Short answer
Centene Corporation (CNC) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $44.9B (up 21.7% year over year) with net income of −$6.6B.
Q3 2025 key financials · XBRL
- Revenue
- $44.9B
- +21.7% YoY · +5.7% QoQ
- Net income
- −$6.6B
- −1030.0% YoY · −2520.9% QoQ
- Operating margin
- -15.5%
- Gross margin
- 7.5%
- EPS (diluted)
- −$13.42
- −1079.6% YoY · −2584.0% QoQ
Source: XBRL data from the Centene Corporation (CNC) Q3 2025 10-Q on SEC EDGAR. USD.
Centene Corporation Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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