Jun 2026 (Q2 FY26) — Jul 28, 2026
Centene Q2 FY26 — Strong Performance Drives Significant EPS Guidance Increase
Read the full callCentene (CNC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Centene earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 53,579 | +9.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 2.2 | +3.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,091 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
10 of 18 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Marketplace book repricing | 100% of the book | Jun 2025 | execute in a very tight window to appropriately reprice our business for 2026, while correctly and conservatively planning for how 2025 would ultimately unfold. | Achieved |
| Adjusted EPS | greater than $3 | Dec 2025 | Thanks to strong first half results, we now expect full year 2026 adjusted diluted earnings per share of greater than $4.80, up from our prior outlook of greater than $3.40 provided during our April update. | Revised Up |
| Marketplace membership | grow | Sep 2024 | Ghosted |
8 of CENTENE CORP's 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Q2 adjusted diluted EPS of $2.51 exceeded expectations.
- Full-year 2026 adjusted diluted EPS guidance raised to greater than $4.80, up from $3.40.
- Marketplace pretax margin guidance improved to 4.5%-5%, from 3%.
- Medicaid 7/1 rates came in better than expected, improving full-year composite rate forecast to 5% from 4.5%.
- Medicare segment delivered outperformance, with PDP pretax margin now expected to be greater than 3%.
Qualified
- Medicaid membership step-down was slightly larger than anticipated, ending Q2 with 12.1 million members.
- Full-year Medicaid membership expected to be down 8%-9% compared to 12/31/25, versus prior view of down 6%.
- Medicare Advantage faces headwinds from artificial cut point increases and program methodology changes in STARS.
- Approximately $0.50 of Q2 EPS linked to 2025 settlements is not expected to recur in 2027.
- Expect a little above breakeven in Q3 and a loss in Q4 due to seasonal sloping of Medicare Part D and Commercial products.
Price
$68.63 −0.77% · −$0.53
Performance +94.6% 1Y
1Y: $35.27 on 17 Oct 2025 → $68.63. High $70.51 (15 Oct 2026), low $31.8 (30 Mar 2026).
- Previous close
- $69.16
- 52-week range
- $31.8 – $70.51
- One year
- +92.73%
Overview
- Symbol
- CNC
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 18 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Marketplace book repricing | 100% of the book | Jun 2025 | execute in a very tight window to appropriately reprice our business for 2026, while correctly and conservatively planning for how 2025 would ultimately unfold. | Achieved |
| Adjusted EPS | greater than $3 | Dec 2025 | Thanks to strong first half results, we now expect full year 2026 adjusted diluted earnings per share of greater than $4.80, up from our prior outlook of greater than $3.40 provided during our April update. | Revised Up |
| Marketplace membership | grow | Sep 2024 | Ghosted |
Claimed
- Q2 adjusted diluted EPS of $2.51 exceeded expectations.
- Full-year 2026 adjusted diluted EPS guidance raised to greater than $4.80, up from $3.40.
- Marketplace pretax margin guidance improved to 4.5%-5%, from 3%.
- Medicaid 7/1 rates came in better than expected, improving full-year composite rate forecast to 5% from 4.5%.
- Medicare segment delivered outperformance, with PDP pretax margin now expected to be greater than 3%.
Qualified
- Medicaid membership step-down was slightly larger than anticipated, ending Q2 with 12.1 million members.
- Full-year Medicaid membership expected to be down 8%-9% compared to 12/31/25, versus prior view of down 6%.
- Medicare Advantage faces headwinds from artificial cut point increases and program methodology changes in STARS.
- Approximately $0.50 of Q2 EPS linked to 2025 settlements is not expected to recur in 2027.
- Expect a little above breakeven in Q3 and a loss in Q4 due to seasonal sloping of Medicare Part D and Commercial products.
The full ledger
Open CENTENE CORP’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Centene Q1 FY26 — Raised full-year EPS on Medicaid and Medicare HBR outperformance
Read the full callDec 2025 (Q4 FY25) — Feb 6, 2026
Centene Q4 FY25 — Strong Q4 Performance and Positive 2026 Outlook with Expected EPS Growth
Read the full callEvery analysed call
Centene earnings calls (CNC)
Financials
What the filings say
Net profit, year on year: +531% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 42,023 | 40,805 | 46,620 | 48,742 | 49,690 | 49,725 | 49,944 | 53,579 |
| Expenses | 41,358 | 40,630 | 45,086 | 49,200 | 56,644 | 51,470 | 48,083 | 52,381 |
| Operating profit | 665 | 175 | 1,534 | -458 | -6,954 | -1,745 | 1,861 | 1,198 |
| Operating margin | 1.6% | 0.4% | 3.3% | −0.9% | −14.0% | −3.5% | 3.7% | 2.2% |
| Interest | 176 | 172 | 170 | 170 | 170 | 168 | 164 | 153 |
| Profit before tax | 921 | 347 | 1,746 | -257 | -6,674 | -1,543 | 2,099 | 1,486 |
| Tax rate | 22.9% | 19.3% | 24.7% | −0.8% | 0.6% | 28.7% | 26.7% | 26.9% |
| Net profit | 713 | 283 | 1,311 | -253 | -6,631 | -1,101 | 1,541 | 1,091 |
| EPS ($ per share) | 1.37 | — | 2.64 | -0.51 | -13.50 | — | 3.13 | 2.21 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 3,663 | 4,984 | 6,792 | 8,139 | 9,341 | 12,043 | 15,348 | 8,674 |
| Total liabilities | 19,878 | 28,302 | 42,757 | 51,353 | 52,633 | 58,685 | 55,935 | 56,691 |
| Fixed assets | 1,706 | 2,121 | 2,774 | 3,391 | 2,432 | 2,019 | 2,067 | 2,037 |
| Investments | 722 | 863 | 1,580 | 1,539 | 2,321 | 2,459 | 2,622 | 2,432 |
| Total assets | 30,901 | 40,994 | 68,719 | 78,375 | 76,870 | 84,641 | 82,445 | 76,747 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,234 | 1,483 | 5,503 | 4,205 | 6,261 | 8,053 | 154 | 5,088 |
| Cash from investing | -4,585 | -1,532 | -6,955 | -3,299 | -2,921 | -1,191 | -1,052 | 472 |
| Cash from financing | 4,612 | 6,832 | 260 | 1,362 | -4,197 | -1,658 | -2,406 | -1,621 |
| Net cash flow | 1,261 | 6,781 | -1,174 | 2,257 | -868 | 5,172 | -3,296 | 3,939 |
| Capital expenditure | -675 | -730 | -869 | -910 | -1,004 | -799 | -644 | -767 |
| Free cash flow | 559 | 753 | 4,634 | 3,295 | 5,257 | 7,254 | -490 | 4,321 |
CNC revenue by segment
Medicare grew from 13% to 21% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Medicaid | 63% | 62% | 57% | 57% | 56% | 95% | 58% | 60% | +14.2% |
| Medicare | 13% | 13% | 19% | 19% | 19% | 33% | 21% | 21% | +17.0% |
| Commercial | 21% | 21% | 22% | 21% | 22% | — | 19% | 17% | -7.1% |
| All Other Segments | 3% | 3% | 3% | 3% | 3% | 4% | 2% | 2% | -2.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CNC operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Medical care ratio | — | — | — | — | 87.3%Our consolidated HBR was 87.3% for Q1.Source: earnings call transcript | 89.6%Our consolidated HBR was 89.6% for Q2, down from 93% in Q2 of 2025.Source: earnings call transcript | +2.3 pt |
| Medical care ratio Medicaid | — | 94.9%Our Medicaid portfolio also fell short of expectations in the second quarter, producing an unanticipated and unacceptable health benefits ratio of 94.9%.Source: earnings call transcript | 93.4%Our third quarter Medicaid HBR was 93.4%, which included $150 million in Florida Children's Medical Services program revenue, of which $90 million or 40 basis points was retro.Source: earnings call transcript | — | 93.1%More importantly, we demonstrated continued progress in the HBR with Q1 at 93.1%, an improvement of 50 basis points from the first quarter of 2025.Source: earnings call transcript | 93.9%In Medicaid, at a 93.9% HBR, we are right on track with our prior forecast and are still expecting a full year HBR of around 93.5%.Source: earnings call transcript | +0.8 pt |
| Medical members Medicaid | — | — | 12.7MMedicaid membership is at $12.7 million, and we would expect slight attrition over the next few quarters.Source: earnings call transcript | 12.5MAs expected, we continue to see slight attrition in membership closing out 2025 at 12.5 million members.Source: earnings call transcript | 12.4MStarting with Medicaid, we ended Q1 with 12.4 million members, slightly down from year-end.Source: earnings call transcript | 12.1MAs some of you have written about, we did continue to see attrition in our Medicaid membership, ending Q2 with 12.1 million members, and we expect some states to continue to trim Medicaid roles leading up to any OB3 implementation in 2027.Source: earnings call transcript | -2.4% |
| Medical members PDP | 7.9MPDP ended the quarter at 7.9 million members, strong growth from 2024.Source: earnings call transcript | 7.8MPDP membership ended the quarter at 7.8 million members, roughly flat on a sequential basis.Source: earnings call transcript | — | — | 8.7M+Our PDP business ended the quarter with just over 8.7 million members, thanks to the team's once again, thoughtful and data-driven approach to bid design and positioning.Source: earnings call transcript | — | — |
| Medical care ratio Medicare | 86.3%Medicare segment HBR was 86.3% in the quarter, which, as we covered in past discussions, is expected to follow an inverted slope line compared to 2024 due to the Inflation Reduction Act program changes.Source: earnings call transcript | — | 94.3%Our reported Medicare segment HBR was 94.3%, reflecting typical cost of care patterns within Medicare Advantage as well as the inverted seasonality of pharmacy costs within PDP, owing largely to changes related to the IRA.Source: earnings call transcript | — | 84.9%Both Medicare Advantage and PDP exceeded expectations, producing an HBR of 84.9%, better than our previous forecast and contributing nicely to the first quarter adjusted EPS B Medicare Advantage, we continue to strategically align our membership with our Medicaid footprint and made great progress on our path to positive earnings.Source: earnings call transcript | 89.5%Medicare segment results were strong in the quarter, including an HBR at 89.5%, inclusive of the 2025 item discussed a minute ago.Source: earnings call transcript | +4.6 pt |
| Medical care ratio Commercial | 75%Q1 Commercial segment HBR at 75.0% was a little higher than last year's 73.3%, driven by 1.9 million new Marketplace Members in Q1.Source: earnings call transcript | — | 89.9%In our Commercial segment, our HBR was on track for Q3 at 89.9%.Source: earnings call transcript | — | — | 79.2%The Commercial segment, led by Marketplace, had a very strong quarter with an HBR of 79.2%, compared to prior year 90.6%, driven by the conversions of 3 positive factors.Source: earnings call transcript | — |
| Medical members Marketplace | — | 5.9MWe reported second quarter Marketplace membership of 5.9 million members as the book continued to grow, driving more than $10 billion of commercial premium and service revenue in the period.Source: earnings call transcript | — | — | 3.58MWe ended the quarter with 3.58 million members right around where we told you we expected to be after navigating sign-ups, payments and effectuation.Source: earnings call transcript | ~3.5MLooking to the rest of 2026, we are jumping off a Q2 membership of roughly 3.5 million members, slightly better than previous expectations, with metal tier distribution, age and other key demographics largely unchanged from our Q1 results.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
51 filings between Dec 3, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$14.63M
5 sales by 2 insiders
Compensation
not trading decisions- 35
- Award — granted as compensation
- 11
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Burdick Kenneth A | — | $7.74M | Jun 10, 2026 |
| KOSTER CHRISTOPHER | — | $6.89M | Aug 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Carson Michael A Group President, Medicare&Spec | Tax withheld | 7,130 | $500.2K |
| Sep 30, 2026 | Tyler Lauren M Director | Award | 482 | $0 |
| Sep 30, 2026 | Samuels Theodore R. II Director | Award | 583 | $0 |
| Sep 30, 2026 | TANJI KENNETH Director | Award | 603 | $0 |
| Sep 30, 2026 | EPPINGER FREDERICK H Director | Award | 864 | $0 |
| Sep 30, 2026 | COUGHLIN CHRISTOPHER J Director | Award | 583 | $0 |
| Sep 15, 2026 | PIENKOS THEODORE J Corporate Controller & CAO | Tax withheld | 1,092 | $75.8K |
| Aug 26, 2026 | KOSTER CHRISTOPHER Secretary & General Counsel | Sale | 56,500 | $3.78M |
| Aug 18, 2026 | KOSTER CHRISTOPHER Secretary & General Counsel | Sale | 47,603 | $3.11M |
| Jul 28, 2026 | DIAZ PAUL J Director | Award | 2,771 | $0 |
| Jul 17, 2026 | Tyler Lauren M Director | Award | 3,155 | $0 |
| Jun 30, 2026 | TANJI KENNETH Director | Award | 581 | $0 |
| Jun 30, 2026 | Samuels Theodore R. II Director | Award | 465 | $0 |
| Jun 30, 2026 | COUGHLIN CHRISTOPHER J Director | Award | 562 | $0 |
| Jun 30, 2026 | Tyler Lauren M Director | Award | 61 | $0 |
| Jun 30, 2026 | EPPINGER FREDERICK H Director | Award | 833 | $0 |
| Jun 15, 2026 | SMITH SUSAN RAYE Chief Operating Officer | Tax withheld | 483 | $31.5K |
| Jun 10, 2026 | Burdick Kenneth A Director | Sale | 80,000 | $5.16M |
| May 12, 2026 | EPPINGER FREDERICK H Director | Award | 6,654 | $0 |
| May 12, 2026 | Dallas H James Director | Award | 3,992 | $0 |
| May 12, 2026 | COUGHLIN CHRISTOPHER J Director | Award | 3,992 | $0 |
| May 12, 2026 | Burdick Kenneth A Director | Award | 3,992 | $0 |
| May 12, 2026 | BLUME JESSICA L. Director | Award | 3,992 | $0 |
| May 12, 2026 | TANJI KENNETH Director | Award | 3,992 | $0 |
| May 12, 2026 | Samuels Theodore R. II Director | Award | 3,992 | $0 |
| May 12, 2026 | FORD MONTE E Director | Award | 3,992 | $0 |
| Apr 15, 2026 | MCNALLY TANYA M Chief People Officer | Tax withheld | 964 | $35.9K |
| Mar 31, 2026 | COUGHLIN CHRISTOPHER J Director | Award | 1,140 | $0 |
| Mar 31, 2026 | TANJI KENNETH Director | Award | 1,179 | $0 |
| Mar 31, 2026 | Samuels Theodore R. II Director | Award | 943 | $0 |
| Mar 31, 2026 | EPPINGER FREDERICK H Director | Award | 1,690 | $0 |
| Mar 15, 2026 | MCNALLY TANYA M Chief People Officer | Tax withheld | 2,785 | $95.9K |
| Mar 15, 2026 | CASSO KATIE Corporate Controller & CAO | Tax withheld | 3,359 | $115.7K |
| Mar 15, 2026 | SMITH SUSAN RAYE Chief Operating Officer | Tax withheld | 2,918 | $100.5K |
| Mar 15, 2026 | Asher Andrew Lynn Chief Financial Officer | Tax withheld | 15,241 | $525.1K |
| Mar 15, 2026 | LONDON SARAH Chief Executive Officer | Tax withheld | 36,061 | $1.24M |
| Mar 15, 2026 | KOSTER CHRISTOPHER Secretary & General Counsel | Tax withheld | 9,087 | $313.0K |
| Jan 26, 2026 | Asher Andrew Lynn Chief Financial Officer | Award | 173,573 | $0 |
| Jan 26, 2026 | KOSTER CHRISTOPHER Secretary & General Counsel | Award | 126,925 | $0 |
| Jan 26, 2026 | LONDON SARAH Chief Executive Officer | Award | 520,720 | $0 |
| Jan 26, 2026 | SMITH SUSAN RAYE Chief Operating Officer | Award | 112,823 | $0 |
| Jan 26, 2026 | CASSO KATIE Corporate Controller & CAO | Award | 26,036 | $0 |
| Jan 26, 2026 | MCNALLY TANYA M Chief People Officer | Award | 74,311 | $0 |
| Jan 15, 2026 | MCNALLY TANYA M Chief People Officer | Tax withheld | 725 | $33.5K |
| Dec 31, 2025 | Burdick Kenneth A Director | Award | 729 | $0 |
| Dec 31, 2025 | TANJI KENNETH Director | Award | 790 | $0 |
| Dec 31, 2025 | Samuels Theodore R. II Director | Award | 608 | $0 |
| Dec 31, 2025 | COUGHLIN CHRISTOPHER J Director | Award | 729 | $0 |
| Dec 31, 2025 | EPPINGER FREDERICK H Director | Award | 608 | $0 |
| Dec 4, 2025 | Burdick Kenneth A Director | Sale | 32,796 | $1.28M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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