Centene Corp
centene.comWhat Do They Do?
Provides health insurance through Medicaid, Medicare and commercial plans for low-income families and individuals, Medicare beneficiaries, and people buying coverage for themselves or through employers.
10-K for FY2025, filed Feb 17, 2026Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company…View ↗
Medicaid - includes the Temporary Assistance for Needy Families (TANF) program; Medicaid Expansion programs; the Aged, Blind or Disabled…View ↗
We provide a full spectrum of managed healthcare products and services, primarily through Medicaid, Medicare and commercial products.View ↗
How Do They Make Money?
State Medicaid programs and CMS, as well as members, pay fixed monthly premiums for coverage; Centene receives these while it provides health coverage. Marketplace plans also bring in subsidies from CMS, while specialty businesses earn money from services when delivered, shipped products, or services covered over a period.
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10-K for FY2025, filed Feb 17, 2026
FY2025 revenue by product or service (Premium and service revenues) ↗
$194.8B
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10-K for FY2025, filed Feb 17, 2026
$194.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Premium
Recurring
10-K for FY2025, filed Feb 17, 2026 |
98%
FY2022: 94%
|
Premium, FY2025
$171.6B Sources
|
Recurring |
|
Service
|
1.7%
FY2022: 6.2%
|
Service, FY2025
$3B Sources
|
Who Are Their Customers?
State Medicaid programs and CMS contract for health plans; people enroll in Marketplace and Medicare plans, while individuals and employer groups buy commercial coverage.
10-K for FY2025, filed Feb 17, 2026Revenue RecognitionView ↗
As an alternative to Original Medicare, beneficiaries may elect to receive their Medicare benefits through Part C, also known as Medicare…View ↗
We offer commercial health insurance products to individuals through the ACA Health Insurance Marketplace, and through large and small…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $6.7B in FY2025, but brought in more cash than it spent: $4.3B of free cash flow.
10-K for FY2025, filed Feb 17, 2026
−$7.6BView ↗
10-K for FY2025, filed Feb 17, 2026
−$6.7BView ↗
10-K for FY2025, filed Feb 17, 2026
$4.3BView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 28, 2026
$1.1BView ↗
- ▲ Now profitable
- vs −$253M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Aug 17, 2026
Centene named a successor in a planned CFO transition
Andrew Asher intends to retire as CFO effective December 31, 2026; Christopher Neczypor is expected to become CFO January 1, 2027.
Sources
8-K, filed Aug 17, 2026
On August 12, 2026, Andrew Asher, Chief Financial Officer of Centene Corporation (the Company), informed the Company that he intends to…View ↗
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Jul 28, 2026
Centene raised its 2026 earnings guidance
The release raised full-year GAAP diluted EPS guidance above $3.11 and adjusted diluted EPS guidance above $4.80.
Sources
8-K, filed Jul 28, 2026
-- Increases 2026 GAAP Diluted EPS Guidance: Greater than $3.11 & Adjusted Diluted EPS Greater than $4.80 --View ↗
Growing. Revenue grew 55% in 4 years, from $126B in FY2021 to $194.8B in FY2025, about 12% a year.
Dual-eligible plan integration
The older report included Medicare-Medicaid Plans in serving dual-eligible members; the latest says those plans ended as the company transitioned to D-SNP-based integration.
10-K for FY2022, filed Feb 21, 2023 10-K for FY2025, filed Feb 17, 2026The Temporary Assistance for Needy Families (TANF) program covers low-income families with children. Medicaid Expansion covers all…View ↗
The TANF program covers low-income families with children. Medicaid Expansion covers individuals under age 65 with incomes up to 138% of…View ↗
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