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Centene (CNC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Centene (CNC) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $50.6B · 0¢ of every $1 of revenue lost · operating margin -0.6%

Centene made $50.6B in Q3 2026 (+2% Y/Y): Medicaid $29.6B, Medicare $11.3B, Commercial $8.7B. Operating margin -0.6%, net loss $65.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$50.6B
Year over year+2%
Operating margin-0.6%
Net earnings−$65.0M
Operating cash flow−$3.7B

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Centene Q3 2026 revenue breakdown: Sankey diagram of revenue (Medicaid, Medicare, Commercial, Other), costs, profit and cash flow
Centene Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $50.6B in Q3 2026, up 2% year over year and down 5% from the previous quarter. Medicaid was the largest line at 58% of revenue. Medicare added $1.9B year over year (up 20%), 196% of the total change. Commercial declined 21%.

Gross margin was 6.5%, down 0.2 points from Q3 2025. Operating costs exceeded revenue by $0.31B, an operating margin of -0.6%. Operating expenses fell 65% while revenue rose 2%. The quarter ended with a net loss of $0.07B, after a profit of $1.1B the previous quarter. Non-operating items added $0.18B, -152% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was −$3.7B. Non-cash charges added back $0.30B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $4.0B. Capital expenditures of $0.19B exceeded it, leaving free cash flow of −$3.9B.

Quarterly history

Centene revenue by quarterCentene revenue by quarter$46.6BQ1 2025$48.7BQ2 2025$49.7BQ3 2025$49.7BQ4 2025$49.9BQ1 2026$53.6BQ2 2026$50.6BQ3 2026
Centene net earnings by quarterCentene net earnings by quarter$1.3BQ1 2025−$259MQ2 2025−$6.6BQ3 2025−$1.1BQ4 2025$1.5BQ1 2026$1.1BQ2 2026−$65.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$50.6B+2%-0.6%−$65.0M−$3.7B
Q2 202610-QJul 28, 2026$53.6B+10%2.2%$1.1B$3.6B
Q1 202610-QApr 28, 2026$49.9B+7%3.7%$1.5B$4.4B
Q4 202510-KFeb 17, 2026$49.7B+22%-3.5%−$1.1B$437M
Q3 202510-QOct 29, 2025$49.7B+18%-14.0%−$6.6B$1.4B
Q2 202510-QJul 25, 2025$48.7B+22%-0.9%−$259M$1.8B
Q1 202510-QApr 25, 2025$46.6B+15%3.3%$1.3B$1.5B

Charts

Centene: revenue growth, year over year and quarter over quarterCentene: revenue growth, year over year and quarter over quarterY/YQ/Q+15%Q1 2025+22%+5%Q2 2025+18%+2%Q3 2025+22%+0%Q4 2025+7%+0%Q1 2026+10%+7%Q2 2026+2%-5%Q3 2026
Latest (Q3 2026): Y/Y +2%, Q/Q -5%.
Centene: where the cash came from (+) and went (−), TTM to Q3 2026Centene: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$4.7BCash drawn (+) / kept (−)−$3.9BOther investing$2.1BNet borrowing (+) / repaid (−)−$2.1BCapital spending−$781MBuybacks−$59.0MShares issued$34.0MOther financing−$9.0MAsset & business sales$3.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Centene: profit against cash, quarter by quarterCentene: profit against cash, quarter by quarterNet incomeOperating cash flow$280M−$587MQ4 2024$1.3B$1.5BQ1 2025−$259M$1.8BQ2 2025−$6.6B$1.4BQ3 2025−$1.1B$437MQ4 2025$1.5B$4.4BQ1 2026$1.1B$3.6BQ2 2026−$65.0M−$3.7BQ3 2026
Latest (Q3 2026): Net income −$65.0M, Operating cash flow −$3.7B.
Centene: diluted shares by fiscal yearCentene: diluted shares by fiscal year579MFY2020591MFY2021582MFY2022546MFY2023524MFY2024493MFY2025
-14.9% since FY2020: buybacks shrank the count.
Centene: long-term debt falling due (FY2025)Centene: long-term debt falling due (FY2025)$50.0M2026$2.3B2027$2.4B2028$3.4B2029$5.8B2030$3.5BLater
Cash $17.9B, short-term investments $2.4B, long-term debt $17.5B at 2025-12-31.
Centene in its industry: growth against margin (10 companies, SIC 6324)Centene in its industry: growth against margin (10 companies, SIC 6324)revenue growth, year over year →↑ operating marginmedian +10%median 2%UNHCIELVHUMMOHOSCRALHCCLOVTRUPCNC (+2%, -1%)
Hospital & Medical Service Plans; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

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About Centene

Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company focused on underserved populations, Centene is committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace. Centene provides access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well.

In its own words, from its 10-K, filed Feb 17, 2026.

Centene against its Hospital & Medical Service Plans peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +6%. Operating margin: -0.6% against the peers' median 1.0%.

CompanyQuarterRevenueY/YOp. margin
CNC CenteneQ3 2026$50.6B+2%-0.6%
UNH UnitedHealth GroupQ3 2026$112.7B-0.4%5.8%
CI CignaQ3 2026$73.7B+6%3.3%
ELV Elevance HealthQ3 2026$51.4B+1%2.5%
HUM HumanaQ3 2026$41.2B+26%0.2%
MOH Molina HealthcareQ3 2026$11.1B-3%1.0%
OSCR Oscar HealthQ3 2026$5.1B+72%3.5%
ALHC Alignment HealthcareQ3 2026$1.4B+37%-0.3%
CLOV Clover Health InvestmentsQ3 2026$759M+53%0.8%

Source: Centene 10-Q on SEC EDGAR · CIK 1071739 · Hospital & Medical Service Plans

Guidance and outlook

Centene Revenue: guidance against what was reportedCentene Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$163.1BFY2025$194.8BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Centene Tax rate: guidance against what was reportedCentene Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY202422.6%FY2025FY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Centene: what its forward-looking statements are about (10-Q filed 2026-10-27)Centene: what its forward-looking statements are about (10-Q filed 2026-10-27)Other11Legal & regulation3Costs2Demand1Margins1Backlog1Capital spending1
20 statements; tone +0.05 (−1 all cautious, +1 all confident); 2 hedged.
Centene: outlook statements against the filing beforeCentene: outlook statements against the filing beforeNew6Updated1Confident5Cautious4

13F: who owns CNC and who is buying

Largest holders of CNC (13F)Largest holders of CNC (13F)BlackRock$2.7BVanguard Group$2.3BVanguard Capital Management LLC$2.0BAQR Capital Management LLC$1.8BVanguard Portfolio Management LLC$1.4BState Street$1.4BGeode Capital Management, LLC$854MWellington Management Group LLP$854MAmeriprise Financial$798MInvesco$718M
Funds' net buying of CNC by quarter (13F)Funds' net buying of CNC by quarter (13F)−$899M2024-09−$206M2024-12$216M2025-03−$396M2025-06$250M2025-09$420M2025-12$248M2026-03$486M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

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History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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