Companies · CNC
Centene Corporation
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Latest analysis
Updated Oct 27, 2026
Centene raises 2026 EPS guidance to >$5.20 on Medicare and Marketplace outperformance, one year ahead of MA breakeven target
Centene delivered Q3 2026 adjusted diluted EPS of $0.58, ahead of expectations, driven by Medicare segment outperformance — particularly standalone Part D — and continued Marketplace margin recovery now tracking to a full-year 5.0% pretax margin, the top of prior guidance. Management raised full-year adjusted EPS guidance from >$4.80 to >$5.20 and confirmed Medicare Advantage will reach breakeven in 2026, a full year ahead of the multi-year plan. Medicaid HBR of 93.6% tracks the full-year 93.5% target with membership expected to decline 8-9% year-over-year by year-end 2026 as OB3 eligibility terminations and Florida CMS roll-off take effect; management sees early positive signals in state rate negotiations for the January 1 cohort.
Tone: bullishRevenue
$194.8B
CNC 10-K · FY 2025
Employees
61,100
Revenue FY2024
$163.1B
Founded
1984
Profile
CNC 10-K Item 1 · Feb 17, 2026Centene Corporation is the nation's largest managed care organization focused on underserved populations, operating government-sponsored health programs across Medicaid, Medicare, and the ACA Health Insurance Marketplace. The company serves more than 1 in 15 Americans through local health plans backed by national scale, delivering coverage across four segments: Medicaid, Medicare, Commercial, and Other. Its model emphasizes community-based partnerships, value-based provider arrangements, and data-driven care management for low-income and complex populations.
Read filing description ↓ Collapse description ↑
Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company focused on underserved populations, Centene is committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace. Centene provides access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well. We believe the best way to deliver healthcare is with a personal approach, with local brands and local teams who live in, care about and directly influence the communities they serve. Our state-based plans are built on community expertise and backed by the depth, breadth, and experience of a leading national company. Our model is structured around partnership. By working hand-in-hand with providers, policymakers, and communities, we connect people to what matters most - not just healthcare, but essentials like food, housing, utilities, and transportation - to drive meaningful health outcomes. With our scale and expertise, we are not only improving lives but also shaping the future of healthcare. From leveraging data to drive better outcomes across the nation to creating innovative programs to address barriers to care, we hope to redefine the healthcare experience. Our data and insights give us a powerful opportunity to anticipate needs, personalize care, and build a more affordable and effective healthcare system for tomorrow. During 2025, we operated in four segments: Medicaid, Medicare, Commercial and Other.
Primary products
- Medicaid managed care
- Medicare Advantage
- Dual Eligible Special Needs Plans (D-SNPs)
- Medicare Prescription Drug Plans (PDP)
- Medicare Supplement
- Health Insurance Marketplace (Ambetter Health)
Business segments
End markets
Geographies
Named customers
Our Medicaid contracts with the states of Florida and New York accounted for approximately 10% or more of our consolidated Medicaid premium revenues individually in the year ended December 31, 2025.
“We are the nation's largest Medicaid and Marketplace insurer, as well as the largest stand-alone PDP provider.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total external revenues increased from $163.1 billion in 2024 to $194.8 billion in 2025, driven primarily by growth across the Medicaid and Commercial segments.
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