financial statements

The full income statement, balance sheet, and cash-flow statement for Centene Corporation (CNC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	175B YoY+20.0%	146B YoY+3.9%	140B YoY+3.4%	135B YoY+14.8%	118B YoY+13.7%
	14.2B YoY-16.8%	17.1B YoY-3.2%	17.6B YoY+4.2%	16.9B YoY+16.8%	14.5B
Cost of revenue	2.67B YoY-2.2%	2.73B YoY-23.4%	3.56B YoY-49.3%	7.03B YoY+43.7%	4.89B YoY+48.2%
Selling, general & administrative	12.9B YoY+4.1%	12.4B YoY-1.3%	12.6B YoY+8.4%	11.6B YoY+20.7%	9.60B YoY+2.4%
Amortization of intangibles	685M YoY-1.0%	692M YoY-3.6%	718M YoY-12.1%	817M YoY+6.1%	770M YoY+7.1%
Operating income	-7.62B YoY-340.1%	3.17B YoY+8.4%	2.93B YoY+122.3%	1.32B YoY-26.1%	1.78B YoY-42.1%
Interest expense	678M YoY-3.4%	702M YoY-3.2%	725M YoY+9.0%	665M YoY+0.0%	665M YoY-8.7%
Other non-operating income	895M YoY-17.3%	1.08B YoY+62.0%	668M YoY+3.7%	644M	—
Pre-tax income	-6.73B YoY-258.0%	4.26B YoY+18.3%	3.60B YoY+83.4%	1.96B YoY+8.2%	1.81B YoY-34.6%
Income tax	-51.0M YoY-105.3%	963M YoY+7.1%	899M YoY+18.3%	760M YoY+59.3%	477M YoY-51.3%
	-6.67B YoY-301.9%	3.31B YoY+22.3%	2.70B YoY+124.8%	1.20B YoY-10.8%	1.35B YoY-25.5%
Net income to non-controlling interest	-3.00M YoY+72.7%	-11.0M YoY-266.7%	-3.00M	0.00 YoY+100.0%	-11.0M YoY+21.4%
	-$13.53 YoY-314.4%	$6.31 YoY+27.5%	$4.95 YoY+139.1%	$2.07 YoY-9.2%	$2.28 YoY-26.9%
EPS (basic)	-$13.53 YoY-313.7%	$6.33 YoY+27.4%	$4.97 YoY+137.8%	$2.09 YoY-9.5%	$2.31 YoY-27.1%
Weighted-avg shares (basic)	493M YoY-5.5%	522M YoY-4.0%	543M YoY-5.5%	575M YoY-1.3%	583M YoY+2.1%
Weighted-avg shares (diluted)	493M YoY-5.8%	524M YoY-4.0%	546M YoY-6.2%	582M YoY-1.4%	591M YoY+2.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	40.4B YoY+6.2%	38.0B YoY-6.8%	40.8B YoY+35.3%	30.1B YoY+5.7%	28.5B YoY+21.8%
Cash & equivalents	17.9B YoY+27.2%	14.1B YoY-18.2%	17.2B YoY+42.4%	12.1B YoY-8.0%	13.1B YoY+21.5%
Short-term investments	2.43B YoY-7.2%	2.62B YoY+6.6%	2.46B YoY+5.9%	2.32B YoY+50.8%	1.54B YoY-2.6%
Other current assets	1.95B YoY+21.5%	1.60B YoY-71.3%	5.57B YoY+126.4%	2.46B YoY+53.6%	1.60B YoY+21.6%
	76.7B YoY-6.9%	82.4B YoY-2.6%	84.6B YoY+10.1%	76.9B YoY-1.9%	78.4B YoY+14.1%
Property, plant & equipment	2.04B YoY-1.5%	2.07B YoY+2.4%	2.02B YoY-17.0%	2.43B YoY-28.3%	3.39B YoY+22.2%
Operating lease right-of-use	317M YoY-11.7%	359M YoY-9.3%	396M YoY-84.5%	2.55B YoY-28.4%	3.57B YoY+172.0%
Goodwill	10.8B YoY-38.3%	17.6B YoY+0.0%	17.6B YoY-6.7%	18.8B YoY-4.9%	19.8B YoY+6.0%
Intangible assets	4.53B YoY-16.3%	5.41B YoY-11.3%	6.10B YoY-11.7%	6.91B YoY-11.7%	7.82B YoY-6.7%
Long-term investments	17.0B YoY-2.3%	17.4B YoY+7.0%	16.3B YoY+10.9%	14.7B YoY+4.6%	14.0B YoY+9.3%
Deferred tax assets	29.8M YoY+0.0%	29.8M YoY+0.0%	29.8M YoY+0.0%	29.8M YoY+0.0%	29.8M YoY+0.0%
Other non-current assets	528M YoY-11.0%	593M YoY+10.8%	535M YoY-80.1%	2.69B YoY-29.0%	3.78B YoY+136.5%
	36.7B YoY+7.2%	34.3B YoY-6.7%	36.7B YoY+29.0%	28.5B YoY+10.5%	25.8B YoY+19.4%
Accrued liabilities	13.8B YoY+4.7%	13.2B YoY-19.8%	16.4B YoY+72.4%	9.53B YoY+12.2%	8.49B YoY+20.1%
Deferred revenue	736M YoY+11.3%	661M YoY-7.6%	715M YoY+49.6%	478M YoY+10.1%	434M YoY-17.0%
Short-term & current debt	50.0M YoY-54.5%	110M YoY-7.6%	119M YoY+45.1%	82.0M YoY-69.3%	267M YoY+175.3%
Current lease liability	146M YoY-7.6%	158M YoY-6.0%	168M YoY-6.7%	180M YoY-11.8%	204M YoY+0.0%
	56.7B YoY+1.4%	55.9B YoY-4.7%	58.7B YoY+11.5%	52.6B YoY+2.5%	51.4B YoY+20.1%
Long-term debt	17.4B YoY-5.8%	18.4B YoY+4.0%	17.7B YoY-1.3%	17.9B YoY-3.4%	18.6B YoY+11.3%
Non-current lease liability	615M YoY-16.7%	738M YoY-16.1%	880M YoY-71.9%	3.13B YoY-13.4%	3.62B YoY+171.3%
Deferred tax liabilities	833M YoY+21.8%	684M YoY+6.7%	641M YoY+4.2%	615M YoY-56.3%	1.41B YoY-8.3%
Other non-current liabilities	1.79B YoY-30.3%	2.57B YoY-29.0%	3.62B YoY-35.6%	5.62B YoY+0.1%	5.61B YoY+89.8%
	20.0B YoY-24.4%	26.4B YoY+2.2%	25.8B YoY+7.4%	24.1B YoY-10.2%	26.8B YoY+4.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%
Additional paid-in capital	20.8B YoY+1.0%	20.6B YoY+1.3%	20.3B YoY+1.2%	20.1B YoY+2.0%	19.7B YoY+1.1%
Retained earnings	8.67B YoY-43.5%	15.3B YoY+27.4%	12.0B YoY+28.9%	9.34B YoY+14.8%	8.14B YoY+19.8%
Treasury stock	9.44B YoY+4.9%	9.00B YoY+53.6%	5.86B YoY+39.0%	4.21B YoY+285.1%	1.09B YoY+34.1%
Accumulated other comprehensive income	-58.0M YoY+88.5%	-504M YoY+22.7%	-652M YoY+42.4%	-1.13B YoY-1570.1%	77.0M YoY-77.2%
Non-controlling interest	80.0M YoY-11.1%	90.0M YoY-7.2%	97.0M YoY-21.8%	124M YoY-14.5%	145M YoY+29.5%
Total equity incl. non-controlling	20.0B YoY-24.4%	26.5B YoY+2.2%	25.9B YoY+7.3%	24.2B YoY-10.2%	26.9B YoY+4.1%
Total liabilities & equity	76.7B YoY-6.9%	82.4B YoY-2.6%	84.6B YoY+10.1%	76.9B YoY-1.9%	78.4B YoY+14.1%
Common shares issued	623M YoY+0.5%	620M YoY+0.8%	615M YoY+1.2%	608M YoY+0.9%	603M YoY+0.7%
Common shares outstanding	492M YoY-0.8%	496M YoY-7.2%	534M YoY-3.0%	551M YoY-5.4%	582M YoY+0.2%
Shares outstanding (cover)	492M YoY-2.6%	505M YoY-5.5%	534M YoY-5.7%	566M YoY-3.0%	584M YoY+0.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.09B YoY+3203.9%	154M YoY-98.1%	8.05B YoY+28.6%	6.26B YoY+48.9%	4.21B YoY-23.6%
Depreciation & amortization	1.27B YoY+2.7%	1.24B YoY-4.0%	1.29B YoY-9.6%	1.43B YoY+7.1%	1.33B YoY+6.0%
Share-based compensation	204M YoY-3.8%	212M YoY-1.9%	216M YoY-7.7%	234M YoY+15.3%	203M YoY-27.8%
Deferred income taxes	-60.0M YoY-561.5%	13.0M YoY+116.7%	-78.0M YoY+87.6%	-631M YoY-378.0%	-132M YoY-158.8%
Other operating activities	75.0M YoY+4.2%	72.0M YoY-57.1%	168M YoY+34.4%	125M YoY-12.0%	142M YoY+468.0%
	472M YoY+144.9%	-1.05B YoY+11.7%	-1.19B YoY+59.2%	-2.92B YoY+11.5%	-3.30B YoY+52.6%
Capital expenditure	767M YoY+19.1%	644M YoY-19.4%	799M YoY-20.4%	1.00B YoY+10.3%	910M YoY+4.7%
Acquisitions	—	0.00	0.00 YoY-100.0%	1.46B YoY+173.4%	534M YoY-86.8%
Purchases of investments	4.54B YoY-36.8%	7.18B YoY+8.5%	6.62B YoY-1.7%	6.74B YoY-9.0%	7.40B YoY-0.0%
Sales/maturities of investments	5.78B YoY-0.1%	5.79B YoY+4.7%	5.52B YoY+45.3%	3.80B YoY-30.3%	5.46B YoY+10.9%
Other investing activities	—	—	0.00	0.00 YoY+100.0%	-19.0M YoY-186.4%
	-1.62B YoY+32.6%	-2.41B YoY-45.1%	-1.66B YoY+60.5%	-4.20B YoY-408.1%	1.36B YoY+423.8%
Long-term debt issued	750M YoY-42.3%	1.30B YoY-44.3%	2.33B YoY+548.6%	360M YoY-96.1%	9.27B YoY+81.5%
Long-term debt repaid	1.90B YoY+204.7%	622M YoY-73.1%	2.32B YoY+55.4%	1.49B YoY-80.0%	7.43B YoY+82.8%
Common stock issued	37.0M YoY-19.6%	46.0M YoY+4.5%	44.0M YoY-37.1%	70.0M YoY+100.0%	35.0M YoY+25.0%
Common stock repurchased	475M YoY-84.8%	3.12B YoY+91.3%	1.63B YoY-47.3%	3.10B YoY+942.4%	297M YoY-52.6%
Other financing activities	-19.0M YoY-216.7%	-6.00M	0.00 YoY+100.0%	-27.0M YoY-235.0%	20.0M YoY+5.3%
FX effect on cash	0.00 YoY-100.0%	8.00M YoY+125.0%	-32.0M YoY-190.9%	-11.0M YoY+0.0%	-11.0M YoY-161.1%
Net change in cash	3.94B YoY+219.5%	-3.30B YoY-163.7%	5.17B YoY+695.9%	-868M YoY-138.5%	2.26B YoY+292.2%
Interest paid	647M YoY-6.0%	688M YoY+0.0%	688M YoY+4.7%	657M YoY-0.2%	658M YoY-9.2%
Income taxes paid	448M YoY-55.3%	1.00B YoY+13.0%	887M YoY-26.0%	1.20B YoY+76.7%	678M YoY-43.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	20.2B YoY-33.9%	30.6B YoY-22.8%	39.6B YoY-14.6%	46.4B YoY-3.4%	48.1B YoY+38.1%
P/E	—	9.3× YoY-43.7%	16.4× YoY-30.4%	23.6× YoY-33.8%	35.7× YoY+85.4%
P/S	0.1× YoY-44.9%	0.2× YoY-27.7%	0.3× YoY-19.1%	0.4× YoY-11.8%	0.4× YoY+21.5%
P/B	1.0× YoY-12.5%	1.2× YoY-27.1%	1.6× YoY-15.3%	1.9× YoY+4.5%	1.8× YoY+32.9%
P/FCF	4.7×	—	7.4× YoY+16.1%	6.3× YoY-56.5%	14.6× YoY+94.3%
Earnings yield	—	10.8% YoY+77.7%	6.1% YoY+43.7%	4.2% YoY+51.1%	2.8% YoY-46.1%
FCF yield	21.4%	—	13.6% YoY-13.9%	15.8% YoY+129.8%	6.9% YoY-48.5%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CNC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CNC filings on SEC EDGAR → Not investment advice.

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