Seeking Alpha·Oct 27, 2026
Centene Corporation (CNC) Q3 2026 Earnings Call TranscriptCentene Corporation (CNC) Q3 2026 Earnings Call Transcript
Centene's fundamentals appear structurally impaired after 2025Q3's $7.0 billion operating loss at a 114.0% combined ratio, and the recovery narrative has already been complicated by 2026Q3's return to a 100.6% loss ratio and a $307 million operating loss.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth collapsed to 1.9% year-over-year in 2026Q3 from 22.4% in 2025Q2, while the loss ratio swung 22.5 percentage points from 78.1% in 2026Q1 to 100.6% in 2026Q3, suggesting the reported 96.3%–96.9% combined ratios in early 2026 may not reflect sustainable underwriting economics.
Centene's stock has experienced a significant decline, reaching near decade-lows. This depressed valuation, coupled with positive catalysts, suggests substantial upside potential, with some analyses indicating the stock could potentially double, returning to previous trading ranges.
Anticipated increases in Affordable Care Act (ACA) rates are expected to drive a significant earnings rebound in 2026. Early state approvals suggest average price hikes of approximately 27% for Centene's ACA business, which could substantially improve ACA margins and revenues.
Centene is expected to benefit from normalized utilization trends in its insurance pools. The company has implemented initiatives such as an ABA task force and clinical management programs to improve efficiency, with a key indicator being the Medicaid Health Benefits Ratio (HBR) remaining at or below 93.7% in Q1 2026.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 27, 2026 | $0.58+506.1% vs $0.10 | $50.6B+7.5% vs $47.1B |
Q3 2026 Jul 28, 2026 | $2.51+130.3% vs $1.09 | $53.6B+12.5% vs $47.6B |
Q2 2026 Apr 28, 2026 | $3.37+51.1% vs $2.23 | $49.9B+5.1% vs $47.5B |
Q1 2026 Feb 6, 2026 | -$1.19+2.5% vs -$1.22 | $49.7B+2.7% vs $48.4B |
Centene Corporation (CNC) Q3 2026 Earnings Call Transcript
U.S. health care insurance provider Centene Corporation (NYSE:CNC) reported better-than-expected third-quarter earnings, with adjusted earnings of 58 cents, beating the consensus of 10 cents per share.
Although the revenue and EPS for Centene (CNC) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Centene (CNC) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.5 per share a year ago.
Benchmark CNC against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Centene Corp. (CNC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $69.74 | $34.45B | 23.59 | 19.44% | 0.75% | 6.76% | — | |
| $208.99 | $10.91B | -224.24 | 11.75% | -0.11% | -1.17% | — | |
| $394.15 | $357.95B | 22.38 | 11.81% | 3.53% | 15.18% | 2.21% | |
| $425.62 | $92.3B | 18.02 | 12.62% | 2.55% | 11.56% | 1.62% | |
| $433.74 | $52.08B | 42.44 | 10.06% | 0.81% | 6.68% | 0.82% | |
| $83.85 | $106.99B | 9.79 | 7.85% | 2.63% | 14.1% | 3.19% |
Centene Corp. (CNC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Centene Corp. (CNC) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 27, 2026·SEC
Oct 8, 2026·SEC
Aug 17, 2026·SEC
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Centene Corp. (CNC) stock FAQ — growth, dividends, profitability & financials explained
Centene Corp. (CNC) grew revenue by 4.8% over the trailing twelve months, compared with the twelve months before.
Yes. Centene Corp. (CNC) earned $1.46B in net income over the trailing twelve months (a 0.8% net margin).
Centene Corp. (CNC) had a return on equity (ROE) of 6.8% over the trailing twelve months. That is below the market's typical 10-15%.
Centene Corp. (CNC) has a combined ratio of 103.9%. A ratio above 100% means claims and expenses exceed premiums.
