Revenue growth accelerated to 7.1% in 2026Q1, with gross margins recovering to 21.9% from the 6.0% trough observed in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 198.1B | 194.78B | 163.07B | 154B | 144.55B | 125.98B | 111.11B | 74.64B | 60.12B | 48.38B | 40.61B | 22.76B | 16.56B | 10.86B | 8.11B | 5.21B | 4.45B | 4.1B | 3.36B | 2.77B | 2.28B | 1.51B | 1B | 769.73M | 461.49M | 326.57M | 221.35M |
| Revenue Growth % | 17.02% | 19.44% | 5.89% | 6.54% | 14.74% | 13.38% | 48.87% | 24.16% | 24.25% | 19.15% | 78.41% | 37.44% | 52.44% | 33.95% | 55.62% | 17.16% | 8.42% | 21.95% | 21.51% | 21.5% | 51.34% | 50.44% | 30.04% | 66.79% | 41.31% | 47.54% | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 29.57B | 23.83B | 16.83B | 17.32B | 16.66B | 14.2B | 15.22B | 8.84B | 8.42B | 5.8B | 5.54B | 2.75B | 1.9B | 1.21B | 813M | 781.7M | 634.83M | 878.55M | 667.26M | 516.78M | 398.47M | 273.1M | 192.4M | 135.22M | 81.68M | 56.42M | 221.35M |
| Gross Margin % | 14.93% | 12.24% | 10.32% | 11.24% | 11.52% | 11.27% | 13.69% | 11.85% | 14.01% | 11.99% | 13.65% | 12.06% | 11.5% | 11.12% | 10.02% | 15% | 14.27% | 21.41% | 19.83% | 18.66% | 17.48% | 18.14% | 19.22% | 17.57% | 17.7% | 17.28% | 100% |
| Gross Profit Growth % | - | 41.62% | -2.81% | 3.96% | 17.3% | -6.68% | 72.07% | 5.01% | 45.16% | 4.64% | 101.89% | 44.22% | 57.62% | 48.59% | 4% | 23.13% | -27.74% | 31.67% | 29.12% | 29.69% | 45.91% | 41.95% | 42.29% | 65.55% | 44.77% | -74.51% | - |
| Operating Expenses | 36.86B | 31.45B | 13.65B | 14.38B | 15.34B | 12.41B | 12.13B | 7.06B | 6.96B | 4.6B | 4.28B | 2.04B | 1.44B | 931M | 705M | 577.9M | 477.76M | 740.42M | 535.7M | 461.54M | 427.38M | 193.91M | 127.86M | 88.29M | 50.07M | 37.95M | 214.83M |
| OpEx % of Revenue | - | 16.15% | 8.37% | 9.34% | 10.61% | 9.85% | 10.92% | 9.46% | 11.58% | 9.51% | 10.54% | 8.97% | 8.7% | 8.57% | 8.69% | 11.09% | 10.74% | 18.05% | 15.92% | 16.67% | 18.75% | 12.88% | 12.77% | 11.47% | 10.85% | 11.62% | 97.05% |
| Selling, General & Admin | 13.31B | 13.26B | 12.4B | 12.56B | 11.59B | 9.6B | 11.34B | 6.53B | 6.75B | 4.45B | 4.13B | 2.02B | 1.42B | 931M | 677M | 577.9M | 477.76M | 514.53M | 444.73M | 384.97M | 346.28M | 193.91M | 127.86M | 88.29M | 50.07M | 37.95M | 32.34M |
| SG&A % of Revenue | - | 6.81% | 7.6% | 8.16% | 8.02% | 7.62% | 10.21% | 8.75% | 11.23% | 9.19% | 10.18% | 8.86% | 8.6% | 8.57% | 8.35% | 11.09% | 10.74% | 12.54% | 13.22% | 13.9% | 15.19% | 12.88% | 12.77% | 11.47% | 10.85% | 11.62% | 14.61% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -7.29B | -7.62B | 3.17B | 2.93B | 1.32B | 1.78B | 3.08B | 1.78B | 1.46B | 1.2B | 1.26B | 705M | 464M | 277M | 108M | 203.8M | 157.07M | 138.13M | 131.56M | 55.24M | -28.91M | 79.19M | 64.54M | 46.93M | 31.61M | 18.47M | 6.52M |
| Operating Margin % | -3.68% | -3.91% | 1.95% | 1.9% | 0.91% | 1.42% | 2.77% | 2.39% | 2.43% | 2.48% | 3.11% | 3.1% | 2.8% | 2.55% | 1.33% | 3.91% | 3.53% | 3.37% | 3.91% | 2% | -1.27% | 5.26% | 6.45% | 6.1% | 6.85% | 5.66% | 2.95% |
| Operating Income Growth % | - | -339.95% | 8.36% | 122.31% | -26.12% | -42.12% | 73.05% | 22.15% | 21.6% | -5.07% | 79.15% | 51.94% | 67.51% | 156.48% | -47.01% | 29.75% | 13.71% | 5% | 138.14% | 291.11% | -136.5% | 22.71% | 37.52% | 48.48% | 71.1% | 183.31% | - |
| EBITDA | -5.93B | -6.34B | 4.42B | 4.22B | 2.75B | 3.12B | 4.34B | 2.42B | 1.95B | 1.56B | 1.54B | 816M | 553M | 344.42M | 173.87M | 262.13M | 209.07M | 182.14M | 166.97M | 83.05M | -8.31M | 92.26M | 74.55M | 53.38M | 34.17M | 20.32M | 7.55M |
| EBITDA Margin % | -2.99% | -3.26% | 2.71% | 2.74% | 1.9% | 2.48% | 3.91% | 3.25% | 3.25% | 3.22% | 3.79% | 3.59% | 3.34% | 3.17% | 2.14% | 5.03% | 4.7% | 4.44% | 4.96% | 3% | -0.36% | 6.13% | 7.45% | 6.93% | 7.4% | 6.22% | 3.41% |
| EBITDA Growth % | -222.23% | -243.65% | 4.57% | 53.62% | -11.86% | -28.15% | 79.08% | 24.12% | 25.19% | 1.23% | 88.85% | 47.56% | 60.56% | 98.1% | -33.67% | 25.38% | 14.79% | 9.08% | 101.05% | 1099.66% | -109% | 23.76% | 39.67% | 56.2% | 68.17% | 168.98% | - |
| D&A (Non-Cash Add-back) | 960M | 1.27B | 1.24B | 1.29B | 1.43B | 1.33B | 1.26B | 643M | 495M | 361M | 278M | 111M | 89M | 67.42M | 65.87M | 58.33M | 52M | 44M | 35.41M | 27.81M | 20.6M | 13.07M | 10.01M | 6.45M | 2.56M | 1.85M | 1.03M |
| EBIT | -6.07B | -6.42B | 4.96B | 4.32B | 2.63B | 2.48B | 3.5B | 2.19B | 1.71B | 1.39B | 1.38B | 740M | 492M | 295.87M | 143M | 208.67M | 172.27M | 153.83M | 153.29M | 79.7M | -11.02M | 89.85M | 70.97M | 52.09M | 41.18M | 18.47M | 6.52M |
| Net Interest Income | -672M | -678M | -702M | -725M | -665M | -665M | -728M | -412M | -343M | -255M | -217M | -43M | -35M | -27M | -20M | -20.32M | -17.99M | -16.32M | -16.67M | -15.63M | -10.64M | -3.99M | -680K | -194K | -45K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 672M | 678M | 702M | 725M | 665M | 665M | 728M | 412M | 343M | 255M | 217M | 43M | 35M | 26.96M | 20M | 20.32M | 17.99M | 16.32M | 16.67M | 15.63M | 10.64M | 3.99M | 680K | 194K | 45K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -6.37B | -6.73B | 4.26B | 3.6B | 1.96B | 1.81B | 2.77B | 1.78B | 1.37B | 1.13B | 1.16B | 697M | 457M | 269M | 123M | 188.35M | 154.28M | 137.51M | 136.62M | 64.07M | -21.65M | 85.86M | 70.29M | 51.89M | 41.14M | 22.03M | 7.18M |
| Pretax Margin % | -3.22% | -3.45% | 2.61% | 2.34% | 1.36% | 1.44% | 2.5% | 2.39% | 2.28% | 2.34% | 2.86% | 3.06% | 2.76% | 2.48% | 1.52% | 3.61% | 3.47% | 3.35% | 4.06% | 2.31% | -0.95% | 5.7% | 7.02% | 6.74% | 8.91% | 6.74% | 3.25% |
| Income Tax | 77.04M | -50.96M | 963M | 899M | 760M | 477M | 979M | 473M | 474M | 326M | 599M | 339M | 196M | 107M | 47M | 70.69M | 59.9M | 48.84M | 52.44M | 23.03M | 21.98M | 30.22M | 25.98M | 19.5M | 15.63M | 9.13M | -543K |
| Effective Tax Rate % | -1.21% | 0.76% | 22.62% | 24.99% | 38.74% | 26.31% | 35.3% | 26.54% | 34.65% | 28.75% | 51.64% | 48.64% | 42.89% | 39.78% | 38.21% | 37.53% | 38.83% | 35.52% | 38.38% | 35.95% | -101.5% | 35.2% | 36.96% | 37.59% | 38% | 41.46% | -7.56% |
| Net Income | -6.44B | -6.67B | 3.31B | 2.7B | 1.2B | 1.35B | 1.81B | 1.32B | 900M | 828M | 562M | 355M | 271M | 165.1M | 2M | 111.22M | 94.84M | 83.67M | 83.5M | 73.4M | -43.63M | 55.63M | 44.31M | 33.27M | 25.62M | 12.89M | 7.73M |
| Net Margin % | -3.25% | -3.43% | 2.03% | 1.75% | 0.83% | 1.07% | 1.63% | 1.77% | 1.5% | 1.71% | 1.38% | 1.56% | 1.64% | 1.52% | 0.02% | 2.13% | 2.13% | 2.04% | 2.48% | 2.65% | -1.91% | 3.69% | 4.43% | 4.32% | 5.55% | 3.95% | 3.49% |
| Net Income Growth % | -286.59% | -301.91% | 22.32% | 124.79% | -10.76% | -25.5% | 36.87% | 46.78% | 8.7% | 47.33% | 58.31% | 31% | 64.14% | 8154.95% | -98.2% | 17.27% | 13.34% | 0.21% | 13.75% | 268.24% | -178.42% | 25.55% | 33.19% | 29.85% | 98.69% | 66.86% | - |
| Net Income (Continuing) | -6.45B | -6.68B | 3.29B | 2.7B | 1.2B | 1.34B | 1.79B | 1.31B | 894M | 808M | 561M | 358M | 261M | 162M | 76M | 117.66M | 94.38M | 88.67M | 84.18M | 41.04M | -43.63M | 55.63M | 44.31M | 32.39M | 25.62M | 12.89M | 7.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 3M | 4M | -87M | -9.3M | 3.89M | -2.42M | -684K | 32.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 75M | 103M | 100M | 116M | 180M | 227M | 189M | 141M | 106M | 26M | 159M | 167M | 147M | 9M | 711K | 785K | 3.12M | 18.58M | 0 | 0 | 0 | 0 | 0 | 0 | 881K | 0 | 0 |
| EPS (Diluted) | -13.00 | -13.62 | 6.31 | 4.95 | 2.07 | 2.28 | 3.12 | 3.14 | 2.26 | 2.35 | 1.72 | 1.44 | 1.13 | 0.74 | 0.01 | 0.53 | 0.47 | 0.47 | 0.47 | 0.41 | -0.25 | 0.31 | 0.26 | 0.22 | 0.18 | 0.13 | 0.09 |
| EPS Growth % | -295.83% | -315.85% | 27.47% | 139.13% | -9.21% | -26.92% | -0.64% | 38.94% | -3.83% | 36.63% | 19.44% | 27.43% | 52.7% | - | -98.58% | 12.77% | 0% | 0% | 14.63% | 264% | -180.65% | 19.23% | 18.18% | 22.22% | 38.46% | 38% | - |
| EPS (Basic) | - | -13.61 | 6.33 | 4.97 | 2.09 | 2.31 | 3.17 | 3.19 | 2.31 | 2.40 | 1.76 | 1.49 | 1.17 | 0.76 | 0.01 | 0.56 | 0.49 | 0.49 | 0.48 | 0.42 | -0.25 | 0.33 | 0.27 | 0.23 | 0.21 | 0.75 | 0.67 |
| Diluted Shares Outstanding | 495.59M | 491.07M | 523.74M | 545.7M | 582.04M | 590.52M | 579.13M | 420.41M | 398.51M | 353.09M | 327.95M | 246.13M | 240.72M | 224.99M | 214.86M | 209.9M | 201.79M | 177.27M | 177.6M | 179.29M | 172.64M | 180.11M | 174.47M | 153.69M | 139.73M | 96.23M | 81.84M |
| Basic Shares Outstanding | 492.07M | 491.07M | 521.79M | 543.32M | 575.19M | 582.83M | 570.72M | 413.49M | 390.25M | 345M | 319.14M | 238.2M | 232.69M | 216.51M | 206.04M | 200.8M | 195.02M | 172.14M | 173.1M | 174.16M | 172.64M | 169.25M | 163.28M | 142.82M | 125.73M | 96.23M | 81.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.79% | - | - | - | - | - | - | - | - | - | - |
Regulatory and medical trend volatility
As reported in recent financial filings, Centene achieved a 7.1% year-over-year revenue increase in 2026Q1, reaching $49.9 billion, which suggests that the company is successfully navigating the post-pandemic membership churn and Medicaid redetermination cycles that previously pressured top-line growth rates throughout the 2025 fiscal year.
The acceleration in revenue growth appears to be driven by a combination of Marketplace enrollment gains and premium rate adjustments designed to offset rising medical costs. Investors should monitor whether this growth trajectory remains sustainable as the company continues to prune non-core assets and focus on its primary government-sponsored programs.
Based on the provided income statement data, Centene's gross margin reached 21.9% in 2026Q1, a significant recovery from the 6.0% trough observed in 2025Q2, indicating that the company may be successfully aligning its premium pricing with the underlying medical loss ratio trends across its core segments.
The historical fluctuation in gross margins suggests that the company remains highly sensitive to medical trend inflation and the accuracy of its actuarial reserves. The recent expansion in margins implies a potential stabilization in care management, though it remains to be seen if this level is structurally sustainable or merely a result of favorable prior period development.
According to the latest quarterly results, Centene generated $1.9 billion in operating income during 2026Q1, representing a 3.7% operating margin, which marks a notable turnaround from the severe operating losses reported in the latter half of 2025 due to significant restructuring and impairment charges.
The company's ability to scale operating income faster than revenue appears inconsistent, as evidenced by the sharp swings in operating margins over the last ten quarters. This volatility suggests that management's ongoing efforts to streamline the cost structure are still in the early stages of delivering predictable operating leverage.
As indicated by the reported figures, Centene's net income swung from a $6.6 billion loss in 2025Q3 to a $1.5 billion profit in 2026Q1, highlighting that the bottom line is heavily influenced by non-recurring items and the ongoing execution of the company's Value Creation Plan.
The wide variance in EPS, ranging from a loss of $13.50 to a gain of $3.11 within three quarters, suggests that investors should exercise caution when relying on GAAP net income as a proxy for core operational performance. The impact of stock-based compensation and potential reserve releases warrants further investigation to determine the true run-rate profitability of the business.
Based on the historical income statement data, Centene's reliance on government-sponsored programs creates a persistent risk of margin compression, as the company lacks the pricing power of commercial-heavy peers to fully offset sudden spikes in medical utilization or unfavorable changes in state-level reimbursement rates.
Short-term improvements in margins may be masking underlying structural challenges related to the high-churn nature of the Medicaid population. If the current medical trend continues to outpace premium adjustments, the company may face renewed pressure on its profitability, regardless of its recent efforts to simplify the portfolio.
Quick answers to the most common questions about buying CNC stock.
For fiscal year 2025, Centene Corporation (CNC) reported total revenue of $194.78B. This represents a 87895.0% increase compared to $221.3M in 2000.
Centene Corporation (CNC) reported a net loss of $6.67B for the fiscal year ending 2025.
Centene Corporation (CNC) reported an operating income of $-7618.4M, resulting in an operating profit margin of -3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Centene Corporation (CNC) generated $23.83B in gross profit for the year, representing a gross profit margin of 12.2%. This demonstrates the company's core pricing power and production efficiency.