CNC · Healthcare

CENTENE CORP

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Revenue Performance and MixImportance 60 · Surprise 24
  Centene reported second-quarter 2026 revenue of $53,579 million and net income of $1,091 million. The company’s Q2 adjusted EPS was reported at $2.51, exceeding the $2.21 analyst expectation. Centene raised its…
• Guidance / OutlookImportance 51 · Surprise 60
  Centene raised its full-year 2026 guidance after reporting second-quarter results. Management’s adjusted EPS guidance was raised to more than $4.80, with the improved outlook attributed largely to expected Medicaid…

News · 2026-08-06

• Revenue Performance and MixImportance 60 · Surprise 24
  Centene reported second-quarter 2026 revenue of $53,579 million and net income of $1,091 million. The company’s Q2 adjusted EPS was reported at $2.51, exceeding the $2.21 analyst expectation. Centene raised its…
• Guidance / OutlookImportance 51 · Surprise 60
  Centene raised its full-year 2026 guidance after reporting second-quarter results. Management’s adjusted EPS guidance was raised to more than $4.80, with the improved outlook attributed largely to expected Medicaid…
• Debt Repurchase ProgramImportance 40 · Surprise 42
  Centene announced a partial redemption of its 2027 senior notes. The redemption amount was $500 million, reducing the company’s near-term debt outstanding. The transaction was reported alongside the company’s Q2 2026…

10-Q · 2026-04-28

• Liquidity and cash positionImportance 83 · Surprise 82
  Operating activities provided cash of $4.4 billion in the three months ended March 31, 2026, compared to $1.5 billion in the prior year period, driven by net earnings, the partial sale of 2025 CMS PDP receivables, and…
• Operating Cash Flow ImprovementImportance 77 · Surprise 82
  Operating cash flows improved materially in Q1 2026 to $4.4 billion from $1.5 billion in Q1 2025, an increase of $2.9 billion driven by net earnings and the partial sale of 2025 CMS PDP receivables. Management also…
• Medicare Revenue GrowthImportance 74 · Surprise 58
  Medicare total revenues were $10,326 million in Q1 2026, an 18% increase versus $8,759 million in Q1 2025, primarily driven by increased PDP premiums and PDP membership.,Medicare PDP membership was 8,780,600 at March 31, 2026, up from 7,867,800 at March 31, 2025, contributing meaningfully to premium yield and revenue growth.,Medicare gross margin rose $350 million in Q1 2026 versus Q1 2025, aided by rate increases and the absence of a premium deficiency reserve (PDR) in 2026 that had been present in 2025.
• Medicare PDP Growth / Gross MarginImportance 74 · Surprise 58
  Centene's Medicare segment revenues rose 18% year‑over‑year in Q1 2026, primarily driven by higher stand‑alone Medicare PDP premiums and increased PDP membership. Medicare PDP membership reached 8.78 million and…
• Medicare Part D changesImportance 74 · Surprise 84
  The Inflation Reduction Act materially changed Medicare Part D starting in 2025, including elimination of the coverage gap and capping members' annual out‑of‑pocket costs at $2,100 in 2026, shifting cost‑sharing among…
• Outstanding IndebtednessImportance 69 · Surprise 50
  As of March 31, 2026, Centene had $14.5 billion aggregate principal amount of senior notes issued and outstanding, with maturities between December 2027 and August 2031.,During Q1 2026 the company repurchased $1.0 billion par value of Senior Notes under its senior note repurchase program (program increase authorized February 2026) and had $484 million available under that debt repurchase program as of March 31, 2026.,Centene had $2.0 billion outstanding under its Term Loan Facility, no borrowings under its $4.0 billion Revolving Credit Facility, $113 million of letters of credit outstanding, surety bonds of $787 million, and a debt‑to‑capital ratio of 43.2% at March 31, 2026 (down from 46.5% at December 31, 2025).
• Part D Receivables FinancingImportance 65 · Surprise 60
  Centene has a master receivable purchase agreement (February 2026 Receivable Purchase Agreement) that permits selling up to $4.25 billion of 2025 plan year stand‑alone Part D risk‑sharing program receivables; $3.0…
• Medicaid policy changesImportance 65 · Surprise 60
  The One Big Beautiful Bill Act (OBBBA), passed in July 2025, includes requirements that may reduce Medicaid Expansion eligibility by requiring work or community engagement and more frequent eligibility…
• Part D receivable purchase programImportance 65 · Surprise 60
  In February 2026 Centene entered into a master receivable purchase agreement permitting the company to offer up to the full amount of its 2025 plan year stand‑alone Part D risk‑sharing programs receivable for sale,…
• Marketplace Pricing and ICHRA StrategyImportance 60 · Surprise 74
  Centene cites expiration of enhanced APTCs and changes from the Final Rule as drivers of higher Marketplace morbidity and reduced membership; in response it implemented corrective pricing actions for 2026 covering 95%…
• Marketplace APTC changesImportance 59 · Surprise 60
  Enhanced Advance Premium Tax Credits (APTCs) initially expanded under ARPA and extended by the Inflation Reduction Act expired at the end of 2025, reducing subsidy levels available in the Health Insurance Marketplace.…
• Dual‑eligible D‑SNP integrationImportance 59 · Surprise 60
  CMS finalized rules in its calendar year 2025 Medicare and Part D policy requiring dually enrolled Medicare and Medicaid beneficiaries to receive integrated care through the Medicaid company's Medicare Advantage Dual…
• Medical Cost Trend / Benefit RatioImportance 58 · Surprise 42
  Centene reports elevated medical cost trends driven by increasing medical demand, expanded access to care from state program changes (including carve-ins for behavioral health and home and community-based services),…
• Divestiture of Magellan AssetsImportance 58 · Surprise 68
  In December 2025 Centene signed a definitive agreement to divest the remaining Magellan Health businesses.,Other segment revenues decreased 8% in Q1 2026 versus Q1 2025 driven by Magellan Health, and the company recorded adjustments to previously reported gains related to Magellan Rx totaling $10 million.,The divestiture is explicitly referenced as a completed definitive agreement (December 2025) and is expected to materially affect Other segment composition and related revenue recognition going forward.
• Membership / Enrollment TrendsImportance 57 · Surprise 50
  Managed care membership declined by 1.7 million, or (6)%, from March 31, 2025 to March 31, 2026, to 26.2729 million members as of March 31, 2026. Marketplace membership fell sharply to 3.5822 million from 5.6260…
• Receivable Purchase AgreementImportance 53 · Surprise 60
  In February 2026 Centene entered into a master receivable purchase agreement to offer up to the full amount of its 2025 plan year stand‑alone Part D risk‑sharing programs receivable to a purchaser, with the purchaser not obligated to accept any offer.,The purchase price for each purchased portion is the net estimated invoice amount minus a discount determined by reference to SOFR plus a spread, and Centene acts as servicer for transferred receivables; the maximum outstanding purchase amount permitted is $4.25 billion.,In March 2026 Centene sold a participating interest of $1.0 billion of 2025 plan year Part D receivables and received net cash proceeds of $970 million, recording a pre‑tax loss on sale of receivables of $30 million; as of March 31, 2026 there were $3.0 billion of eligible receivables outstanding and $3.25 billion remaining under the agreement.
• Medicaid Contract Awards and ProtestsImportance 51 · Surprise 42
  Centene began several state Medicaid contracts in late 2024–2026 including SilverSummit (Nevada ALTCS expansion into rural/frontier areas), Health Net Community Solutions (Medi‑Cal dental in Los Angeles and…
• State Medicaid contracts & protestsImportance 51 · Surprise 42
  Centene disclosed multiple state Medicaid contract commencements and procurements: SilverSummit began a Nevada Medicaid managed care contract in January 2026 (five‑year term plus an optional two‑year extension), Health…
• Capital Return ProgramImportance 50 · Surprise 24
  The Board authorized up to a cumulative $10.0 billion of common stock repurchases in 2023; Centene made no stock repurchases in Q1 2026 and had $1.8 billion available under the program as of March 31, 2026.,The company reserves the right to discontinue the repurchase program and has not placed a duration on the program as of the filing date.,Separately, a Board‑authorized senior note debt repurchase program (originally $1.0 billion in 2022) was increased by $1.0 billion in February 2026 to support debt repurchases.
• Medicaid Revenue GrowthImportance 49 · Surprise 32
  Medicaid total revenues were $28,885 million in Q1 2026, up 9% from $26,430 million in Q1 2025, driven primarily by state‑directed payments and rate increases.,Medicaid membership on March 31, 2026 was 12,426,900 members, down from 12,958,800 at March 31, 2025, with revenue gains partially offset by lower membership due to post‑PHE eligibility redeterminations.,Medicaid gross margin increased by $186 million in Q1 2026 versus Q1 2025, primarily due to rate/revenue increases and tangible progress managing medical costs.
• Medicaid Revenue and Acuity TrendsImportance 49 · Surprise 32
  Medicaid total revenues increased 9% in Q1 2026 to $28.9 billion, driven primarily by state‑directed payments and rate increases intended to reflect higher acuity and medical cost trends. These revenue increases were…
• Debt repurchase programImportance 45 · Surprise 42
  Centene has a senior note debt repurchase program originally authorized at $1.0 billion in 2022; in February 2026 the Board authorized a $1.0 billion increase to the program. During Q1 2026 the company repurchased $1.0…
• Medicare Star Ratings ImpactImportance 43 · Surprise 32
  Centene reports improved Medicare Advantage Star Ratings exposure: approximately 60% of its Medicare Advantage membership was enrolled in plans rated 3.5 stars or higher in the October 2025 CMS release (including ~20%…
• Quarterly Results SnapshotImportance 42 · Surprise 14
  Total revenues were $49.9 billion for the three months ended March 31, 2026, representing 7% growth year‑over‑year compared to $46.6 billion in Q1 2025.,Premium and service revenues were $44.7 billion in Q1 2026, a 5% increase versus Q1 2025, and operating cash flows provided $4.4 billion in the quarter compared to $1.5 billion in Q1 2025.,GAAP diluted EPS attributable to Centene was $3.11 for Q1 2026 and adjusted diluted EPS was $3.37 for the quarter; HBR was 87.3% and the SG&A expense ratio was 7.6% for Q1 2026.
• Regulatory capital & dividend restrictionsImportance 12 · Surprise 6
  Centene's regulated insurance subsidiaries must comply with state statutory capital requirements, dividend restrictions and other regulatory constraints that limit transfers of cash to the parent without regulatory…