Centene Corporation (CNC) FY2025 10-K Annual Report
Centene Corporation (CNC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Centene Corporation FY2025 10-K Analysis
Business Overview
- • Core business model not directly described; document is primarily governance and regulatory disclosures
- • No new products, services, or segments introduced or emphasized in this section
- • Strategic shifts or competitive positioning not addressed in this text
- • Independent auditor for FY 2026 confirmed as KPMG LLP, Auditor Firm ID 185
- • Filing mainly references Proxy Statement for detailed governance, executive compensation, and ownership information
Management Discussion & Analysis
- • Revenue details not explicitly provided; 2025 Medicaid membership 12.5M, Marketplace 5.5M, Medicare Advantage 1.0M, PDP 8.1M members
- • No direct profitability or margin % figures disclosed in the text
- • Best segments by membership: Medicaid 12.5M members, weakest not specified
- • Capital allocation specifics (buybacks, dividends, capex) not detailed; $1.3B Magellan Rx divestiture gain $269M pre-tax; other divestitures totaling ~$1.6B in proceeds and related gains
- • Forward outlook: 2026 Marketplace morbidity expected to increase; medical costs rising accelerated by policy and market changes; OBBBA impacts Medicaid eligibility and funding by 2027; CMS Medicare risk-sharing adjustments and integrated D-SNP requirement beginning 2027
Risk Factors
- • CMS audit intensification risk with expanded risk adjustment data validation audits since 2025, potentially causing premium refunds and reducing revenue materially
- • Texas and Georgia Medicaid reprocurement loss risk, involving protests due to unsuccessful bidding, threatening contract renewals and associated revenues
- • Elevated medical cost risk from 2025 Marketplace membership with unexpectedly higher morbidity reducing net risk adjustment revenue significantly
- • Part D bid risk from IRA-induced increased costs and enrollment volatility, with PDP membership boosted to 8.7 million in 2026 due to below-benchmark bids
- • Medicare Advantage Star ratings risk with 40% of membership below 3.5 stars and contract terminations notices for 2025 impacting profitability and contract retention
Centene Corporation FY2025 Key Financial MetricsXBRL
Revenue
$174.6B
▲ +20.0% YoY
Net Income
-$6.7B
▼ -301.9% YoY
Gross Margin
8.1%
▼ -359bp YoY
Operating Margin
-4.4%
▼ -655bp YoY
Net Margin
-3.8%
▼ -609bp YoY
ROE
-33.4%
▼ -4596bp YoY
Total Assets
$76.7B
▼ -6.9% YoY
EPS (Diluted)
$-13.53
▼ -314.4% YoY
Operating Cash Flow
$5.1B
▲ +3203.9% YoY
Source: XBRL data from Centene Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
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