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Centene Corp (CNC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Managed Health Care · DATA UPDATED 2026-07-15

Centene Corp (CNC) operates in the Managed Health Care industry and is headquartered in Saint Louis, United States with about 61,000 employees. Its market capitalization is roughly $31 billion. In the fiscal year ended 2025-12-31, CNC reported $194.8B in revenue and ($6.7B) in net income.

Centene Corporation operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States. It operates through four segments: Medicaid, Medicare, Commercial, and Other.

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CNC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$198.1B	$194.8B	$163.1B	$154.0B	$144.5B	$126.0B	$111.1B	$74.6B	$60.1B	$48.4B	$40.6B	$22.8B	$16.6B	$10.9B	$8.1B	$5.2B	$4.4B	$4.1B	$3.4B	$2.8B	$2.3B
Gross Profit	$29.6B	$23.8B	$16.8B	$31.5B	$16.7B	$14.2B	$15.2B	$8.8B	$8.4B	$5.8B	$5.5B	$2.7B	$1.9B	$1.2B	$813M	$782M	$635M	$879M	$667M	$517M	$398M
Gross Margin %	14.9%	12.2%	10.3%	20.5%	11.5%	11.3%	13.7%	11.8%	14.0%	12.0%	13.7%	12.1%	11.5%	11.1%	10.0%	15.0%	14.3%	21.4%	19.8%	18.7%	17.5%
Operating Income (EBIT)	($7.3B)	($7.6B)	$3.2B	$2.9B	$1.3B	$1.8B	$3.1B	$1.8B	$1.5B	$1.2B	$1.3B	$705M	$464M	$277M	$108M	$204M	$157M	$138M	$132M	$55M	($29M)
Operating Margin %	-3.7%	-3.9%	1.9%	1.9%	0.9%	1.4%	2.8%	2.4%	2.4%	2.5%	3.1%	3.1%	2.8%	2.5%	1.3%	3.9%	3.5%	3.4%	3.9%	2.0%	-1.3%
Net Income	($6.4B)	($6.7B)	$3.3B	$2.7B	$1.2B	$1.3B	$1.8B	$1.3B	$900M	$828M	$562M	$355M	$271M	$165M	$2M	$111M	$95M	$84M	$83M	$73M	($44M)
Net Margin %	-3.2%	-3.4%	2.0%	1.8%	0.8%	1.1%	1.6%	1.8%	1.5%	1.7%	1.4%	1.6%	1.6%	1.5%	0.0%	2.1%	2.1%	2.0%	2.5%	2.6%	-1.9%
EBITDA	($4.4B)	($5.1B)	$6.2B	$2.9B	$4.1B	$3.8B	$4.8B	$2.8B	$2.2B	$1.8B	$1.7B	$851M	$581M	$363M	$209M	$267M	$224M	$198M	$189M	$108M	$10M
Earnings Per Share (EPS)	$-13.14	$-13.59	$6.31	$4.95	$2.07	$2.28	$3.12	$3.14	$2.26	$2.35	$1.71	$1.44	$1.13	$0.73	$0.01	$0.53	$0.47	$0.47	$0.47	$0.41	$-0.25
Shares Outstanding (M)	496M	491M	524M	546M	582M	591M	579M	420M	399M	353M	328M	246M	241M	225M	215M	210M	202M	177M	178M	179M	173M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$49.9B	$49.7B	$49.7B	$48.7B	$46.6B	$40.8B	$42.0B	$39.8B
Gross Profit	$10.9B	$7.5B	$8.1B	$2.9B	$5.2B	$3.7B	$4.0B	$4.4B
Gross Margin %	21.9%	15.2%	16.4%	6.0%	11.2%	9.1%	9.6%	11.1%
Operating Income (EBIT)	$1.9B	($1.7B)	($7.0B)	($458M)	$1.5B	$175M	$665M	$1.2B
Operating Margin %	3.7%	-3.5%	-14.0%	-0.9%	3.3%	0.4%	1.6%	3.1%
Net Income	$1.5B	($1.1B)	($6.6B)	($253M)	$1.3B	$283M	$713M	$1.1B
Net Margin %	3.1%	-2.2%	-13.3%	-0.5%	2.8%	0.7%	1.7%	2.9%
EBITDA	$2.6B	($1.0B)	($6.2B)	$228M	$2.2B	$833M	$1.4B	$2.0B
Earnings Per Share (EPS)	$3.11	$-2.24	$-13.50	$-0.51	$2.63	$0.56	$1.36	$2.16
Shares Outstanding (M)	496M	491M	491M	494M	498M	502M	524M	531M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNC Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$7.2B	$5.1B	$154M	$8.1B	$6.3B	$4.2B	$5.5B	$1.5B	$1.2B	$1.5B	$1.9B	$658M	$1.2B	$383M	$279M	$262M	$169M	$248M	$222M	$202M	$195M
Capital Expenditures (CapEx)	$832M	$767M	$644M	$799M	$1.0B	$910M	$869M	$730M	$675M	$422M	$306M	$150M	$103M	$68M	$82M	$74M	$119M	$83M	$65M	$54M	$50M
Free Cash Flow (FCF)	$6.3B	$4.3B	($490M)	$7.3B	$5.3B	$3.3B	$4.6B	$753M	$559M	$1.1B	$1.5B	$508M	$1.1B	$315M	$197M	$188M	$50M	$165M	$157M	$148M	$145M
FCF Margin %	3.2%	2.2%	-0.3%	4.7%	3.6%	2.6%	4.2%	1.0%	0.9%	2.2%	3.8%	2.2%	6.8%	2.9%	2.4%	3.6%	1.1%	4.0%	4.7%	5.4%	6.3%
Dividends Paid	—	—	—	$88M	—	$35M	—	—	$6.1B	$66M	$0M	$0M	$0M	$189M	$0M	$0M	$7M	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$3.6B	$437M	$1.4B	$1.8B	$1.5B	($587M)	($978M)	$2.2B
Capital Expenditures (CapEx)	$200M	$213M	$211M	$208M	$135M	$154M	$153M	$186M
Free Cash Flow (FCF)	$3.4B	$224M	$1.1B	$1.6B	$1.4B	($741M)	($1.1B)	$2.0B
FCF Margin %	6.8%	0.4%	2.3%	3.2%	2.9%	-1.8%	-2.7%	5.0%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CNC Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$81.2B	$77.7B	$82.4B	$84.6B	$76.9B	$78.4B	$68.7B	$41.0B	$30.9B	$21.9B	$20.2B	$7.3B	$5.8B	$3.5B	$2.7B	$2.2B	$1.9B	$1.7B	$1.5B	$1.1B	$895M
Cash & Cash Equivalents	$21.3B	$17.9B	$14.1B	$17.2B	$12.1B	$13.1B	$10.8B	$12.1B	$5.3B	$4.1B	$3.9B	$1.8B	$1.6B	$1.0B	$844M	$574M	$434M	$404M	$379M	$269M	$271M
Total Liabilities	$59.6B	$57.6B	$55.9B	$58.7B	$52.6B	$51.4B	$42.8B	$28.3B	$19.9B	$15.0B	$14.1B	$5.0B	$3.9B	$2.3B	$1.8B	$1.3B	$1.1B	$1.1B	$950M	$704M	$569M
Total Debt (Short + Long-Term)	$16.4B	$17.5B	$18.7B	$18.0B	$18.2B	$19.0B	$17.0B	$13.9B	$6.7B	$4.7B	$4.7B	$1.2B	$893M	$669M	$539M	$352M	$331M	$308M	$265M	$207M	$176M
Total Shareholders' Equity	$21.4B	$20.0B	$26.4B	$25.8B	$24.1B	$26.8B	$25.8B	$12.6B	$10.9B	$6.8B	$5.9B	$2.2B	$1.7B	$1.2B	$953M	$936M	$794M	$601M	$501M	$415M	$326M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CNC viewer.

Other Companies in Managed Health Care

UNH · UnitedHealth Group — $382 billion
ELV · Elevance Health — $82 billion
HUM · Humana — $47 billion

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