Cost of Revenue
Medical costs
Centene Medical costs decreased by 7.7% to $38.30B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 4.9%, from $36.50B to $38.30B. Over 4 years (FY 2021 to FY 2025), Medical costs shows an upward trend with a 12.5% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionCost of Revenue
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
Lower costs relative to premiums indicate higher underwriting efficiency and better medical cost management.
Detailed definition
This represents the total expenses incurred for medical services, claims, and healthcare delivery provided to policyhold...
Peer comparison
Standard for health insurers; peers often report this as the medical loss ratio component.
Metric ID:
unh_medical_costsHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $24.39B | $25.43B | $25.39B | $27.84B | $27.31B | $28.11B | $28.27B | $29.43B | $29.35B | $29.48B | $30.63B | $30.93B | $30.77B | $32.20B | $31.81B | $36.50B | $38.81B | $40.90B | $41.49B | $38.30B |
| QoQ Change | — | +4.3% | -0.1% | +9.6% | -1.9% | +2.9% | +0.6% | +4.1% | -0.3% | +0.4% | +3.9% | +1.0% | -0.5% | +4.7% | -1.2% | +14.8% | +6.3% | +5.4% | +1.4% | -7.7% |
| YoY Change | — | — | — | — | +12.0% | +10.5% | +11.3% | +5.7% | +7.5% | +4.9% | +8.4% | +5.1% | +4.8% | +9.2% | +3.8% | +18.0% | +26.1% | +27.0% | +30.4% | +4.9% |
Range$24.39B – $41.49B
CAGR+10.0%
Avg YoY Growth+11.9%
Median YoY Growth+8.8%
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Medicaid | $18.77B | $19.82B | $19.44B | $20.84B | $20.58B | $21.61B | $21.41B | $21.96B |
| Medicare | $5.33B | $4.97B | $4.75B | $7.56B | $8.59B | $8.85B | $9.23B | $8.77B |
| Commercial | $6.27B | $6.96B | $7.13B | $7.61B | $9.12B | $9.88B | $10.30B | $7.20B |
| Other | $397.00M | $458.00M | $492.00M | $498.00M | $516.00M | $559.00M | $550.00M | $378.00M |
| Total | $30.77B | $32.20B | $31.81B | $36.50B | $38.81B | $40.90B | $41.49B | $38.30B |
Medical costs at Other Companies
Frequently Asked Questions
- What is Centene's medical costs?
- Centene (CNC) reported medical costs of $38.30B in Q1 2026.
- How has Centene's medical costs changed year-over-year?
- Centene's medical costs increased by 4.9% year-over-year, from $36.50B to $38.30B.
- What is the long-term trend for Centene's medical costs?
- Over 4 years (2021 to 2025), Centene's medical costs has grown at a 12.5% compound annual growth rate (CAGR), from $98.60B to $157.70B.
- What does medical costs mean?
- The total cost of healthcare services provided to insured members.