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Centene cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.9B in Q3 2026 · $3.9B over twelve months

Operating cash flow−$3.7B
Capital spending−$194M
Free cash flow−$3.9B

Analysis

In Q3 2026, Centene generated −$3.7B of operating cash flow and spent $194M on capital projects, leaving free cash flow of −$3.9B. That is $5.0B less than in Q3 2025 ($1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.7B; the largest uses were net borrowing (+) / repaid (−) ($2.1B), capital spending ($781M), buybacks ($59.0M); besides operations, cash came from other investing ($2.1B), shares issued ($34.0M); the cash balance rose by $3.9B.

Operating cash flow was −$3.7B against net income of −$65.0M. The largest differences: payables −$3.1B, other liabilities −$999M, prepaid and other assets +$891M.

Free cash flow

Centene: free cash flow by quarterCentene: free cash flow by quarter−$741MQ4 2024$1.4BQ1 2025$1.6BQ2 2025$1.1BQ3 2025$224MQ4 2025$4.2BQ1 2026$3.4BQ2 2026−$3.9BQ3 2026
Operating cash flow less capital spending.
Centene: operating cash flow against capital spendingCentene: operating cash flow against capital spendingOperating cash flowCapital spending−$587M$154MQ4 2024$1.5B$135MQ1 2025$1.8B$208MQ2 2025$1.4B$211MQ3 2025$437M$213MQ4 2025$4.4B$200MQ1 2026$3.6B$174MQ2 2026−$3.7B$194MQ3 2026
Latest (Q3 2026): Operating cash flow −$3.7B, Capital spending $194M.

Capital allocation, year by year

Centene: where the cash came from (up) and went (down), by fiscal yearCentene: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $4.2BFY2021: Net borrowing $1.8BFY2021: Shares issued $35.0MFY2021: Asset sales $68.0MFY2021: Capital spending −$910MFY2021: Acquisitions −$534MFY2021: Buybacks −$297M$6.1BFY2021FY2022: Operating cash flow $6.3BFY2022: Net borrowing −$1.1BFY2022: Shares issued $70.0MFY2022: Asset sales $2.5BFY2022: Capital spending −$1.0BFY2022: Acquisitions −$1.5BFY2022: Buybacks −$3.1B$8.8BFY2022FY2023: Operating cash flow $8.1BFY2023: Net borrowing $19.0MFY2023: Shares issued $44.0MFY2023: Asset sales $707MFY2023: Capital spending −$799MFY2023: Buybacks −$1.6B$8.8BFY2023FY2024: Operating cash flow $154MFY2024: Net borrowing $678MFY2024: Shares issued $46.0MFY2024: Asset sales $990MFY2024: Capital spending −$644MFY2024: Buybacks −$3.1B$1.9BFY2024FY2025: Operating cash flow $5.1BFY2025: Net borrowing −$1.1BFY2025: Shares issued $37.0MFY2025: Capital spending −$767MFY2025: Buybacks −$475M$5.1BFY2025
Over these 5 years operating cash flow totalled $23.8B; the largest uses were buybacks ($8.6B) and capital spending ($4.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$23.6B
Debt$17.5B
Net cash$6.1B
Due within a year$50.0M

Centene funds itself: free cash flow was $3.9B over the last twelve months, and $23.6B of cash and investments stands against $17.5B of debt ($50.0M due within a year, 471.7× covered by cash).

Centene: debt maturities by year (FY2025)Centene: debt maturities by year (FY2025)$50.0MYear 1$2.3BYear 2$2.4BYear 3$3.4BYear 4$5.8BYear 5$3.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $23.6B of cash and investments now.

Where the cash came from and went

Centene: sources (+) and uses (−) of cash, Q3 2026Centene: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$3.7BCash drawn (+) / kept (−)$3.3BOther investing$1.1BNet borrowing (+) / repaid (−)−$568MCapital spending−$194MBuybacks−$24.0MShares issued$8.0M
Centene: sources (+) and uses (−) of cash, TTM to Q3 2026Centene: sources (+) and uses (−) of cash, 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 profit to cash

Centene: net income to operating cash flow, Q3 2026Centene: net income to operating cash flow, Q3 2026Net income−$65.0MDepreciation & amortization$299MStock-based pay$52.0MDeferred taxes$69.0MPayables−$3.1BDeferred revenue−$26.0MPrepaid and other assets$891MOther liabilities−$999MOperating cash flow−$3.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$3.7B−$194M−$24.0M−$568M$8.0M$3.3B−$3.9B
Q2 2026$3.6B−$174M−$4.0M−$258M$8.0M−$3.0B$3.4B
Q1 2026$4.4B−$200M−$29.0M−$1.0B$10.0M−$3.4B$4.2B
Q4 2025$437M−$213M−$2.0M−$187M$8.0M−$910M$224M
Q3 2025$1.4B−$211M—−$1.0M$11.0M−$2.6B$1.1B
Q2 2025$1.8B−$208M−$432M−$749M$8.0M$288M$1.6B
Q1 2025$1.5B−$135M−$41.0M−$208M$10.0M−$731M$1.4B
Q4 2024−$587M−$154M−$943M$922M$9.0M$497M−$741M

Centene: income statement and cash flow

Centene, Q3 2026: revenue $50.6B (+2% year over year), operating margin -0.6%. The chart follows the revenue to costs, profit and cash.

Centene: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.