Filing Flows › Centene (CNC) › Q4 2025
Centene (CNC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Centene (CNC) reported revenue of $49.7B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +0.1% from the quarter before. Operating margin was -3.5%, net loss $1.1B (2.2% of revenue).
Centene, Q4 2025: revenue $49.7B (+22% year over year), operating margin -3.5%, net loss $1.1B, operating cash flow $437M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.7B | +0.1% | +22% |
| Operating profit | −$1.7B | — | — |
| Net earnings | −$1.1B | — | — |
| Operating cash flow | $437M | -68% | — |
| Free cash flow | $224M | -80% | — |
What changed
Revenue was $49.7B in Q4 2025, up 22% year over year and roughly flat from the previous quarter. Medicaid was the largest line at 56% of revenue.
Gross margin was 5.1%, down 4.2 points from a year earlier. Operating costs exceeded revenue by $1.7B, an operating margin of -3.5%. Operating expenses grew 19% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+137%). The quarter ended with a net loss of $1.1B, narrower than the previous quarter's $6.6B loss.
Operating cash flow was $0.44B. Non-cash charges added back $0.33B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $1.1B. Capital expenditures of $0.21B left free cash flow of $0.22B.
Questions
What was Centene's revenue in the fourth quarter 2025?
Centene (CNC) reported revenue of $49.7B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +0.1% from the quarter before.
Was Centene profitable in the fourth quarter 2025?
Operating loss was $1.7B (-3.5% of revenue) and net loss $1.1B.
Source: Centene 10-K on SEC EDGAR.