Centene Corp

Company facts

Industry

Hospital & Medical Service Plans

Headquarters

St Louis, Missouri

Most recent report

8-K, filed Aug 17, 2026

Incorporated

Delaware

Filings on record

1,008+ filings

On EDGAR

CIK 1071739

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 2 of 11 sections worth reading, with 6 positive, 8 notable, and 6 negative flags.

• Financial Statements (Item 1)

  Full financial statements and notes with critical company-specific results.
  Notable

  • Sold $1,000M of Part D risk-sharing receivables for $970M in March 2026, proceeds used to redeem 2027 senior notes.
  • CMS risk adjustment settlement reduced net payable by $541M, yielding a $481M pre-tax net benefit in H1 2026.
  • Debt repurchase program authorized extra $750M in May 2026; repurchased $1,289M of senior notes in H1 2026.
  Negative

  • Federal securities class action and five derivative lawsuits allege false statements on 2025 guidance; outcome uncertain.
  • Voluntary separation program committed on July 27, 2026, expects $315M to $365M severance costs in H2 2026.

• Management's Discussion (Item 2)

  MD&A with Q2 2026 financial results, segment margins, regulatory impacts, and liquidity details.
  Positive

  • Total revenues grew 10% to $53.6B in Q2 2026, driven by premium tax and PDP growth.
  • HBR improved to 89.6% from 93.0% in Q2 2025, driven by lower Marketplace HBR and Medicaid progress.
  • Operating cash flow was $3.6B in Q2 2026, a strong result.
  • GAAP diluted EPS of $2.19 in Q2 2026, compared to a loss of $(0.51) in Q2 2025.
  • Adjusted diluted EPS of $2.51 in Q2 2026, versus $(0.16) in Q2 2025.
  • Medicare Advantage Star Ratings improved: 60% of members in 3.5+ star plans vs 55% prior year.
  Notable

  • 26 states filed a lawsuit to block CMS' interim rule implementing work requirements for Medicaid.
  • Premium and service revenues grew 4% to $44.4B in Q2 2026, slower than total revenue.
  • SG&A expense ratio improved slightly to 7.0% from 7.1% in Q2 2025.
  • No premium deficiency reserve recorded for 2026 Medicare Advantage, versus $389M in 2025.
  • Entered a $4.25B receivable purchase agreement for CMS Part D risk-sharing receivables.
  Negative

  • California will transition ~250,000 Health Net Medicaid members to fee-for-service in 2027.
  • Membership fell 2.1M (8%) year-over-year to 25.9M in Q2 2026.
  • Not selected for Florida Children's Medical Services contract, ending Sept 2026.
  • Protesting Medicaid procurement awards in Georgia and Texas; outcomes uncertain.

What changed: Jun 2026 vs. Mar 2026

About 16% of CNC's Jun 2026 10-Q is new information. 49 paragraphs were added, 108 changed, and 15 removed. Below are the most important lines SECSift identified.

• Item 2 89
• Item 1 32
• Item 5 3
• Item 4 2
• Item 3 1
• Item 6 1