CNC · Full Picture

CENTENE CORP — the full picture

Earnings window · 2026-04-07 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Revenue Performance and Mix · Revenue growth & mixPriority 60
    quote_verified
    Q2 2026 revenue: US$53,579 million.
  2. Debt repurchase program · Debt, leverage & refinancingPriority 52
    +0.5% liability; 2 sources (news, sec_filing); 2 forward row(s); quote_verified
    The company announced a partial US$500 million redemption of its 2027 notes.
  3. Medicare Revenue Growth · Revenue growth & mixPriority 51
    +7.9% revenue (realized)
    Medicare total revenues increased 18% in Q1 2026 compared to Q1 2025.
  4. Guidance / Outlook · Guidance & outlookPriority 45
    3 forward row(s); quote_verified
    The company's expected revenue for the next quarter is $47.11 billion.
  5. Outstanding Indebtedness · Debt, leverage & refinancingPriority 45
    qualitative only
    Revolving Credit Facility principal amount: $4.0 billion; Term Loan Facility principal amount: $2.0 billion.
  6. Medicaid policy changes · UnclassifiedPriority 44
    5 forward row(s)
    New York will terminate its Essential Plan-5 by July 1, 2026, which provided state-subsidized healthcare for individuals from 200% to 250% of the FPL.
  7. Part D Receivables Financing · Working capitalPriority 44
    qualitative only
    In March 2026, Centene sold a participating interest of $1.0 billion of 2025 plan year stand-alone Part D risk-sharing programs receivables and received net cash proceeds of $970 million, resulting in a pre-tax loss on sale of receivables of $30 million recorded in SG&A.
  8. Part D receivable purchase program · Working capitalPriority 44
    qualitative only
    In February 2026 Centene entered into a master receivable purchase agreement that permits offering up to $4.25 billion of 2025 plan year stand-alone Part D risk-sharing programs receivables to a purchaser.
  9. Capital Return Program · Buybacks & dividendsPriority 43
    qualitative only
    Stock repurchase program authorized in 2023: up to a cumulative total of $10.0 billion; $1.8 billion available under the program as of March 31, 2026.
  10. Medical Cost Trend / Benefit Ratio · Input & product costsPriority 42
    qualitative only
    SG&A expense ratio for Q1 2026: 7.6%, compared to 7.9% for Q1 2025.
  11. Medicare Part D changes · UnclassifiedPriority 42
    2 forward row(s)
    Starting in 2026, CMS created a Drug Subsidy to compensate plans for the loss of the Manufacturer Discount Program for maximum fair price drugs.
  12. Operating Cash Flow Improvement · Cash flow generationPriority 41
    +3.5% cash (realized)
    Operating cash flows provided cash of $4.366 billion in Q1 2026, compared to $1.510 billion in Q1 2025.

Threads by pillar

Revenue & Demand Priority 75 · 4 threads

Costs & Margins Priority 48 · 2 threads

Capital & Balance Sheet Priority 79 · 7 threads

Strategy & Portfolio Priority 42 · 2 threads

Legal, Regulatory & Policy Priority 19 · 1 thread

Guidance & Outlook Priority 45 · 1 thread

Unclassified Priority 74 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
cash+0.3%+2.6%+3.5%
assets+0.6%+0.6%+1.5%
liability+0.5%+0.5%—
operating_income——+0.7%
revenue——+13.3%