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Centene CNC Commercial — Medical costs

Other segment segments

Medicaid
$21.96B+5.3%
Medicare
$8.77B+16.1%
Other
$378M-24.1%

Similar metrics at other companies

CNA Financial logo
CNACommercial — Insurance related administrative expenses
$171M+4.9%
CNA Financial logo
CNACommercial — Other expenses
$11M+10.0%
Principal Financial Group logo
PFGMedical costs
$1.61B-27.4%
Humana logo
HUMMedical costs
$33.71B+27.0%
Huron Consulting Group logo
HURNCommercial: — Total Costs & Expenses
$78.08M+21.0%
Loews logo
LMedical costs
$2.18B+7.3%

Other financials

Income statement

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Revenue$49.9B+7.1%
Gross profit$49.2B+7.2%
Operating income$1.9B+21.3%
Net income$1.5B+17.5%
EPS (diluted)$3.11+18.3%

Balance sheet

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Cash & equivalents$21.3B+43.5%
Total debt$16.4B-10.6%
Total equity$21.4B-23.2%
Total assets$81.2B-6.7%

Cash flow

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Operating cash flow$4.4B+189%
CapEx$200.0M+48.1%
Free cash flow$4.2B+203%

Valuation

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Market cap$32.46B+20.7%
Enterprise value$27.56B-8.0%
P/S0.2×0.0×

Profitability

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Gross margin98.7%+0.3pp
Operating margin-3.7%-5.8pp
Net margin-3.3%-5.3pp
FCF margin3.6%+2.7pp

Returns & leverage

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Return on equity-26.1%-38.7pp
Debt / equity0.8×+0.1×
Current ratio1.1×0.0×

Where this comes from

Reported directly by Centene in its filing.

Tagged under the XBRL concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet.

The official record: Centene’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Centene's commercial — medical costs?
Centene (CNC) reported commercial — medical costs of $7.2B in Q1 2026.
How has Centene's commercial — medical costs changed year-over-year?
Centene's commercial — medical costs decreased by 5.4% year-over-year, from $7.61B to $7.2B.
What is the long-term trend for Centene's commercial — medical costs?
Over 4 years (2021 to 2025), Centene's commercial — medical costs has grown at a 25.9% compound annual growth rate (CAGR), from $14.69B to $36.9B.
What does commercial — medical costs mean?
The total expenses incurred for medical services provided to members within the commercial segment, including payments to healthcare providers and claims reserves. This represents the primary variable cost associated with delivering health insurance benefits.