Filing Flows › Centene (CNC) › Q1 2025
Centene (CNC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 25, 2025
Centene (CNC) reported revenue of $46.6B for the first quarter 2025 (Q1 2025), +15% from a year earlier and +14% from the quarter before. Operating margin was 3.3%, net earnings $1.3B (2.8% of revenue).
Centene, Q1 2025: revenue $46.6B (+15% year over year), operating margin 3.3%, net earnings $1.3B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.6B | +14% | +15% |
| Gross profit | $5.3B | +39% | +12% |
| Operating profit | $1.5B | +777% | +39% |
| Net earnings | $1.3B | +369% | +13% |
| Operating cash flow | $1.5B | — | — |
| Free cash flow | $1.4B | — | — |
What changed
Revenue was $46.6B in Q1 2025, up 15% year over year and up 14% from the previous quarter. Medicaid was the largest line at 57% of revenue. Medicare added $2.8B year over year (up 48%), 45% of the total change.
Gross margin was 11.3%, down 0.4 points from a year earlier. Operating profit was $1.5B, a 3.3% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, above the 3% margin then. Operating expenses grew 3% against revenue growth of 15%. Net earnings were $1.3B, up 13% year over year. The effective tax rate was 24.7%.
Operating cash flow was $1.5B, 115% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.18B. Capital expenditures of $0.14B left free cash flow of $1.4B.
Questions
What was Centene's revenue in the first quarter 2025?
Centene (CNC) reported revenue of $46.6B for the first quarter 2025 (Q1 2025), +15% from a year earlier and +14% from the quarter before.
Was Centene profitable in the first quarter 2025?
Operating profit was $1.5B (3.3% of revenue) and net earnings $1.3B.
Source: Centene 10-Q on SEC EDGAR.