Centene (CNC) 10-K Summary — Year Ended Dec 31, 2023
Centene Corporation reported a modest increase in revenue for the latest annual period, with operating cash flow significantly exceeding net earnings. The company's financial position was supported by strong operational cash generation and access to its revolving credit facility.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Centene Corporation reported a modest increase in revenue for the latest annual period, with operating cash flow significantly exceeding net earnings. The company's financial position was supported by strong operational cash generation and access to its revolving credit facility.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$140.1B
Revenue reported for the fiscal year.
Operating income
$2.9B
Income from operations reported for the year.
Net income
$2.7B
Net income reported for the year.
Operating cash flow
$8.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $118B | n/a |
| Dec 31, 2022 | $135.5B | +14.8% |
| Dec 31, 2023 | $140.1B | +3.4% |
Business overview
Centene Corporation is a healthcare enterprise that provides managed care services. The company's business overview is outlined in Item 1 of its filing, and its risk factors are detailed in Item 1A. The filing also includes a section on cybersecurity under Item 1C.
Financial performance
Revenue increased compared to the prior year, while operating income and net income were reported at levels that generated a cash flow from operations more than three times net earnings. Operating cash flow rose substantially year over year, driven by net earnings and changes in risk adjustment payables and payment timing.
Material risks
The filing identifies risk factors in Item 1A, which include uncertainties related to the company's operations, regulatory environment, and market conditions. No specific risks beyond those stated in the filing context are provided.
Liquidity and capital
The company funds normal operations primarily through operating cash flows and borrowings under its revolving credit facility. Investing activities used less cash in the latest period compared to the prior year, primarily due to changes in the investment portfolio of regulated subsidiaries.
What to watch
Monitor changes in risk adjustment payables and the timing of pass-through payments, as these were key drivers of operating cash flow.