Filing Flows › Centene (CNC) › Q2 2026 › vs Q2 2025
Centene (CNC) Q2 2026 vs Q2 2025 (year over year)
Centene's revenue rose $4.8B (+10%) from $48.7B in Q2 2025 to $53.6B in Q2 2026. The biggest changes: Medicaid +$4.0B (+14%); Medicare +$1.6B (+17%); Commercial −$714M (-7%). Gross margin 8.6% against 6.2% (+2.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 8.6% | 6.2% | +2.4 pts |
| Operating margin | 2.2% | -0.9% | +3.2 pts |
| Net margin | 2.0% | -0.5% | +2.6 pts |
| Free cash flow margin | 6.4% | 3.2% | +3.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Medicaid | $32.0B | $28.0B | $4.0B | +14% |
| Medicare | $11.1B | $9.4B | $1.6B | +17% |
| Commercial | $9.4B | $10.1B | −$714M | -7% |
| Other | $1.2B | $1.2B | −$28.0M | -2% |
| Revenue | $53.6B | $48.7B | $4.8B | +10% |
| Gross profit | $4.6B | $3.0B | $1.6B | +53% |
| Cost of revenue | $49.0B | $45.7B | $3.2B | +7% |
| Other income, net | $288M | $201M | $87.0M | +43% |
| Operating profit | $1.2B | −$458M | $1.7B | — |
| Operating expenses | $3.4B | $3.5B | −$57.0M | -2% |
| Pre-tax earnings | $1.5B | −$257M | $1.7B | — |
| SG&A | $3.1B | $3.0B | $67.0M | +2% |
| Other operating costs | $316M | $440M | −$124M | -28% |
| Net earnings | $1.1B | −$259M | $1.3B | — |
| Income tax | $399M | $2.0M | $397M | 200× |
| Depreciation & amortization | $300M | $315M | −$15.0M | -5% |
| Share-based compensation | $59.0M | $35.0M | $24.0M | +69% |
| Working capital & other | $2.1B | $1.7B | $450M | +27% |
| Operating cash flow | $3.6B | $1.8B | $1.8B | +101% |
| Free cash flow (OCF − capex) | $3.4B | $1.6B | $1.8B | +117% |
| Capital expenditures | $174M | $208M | −$34.0M | -16% |
Questions
How much did Centene's revenue grow year over year in Q2 2026?
Centene's revenue rose $4.8B (+10%) from $48.7B in Q2 2025 to $53.6B in Q2 2026.
What drove Centene's revenue change in Q2 2026?
Medicaid +$4.0B (+14%); Medicare +$1.6B (+17%); Commercial −$714M (-7%).