Filing Flows › Centene (CNC) › Q3 2025
Centene (CNC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Centene (CNC) reported revenue of $49.7B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +2% from the quarter before. Operating margin was -14.0%, net loss $6.6B (13.3% of revenue).
Centene, Q3 2025: revenue $49.7B (+18% year over year), operating margin -14.0%, net loss $6.6B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.7B | +2% | +18% |
| Operating profit | −$7.0B | — | — |
| Net earnings | −$6.6B | — | — |
| Operating cash flow | $1.4B | -24% | — |
| Free cash flow | $1.1B | -27% | — |
What changed
Revenue was $49.7B in Q3 2025, up 18% year over year and up 2% from the previous quarter. Medicaid was the largest line at 56% of revenue. Medicare added $3.7B year over year (up 66%), 49% of the total change.
Gross margin was 6.7%, down 2.8 points from a year earlier. Operating costs exceeded revenue by $7.0B, an operating margin of -14.0%. Operating expenses grew 208% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+2419%). The quarter ended with a net loss of $6.6B, wider than the previous quarter's $0.26B loss.
Operating cash flow was $1.4B. Non-cash charges added back $0.32B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $7.6B. Capital expenditures of $0.21B left free cash flow of $1.1B.
Questions
What was Centene's revenue in the third quarter 2025?
Centene (CNC) reported revenue of $49.7B for the third quarter 2025 (Q3 2025), +18% from a year earlier and +2% from the quarter before.
Was Centene profitable in the third quarter 2025?
Operating loss was $7.0B (-14.0% of revenue) and net loss $6.6B.
Source: Centene 10-Q on SEC EDGAR.