C

CENTENE CORPORATION

CNC · CIK 0001071739Insurance lens →

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$174.58B20.0%
FY2025
Net income (FY)
−$6.67B301.9%
FY2025
Free cash flow (FY)
$4.32B981.8%
FY2025
Diluted EPS (FY)
$-13.53314.4%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$100BFY2008 · Revenue $3.36B · Net income $83.5M · 0001071739-11-000012 · filed 2011-02-22FY08Revenue $3.36BNet income $83.5M0001071739-11-000012 · filed 2011-02-22FY2009 · Revenue $4.10B · Net income $83.7M · 0001071739-12-000006 · filed 2012-02-21FY09Revenue $4.10BNet income $83.7M0001071739-12-000006 · filed 2012-02-21FY2010 · Revenue $4.45B · Net income $94.8M · 0001071739-13-000024 · filed 2013-02-19FY10Revenue $4.45BNet income $94.8M0001071739-13-000024 · filed 2013-02-19FY2011 · Revenue $5.21B · Net income $111.2M · 0001071739-14-000033 · filed 2014-02-21FY11Revenue $5.21BNet income $111.2M0001071739-14-000033 · filed 2014-02-21FY2012 · Revenue $8.11B · Net income $2.0M · 0001071739-15-000034 · filed 2015-02-23FY12Revenue $8.11BNet income $2.0M0001071739-15-000034 · filed 2015-02-23FY2013 · Revenue $10.86B · Net income $165.0M · 0001071739-16-000192 · filed 2016-02-22FY13Revenue $10.86BNet income $165.0M0001071739-16-000192 · filed 2016-02-22FY2014 · Revenue $16.56B · Net income $271.0M · 0001071739-17-000018 · filed 2017-02-21FY14Revenue $16.56BNet income $271.0M0001071739-17-000018 · filed 2017-02-21FY2015 · Revenue $22.76B · Net income $355.0M · 0001071739-18-000030 · filed 2018-02-20FY15Revenue $22.76BNet income $355.0M0001071739-18-000030 · filed 2018-02-20FY2016 · Revenue $37.58B · Net income $562.0M · 0001071739-19-000032 · filed 2019-02-19FY16Revenue $37.58BNet income $562.0M0001071739-19-000032 · filed 2019-02-19FY2017 · Revenue $45.62B · Net income $828.0M · 0001071739-20-000060 · filed 2020-02-18FY17Revenue $45.62BNet income $828.0M0001071739-20-000060 · filed 2020-02-18FY2018 · Revenue $56.44B · Net income $900.0M · 0001071739-21-000039 · filed 2021-02-22FY18Revenue $56.44BNet income $900.0M0001071739-21-000039 · filed 2021-02-22FY2019 · Revenue $70.36B · Net income $1.32B · 0001071739-22-000071 · filed 2022-02-22FY19Revenue $70.36BNet income $1.32B0001071739-22-000071 · filed 2022-02-22FY2020 · Revenue $103.80B · Net income $1.81B · 0001071739-23-000047 · filed 2023-02-21FY20Revenue $103.80BNet income $1.81B0001071739-23-000047 · filed 2023-02-21FY2021 · Revenue $117.98B · Net income $1.35B · 0001071739-24-000037 · filed 2024-02-20FY21Revenue $117.98BNet income $1.35B0001071739-24-000037 · filed 2024-02-20FY2022 · Revenue $135.48B · Net income $1.20B · 0001071739-25-000027 · filed 2025-02-18FY22Revenue $135.48BNet income $1.20B0001071739-25-000027 · filed 2025-02-18FY2023 · Revenue $140.09B · Net income $2.70B · 0001071739-26-000049 · filed 2026-02-17FY23Revenue $140.09BNet income $2.70B0001071739-26-000049 · filed 2026-02-17FY2024 · Revenue $145.50B · Net income $3.31B · 0001071739-26-000049 · filed 2026-02-17FY24Revenue $145.50BNet income $3.31B0001071739-26-000049 · filed 2026-02-17FY2025 · Revenue $174.58B · Net income −$6.67B · 0001071739-26-000049 · filed 2026-02-17FY25Revenue $174.58BNet income −$6.67B0001071739-26-000049 · filed 2026-02-17FY25Revenue $174.58BNet income −$6.67B0001071739-26-000049 · filed 2026-02-17FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 51.9× since FY2008 · net margin 2.5% → -3.8%

MarginsNet marginFCF margin
0%5%FY2008 · Net margin 2.5% · FCF margin 4.7%FY08Net margin 2.5%FCF margin 4.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 2.0% · FCF margin 5.5%FY09Net margin 2.0%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 2.1% · FCF margin 1.1%FY10Net margin 2.1%FCF margin 1.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 2.1% · FCF margin 3.6%FY11Net margin 2.1%FCF margin 3.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 0.0% · FCF margin 2.4%FY12Net margin 0.0%FCF margin 2.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 1.5% · FCF margin 2.9%FY13Net margin 1.5%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 1.6% · FCF margin 6.8%FY14Net margin 1.6%FCF margin 6.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 1.6% · FCF margin 2.2%FY15Net margin 1.6%FCF margin 2.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 1.5% · FCF margin 4.1%FY16Net margin 1.5%FCF margin 4.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 1.8% · FCF margin 2.3%FY17Net margin 1.8%FCF margin 2.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 1.6% · FCF margin 1.0%FY18Net margin 1.6%FCF margin 1.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 1.9% · FCF margin 1.1%FY19Net margin 1.9%FCF margin 1.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 1.7% · FCF margin 4.5%FY20Net margin 1.7%FCF margin 4.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 1.1% · FCF margin 2.8%FY21Net margin 1.1%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 0.9% · FCF margin 3.9%FY22Net margin 0.9%FCF margin 3.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 1.9% · FCF margin 5.2%FY23Net margin 1.9%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 2.3% · FCF margin -0.3%FY24Net margin 2.3%FCF margin -0.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -3.8% · FCF margin 2.5%FY25Net margin -3.8%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -3.8%FCF margin 2.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -3.8% · free cash flow 2.5% of revenue

Cash engineOperating cash flowFree cash flow
$0$5BFY2008 · OCF $222.0M · FCF $156.8M · 0001071739-11-000012 · filed 2011-02-22FY08OCF $222.0MFCF $156.8M0001071739-11-000012 · filed 2011-02-22FY2009 · OCF $248.2M · FCF $224.5M · 0001071739-12-000006 · filed 2012-02-21FY09OCF $248.2MFCF $224.5M0001071739-12-000006 · filed 2012-02-21FY2010 · OCF $168.9M · FCF $50.4M · 0001071739-13-000024 · filed 2013-02-19FY10OCF $168.9MFCF $50.4M0001071739-13-000024 · filed 2013-02-19FY2011 · OCF $261.7M · FCF $188.0M · 0001071739-14-000033 · filed 2014-02-21FY11OCF $261.7MFCF $188.0M0001071739-14-000033 · filed 2014-02-21FY2012 · OCF $279.0M · FCF $197.0M · 0001071739-15-000034 · filed 2015-02-23FY12OCF $279.0MFCF $197.0M0001071739-15-000034 · filed 2015-02-23FY2013 · OCF $382.0M · FCF $314.0M · 0001071739-16-000192 · filed 2016-02-22FY13OCF $382.0MFCF $314.0M0001071739-16-000192 · filed 2016-02-22FY2014 · OCF $1.22B · FCF $1.12B · 0001071739-17-000018 · filed 2017-02-21FY14OCF $1.22BFCF $1.12B0001071739-17-000018 · filed 2017-02-21FY2015 · OCF $658.0M · FCF $508.0M · 0001071739-18-000030 · filed 2018-02-20FY15OCF $658.0MFCF $508.0M0001071739-18-000030 · filed 2018-02-20FY2016 · OCF $1.85B · FCF $1.54B · 0001071739-19-000032 · filed 2019-02-19FY16OCF $1.85BFCF $1.54B0001071739-19-000032 · filed 2019-02-19FY2017 · OCF $1.49B · FCF $1.07B · 0001071739-20-000060 · filed 2020-02-18FY17OCF $1.49BFCF $1.07B0001071739-20-000060 · filed 2020-02-18FY2018 · OCF $1.23B · FCF $559.0M · 0001071739-21-000039 · filed 2021-02-22FY18OCF $1.23BFCF $559.0M0001071739-21-000039 · filed 2021-02-22FY2019 · OCF $1.48B · FCF $753.0M · 0001071739-22-000071 · filed 2022-02-22FY19OCF $1.48BFCF $753.0M0001071739-22-000071 · filed 2022-02-22FY2020 · OCF $5.50B · FCF $4.63B · 0001071739-23-000047 · filed 2023-02-21FY20OCF $5.50BFCF $4.63B0001071739-23-000047 · filed 2023-02-21FY2021 · OCF $4.21B · FCF $3.29B · 0001071739-24-000037 · filed 2024-02-20FY21OCF $4.21BFCF $3.29B0001071739-24-000037 · filed 2024-02-20FY2022 · OCF $6.26B · FCF $5.26B · 0001071739-25-000027 · filed 2025-02-18FY22OCF $6.26BFCF $5.26B0001071739-25-000027 · filed 2025-02-18FY2023 · OCF $8.05B · FCF $7.25B · 0001071739-26-000049 · filed 2026-02-17FY23OCF $8.05BFCF $7.25B0001071739-26-000049 · filed 2026-02-17FY2024 · OCF $154.0M · FCF −$490.0M · 0001071739-26-000049 · filed 2026-02-17FY24OCF $154.0MFCF −$490.0M0001071739-26-000049 · filed 2026-02-17FY2025 · OCF $5.09B · FCF $4.32B · 0001071739-26-000049 · filed 2026-02-17FY25OCF $5.09BFCF $4.32B0001071739-26-000049 · filed 2026-02-17FY25OCF $5.09BFCF $4.32B0001071739-26-000049 · filed 2026-02-17’09’13’17’21’25

FY2025: $5.09B operating cash − $767.0M capex = $4.32B free cash flow

Returns on capitalReturn on equityReturn on assets
-20%0%20%FY2009 · ROE 13.9% · ROA 4.9%FY09ROE 13.9%ROA 4.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 11.9% · ROA 4.9%FY10ROE 11.9%ROA 4.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 11.9% · ROA 5.1%FY11ROE 11.9%ROA 5.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 0.2% · ROA 0.1%FY12ROE 0.2%ROA 0.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 13.4% · ROA 4.7%FY13ROE 13.4%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 15.5% · ROA 4.7%FY14ROE 15.5%ROA 4.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 16.5% · ROA 4.8%FY15ROE 16.5%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 9.5% · ROA 2.8%FY16ROE 9.5%ROA 2.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 12.1% · ROA 3.8%FY17ROE 12.1%ROA 3.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 8.2% · ROA 2.9%FY18ROE 8.2%ROA 2.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 10.5% · ROA 3.2%FY19ROE 10.5%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 7.0% · ROA 2.6%FY20ROE 7.0%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 5.0% · ROA 1.7%FY21ROE 5.0%ROA 1.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 5.0% · ROA 1.6%FY22ROE 5.0%ROA 1.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 10.5% · ROA 3.2%FY23ROE 10.5%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 12.5% · ROA 4.0%FY24ROE 12.5%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE -33.4% · ROA -8.7%FY25ROE -33.4%ROA -8.7%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE -33.4%ROA -8.7%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 14% (FY2009) → -33% (FY2025) · on assets -8.7%

Balance sheetLiabilitiesEquity
$0$50BFY2009 · Liabilities $1.08B · Equity $600.8MFY09Liabilities $1.08BEquity $600.8M0001071739-11-000012 · filed 2011-02-22FY2010 · Liabilities $1.15B · Equity $793.9MFY10Liabilities $1.15BEquity $793.9M0001071739-12-000006 · filed 2012-02-21FY2011 · Liabilities $1.25B · Equity $935.6MFY11Liabilities $1.25BEquity $935.6M0001071739-13-000024 · filed 2013-02-19FY2012 · Liabilities $1.82B · Equity $953.1MFY12Liabilities $1.82BEquity $953.1M0001071739-14-000033 · filed 2014-02-21FY2013 · Liabilities $2.29B · Equity $1.23BFY13Liabilities $2.29BEquity $1.23B0001071739-15-000034 · filed 2015-02-23FY2014 · Liabilities $3.93B · Equity $1.74BFY14Liabilities $3.93BEquity $1.74B0001071739-16-000192 · filed 2016-02-22FY2015 · Liabilities $5.01B · Equity $2.16BFY15Liabilities $5.01BEquity $2.16B0001071739-17-000018 · filed 2017-02-21FY2016 · Liabilities $14.14B · Equity $5.89BFY16Liabilities $14.14BEquity $5.89B0001071739-18-000030 · filed 2018-02-20FY2017 · Liabilities $14.98B · Equity $6.85BFY17Liabilities $14.98BEquity $6.85B0001071739-19-000032 · filed 2019-02-19FY2018 · Liabilities $19.88B · Equity $10.92BFY18Liabilities $19.88BEquity $10.92B0001071739-20-000060 · filed 2020-02-18FY2019 · Liabilities $28.30B · Equity $12.55BFY19Liabilities $28.30BEquity $12.55B0001071739-21-000039 · filed 2021-02-22FY2020 · Liabilities $42.76B · Equity $25.77BFY20Liabilities $42.76BEquity $25.77B0001071739-22-000071 · filed 2022-02-22FY2021 · Liabilities $51.35B · Equity $26.80BFY21Liabilities $51.35BEquity $26.80B0001071739-23-000047 · filed 2023-02-21FY2022 · Liabilities $52.63B · Equity $24.06BFY22Liabilities $52.63BEquity $24.06B0001071739-24-000037 · filed 2024-02-20FY2023 · Liabilities $58.69B · Equity $25.84BFY23Liabilities $58.69BEquity $25.84B0001071739-25-000027 · filed 2025-02-18FY2024 · Liabilities $55.94B · Equity $26.41BFY24Liabilities $55.94BEquity $26.41B0001071739-26-000049 · filed 2026-02-17FY2025 · Liabilities $56.69B · Equity $19.95BFY25Liabilities $56.69BEquity $19.95B0001071739-26-000049 · filed 2026-02-17FY25Liabilities $56.69BEquity $19.95B0001071739-26-000049 · filed 2026-02-17’09’13’17’21’25

FY2025: $76.75B assets · $56.69B liabilities · $19.95B equity

The receipts

Insurance lens

Specialized rows for insurer companies — not in the generic statement table above.

USD millions (ratios as %)FY2025FY2024FY2023FY2022FY2017FY2016FY2015FY2014FY2013FY2012FY2011FY2010
Premiums earned————43,35335,39919,38914,19810,1537,5694,9484,192
Policyholder benefits & claims157,702125,707118,894111,529————————

Premiums earned and policyholder benefits & claims are as-reported XBRL components — absent (not zero) for insurance brokers such as Aon and Marsh McLennan, which earn fees and commissions rather than underwriting premiums, so these rows are correctly blank for them. The loss ratio (policyholder benefits ÷ premiums earned) is computed by stonks for full fiscal years only.