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Dec 31, 2025
Centene Q4 2025 Earnings Report
Reported a net loss in the fourth quarter driven by impairment charges despite strong revenue growth.
Key Takeaways
Centene delivered strong Q4 2025 revenue growth, but results were weighed down by significant impairment charges, resulting in a GAAP net loss and negative earnings per share.
Total revenue grew strongly year over year in the fourth quarter
GAAP net loss was driven by Magellan Health impairment charges
Health benefits ratio increased due to higher Marketplace and PDP medical costs
SG&A expense ratio improved year over year reflecting cost discipline
Revenue by Segment
Forward Guidance
The company expects margin improvement and a return to earnings growth in 2026 driven by cost controls and stabilizing medical trends.
Positive Outlook
- Expected improvement in adjusted EPS in 2026
- Continued SG&A discipline
- Stabilizing Medicaid medical cost trends
- Growth in Medicare PDP membership
- Improved Marketplace profitability outlook
Challenges Ahead
- Ongoing medical cost pressure
- Regulatory and rate-setting uncertainty
- Marketplace morbidity risk
- Potential volatility from policy changes
- Residual impacts from portfolio divestitures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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