Q3 25 EPS
$0.50
BEAT +404.32%
Est. $-0.16
Q3 25 Revenue
$49.69B
BEAT +3.88%
Est. $47.83B
vs S&P Since Q3 25
+55.6%
BEATING MARKET
CNC +60.4% vs S&P +4.8%
Market Reaction
Did CNC Beat Earnings? Q3 2025 Results
Centene Corporation delivered a decisive adjusted earnings beat in Q3 2025, posting adjusted diluted EPS of $0.50 against a consensus estimate of negative $0.16, a 404.32% positive surprise, even as a $6.72 billion non-cash goodwill impairment charge… Read more Centene Corporation delivered a decisive adjusted earnings beat in Q3 2025, posting adjusted diluted EPS of $0.50 against a consensus estimate of negative $0.16, a 404.32% positive surprise, even as a $6.72 billion non-cash goodwill impairment charge drove a GAAP loss of $13.50 per share. Revenue climbed 18.2% year-over-year to $49.69 billion, beating the $47.83 billion consensus by 3.88%, with premium and service revenues surging 22% to $44.90 billion on strong Medicare PDP membership growth and Marketplace expansion. The quarter's core story, however, was cost pressure: the health benefits ratio deteriorated to 92.7% from 89.2% a year ago, weighed down by elevated Marketplace medical costs, unfavorable risk adjustment estimates, and rising Medicaid utilization in behavioral and home health services. Partially offsetting that pressure, the SG&A ratio improved to 7.0% from 8.3%, reflecting expense discipline and PDP business leverage. Management raised full-year 2025 adjusted EPS guidance by $0.25 to at least $2.00, signaling cautious confidence in Medicaid margin recovery despite a still-challenging regulatory and medical cost environment.
Key Takeaways
- • Premium and membership growth in PDP business drove significant revenue increase
- • Overall market growth in the Marketplace business
- • Medicaid rate increases partially offset lower Medicaid membership
- • SG&A expense ratio improved to 7.0% from 8.3% due to expense leverage over higher revenues
- • Medicaid HBR of 93.4% included ~40 bps benefit from retroactive revenue adjustment from a large state
- • Commercial and Medicare segment results in line with expectations
CNC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CNC Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third quarter results and increased full year outlook demonstrate tangible progress against the near-term milestones we laid out for investors in July.”
— Sarah M. London, Q3 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% |