AI-extracted from the 10-Q filed 2026-07-28 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Centene Q2 revenue reached $53.6B (+10% YoY) with health benefits ratio improving to 89.6% from 93.0%, driven by Medicaid rate increases, Medicare PDP growth, and favorable Marketplace risk adjustment.
Biggest Revenue Drivers
Medicare$11.1B+17% YoY
Increased PDP premiums and membership growth, partially offset by lower Medicare Advantage membership.
Commercial$9.4B-7% YoY
Reduced Marketplace membership from expiration of enhanced APTCs and program integrity changes, partially offset by rate increases and favorable risk adjustment.
Biggest Revenue Drivers
Total revenue: $53.6B+10% YoY
Medicare$11.1B+17% YoY
Increased PDP premiums and membership growth, partially offset by lower Medicare Advantage membership.
Commercial$9.4B-7% YoY
Reduced Marketplace membership from expiration of enhanced APTCs and program integrity changes, partially offset by rate increases and favorable risk adjustment.
Other$1.2B-2% YoY
Wind-down of certain contracts.
Largest Expense Items
Medical costs$39.0B+1% YoY
Health benefits ratio improved to 89.6% from 93.0%, benefiting from lower Marketplace HBR, rate increases, and continued medical cost management in Medicaid.
Selling, general and administrative expenses$3.1B+2% YoY
SG&A expense ratio of 7.0% vs 7.1% prior year, driven by cost management and reduced Marketplace membership which operates at higher SG&A ratio.
Premium tax expense$9.2B+45% YoY
Increase driven by state pass-through payments which are also included in premium tax revenue.
Margins: Health benefits ratio improved significantly to 89.6% from 93.0% YoY, benefiting from improved Marketplace pricing and risk transfer, rate increases in Medicaid, and favorable Medicare Advantage programmatic resolution. SG&A expense ratio remained flat at 7.0%, with cost discipline offsetting membership declines.
Watch Items from the Filing
Medicaid membership decline of 8% YoY to 12.1M members driven by post-pandemic eligibility redeterminations; California Medi-Cal UIS population transition to fee-for-service expected in 2027 will reduce revenue by ~250K members.
Marketplace membership declined 40% to 3.5M from expiration of enhanced APTCs and program integrity rules; combined effects expected to increase Marketplace population morbidity going forward.
Medicare receivables from CMS Part D risk-sharing programs for 2025 plan year expected within one year; company sold $1B of receivables in March 2026 for $970M to finance debt reduction.
Pending federal securities class action and five derivative lawsuits alleging false 2025 earnings guidance; company vigorously defending but outcome subject to uncertainties and could materially impact financial position.
Enterprise optimization including voluntary separation program expected to incur $315M–$365M severance costs in remainder of 2026, with potential additional charges in 2027 not yet quantifiable.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Smith Susan RayeChief Operating OfficerShares withheld for tax or exercise price · Jun 15, 2026
Congress trading in CNC
36 transactions in CNC reported by 11 members of Congress under the STOCK Act, most recent trade Aug 18, 2025. Reported transactions, not recommendations.
About CENTENE CORP (CNC): stock profile, AI score and financials
CENTENE CORP (CNC) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores CNC at 58.2/100 on a composite quality score built from its SEC filings, placing it at rank #1,027 of 2,925 stocks — the top half of the AI-ranked universe. CNC scores in the top quartile across revenue scale (99.3), earnings quality (82.3). Areas of concern include balance sheet strength (21.1) and profitability (25.1), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), CENTENE CORP reports quarterly revenue of $53.6B, net income of $1.1B, an operating margin of 2.2%. Top institutional holders of CNC by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, AQR CAPITAL MANAGEMENT, based on the most recent SEC filings. CNC trades on the NYSE exchange and files with the SEC under CIK 1071739. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CNC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CENTENE CORP directly from SEC EDGAR.