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Centene (CNC) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Centene (CNC) reported revenue of $49.9B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +0.4% from the quarter before. Operating margin was 3.7%, net earnings $1.5B (3.1% of revenue).
Centene, Q1 2026: revenue $49.9B (+7% year over year), operating margin 3.7%, net earnings $1.5B, operating cash flow $4.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.9B | +0.4% | +7% |
| Gross profit | $5.7B | +121% | +7% |
| Operating profit | $1.9B | — | +21% |
| Net earnings | $1.5B | — | +17% |
| Operating cash flow | $4.4B | +899% | +189% |
| Free cash flow | $4.2B | 19× | +203% |
What changed
Revenue was $49.9B in Q1 2026, up 7% year over year and roughly flat from the previous quarter. Medicaid was the largest line at 58% of revenue. Medicaid added $2.5B year over year (up 9%), 74% of the total change. Other declined 8%.
Gross margin was 11.3%, unchanged from Q1 2025. Operating profit was $1.9B, a 3.7% margin (up 0.4 points year over year). Of the extra revenue versus Q1 2025, 10% reached operating profit, above the 3% margin then. Operating expenses grew 1% against revenue growth of 7%. Net earnings were $1.5B, up 18% year over year. The effective tax rate was 26.7%.
Operating cash flow was $4.4B (up 189% year over year), 284% of net earnings. Non-cash charges added back $0.30B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $2.5B. Capital expenditures of $0.20B left free cash flow of $4.2B.
Questions
What was Centene's revenue in the first quarter 2026?
Centene (CNC) reported revenue of $49.9B for the first quarter 2026 (Q1 2026), +7% from a year earlier and +0.4% from the quarter before.
Was Centene profitable in the first quarter 2026?
Operating profit was $1.9B (3.7% of revenue) and net earnings $1.5B.
Source: Centene 10-Q on SEC EDGAR.