Q1 25 EPS
$2.90
BEAT +15.27%
Est. $2.52
Q1 25 Revenue
$46.62B
BEAT +7.80%
Est. $43.25B
vs S&P Since Q1 25
-44.3%
TRAILING MARKET
CNC -13.4% vs S&P +30.9%
Market Reaction
Did CNC Beat Earnings? Q1 2025 Results
Centene opened 2025 with a standout quarter, posting adjusted diluted EPS of $2.90 against a consensus estimate of $2.52, a beat of 15.27%, while revenue of $46.62 billion topped expectations by 7.80% and climbed 15.4% from the year-ago period. The d… Read more Centene opened 2025 with a standout quarter, posting adjusted diluted EPS of $2.90 against a consensus estimate of $2.52, a beat of 15.27%, while revenue of $46.62 billion topped expectations by 7.80% and climbed 15.4% from the year-ago period. The driving force behind the outperformance was a 29% surge in Marketplace membership to 5.63 million enrollees, which propelled premium and service revenues to $42.49 billion and helped swing operating cash flow to a positive $1.51 billion from negative $456 million a year earlier. Medicaid costs drew some investor attention, with the Medicaid health benefits ratio rising to 93.6% from 90.9%, largely due to elevated influenza-related claims, though improved Medicare HBR of 86.3% provided a meaningful offset. On the strength of Marketplace enrollment momentum and Medicare Advantage retention, Centene raised its full-year premium and service revenue guidance by $6 billion to a range of $164 billion to $166 billion, while reiterating its adjusted diluted EPS floor of greater than $7.25 for the full year.
Key Takeaways
- • 17% year-over-year premium and service revenue growth driven by PDP business expansion and Marketplace growth
- • 29% year-over-year membership growth in Marketplace to 5,626,000 members
- • 22% year-over-year Medicare PDP membership growth to 7,867,800 members
- • Adjusted diluted EPS of $2.90 representing 28% year-over-year growth
- • SG&A expense ratio improvement to 7.9% from 8.9% driven by operating leverage
- • Medicare HBR improvement to 86.3% from 90.8% due to Inflation Reduction Act Part D program changes
- • Operating cash flow of $1.5 billion driven by net earnings and increase in medical claims liabilities
CNC YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
CNC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results demonstrate the resiliency of Centene's platform and the progress we are making as an organization while navigating a dynamic policy landscape.”
— Sarah M. London, Q1 2025 Earnings Press Release
CNC Earnings Trends
CNC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CNC EPS Trend
Earnings per share: estimate vs actual
CNC Revenue Trend
Quarterly revenue: estimate vs actual
CNC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $3.37 | — | $49.94B | +5.03% |
| Q4 25 BEAT FY | $-1.22 | $-1.19 | +2.46% | $49.73B | +4.42% |
| FY Full Year | $2.04 | $2.08 | +2.16% | $194.78B | +1.09% |
| Q3 25 BEAT | $-0.16 | $0.50 | +404.32% | $49.69B | +3.88% |
| Q2 25 MISS | $0.23 | $-0.16 | -170.52% | $48.74B | +10.28% |
| Q1 25 BEAT | $2.52 | $2.90 | +15.27% | $46.62B | +7.80% |