Centene (CNC) Surpasses Q4 Revenue Estimates, Sales Up 21.9% YoY

Centene (NYSE:CNC) reported Q4 CY2025 sales of $49.73 billion, up 21.9% year-on-year and exceeding Wall Street estimates. The company’s non-GAAP loss of $1.19 per share was 2.5% above consensus, while full-year revenue guidance of $188.5 billion at the midpoint missed estimates by 2.1%. Supporting context: Q4 customer count reached 27.63 million, stable over the past two years, implying higher average spending per customer. Five-year revenue CAGR was 11.9%, and two-year annualized growth was 12.5%. However, operating margins contracted by 5.3 percentage points over the last five years and 5.8 over two years, with a 3.5% negative margin in Q4 versus -3.9% YoY. Looking ahead, sell-side analysts project flat revenue through CY2026, while full-year EPS is expected to rise 55.4% to $2.05. The stock fell 3.2% to $38.63 in after-hours trading following the results.