE)?
Centene Corporation (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 Corporation's free cash flow?
Centene Corporation (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 Corporation's operating cash flow?
Centene Corporation (CNC) generated $5.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Centene Corporation's total assets?
Centene Corporation (CNC) had $76.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Centene Corporation's capital expenditures?
Centene Corporation (CNC) invested $767.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Centene Corporation's current ratio?
Centene Corporation (CNC) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Centene Corporation's debt-to-equity ratio?
Centene Corporation (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 Corporation's return on assets (ROA)?
Centene Corporation (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 Corporation's P/E ratio?
Centene Corporation (CNC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $31.1B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Centene Corporation's price-to-sales ratio?
Centene Corporation (CNC) trades at 0.2x sales, its market capitalization divided by revenue of $202.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $31.1B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Centene Corporation's Altman Z-Score?
Centene Corporation (CNC) has an Altman Z-Score of 2.75, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Centene Corporation's Piotroski F-Score?
Centene Corporation (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Centene Corporation's earnings high quality?
Centene Corporation (CNC) reported a net loss of $6.7B while generating $5.1B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Corporation cover its interest payments?
Centene Corporation (CNC) reported an operating loss of $7.6B against $678.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Corporation?
Centene Corporation (CNC) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.