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Sep 30, 2025
Centene Q3 2025 Earnings Report
Centene reported a GAAP net loss of $6.6 billion in Q3 2025, primarily due to a $6.7 billion non-cash goodwill impairment.
Key Takeaways
Centene Corporation posted a significant net loss for Q3 2025 due to a large goodwill impairment, despite seeing growth in revenue and adjusted EPS beating expectations.
GAAP EPS was $(13.50) due to a $6.7B goodwill impairment.
Adjusted EPS came in at $0.50, including a $0.10 tax benefit.
Total revenue grew 18.2% YoY to $49.69B.
2025 full-year adjusted EPS guidance was raised to at least $2.00.
Revenue by Segment
Forward Guidance
Centene raised its full-year 2025 adjusted EPS guidance to at least $2.00, up from the previous $1.75 forecast.
Positive Outlook
- Adjusted EPS guidance increased to at least $2.00.
- Q3 adjusted EPS benefited from a lower effective tax rate.
- Medicaid segment revenue increased despite slight membership decline.
- Marketplace and Medicare segments showed strong growth.
- SG&A expense ratio improved YoY due to leverage over higher revenues.
Challenges Ahead
- $6.7B non-cash goodwill impairment led to large GAAP loss.
- Net loss of $6.6B for the quarter.
- HBR increased to 92.7% due to higher medical costs.
- Medicaid membership declined YoY.
- Continued cost pressures in Marketplace and PDP segments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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