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Centene Business Segments

Business, geographic, and product segment breakdowns

Centene generates $198.10B in annual revenue across 4 key segments: Commercial ($41.4B), Medicaid ($112.89B), Medicare ($38.8B), and Other ($5.0B). The company-wide operating margin is -3.68%. Based on the Q1 2026 filing.

Commercial (TTM)$41.4BMedicaid (TTM)$112.89BMedicare (TTM)$38.8BOther (TTM)$5.0B
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$28.8B
ROE-26.12%

Products & Services

All outstanding liabilities prior to 2023, net of reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line————$290.0M—

Cumulative Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line$357.4B———$404.8B—

Cumulative Paid Claims

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line64130000000.0%———70990000000.0%—

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line$339.2B———$384.4B—

Magellan Health medical claims liabilities held for sale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line————-$109.0M—

Short-Duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line$18.4B———$20.6B—

Total IBNR Plus Expected Development on Reported Claims

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health insurance product line$12.1B———$13.1B—

Premium and service revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Premium and service revenues$36.3B$42.5B$42.5B$44.9B$44.7B$44.7B
Premium$35.5B$41.7B$41.7B$44.1B$44.0B$43.9B
Service$777.0M$777.0M$727.0M$772.0M$749.0M$768.0M

Business Segments

Cost of Services

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other$665.0M$674.0M$616.0M$626.0M$656.0M$679.0M
Medicaid$23.0M$24.0M$25.0M$25.0M$24.0M$23.0M
Commercial$0.0$0.0$0.0$0.0$0.0$0.0
Medicare$0.0$0.0$0.0$0.0$0.0$0.0

Current year

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$19.2B$13.0B$20.5B$20.2B$22.1B$14.1B
Medicare$5.0B$5.2B$7.6B$8.7B$9.1B$6.4B
Commercial$6.8B$4.7B$8.3B$9.2B$10.0B$4.5B
Other$482.0M$359.0M$523.0M$544.0M$529.0M$358.0M

Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$19.3B$19.8B$21.4B$20.7B$22.4B$20.9B
Medicare$5.0B$7.2B$7.9B$8.9B$9.2B$9.1B
Commercial$6.7B$7.4B$8.7B$9.4B$10.2B$7.8B
Other$481.0M$509.0M$531.0M$547.0M$530.0M$434.0M

Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$19.4B$20.8B$20.6B$21.6B$21.4B$22.0B
Medicare$4.9B$7.4B$8.5B$9.0B$9.5B$8.8B
Commercial$7.1B$7.6B$9.1B$9.9B$10.3B$7.2B
Other$492.0M$498.0M$516.0M$559.0M$550.0M$378.0M

Liability for Unpaid Claims and Claims Adjustment Expense, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$10.3B$11.3B$10.4B$11.3B$10.4B$11.4B
Commercial$4.4B$4.6B$5.1B$5.6B$5.6B$5.0B
Medicare$3.4B$3.7B$4.4B$4.3B$4.4B$4.1B
Other$188.0M$177.0M$162.0M$174.0M$85.0M$29.0M

Medical claims liability

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$10.3B$11.3B$10.4B$11.3B$10.4B$11.4B
Commercial$4.5B$4.7B$5.1B$5.6B$5.7B$5.1B
Medicare$3.4B$3.7B$4.4B$4.3B$4.4B$4.1B
Other$188.0M$177.0M$162.0M$174.0M$85.0M$29.0M

Medical costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$19.4B$20.8B$20.6B$21.6B$21.4B$22.0B
Medicare$4.7B$7.6B$8.6B$8.9B$9.2B$8.8B
Commercial$7.1B$7.6B$9.1B$9.9B$10.3B$7.2B
Other$492.0M$498.0M$516.0M$559.0M$550.0M$378.0M

Plus: Divestitures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial—$0.0$0.0$0.0$0.0—
Medicaid—$0.0$0.0$0.0$0.0—
Medicare—$0.0$0.0$0.0$0.0—
Other—-$27.3M-$27.3M-$27.3M-$27.3M—

Premium tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$4.5B$4.1B$6.3B$4.8B$5.0B$5.3B
Commercial$0.0$0.0$0.0$0.0$0.0$0.0
Medicare$0.0$0.0$0.0$0.0$0.0$0.0
Other$0.0$0.0$0.0$0.0$0.0$0.0

Prior years

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$150.0M$6.8B$896.0M$484.0M$271.0M$6.8B
Commercial$0.0$2.6B$435.0M$167.0M$232.0M$3.3B
Medicare$0.0$1.9B$329.0M$209.0M$72.0M$2.7B
Other$0.0$150.0M$8.0M$3.0M$1.0M$76.0M

Reinsurance Recoverable for Unpaid Claims and Claims Adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial$47.0M$46.0M$46.0M$56.0M$60.0M$68.0M
Medicaid$18.0M$18.0M$14.0M$17.0M$16.0M$14.0M

Revenue from Contract with Customer, Including Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$25.3B$26.4B$28.0B$28.0B$28.0B$28.9B
Medicare$5.5B$8.8B$9.5B$9.4B$9.6B$10.3B
Commercial$8.7B$10.1B$10.1B$11.0B$10.8B$9.6B
Other$1.3B$1.3B$1.2B$1.3B$1.3B$1.2B

Segment gross margin

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial$1.6B$2.5B$946.0M$1.1B$497.0M$2.4B
Medicaid$1.4B$1.4B$1.1B$1.5B$1.6B$1.6B
Medicare$729.0M$1.2B$863.0M$538.0M$378.0M$1.6B
Other$115.0M$110.0M$92.0M$159.0M$74.0M$120.0M

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicaid$25.3B$26.4B$28.0B$28.0B$28.0B$28.9B
Medicare$5.5B$8.8B$9.5B$9.4B$9.6B$10.3B
Commercial$8.7B$10.1B$10.1B$11.0B$10.8B$9.6B
Other$4.4B$4.2B$4.0B$4.2B$4.5B$4.1B

Plus: Premium deficiency reserve

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Medicare-$158.0M$270.0M$389.0M$282.0M-$92.0M$0.0