Centene
CNC · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Centene reported revenue of $175B in the fiscal year ended Dec 2025, up 20.0% from the year before. Operating income was −$7.6B, an operating margin of −4.4%, and net income was −$6.7B. Operating cash flow of $5.1B less capital expenditure of $767M left free cash flow of $4.3B. It held more cash than debt (net cash $487M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $118B | $135B | $140B | $146B | $175B |
| Cost of revenue | $4.9B | $7B | $3.6B | $2.7B | $2.7B |
| Gross profit | $14.5B | $16.9B | $17.6B | $17.1B | $14.2B |
| Selling, general & admin | $9.6B | $11.6B | $12.6B | $12.4B | $12.9B |
| Operating income | $1.8B | $1.3B | $2.9B | $3.2B | −$7.6B |
| Interest expense | $665M | $665M | $725M | $702M | $678M |
| Pre-tax income | $1.8B | $2B | $3.6B | $4.3B | −$6.7B |
| Income tax | $477M | $760M | $899M | $963M | −$51M |
| Net income | $1.3B | $1.2B | $2.7B | $3.3B | −$6.7B |
| Diluted EPS | 2.28 | 2.07 | 4.95 | 6.31 | −13.53 |
| Diluted shares | 591M | 582M | 546M | 524M | 493M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $13.1B | $12.1B | $17.2B | $14.1B | $17.9B |
| Current assets | $28.5B | $30.1B | $40.8B | $38B | $40.4B |
| Net PP&E | $3.4B | $2.4B | $2B | $2.1B | $2B |
| Goodwill | $19.8B | $18.8B | $17.6B | $17.6B | $10.8B |
| Total assets | $78.4B | $76.9B | $84.6B | $82.4B | $76.7B |
| Deferred revenue | $434M | $478M | $715M | $661M | $736M |
| Current liabilities | $25.8B | $28.5B | $36.7B | $34.3B | $36.7B |
| Short-term debt | $267M | $82M | $119M | $110M | $50M |
| Long-term debt | $18.6B | $17.9B | $17.7B | $18.4B | $17.4B |
| Total liabilities | $51.4B | $52.6B | $58.7B | $55.9B | $56.7B |
| Shareholders' equity | $26.8B | $24.1B | $25.8B | $26.4B | $20B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.2B | $6.3B | $8.1B | $154M | $5.1B |
| Capital expenditure | $910M | $1B | $799M | $644M | $767M |
| Free cash flow | $3.3B | $5.3B | $7.3B | −$490M | $4.3B |
| Depreciation & amortisation | $1.3B | $1.4B | $1.3B | $1.2B | $1.3B |
| Stock-based compensation | $203M | $234M | $216M | $212M | $204M |
| Acquisitions | $534M | $1.5B | $0 | $0 | – |
| Share buybacks | $297M | $3.1B | $1.6B | $3.1B | $475M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.8% | 3.4% | 3.9% | 20.0% |
| Operating income growth (YoY) | – | −26.1% | 122.3% | 8.4% | −340.1% |
| EPS growth (YoY) | – | −9.2% | 139.1% | 27.5% | −314.4% |
| Gross margin | 12.3% | 12.5% | 12.6% | 11.7% | 8.1% |
| Operating margin | 1.5% | 1.0% | 2.1% | 2.2% | −4.4% |
| Net margin | 1.1% | 0.9% | 1.9% | 2.3% | −3.8% |
| Return on equityBlank when equity is negative | 5.0% | 5.0% | 10.5% | 12.5% | −33.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 2.7% | 6.1% | 6.6% | −19.0% |
| Free cash flow margin | 2.8% | 3.9% | 5.2% | −0.3% | 2.5% |
| Cash conversion (CFO ÷ net income) | 3.12x | 5.21x | 2.98x | 0.05x | −0.76x |
| Interest cover | 2.68x | 1.98x | 4.04x | 4.52x | −11.2x |
| Debt ÷ equity | 0.70x | 0.75x | 0.69x | 0.70x | 0.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $5.9B | $636M | $4.5B | −$487M |
| Current ratio | 1.11x | 1.06x | 1.11x | 1.11x | 1.10x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.