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Centene (CNC) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Centene (CNC) reported revenue of $53.6B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +7% from the quarter before. Operating margin was 2.2%, net earnings $1.1B (2.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $53.6B | +7% | +10% |
| Gross profit | $4.6B | -18% | +53% |
| Operating profit | $1.2B | -36% | — |
| Net earnings | $1.1B | -29% | — |
| Operating cash flow | $3.6B | -18% | +101% |
| Free cash flow | $3.4B | -18% | +117% |
What changed
Revenue was $53.6B in Q2 2026, up 10% year over year and up 7% from the previous quarter. Medicaid was the largest line at 60% of revenue. Medicaid added $4.0B year over year (up 14%), 82% of the total change. Commercial declined 7%.
Gross margin was 8.6%, up 2.4 points from Q2 2025. Operating profit was $1.2B, a 2.2% margin (up 3.2 points year over year). Operating expenses fell 2% while revenue rose 10%. Net earnings were $1.1B. The effective tax rate was 26.9%.
Operating cash flow was $3.6B (up 101% year over year), 330% of net earnings. Non-cash charges added back $0.30B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $2.1B. Capital expenditures of $0.17B left free cash flow of $3.4B.
Questions
What was Centene's revenue in the second quarter 2026?
Centene (CNC) reported revenue of $53.6B for the second quarter 2026 (Q2 2026), +10% from a year earlier and +7% from the quarter before.
Was Centene profitable in the second quarter 2026?
Operating profit was $1.2B (2.2% of revenue) and net earnings $1.1B.
Source: Centene 10-Q on SEC EDGAR.