Centene Corporation (CNC) Income Statement
CNC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCNC revenue and net income
Where CNC's revenue goes
2025Each bar shows an amount and its share of revenue. CNC kept −3.4% of revenue as net income.
CNC profit margins
CNC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.4% | +10.5% | +11.9% | +23.9% |
| Gross profit | +41.6% | +12.7% | +9.4% | +24.1% |
| Operating income | −339.9% | — | — | — |
| Net income | −301.9% | — | — | — |
| EPS (diluted) | −71.1% | −29.1% | −16.3% | +3.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CNC quarterly EPS vs estimates
Centene beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.07).
CNC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $194.78B | $163.07B | $154.00B | $144.55B | $125.98B | $111.11B | $74.64B | $60.12B | $48.38B | $40.61B |
| Cost of revenue | $170.94B | $146.24B | $122.46B | $127.89B | $111.78B | $95.90B | $65.80B | $51.70B | $42.58B | $35.06B |
| Gross profit | $23.83B | $16.83B | $31.54B | $16.66B | $14.20B | $15.22B | $8.84B | $8.42B | $5.80B | $5.54B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $13.26B | $12.40B | $12.27B | $20.92B | $10.73B | $11.34B | $6.53B | $6.75B | $4.45B | $4.13B |
| Total operating expenses | $31.45B | $13.65B | $28.61B | $15.34B | $12.41B | $12.13B | $7.06B | $6.96B | $4.60B | $4.28B |
| Operating income | −$7.62B | $3.17B | $2.93B | $1.32B | $1.78B | $3.08B | $1.78B | $1.46B | $1.20B | $1.26B |
| Interest income | $678.0M | $702.0M | $725.0M | $665.0M | $665.0M | $728.0M | $412.0M | $343.0M | $255.0M | $217.0M |
| Interest expense | $678.0M | $702.0M | $725.0M | $665.0M | $665.0M | $728.0M | $412.0M | $343.0M | $255.0M | $217.0M |
| Income before taxes | −$6.73B | $4.26B | $3.60B | $1.96B | $1.81B | $2.77B | $1.78B | $1.37B | $1.13B | $1.16B |
| Income taxes | −$51.0M | $963.0M | $899.0M | $760.0M | $477.0M | $979.0M | $473.0M | $474.0M | $326.0M | $599.0M |
| Net income | −$6.67B | $3.31B | $2.70B | $1.20B | $1.35B | $1.81B | $1.32B | $900.0M | $828.0M | $562.0M |
| EBITDA | −$5.14B | $6.20B | $2.93B | $4.18B | $3.95B | $4.76B | $2.84B | $2.21B | $1.75B | $1.66B |
| EPS (diluted) | $2.05 | $7.10 | $6.66 | $5.76 | $5.15 | $4.98 | $4.42 | $3.58 | $2.53 | $2.18 |
| Gross margin | 12.2% | 10.3% | 20.5% | 11.5% | 11.3% | 13.7% | 11.8% | 14.0% | 12.0% | 13.7% |
| Operating margin | −3.9% | 1.9% | 1.9% | 0.9% | 1.4% | 2.8% | 2.4% | 2.4% | 2.5% | 3.1% |
| Net margin | −3.4% | 2.0% | 1.8% | 0.8% | 1.1% | 1.6% | 1.8% | 1.5% | 1.7% | 1.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.38B | $49.94B | $49.73B | $49.69B | $48.74B | $46.62B | $40.80B | $42.02B | $39.84B | $40.41B | $39.46B | $38.04B |
| Cost of revenue | $39.76B | $39.01B | $42.18B | $41.55B | $45.80B | $41.42B | $37.09B | $37.99B | $35.41B | $35.76B | $35.80B | $33.49B |
| Gross profit | $4.62B | $10.94B | $7.55B | $8.14B | $2.95B | $5.20B | $3.72B | $4.04B | $4.43B | $4.64B | $3.66B | $4.55B |
| Sales, general & admin | $3.10B | $3.40B | $3.73B | $3.15B | $3.04B | $3.35B | $3.23B | $3.06B | $2.89B | $3.22B | $3.49B | $3.05B |
| Total operating expenses | $3.24B | $9.08B | $9.29B | $15.09B | $3.40B | $3.67B | $3.54B | $3.37B | $3.20B | $3.54B | $3.85B | $3.82B |
| Operating income | $1.38B | $1.86B | −$1.74B | −$6.95B | −$458.0M | $1.53B | $175.0M | $665.0M | $1.23B | $1.11B | −$194.0M | $735.0M |
| Interest income | — | — | $168.0M | $170.0M | $170.0M | $170.0M | $172.0M | $176.0M | — | — | — | $181.0M |
| Interest expense | $153.0M | $164.0M | $168.0M | $170.0M | $170.0M | $170.0M | $172.0M | $176.0M | $176.0M | $178.0M | $183.0M | $181.0M |
| Income before taxes | $1.49B | $2.10B | −$1.54B | −$6.67B | −$257.0M | $1.75B | $347.0M | $921.0M | $1.52B | $1.47B | $24.0M | $768.0M |
| Income taxes | $399.0M | $560.0M | −$443.0M | −$42.0M | $2.0M | $432.0M | $67.0M | $211.0M | $370.0M | $315.0M | −$15.0M | $293.0M |
| Net income | $1.09B | $1.54B | −$1.10B | −$6.63B | −$253.0M | $1.31B | $283.0M | $713.0M | $1.15B | $1.16B | $45.0M | $469.0M |
| EBITDA | $1.94B | $2.56B | −$1.05B | −$6.19B | $228.0M | $2.23B | $833.0M | $1.41B | $2.00B | $1.96B | $522.0M | $1.28B |
| EPS (diluted) | $2.51 | $3.37 | −$1.19 | $0.50 | −$0.16 | $2.90 | $0.80 | $1.62 | $2.42 | $2.26 | $0.45 | $2.00 |
| Gross margin | 10.4% | 21.9% | 15.2% | 16.4% | 6.0% | 11.2% | 9.1% | 9.6% | 11.1% | 11.5% | 9.3% | 12.0% |
| Operating margin | 3.1% | 3.7% | −3.5% | −14.0% | −0.9% | 3.3% | 0.4% | 1.6% | 3.1% | 2.7% | −0.5% | 1.9% |
| Net margin | 2.5% | 3.1% | −2.2% | −13.3% | −0.5% | 2.8% | 0.7% | 1.7% | 2.9% | 2.9% | 0.1% | 1.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CNC's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CNC financial results
In fiscal year 2025 (ended December 31, 2025), Centene reported revenue of $194.8 billion, up 19.4% from the year before. It had a net loss of $6.7 billion, a net profit margin of −3.4%. Diluted earnings per share came to $2.05. Over five years revenue grew at an average rate of 11.9% a year.
See the CNC stock overview for the latest quote and news, or the CNC chart for price history and technical indicators.
CNC income statement FAQ
What is Centene's annual revenue?
Centene reported total revenue of $194.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 19.4% from $163.1 billion the previous year.
Is Centene profitable?
No. Centene reported a net loss of $6.7 billion in fiscal 2025, a net profit margin of −3.4%; its operating margin was −3.9%.
What is Centene's gross margin?
Centene's gross margin was 12.2% in fiscal 2025: for every $100 of revenue, Centene kept $12 after the direct cost of its products and services.
How fast is Centene growing?
Revenue grew 11.9% a year on average over the last five fiscal years, from $111.1 billion to $194.8 billion.
What are Centene's earnings per share?
Centene earned $2.05 per diluted share in fiscal 2025, compared with $7.10 a year earlier.
When will Centene report its next earnings?
Centene is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Centene's fiscal year end?
Centene's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.