Companies /Healthcare
Centene Corp
NYSE: CNC Healthcare Plans
$64.99
▲ $0.38 (+0.59%) today
Markets closed · 8:14am ET

Centene (CNC) Q3 2025 Earnings

Reported Oct 28, 2025, 8:02pm ET · SEC source
$0.50
Beat +404.32%
EPS · est. $-0.16
$49.7B
Beat +3.88%
Revenue · est. $47.8B
+2.5%
Beating market
CNC vs S&P since report
4 quarters
Consecutive EPS beats

How Did CNC Stock React to Q3 2025 Earnings?

% change · around the report
0+4%+8%+12%Oct 28Oct 29report 8:02pm ETearnings−0.1%+11.8%
0+4%+8%+12%Oct 28Oct 29earnings−0.1%+11.8%
CNC +11.8%S&P 500 −0.1%
0+4%+8%+12%Oct 28Oct 29report 8:02pm ETearnings+0.2%+11.8%
0+4%+8%+12%Oct 28Oct 29earnings+0.2%+11.8%
CNC +11.8%NASDAQ +0.2%
0+5%+10%Oct 28Nov 5report 8:02pm ETearnings−1.3%+10.5%
0+5%+10%Oct 28Nov 5earnings−1.3%+10.5%
CNC +10.5%S&P 500 −1.3%
0+5%+10%Oct 28Nov 5report 8:02pm ETearnings−1.5%+10.5%
0+5%+10%Oct 28Nov 5earnings−1.5%+10.5%
CNC +10.5%NASDAQ −1.5%
+12.50%
Day of report
−6.21%
Next session
−1.34%
One week
+1.47%
30 days

S&P 500 over the same 30 days: −1.04%.

Did CNC Beat Earnings? Q3 2025 Results

Yes. Centene reported Q3 2025 earnings of $0.50 a share on Oct 28, 2025, beating the $-0.16 consensus estimate by 404.3%. Revenue was $49.7B against a $47.8B estimate.

Centene Corporation delivered a decisive adjusted earnings beat in Q3 2025, posting adjusted diluted EPS of $0.50 against a consensus estimate of negative $0.16, a 404.32% positive surprise, even as a $6.72 billion non-cash goodwill impairment charge drove a GAAP loss of $13.50 per share. Revenue climbed 18.2% year-over-year to $49.69 billion, beating the $47.83 billion consensus by 3.88%, with premium and service revenues surging 22% to $44.90 billion on strong Medicare PDP membership growth and Marketplace expansion. The quarter's core story, however, was cost pressure: the health benefits ratio deteriorated to 92.7% from 89.2% a year ago, weighed down by elevated Marketplace medical costs, unfavorable risk adjustment estimates, and rising Medicaid utilization in behavioral and home health services. Partially offsetting that pressure, the SG&A ratio improved to 7.0% from 8.3%, reflecting expense discipline and PDP business leverage. Management raised full-year 2025 adjusted EPS guidance by $0.25 to at least $2.00, signaling cautious confidence in Medicaid margin recovery despite a still-challenging regulatory and medical cost environment.

Key Takeaways
  • Premium and membership growth in PDP business drove significant revenue increase
  • Overall market growth in the Marketplace business
  • Medicaid rate increases partially offset lower Medicaid membership
  • SG&A expense ratio improved to 7.0% from 8.3% due to expense leverage over higher revenues
  • Medicaid HBR of 93.4% included ~40 bps benefit from retroactive revenue adjustment from a large state
  • Commercial and Medicare segment results in line with expectations

“Our third quarter results and increased full year outlook demonstrate tangible progress against the near-term milestones we laid out for investors in July.”

Centene CEO, on the earnings call

What Was Centene's Outlook in Q3 2025?

Centene updated its full year 2025 GAAP forecast to a diluted loss per share not to exceed $(12.85). The company increased its full year 2025 adjusted diluted EPS forecast to at least $2.00, an increase of $0.25 from the $1.75 forecast discussed on the July earnings call.

CNC YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$20.0B$40.0B$42.0B$49.7BRevenue
$0$20.0B$40.0BRevenue
CNC income statement, Q3 2025 versus Q3 2024
Metric Q3 2025 Q3 2024 Year over year
Revenue $49.7B $42.0B +18.2%

CNC Revenue by Segment

Medicaid$23.2B+9.0%
Medicare$9.4B+66.0%
Commercial$11.0B+26.0%
Other$1.3B+8.0%

Figures from SEC filings and company reports. Not investment advice.