Centene Corporation reported a total revenue of $194.8 billion for the fiscal year ended December 31, 2025, marking a 19% increase from $163.1 billion in 2024. The company's premium and service revenues rose by 20% to $174.6 billion, driven by growth in its Medicare and Medicaid segments, despite a decline in membership. The health benefits ratio (HBR) increased to 91.9% from 88.3% in the previous year, reflecting higher medical costs primarily due to increased demand for services and the introduction of high-cost pharmaceuticals. The company recorded a net loss attributable to Centene of $6.7 billion, or $(13.53) per diluted share, largely due to a goodwill impairment charge of $6.7 billion.
In terms of operational metrics, Centene's membership totaled 27.6 million as of December 31, 2025, a decrease of 967,000 members, or 3%, compared to the previous year. The company serves approximately 12.5 million Medicaid members, 5.5 million Marketplace members, 1.0 million Medicare Advantage members, and 8.1 million Medicare Prescription Drug Plan (PDP) members. The decline in membership was attributed to the resumption of Medicaid eligibility redeterminations following the COVID-19 pandemic, which has led to a higher health benefits ratio due to the acuity profile of remaining members.
Strategically, Centene has been active in divesting non-core assets, including the sale of Magellan Health businesses, which is expected to be finalized in 2026. The company has also expanded its Medicare Advantage offerings and increased its footprint in the Health Insurance Marketplace, adding 60 new counties across 10 states. These strategic moves are aimed at enhancing its service offerings and improving operational efficiencies. The company anticipates that the integration of its Medicaid and Medicare services will enhance care coordination for dual-eligible members, which is expected to drive long-term growth.
Looking ahead, Centene's management expressed optimism about navigating the evolving healthcare landscape, particularly in light of regulatory changes such as the One Big Beautiful Bill Act (OBBBA) and the expiration of enhanced subsidies under the Affordable Care Act (ACA). The company is focused on maintaining its competitive position by adjusting its pricing strategies and enhancing its care management programs to address rising medical costs. Centene expects to leverage its scale and expertise to continue providing high-quality healthcare services while managing operational costs effectively.
About CENTENE CORP
Centene Corporation is a leading managed healthcare enterprise specializing in government-sponsored programs, including Medicaid, Medicare, and commercial insurance. It offers integrated, locally tailored health plans and services to under-insured and uninsured populations across the U.S., focusing on whole-person care. Centene operates through Medicaid, Medicare Advantage, Health Insurance Marketplace, and specialty services segments, leveraging data-driven care management and value-based provider partnerships to improve health outcomes and affordability.
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