Filing Flows › Centene (CNC) › Q2 2026 › vs Q1 2026
Centene (CNC) Q2 2026 vs Q1 2026 (quarter over quarter)
Centene's revenue rose $3.6B (+7%) from $49.9B in Q1 2026 to $53.6B in Q2 2026. The biggest changes: Medicaid +$3.1B (+11%); Medicare +$731M (+7%); Commercial −$200M (-2%). Gross margin 8.6% against 11.3% (-2.7 pts).
Centene, Q2 2026: revenue $53.6B (+10% year over year), operating margin 2.2%, net earnings $1.1B, operating cash flow $3.6B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 8.6% | 11.3% | -2.7 pts |
| Operating margin | 2.2% | 3.7% | -1.5 pts |
| Net margin | 2.0% | 3.1% | -1.1 pts |
| Free cash flow margin | 6.4% | 8.3% | -2.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Medicaid | $32.0B | $28.9B | $3.1B | +11% |
| Medicare | $11.1B | $10.3B | $731M | +7% |
| Commercial | $9.4B | $9.6B | −$200M | -2% |
| Other | $1.2B | $1.2B | $19.0M | +2% |
| Revenue | $53.6B | $49.9B | $3.6B | +7% |
| Gross profit | $4.6B | $5.7B | −$1.0B | -18% |
| Cost of revenue | $49.0B | $44.3B | $4.7B | +11% |
| Other income, net | $288M | $238M | $50.0M | +21% |
| Operating profit | $1.2B | $1.9B | −$663M | -36% |
| Operating expenses | $3.4B | $3.8B | −$370M | -10% |
| Pre-tax earnings | $1.5B | $2.1B | −$613M | -29% |
| SG&A | $3.1B | $3.4B | −$294M | -9% |
| Other operating costs | $316M | $392M | −$76.0M | -19% |
| Net earnings | $1.1B | $1.5B | −$452M | -29% |
| Income tax | $399M | $560M | −$161M | -29% |
| Depreciation & amortization | $300M | $300M | $0 | 0% |
| Share-based compensation | $59.0M | $67.0M | −$8.0M | -12% |
| Working capital & other | $2.1B | $2.5B | −$316M | -13% |
| Operating cash flow | $3.6B | $4.4B | −$776M | -18% |
| Free cash flow (OCF − capex) | $3.4B | $4.2B | −$750M | -18% |
| Capital expenditures | $174M | $200M | −$26.0M | -13% |
Questions
How much did Centene's revenue grow quarter over quarter in Q2 2026?
Centene's revenue rose $3.6B (+7%) from $49.9B in Q1 2026 to $53.6B in Q2 2026.
What drove Centene's revenue change in Q2 2026?
Medicaid +$3.1B (+11%); Medicare +$731M (+7%); Commercial −$200M (-2%).