CNC · 10-Q · 2026Q1 · Full report

Debt repurchase program

CENTENE CORP · 2026-04-28 · Importance 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 billion of par value Senior Notes due 2027 (resulting in a $5 million pre‑tax loss recorded as debt extinguishment) and financing activities used $1.063 billion of cash in the quarter primarily for those repurchases. As of March 31, 2026 there was $484 million available under the senior note debt repurchase program and the company reported an aggregate principal amount of $14.5 billion of senior notes outstanding. Management indicates it may repurchase debt or raise capital from time to time as part of capital allocation strategy.

Key facts

• During Q1 2026, the company repurchased $1.0 billion par value of Senior Notes due 2027, resulting in a $5 million pre-tax loss on repurchase.
• In 2022, the Board authorized a $1.0 billion senior note debt repurchase program and in February 2026 the Board authorized an increase under the program of $1.0 billion.
• As of March 31, 2026, $484 million remained available under the senior note debt repurchase program.
• As of March 31, 2026, there were $1.0 billion of par value Senior Notes due 2027 that were repurchased during Q1 2026.