Centene Corporation (CNC) Q3 2025 10-Q Quarterly Report
Centene Corporation (CNC) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Centene Corporation Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $49.7B Q3 2025, up 18% YoY from $42.0B Q3 2024; driven by PDP membership/premiums, Marketplace growth, Medicaid rate increases
- • Operating margins pressured: HBR 92.7% Q3 2025 vs 89.2% Q3 2024; SG&A ratio improved to 7.0% from 8.3%; adjusted SG&A ratio 7.0% vs 8.3%
- • Best segment: Medicare revenue +66% YoY to $9.4B with Medicare PDP membership +18%; worst segment: Commercial gross margin down 36%, driven by higher Marketplace medical costs
- • Operating cash flow $1.4B in Q3 2025, up from prior year; recorded non-cash goodwill impairment of $6.7B in Q3 2025 impacting GAAP EPS loss $(13.50) vs earnings $1.36 prior year
- • Management notes ongoing medical cost trends, regulatory headwinds from OBBBA, expiration of enhanced APTCs, and plans to reprice 2026 Marketplace policies reflecting higher morbidity
Risk Factors
- • No material changes in risk factors since the 2024 10-K and prior 2025 10-Qs
- • Carried-forward regulatory risk includes uncertainty in Medicaid program funding and policy changes impacting revenue
- • Operational risk tied to integration challenges from prior acquisitions affecting near-term service delivery
- • Market risk from competitive pricing pressures in the managed healthcare sector limiting margin expansion
- • Financial risk from Medicaid reimbursement timing and potential capitation payment delays impacting cash flow
Centene Corporation Q3 2025 Quarterly FinancialsXBRL
Revenue
$44.9B
▲ +21.7% YoY▲ +5.7% QoQ
Net Income
-$6.6B
▼ -1030.0% YoY▼ -2520.9% QoQ
Gross Margin
7.5%
▼ -341bp YoY▲ +34bp QoQ
Operating Margin
-15.5%
▼ -1729bp YoY▼ -1441bp QoQ
Net Margin
-14.8%
▼ -1670bp YoY▼ -1417bp QoQ
ROE
-31.7%
Total Assets
$82.1B
EPS (Diluted)
$-13.42
▼ -1079.6% YoY▼ -2584.0% QoQ
Operating Cash Flow
$1.4B
▲ +238.7% YoY▼ -24.0% QoQ
Source: XBRL data from Centene Corporation Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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