CNC CENTENE CORP

Overview and Growth

Fiscal 2025 results for CENTENE CORP combined $194.78B of revenue with net loss of $6.67B and an operating cash inflow of $5.09B. At $194.78B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 19.4% from $163.07B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$13.53, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 314.4% from $6.31 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 2.54x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $14.21B as gross profit before recognizing operating expenses and other items. Gross profit represented 7.3% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $7.62B after the reported operating expense base. The operating loss equaled 3.9% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $6.67B for the fiscal year. Measured against revenue, the bottom-line deficit represented 3.4% after all recognized items. The pretax result was a loss of $6.73B, establishing the deficit before tax effects. Pretax margin was -3.5%, reflecting a pre-tax loss equal to 3.5% of revenue. The reported tax benefit was $51.00M, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 33.3%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 8.7%.

Liquidity and Capital Structure

At period end, the $76.75B asset base was financed through $56.69B of liabilities and $20.03B of equity. At period end, current assets of $40.37B compared with current liabilities of $36.70B, defining the company’s short-term resource position. At 1.1x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $17.89B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 48.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $17.40B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.87x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 22.7% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 73.9%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 23.3% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 6.9% from $82.44B in fiscal 2024, leaving current total assets lower year over year. Against $26.50B of equity in fiscal 2024, the current book-equity balance moved 24.4% and ended lower.

Cash Flow and Earnings Quality

The company reported $5.09B of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $767.00M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 15.1%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $4.32B, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 2.2%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 5.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.