Here are the 10-K annual reports from Centene Corporation (CNC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow CNC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CNC filings page.
Centene Corporation reported a sharp swing to a GAAP net loss of $6.7 billion in 2025, driven mainly by large non-cash impairment charges. The loss equated to diluted EPS of $(13.53), compared with earnings of $6.31 per share in 2024.
Adjusting for goodwill and intangible impairments, divestiture-related items and tax effects, adjusted net earnings were $1.0 billion, or $2.08 in adjusted diluted EPS, down from $7.17 in 2024. Total revenues reached $194.8 billion, with operating cash flow of $5.1 billion, reflecting the scale of its Medicaid, Medicare, Marketplace and specialty operations.
Centene ended 2025 with 27.6 million members and remains the largest U.S. Medicaid and Marketplace insurer and the largest stand‑alone Medicare Part D plan sponsor. However, management highlights rising medical cost trends and major policy changes, including the One Big Beautiful Bill Act, IRA-driven Medicare Part D redesign and Marketplace rule shifts, as key uncertainties that could pressure margins and membership mix over the next several years.