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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.
AQR Capital Management, LLC and AQR Capital Management Holdings, LLC reported a passive ownership stake in Centene Corporation. The firms beneficially own 31,798,738 shares of Centene common stock, representing 6.47% of the outstanding class as of the reported date. All of these shares are reported with shared voting and shared dispositive power, with no sole voting or dispositive authority. The reporting persons state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Centene.
Centene Corp’s Corporate Controller and Chief Accounting Officer reported a new stock award and corrected prior holdings. On 01/26/2026, the officer acquired 26,036 shares of Centene common stock at $0 as equity compensation, bringing beneficial ownership to 113,135 shares held directly.
The award consists of 13,018 restricted stock units that vest in three annual installments beginning on March 15, 2027, and 13,018 performance stock units reported at target. The performance stock units are scheduled to vest on March 15, 2029, with the actual number ranging from 0% to 200% of target based on Centene’s stock price performance for the final 20 trading days of 2025 compared to the final 60 trading days of 2028. The amendment also removes 9,236 shares from total holdings, reflecting performance stock units for the period ending December 31, 2025 that did not meet vesting criteria as determined on January 26, 2026.
Centene Corp’s Chief People Officer reported an equity award of 74,311 shares of common stock at $0 per share. After this grant, the officer beneficially owns 131,007 shares directly.
The new award includes 29,724 restricted stock units that vest in three annual installments beginning on March 15, 2027, plus 44,587 performance stock units reported at target. The performance units can vest from 0% to 200% of target on March 15, 2029, based on Centene’s stock price performance over specified trading periods in 2025 and 2028. This amended filing removes 2,073 previously counted performance stock units that did not meet vesting criteria, and notes that current ownership also includes 47,267 previously granted restricted and performance stock units subject to vesting.
Centene Corporation’s chief operating officer reported an amended equity award on Form 4/A. On January 26, 2026, the officer received 112,823 shares of common stock at $0, lifting direct beneficial ownership to 215,638 shares.
The award includes 45,129 restricted stock units that vest in three annual installments beginning March 15, 2027, plus 67,694 performance stock units at target. Those performance units can vest between 0% and 200% on March 15, 2029 based on Centene’s stock price performance over specified 2025 and 2028 trading periods. The amendment removes 9,651 unvested performance units that did not meet vesting criteria, and ownership also reflects 80,466 previously granted restricted and performance units still subject to vesting.
Centene Corporation’s secretary and general counsel, Christopher A. Koster, reported an award of 126,925 shares of common stock at a price of $0, increasing his directly held beneficial ownership to 361,922.617 shares.
The grant consists of 50,770 restricted stock units that vest in three annual installments beginning on March 15, 2027, and 76,155 performance stock units reported at target. The performance units can vest at 0%–200% of target on March 15, 2029 based on the company’s stock price performance over specified trading-day windows in 2025 and 2028.
The amendment also updates Koster’s holdings to remove 26,939 shares tied to performance stock units for the period ending December 31, 2025 that did not meet vesting criteria, as determined on January 26, 2026. Current ownership includes 123,574 previously granted stock units that remain subject to vesting requirements.
Centene Corporation’s chief financial officer reported a new equity grant and corrected prior holdings. On 01/26/2026, the CFO acquired 173,573 shares of common stock at a price of $0, bringing beneficial ownership to 763,230.48 shares held directly.
The award includes 69,429 restricted stock units vesting in three annual installments beginning on March 15, 2027, plus 104,144 performance stock units at target that may vest on March 15, 2029, from 0% to 200% of target based on stock price performance tests. The amendment removes 67,985 performance stock units from total holdings because they did not meet vesting criteria for the performance period ending December 31, 2025, as determined by the Compensation and Talent Committee on January 26, 2026. Current ownership also includes 316,262 previously granted restricted and performance stock units subject to vesting.
Centene Corporation reported that its Chief Executive Officer received an equity award covering 520,720 shares of common stock at a price of $0. After this grant, the CEO beneficially owns 1,224,892 shares.
The award includes 138,859 restricted stock units vesting in three annual installments starting March 15, 2027, and 69,429 restricted stock units vesting in five annual installments starting the same date. It also includes 312,432 performance stock units at target, which can vest at 0% to 200% of this amount on March 15, 2029, based on stock price performance tests. The amendment removes 141,103 previously reported performance stock units that failed to meet vesting criteria, and ownership continues to reflect 450,895 previously granted restricted and performance stock units subject to vesting.
Centene Corporation reported strong 2025 growth in revenue but a large accounting loss and issued 2026 guidance. Total 2025 revenues were $194.8 billion, with premium and service revenues of $174.6 billion, up 20% from 2024.
The company recorded a GAAP diluted loss per share of $(13.53), mainly from a non‑cash $6.7 billion goodwill impairment and a $513 million Magellan Health impairment. On an adjusted basis, diluted EPS was $2.08. The full‑year health benefits ratio rose to 91.9% from 88.3%, reflecting higher medical costs, while the adjusted SG&A expense ratio improved to 7.4% from 8.5%.
Cash flow provided by operations reached $5.1 billion, and cash, investments and restricted deposits totaled $38.8 billion at year end. For 2026, Centene guides to adjusted diluted EPS greater than $3.00, total revenues of $186.5–$190.5 billion, and a projected HBR of 90.9%–91.7%, implying margin recovery efforts alongside continued growth.
Centene Corporation’s Chief Operating Officer, Susan Raye Smith, received an equity award of 112,823 shares of common stock on January 26, 2026. The grant was reported at a price of $0 per share and increased her beneficial ownership to 225,289 shares.
The award consists of 45,129 restricted stock units that vest in three annual installments beginning March 15, 2027, and 67,694 performance stock units reported at target. The performance stock units are scheduled to vest on March 15, 2029, with the actual number earned ranging from 0% to 200% of the target amount, based on Centene’s stock price performance between the final 20 trading days of 2025 and the final 60 trading days of 2028. Her total includes 90,117 previously granted restricted and performance stock units that remain subject to vesting requirements.