Centene Corporation (CNC) Cash Flow Statement
Where CNC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.09B +3,203.9% vs 2024
- Capital expenditures
- $767.0M 0.4% of revenue
- Free cash flow
- $4.32B 2.2% margin
- Returned to shareholders
- $475.0M 11% of free cash flow
- Change in cash
- $3.83B cash at year-end $17.96B
Cash from operations
$5.09B
Capital expenditures
−$767.0M
Investments (net)
+$1.24B
Share buybacks (net)
−$475.0M
Net borrowing (repayment)
−$1.15B
Shares issued
+$37.0M
Currency & other
−$152.0M
Change in cash
$3.83B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CNC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CNC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.85B2016 | $5.09B2025 | +11.9%/yr | |
| Capital expenditures | $306.0M2016 | $767.0M2025 | +10.7%/yr | |
| Free cash flow | $1.54B2016 | $4.32B2025 | +12.1%/yr | |
| Free cash flow margin | 3.8%2016 | 2.2%2025 | −1.6 pts | |
| Operating cash flow / net income | 3.302016 | 0.052024 | −3.25 | |
| Stock-based compensation | $148.0M2016 | $204.0M2025 | +3.6%/yr | |
| Dividends paid | $02016 | $88.0M2023 | — | |
| Share buybacks (net) | $63.0M2016 | $475.0M2025 | +25.2%/yr | |
| Capex / revenue | 0.8%2016 | 0.4%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CNC cash flow by activity
OperatingInvestingFinancingChange in cash
CNC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CNC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$6.68B | $3.29B | $2.70B | $1.20B | $1.34B | $1.79B | $1.31B | $894.0M | $808.0M | $561.0M |
| Depreciation & amortization | $1.27B | $1.24B | $1.29B | $1.55B | $1.48B | $1.26B | $643.0M | $495.0M | $361.0M | $278.0M |
| Stock-based compensation | $204.0M | $212.0M | $216.0M | $234.0M | $203.0M | $281.0M | $177.0M | $145.0M | $135.0M | $148.0M |
| Change in working capital | $823.0M | −$4.51B | $3.37B | $2.19B | $1.38B | $2.19B | −$1.00B | −$171.0M | $294.0M | $784.0M |
| Other non-cash items | $9.46B | −$78.0M | $468.0M | $1.08B | −$186.0M | −$26.0M | $356.0M | −$129.0M | −$109.0M | $80.0M |
| Cash from operating activities | $5.09B | $154.0M | $8.05B | $6.26B | $4.21B | $5.50B | $1.48B | $1.23B | $1.49B | $1.85B |
| Investing activities | ||||||||||
| Capital expenditures | −$767.0M | −$644.0M | −$799.0M | −$1.00B | −$910.0M | −$869.0M | −$730.0M | −$675.0M | −$422.0M | −$306.0M |
| Investments (net) | $1.24B | −$1.05B | −$21.0M | −$2.92B | −$3.30B | −$2.48B | −$766.0M | −$1.85B | −$805.0M | −$794.0M |
| Acquisitions & other investing | −$19.0M | $644.0M | −$459.0M | $1.00B | $910.0M | −$3.60B | −$36.0M | −$2.06B | −$38.0M | −$1.30B |
| Cash from investing activities | $453.0M | −$1.05B | −$1.28B | −$2.92B | −$3.30B | −$6.96B | −$1.53B | −$4.58B | −$1.26B | −$2.40B |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$88.0M | — | −$35.0M | — | — | −$6.08B | −$66.0M | $0 |
| Share repurchases & issuance (net) | −$475.0M | −$3.12B | −$1.63B | −$3.10B | −$297.0M | −$626.0M | −$75.0M | −$71.0M | −$65.0M | −$63.0M |
| Net borrowing (repayment) | −$1.15B | $678.0M | $19.0M | −$1.14B | $1.83B | $839.0M | $6.87B | $1.97B | $44.0M | $2.79B |
| Shares issued | $37.0M | $46.0M | $40.0M | $70.0M | $35.0M | $0 | $0 | $2.78B | $0 | $0 |
| Other financing | −$19.0M | −$6.0M | $92.0M | −$27.0M | −$174.0M | $47.0M | $16.0M | $6.09B | $71.0M | −$14.0M |
| Cash from financing activities | −$1.60B | −$2.41B | −$1.57B | −$4.20B | $1.36B | $260.0M | $6.81B | $4.69B | −$16.0M | $2.72B |
| Summary | ||||||||||
| Net change in cash | $3.83B | −$3.13B | $5.12B | −$1.04B | $2.32B | −$1.32B | $6.78B | $1.27B | $142.0M | $2.17B |
| Cash at end of period | $17.96B | $14.06B | $17.19B | $12.07B | $13.12B | $10.80B | $12.12B | $5.34B | $4.07B | $3.93B |
| Free cash flow | $4.32B | −$490.0M | $7.25B | $5.26B | $3.29B | $4.63B | $753.0M | $559.0M | $1.07B | $1.54B |
| Free cash flow margin | 2.2% | −0.3% | 4.7% | 3.6% | 2.6% | 4.2% | 1.0% | 0.9% | 2.2% | 3.8% |
| Capex / revenue | 0.4% | 0.4% | 0.5% | 0.7% | 0.7% | 0.8% | 1.0% | 1.1% | 0.9% | 0.8% |
| Operating cash flow / net income | — | 0.05 | 2.98 | 5.21 | 3.15 | 3.07 | 1.13 | 1.38 | 1.84 | 3.30 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.09B | $1.54B | −$1.10B | −$6.63B | −$259.0M | $1.31B | $275.0M | $710.0M | $1.15B | $1.16B | $45.0M | $475.0M |
| Depreciation & amortization | $300.0M | $300.0M | $329.0M | $317.0M | $315.0M | $314.0M | $314.0M | $313.0M | $306.0M | $308.0M | $315.0M | $328.0M |
| Stock-based compensation | $59.0M | $67.0M | $58.0M | $52.0M | $35.0M | $59.0M | $31.0M | $49.0M | $62.0M | $70.0M | $49.0M | $50.0M |
| Change in working capital | $2.50B | $1.74B | $723.0M | −$1.55B | $1.72B | −$165.0M | −$1.21B | −$2.03B | $739.0M | −$2.01B | −$179.0M | −$536.0M |
| Other non-cash items | $424.0M | −$46.0M | $428.0M | $9.17B | −$23.0M | −$12.0M | $5.0M | −$17.0M | −$78.0M | $12.0M | −$13.0M | $704.0M |
| Cash from operating activities | $4.37B | $3.60B | $437.0M | $1.36B | $1.78B | $1.51B | −$587.0M | −$978.0M | $2.17B | −$456.0M | $217.0M | $1.02B |
| Investing activities | ||||||||||||
| Capital expenditures | −$174.0M | −$200.0M | −$213.0M | −$211.0M | −$208.0M | −$135.0M | −$154.0M | −$153.0M | −$186.0M | −$151.0M | −$223.0M | −$136.0M |
| Investments (net) | −$179.0M | $289.0M | $873.0M | $1.24B | −$899.0M | −$529.0M | $102.0M | −$839.0M | −$1.17B | $852.0M | −$949.0M | $435.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $192.0M | $208.0M | $135.0M | $154.0M | $153.0M | $186.0M | $151.0M | $222.0M | −$541.0M |
| Cash from investing activities | −$353.0M | $89.0M | $660.0M | $1.22B | −$899.0M | −$529.0M | $102.0M | −$839.0M | −$1.17B | $852.0M | −$950.0M | −$242.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$1.0M | −$889.0M |
| Share repurchases & issuance (net) | −$4.0M | −$29.0M | −$2.0M | −$444.0M | −$432.0M | −$41.0M | −$943.0M | −$1.23B | −$803.0M | −$151.0M | −$31.0M | −$774.0M |
| Net borrowing (repayment) | −$258.0M | −$1.05B | −$187.0M | −$1.0M | −$749.0M | −$208.0M | $922.0M | −$29.0M | — | — | — | $241.0M |
| Shares issued | $8.0M | $10.0M | $8.0M | $11.0M | $8.0M | $10.0M | $9.0M | $12.0M | $11.0M | $14.0M | $12.0M | $11.0M |
| Other financing | −$5.0M | $2.0M | −$6.0M | $443.0M | −$1.0M | −$11.0M | −$1.0M | −$1.0M | −$379.0M | $160.0M | −$180.0M | $887.0M |
| Cash from financing activities | −$259.0M | −$1.06B | −$187.0M | $9.0M | −$1.17B | −$250.0M | −$13.0M | −$1.25B | −$1.17B | $23.0M | −$200.0M | −$524.0M |
| Summary | ||||||||||||
| Net change in cash | $3.76B | $2.63B | $830.0M | $2.54B | −$302.0M | $752.0M | −$514.0M | −$3.03B | $20.0M | $392.0M | −$997.0M | $922.0M |
| Cash at end of period | $24.25B | $20.59B | $17.89B | $17.06B | $14.51B | $14.81B | $14.06B | $14.58B | $17.61B | $17.59B | $17.19B | $18.45B |
| Free cash flow | $4.20B | $3.40B | $224.0M | $1.15B | $1.58B | $1.38B | −$741.0M | −$1.13B | $1.99B | −$607.0M | −$6.0M | $885.0M |
| Free cash flow margin | 9.5% | 6.8% | 0.5% | 2.3% | 3.2% | 2.9% | −1.8% | −2.7% | 5.0% | −1.5% | −0.0% | 2.3% |
| Capex / revenue | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.5% | 0.4% | 0.6% | 0.4% |
| Operating cash flow / net income | 4.02 | 2.34 | — | — | — | 1.15 | −2.13 | −1.38 | 1.90 | −0.39 | 4.82 | 2.15 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CNC cash generation
In fiscal 2025 (ended December 31, 2025), Centene generated $5.1 billion of cash from operations (up 3,203.9%) and spent $767.0 million on capital expenditures, leaving free cash flow of $4.3 billion, 2.2% of revenue. It returned $475.0 million to shareholders through dividends ($0) and net share buybacks ($475.0 million). Cash and equivalents rose by $3.8 billion over the year.
Related: CNC income statement, CNC balance sheet. See the CNC stock overview for the latest quote and news.
CNC cash flow FAQ
What is Centene's free cash flow?
Centene's free cash flow was $4.3 billion in fiscal 2025: $5.1 billion of operating cash flow minus $767.0 million of capital expenditures It was -$490.0 million a year earlier..
How much cash does Centene generate from operations?
Centene generated $5.1 billion of cash from operating activities in fiscal 2025.
How much does Centene spend on capital expenditures?
Centene spent $767.0 million on capital expenditures in fiscal 2025, 0.4% of revenue, compared with $644.0 million the year before.
How much stock does Centene buy back?
Centene spent $475.0 million on net share repurchases in fiscal 2025.