Filing Flows › Centene (CNC) › Q2 2025
Centene (CNC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 25, 2025
Centene (CNC) reported revenue of $48.7B for the second quarter 2025 (Q2 2025), +22% from a year earlier and +5% from the quarter before. Operating margin was -0.9%, net loss $259M (0.5% of revenue).
Centene, Q2 2025: revenue $48.7B (+22% year over year), operating margin -0.9%, net loss $259M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $48.7B | +5% | +22% |
| Operating profit | −$458M | -130% | — |
| Net earnings | −$259M | -120% | — |
| Operating cash flow | $1.8B | +18% | -18% |
| Free cash flow | $1.6B | +15% | -21% |
What changed
Revenue was $48.7B in Q2 2025, up 22% year over year and up 5% from the previous quarter. Medicaid was the largest line at 57% of revenue. Medicaid added $3.9B year over year (up 16%), 44% of the total change.
Gross margin was 6.2%, down 5.2 points from a year earlier. Operating costs exceeded revenue by $0.46B, an operating margin of -0.9%. Operating expenses grew 5% against revenue growth of 22%. The quarter ended with a net loss of $0.26B, after a profit of $1.3B the previous quarter. Non-operating items added $0.20B, -78% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.8B (down 18% year over year). Non-cash charges added back $0.32B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $1.7B. Capital expenditures of $0.21B left free cash flow of $1.6B.
Questions
What was Centene's revenue in the second quarter 2025?
Centene (CNC) reported revenue of $48.7B for the second quarter 2025 (Q2 2025), +22% from a year earlier and +5% from the quarter before.
Was Centene profitable in the second quarter 2025?
Operating loss was $458M (-0.9% of revenue) and net loss $259M.
Source: Centene 10-Q on SEC EDGAR.