CNC · 10-Q · 2026Q1 · Full report
Operating Cash Flow Improvement
CENTENE CORP · 2026-04-28 · Importance 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 notes temporary timing benefits in payments contributed to the quarter's cash flows, partially offset by establishment of 2026 CMS PDP receivables and a delayed premium payment from a state partner that was subsequently received in April 2026. The company expects operating cash, available revolver capacity and investments to be sufficient for at least 12 months from filing.
Key facts
- Operating cash flows provided cash of $4.366 billion in Q1 2026, compared to $1.510 billion in Q1 2025.
- Cash flows provided by operations in Q1 2026 were driven by net earnings, the partial sale of 2025 CMS PDP receivables, and temporary timing of payments, partially offset by establishment of 2026 CMS PDP receivables and a delay in premium payments from one state partner subsequently received in April 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +3.5% | Operating cash flows provided cash of $4.366 billion in Q1 2026, compared to $1.510 billion in Q1 2025. |