Centene (CNC) financial statements
Centene reported revenue of $174.6B in fiscal 2025, up 18.6% a year over 9 years.
Net income was -$6.7B and the operating margin -4.4%, against 3.4% in 2016.
Free cash flow was $4.3B, and the company returned $475M in net buybacks.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Centene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.6B | $45.6B | $56.4B | $70.4B | $103.8B | $118.0B | $135.5B | $140.1B | $145.5B | $174.6B |
| Cost of revenue | $1.9B | $1.8B | $2.4B | $2.5B | $3.3B | $4.9B | $7.0B | $3.6B | $2.7B | $2.7B |
| Gross profit | $35.7B | $43.8B | $54.0B | $67.9B | $100.5B | $14.5B | $16.9B | $17.6B | $17.1B | $14.2B |
| Selling, general and admin | $3.7B | $4.4B | $6.0B | $6.5B | $9.4B | $9.6B | $11.6B | $12.6B | $12.4B | $12.9B |
| Operating income | $1.3B | $1.2B | $1.5B | $1.8B | $3.1B | $1.8B | $1.3B | $2.9B | $3.2B | -$7.6B |
| Interest expense | $217M | $255M | $343M | $412M | $728M | $665M | $665M | $725M | $702M | $678M |
| Pre-tax income | $1.2B | $1.1B | $1.4B | $1.8B | $2.8B | $1.8B | $2.0B | $3.6B | $4.3B | -$6.7B |
| Income tax | $599M | $326M | $474M | $473M | $979M | $477M | $760M | $899M | $963M | -$51M |
| Net income | $562M | $828M | $900M | $1.3B | $1.8B | $1.3B | $1.2B | $2.7B | $3.3B | -$6.7B |
| EPS (diluted) | $1.71 | $2.34 | $2.26 | $3.14 | $3.12 | $2.28 | $2.07 | $4.95 | $6.31 | -$13.53 |
| Diluted shares | 328M | 353M | 399M | 420M | 579M | 591M | 582M | 546M | 524M | 493M |
| Gross margin | 95.0% | 96.0% | 95.8% | 96.5% | 96.8% | 12.3% | 12.5% | 12.6% | 11.7% | 8.1% |
| Operating margin | 3.4% | 2.6% | 2.6% | 2.5% | 3.0% | 1.5% | 1.0% | 2.1% | 2.2% | -4.4% |
| Net margin | 1.5% | 1.8% | 1.6% | 1.9% | 1.7% | 1.1% | 0.9% | 1.9% | 2.3% | -3.8% |
Balance sheet
Fiscal years, from Centene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.4B | $4.6B | $6.1B | $13.0B | $12.4B | $14.7B | $14.4B | $19.7B | $16.7B | $20.3B |
| Total current assets | $8.4B | $8.7B | $12.0B | $20.3B | $23.4B | $28.5B | $30.1B | $40.8B | $38.0B | $40.4B |
| Property, plant and equipment | $797M | $1.1B | $1.7B | $2.1B | $2.8B | $3.4B | $2.4B | $2.0B | $2.1B | $2.0B |
| Goodwill | $4.7B | $4.7B | $7.0B | $6.9B | $18.7B | $19.8B | $18.8B | $17.6B | $17.6B | $10.8B |
| Total assets | $20.2B | $21.9B | $30.9B | $41.0B | $68.7B | $78.4B | $76.9B | $84.6B | $82.4B | $76.7B |
| Total current liabilities | $8.6B | $9.3B | $12.0B | $12.9B | $21.6B | $25.8B | $28.5B | $36.7B | $34.3B | $36.7B |
| Long-term debt | $4.7B | $4.7B | $6.6B | $13.6B | $16.7B | $18.6B | $17.9B | $17.7B | $18.4B | $17.4B |
| Total liabilities | $14.1B | $15.0B | $19.9B | $28.3B | $42.8B | $51.4B | $52.6B | $58.7B | $55.9B | $56.7B |
| Shareholders' equity | $5.9B | $6.8B | $10.9B | $12.6B | $25.8B | $26.8B | $24.1B | $25.8B | $26.4B | $20.0B |
| Net debt | $725M | $627M | $1.3B | $1.6B | $6.0B | $5.7B | $5.9B | $636M | $4.5B | -$487M |
Cash flow
Fiscal years, from Centene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $1.5B | $1.2B | $1.5B | $5.5B | $4.2B | $6.3B | $8.1B | $154M | $5.1B |
| Capital spending | $306M | $422M | $675M | $730M | $869M | $910M | $1.0B | $799M | $644M | $767M |
| Free cash flow | $1.5B | $1.1B | $559M | $753M | $4.6B | $3.3B | $5.3B | $7.3B | -$490M | $4.3B |
| Stock-based compensation | $148M | $135M | $145M | $177M | $281M | $203M | $234M | $216M | $212M | $204M |
| Share buybacks (net) | -$63M | -$65M | -$71M | -$75M | -$626M | -$297M | -$3.1B | -$1.6B | -$3.1B | -$475M |
| Net borrowing | $2.9B | $47M | $2.0B | $6.9B | $1.0B | $1.8B | -$1.1B | $19M | $678M | -$1.1B |
| Free cash flow margin | 4.1% | 2.3% | 1.0% | 1.1% | 4.5% | 2.8% | 3.9% | 5.2% | -0.3% | 2.5% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CNC.
Open CNC in InvestinglyQuestions
What was Centene's revenue in 2025?
$174.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Centene generate?
$4.3B in fiscal 2025 (operating cash flow minus capital spending).
From Centene's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.