Centene Corp. (CNC) financial statements: income statement, balance sheet and cash flow

Centene Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Centene Corp. reported revenue of $194.8B (+19.4% year on year) and net income of ($6.7B) (-302.7% year on year).

Income statement

Centene Corp. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Premium and service revenues	$174.6B	$145.5B	$140.1B	$135.5B
Premium tax	$20.2B	$17.6B	$13.9B	$9.1B
Total revenues	$194.8B	$163.1B	$154.0B	$144.5B
Medical costs	$157.7B	$125.7B	$118.9B	$111.5B
Cost of services	$2.7B	$2.7B	$3.6B	$7.0B
Selling, general and administrative expenses	$12.9B	$12.4B	$12.6B	$11.6B
Depreciation expense	$590.0M	$549.0M	$575.0M	$614.0M
Amortization of acquired intangible assets	$685.0M	$692.0M	$718.0M	$817.0M
Premium tax expense	$20.5B	$17.8B	$14.2B	$9.3B
Impairment	$7.3B	$13.0M	$529.0M	$2.3B
Total operating expenses	$202.4B	$159.9B	$151.1B	$143.2B
Earnings (loss) from operations	($7.6B)	$3.2B	$2.9B	$1.3B
Investment and other income	$1.6B	$1.8B	$1.4B	$1.3B
Debt extinguishment	$1.0M	$0	$0	$30.0M
Interest expense	($678.0M)	($702.0M)	($725.0M)	($665.0M)
Earnings (loss) before income tax	($6.7B)	$4.3B	$3.6B	$2.0B
Income tax (benefit) expense	($51.0M)	$963.0M	$899.0M	$760.0M
Net earnings (loss)	($6.7B)	$3.3B	$2.7B	$1.2B
Loss attributable to noncontrolling interests	$3.0M	$11.0M	$3.0M	$0
Net earnings (loss) attributable to Centene Corporation	($6.7B)	$3.3B	$2.7B	$1.2B
Basic earnings (loss) per common share (in usd per share)	-$13.53	$6.33	$4.97	$2.09
Diluted earnings (loss) per common share (in usd per share)	-$13.53	$6.31	$4.95	$2.07
Basic (in shares)	493.1M	521.8M	543.3M	575.2M
Diluted (in shares)	493.1M	523.7M	545.7M	582.0M

Centene Corp. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Premium and service revenues	$44.4B	$44.7B	$44.9B	$42.5B
Premium tax	$9.2B	$5.3B	$4.8B	$6.3B
Total revenues	$53.6B	$49.9B	$49.7B	$48.7B
Medical costs	$39.0B	$38.3B	$40.9B	$38.8B
Cost of services	$729.0M	$702.0M	$651.0M	$641.0M
Selling, general and administrative expenses	$3.1B	$3.4B	$3.1B	$3.0B
Depreciation expense	$139.0M	$134.0M	$147.0M	$141.0M
Amortization of acquired intangible assets	$161.0M	$166.0M	$170.0M	$173.0M
Premium tax expense	$9.2B	$5.4B	$4.9B	$6.3B
Impairment	$0	—	$6.7B	$55.0M
Total operating expenses	$52.4B	$48.1B	$56.6B	$49.2B
Earnings (loss) from operations	$1.2B	$1.9B	($7.0B)	($458.0M)
Investment and other income	$435.0M	$407.0M	$450.0M	$371.0M
Gain on debt extinguishment	$6.0M	($5.0M)	—	—
Interest expense	($153.0M)	($164.0M)	($170.0M)	($170.0M)
Earnings (loss) before income tax	$1.5B	$2.1B	($6.7B)	($257.0M)
Income tax expense	$399.0M	$560.0M	($42.0M)	$2.0M
Net earnings (loss)	$1.1B	$1.5B	($6.6B)	($259.0M)
Loss attributable to noncontrolling interests	$4.0M	$2.0M	$1.0M	$6.0M
Net earnings (loss) attributable to Centene Corporation	$1.1B	$1.5B	($6.6B)	($253.0M)
Basic earnings (loss) per common share (in dollars per share)	$2.21	$3.13	-$13.50	-$0.51
Diluted earnings (loss) per common share (in dollars per share)	$2.19	$3.11	-$13.50	-$0.51
Basic (in shares)	493.8M	492.1M	491.1M	493.5M
Diluted (in shares)	497.6M	495.6M	491.1M	493.5M

Balance sheet

Centene Corp. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$17.9B	$14.1B	$17.2B	$12.1B
Premium and trade receivables	$18.1B	$19.7B	$15.5B	$13.3B
Short-term investments	$2.4B	$2.6B	$2.5B	$2.3B
Other current assets	$1.9B	$1.6B	$5.6B	$2.5B
Total current assets	$40.4B	$38.0B	$40.8B	$30.1B
Long-term investments	$17.0B	$17.4B	$16.3B	$14.7B
Restricted deposits	$1.4B	$1.4B	$1.4B	$1.2B
Property, software and equipment, net	$2.0B	$2.1B	$2.0B	$2.4B
Goodwill	$10.8B	$17.6B	$17.6B	$18.8B
Intangible assets, net	$4.5B	$5.4B	$6.1B	$6.9B
Other long-term assets	$528.0M	$593.0M	$535.0M	$2.7B
Total assets	$76.7B	$82.4B	$84.6B	$76.9B
Medical claims liability	$20.5B	$18.3B	$18.0B	$16.7B
Accounts payable and accrued expenses	$13.8B	$13.2B	$16.4B	$9.5B
Return of premium payable	$1.6B	$2.0B	$1.5B	$1.6B
Unearned revenue	$736.0M	$661.0M	$715.0M	$478.0M
Current portion of long-term debt	$50.0M	$110.0M	$119.0M	$82.0M
Total current liabilities	$36.7B	$34.3B	$36.7B	$28.5B
Long-term debt	$17.4B	$18.4B	$17.7B	$17.9B
Deferred tax liability	$833.0M	$684.0M	$641.0M	$615.0M
Other long-term liabilities	$1.8B	$2.6B	$3.6B	$5.6B
Total liabilities	$56.7B	$55.9B	$58.7B	$52.6B
Redeemable noncontrolling interests	$23.0M	$10.0M	$19.0M	$56.0M
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at December 31, 2025 and December 31, 2024	0	0	0	0
Common stock, $0.001 par value; authorized 800,000 shares; 623,463 issued and 491,757 outstanding at December 31, 2025, and 620,195 issued and 495,907 outstanding at December 31, 2024	1.0M	1.0M	1.0M	1.0M
Additional paid-in capital	$20.8B	$20.6B	$20.3B	$20.1B
Accumulated other comprehensive (loss)	($58.0M)	($504.0M)	($652.0M)	($1.1B)
Retained earnings	$8.7B	$15.3B	$12.0B	$9.3B
Treasury stock, at cost (131,706 and 124,288 shares, respectively)	-9.4B	9.0B	—	—
Total Centene stockholders' equity	$20.0B	$26.4B	$25.8B	$24.1B
Nonredeemable noncontrolling interest	$80.0M	$90.0M	$97.0M	$124.0M
Total stockholders' equity	$20.0B	$26.5B	$25.9B	$24.2B
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$76.7B	$82.4B	$84.6B	$76.9B

Centene Corp. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$24.2B	$21.3B	$17.1B	$14.5B
Premium and trade receivables	$18.1B	$19.4B	$23.1B	$21.6B
Short-term investments	$2.9B	$2.5B	$2.2B	$2.8B
Other current assets	$1.6B	$1.8B	$1.7B	$1.6B
Total current assets	$46.7B	$45.0B	$44.1B	$40.4B
Long-term investments	$16.3B	$16.6B	$18.2B	$18.8B
Restricted deposits	$1.5B	$1.4B	$1.4B	$1.4B
Property, software and equipment, net	$2.1B	$2.1B	$2.2B	$2.1B
Goodwill	$10.8B	$10.8B	$10.8B	$17.6B
Intangible assets, net	$4.2B	$4.4B	$4.8B	$5.0B
Other long-term assets	$1.4B	$866.0M	$593.0M	$1.1B
Total assets	$83.0B	$81.2B	$82.1B	$86.4B
Medical claims liability	$20.3B	$20.6B	$21.5B	$20.1B
Accounts payable and accrued expenses	$18.0B	$16.8B	$16.9B	$13.5B
Return of premium payable	$1.8B	$1.6B	$1.6B	$2.4B
Unearned revenue	$706.0M	$953.0M	$656.0M	$682.0M
Current portion of long-term debt	$75.0M	$63.0M	$38.0M	$25.0M
Total current liabilities	$40.8B	$40.0B	$40.6B	$36.8B
Long-term debt	$16.0B	$16.3B	$17.5B	$17.6B
Deferred tax liability	$756.0M	$744.0M	$810.0M	$651.0M
Other long-term liabilities	$2.8B	$2.6B	$2.0B	$3.9B
Total liabilities	$60.4B	$59.6B	$61.0B	$58.9B
Redeemable noncontrolling interests	$23.0M	$25.0M	$23.0M	$11.0M
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common stock, $0.001 par value; authorized 800,000 shares; 625,693 issued and 493,987 outstanding at June 30, 2026, and 623,463 issued and 491,757 outstanding at December 31, 2025	1.0M	1.0M	1.0M	1.0M
Additional paid-in capital	$20.9B	$20.8B	$20.7B	$20.7B
Accumulated other comprehensive (loss)	($194.0M)	($171.0M)	($100.0M)	($231.0M)
Retained earnings	$11.3B	$10.2B	$9.8B	$16.4B
Treasury stock, at cost (131,706 and 131,706 shares, respectively)	-9.4B	-9.4B	-9.4B	-9.4B
Total Centene stockholders' equity	$22.6B	$21.4B	$20.9B	$27.4B
Nonredeemable noncontrolling interest	$72.0M	$75.0M	$84.0M	$86.0M
Total stockholders' equity	$22.6B	$21.5B	$21.0B	$27.5B
Total liabilities, redeemable noncontrolling interests and stockholders' equity	$83.0B	$81.2B	$82.1B	$86.4B

Cash flow statement

Centene Corp. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net earnings (loss)	($6.7B)	$3.3B	$2.7B	$1.2B
Depreciation and amortization	$1.3B	$1.2B	$1.3B	$1.6B
Stock compensation expense	$204.0M	$212.0M	$216.0M	$234.0M
Impairment	$7.3B	$13.0M	$529.0M	$2.3B
(Gain) on debt extinguishment	($1.0M)	$0	$0	($25.0M)
Deferred income taxes	($60.0M)	$13.0M	($78.0M)	($631.0M)
(Gain) loss on divestitures, net	($2.0M)	($120.0M)	($152.0M)	($772.0M)
Premium and trade receivables	$1.5B	($4.3B)	($2.4B)	($1.6B)
Other assets	($230.0M)	$46.0M	$5.0M	$128.0M
Medical claims liabilities	$2.3B	$368.0M	$1.3B	$2.4B
Unearned revenue	$80.0M	($54.0M)	$238.0M	$31.0M
Accounts payable and accrued expenses	($657.0M)	($528.0M)	$3.4B	$421.0M
Other long-term liabilities	($46.0M)	($70.0M)	$856.0M	$842.0M
Other operating activities, net	$75.0M	$56.0M	($4.0M)	$2.0M
Net cash provided by operating activities	$5.1B	$154.0M	$8.1B	$6.3B
Capital expenditures	($767.0M)	($644.0M)	($799.0M)	($1.0B)
Purchases of investments	($4.5B)	($7.2B)	($6.6B)	($6.7B)
Sales and maturities of investments	$5.8B	$5.8B	$5.5B	$3.8B
Divestiture proceeds, net of divested cash	$0	$990.0M	$707.0M	$2.5B
Net cash provided by (used in) investing activities	$472.0M	($1.1B)	($1.2B)	($2.9B)
Proceeds from long-term debt	$750.0M	$1.3B	$2.3B	$360.0M
Payments and repurchases of long-term debt	($1.9B)	($622.0M)	($2.3B)	($1.5B)
Common stock repurchases	($475.0M)	($3.1B)	($1.6B)	($3.1B)
Proceeds from common stock issuances	$37.0M	$46.0M	$44.0M	$70.0M
Purchase of noncontrolling interest	($19.0M)	$0	($88.0M)	—
Other financing activities, net	($19.0M)	($6.0M)	$0	($27.0M)
Net cash used in financing activities	($1.6B)	($2.4B)	($1.7B)	($4.2B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$0	$8.0M	($32.0M)	($11.0M)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents	$3.9B	($3.3B)	$5.2B	($868.0M)
Cash and cash equivalents reclassified (to) from held for sale	($138.0M)	$0	($50.0M)	($16.0M)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period	$14.2B	$17.5B	$12.3B	$13.2B
Cash, cash equivalents and restricted cash and cash equivalents, end of period	$18.0B	$14.2B	$17.5B	$12.3B
Interest paid	$647.0M	$688.0M	$688.0M	$657.0M
Income taxes paid, net	$448.0M	$1.0B	$883.0M	$1.2B
Cash and cash equivalents	$17.9B	$14.1B	$17.2B	$12.1B
Restricted cash and cash equivalents, included in restricted deposits	$69.0M	$93.0M	$259.0M	$256.0M
Total cash, cash equivalents, and restricted cash and cash equivalents	$18.0B	$14.2B	$17.5B	$12.3B

Centene Corp. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net earnings	$2.6B	$1.5B	($5.6B)	$1.1B
Depreciation and amortization	$600.0M	$300.0M	$946.0M	$629.0M
Stock compensation expense	$126.0M	$67.0M	$146.0M	$94.0M
Impairment	$0	—	$6.8B	$55.0M
(Gain) loss on debt extinguishment	($1.0M)	$5.0M	—	—
Deferred income taxes	($34.0M)	($53.0M)	$13.0M	($116.0M)
Loss on divestitures	$0	$0	$10.0M	$10.0M
Premium and trade receivables	($6.0M)	($1.4B)	($3.3B)	($1.8B)
Other assets	($488.0M)	($188.0M)	($245.0M)	($543.0M)
Medical claims liabilities	($268.0M)	$95.0M	$3.2B	$1.8B
Unearned revenue	($30.0M)	$217.0M	($5.0M)	$21.0M
Accounts payable and accrued expenses	$4.2B	$2.9B	$2.7B	$209.0M
Other long-term liabilities	$1.2B	$849.0M	$38.0M	$1.9B
Other operating activities, net	$20.0M	($17.0M)	$8.0M	$0
Net cash provided by operating activities	$8.0B	$4.4B	$4.7B	$3.3B
Capital expenditures	($374.0M)	($200.0M)	($554.0M)	($343.0M)
Purchases of investments	($2.3B)	($987.0M)	($3.8B)	($3.6B)
Sales and maturities of investments	$2.4B	$1.3B	$4.1B	$2.5B
Net cash (used in) investing activities	($264.0M)	$89.0M	($188.0M)	($1.4B)
Proceeds from long-term debt	$0	$0	$750.0M	$750.0M
Payments and repurchases of long-term debt	($1.3B)	($1.0B)	($1.7B)	($1.7B)
Common stock repurchases	($33.0M)	($29.0M)	($473.0M)	($473.0M)
Proceeds from common stock issuances	$18.0M	$10.0M	$29.0M	$18.0M
Other financing activities, net	($3.0M)	$2.0M	($13.0M)	($12.0M)
Net cash (used in) financing activities	($1.3B)	($1.1B)	($1.4B)	($1.4B)
Net increase in cash, cash equivalents and restricted cash and cash equivalents	$6.4B	$3.4B	$3.0B	$443.0M
Cash and cash equivalents reclassified (to) held for sale	($73.0M)	$4.0M	$0	—
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period	$18.0B	$18.0B	$14.2B	$14.2B
Cash, cash equivalents and restricted cash and cash equivalents, end of period	$24.3B	$21.4B	$17.2B	$14.6B
Interest paid	$302.0M	$146.0M	$458.0M	$320.0M
Income tax net payments (refunds)	($225.0M)	($19.0M)	$540.0M	$504.0M
Cash and cash equivalents	$24.2B	$21.3B	$17.1B	$14.5B
Restricted cash and cash equivalents, included in restricted deposits	$103.0M	$89.0M	$127.0M	$86.0M
Total cash, cash equivalents and restricted cash and cash equivalents	$24.3B	$21.4B	$17.2B	$14.6B

Centene Corp. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.