Centene (CNC) 10-K Summary — Year Ended Dec 31, 2025
Centene Corporation reported a significant increase in revenue for the latest annual period, though operating and net income turned negative. Operating cash flow improved substantially compared to the prior year.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Centene Corporation reported a significant increase in revenue for the latest annual period, though operating and net income turned negative. Operating cash flow improved substantially compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$174.6B
Revenue reported for the fiscal year.
Operating income
-$7.6B
Income from operations reported for the year.
Net income
-$6.7B
Net income reported for the year.
Operating cash flow
$5.1B
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, 2022 | $135.5B | +14.8% |
| Dec 31, 2023 | $140.1B | +3.4% |
| Dec 31, 2024 | $145.5B | +3.9% |
| Dec 31, 2025 | $174.6B | +20.0% |
Business overview
Centene Corporation operates as a managed care enterprise, providing health insurance and related services. The company's business overview is outlined in Item 1 of the filing, with risk factors detailed in Item 1A and management discussion in Item 7.
Financial performance
Revenue for the period increased compared to the prior year, continuing a multi-year upward trend. However, operating income and net income were both negative, contrasting with positive cash flow from operations. Operating cash flow rose sharply from the previous year.
Material risks
The filing identifies risk factors in Item 1A, which include uncertainties related to the company's operations, regulatory environment, and financial condition. These risks are described without exaggeration in the supplied context.
Liquidity and capital
Operating activities provided cash in the latest period, driven by net earnings, improved pharmacy rebate timing, and higher medical claims liabilities from increased membership. Investing activities also provided cash, while financing activities used cash.
What to watch
Monitor the trend in operating income, which turned negative despite revenue growth, as it may signal underlying cost or margin pressures.