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Centene CNC Commercial — Segment gross margin

Other segment segments

Medicaid
$1.62B+13.0%
Medicare
$1.55B+29.1%
Other
$120M+9.1%

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PLTRCommercial — Contribution margin (in percent)
73%+12.0pp

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:GrossProfit.

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 — segment gross margin?
Centene (CNC) reported commercial — segment gross margin of $2.36B in Q1 2026.
How has Centene's commercial — segment gross margin changed year-over-year?
Centene's commercial — segment gross margin decreased by 7.2% year-over-year, from $2.54B to $2.36B.
What is the long-term trend for Centene's commercial — segment gross margin?
Over 4 years (2021 to 2025), Centene's commercial — segment gross margin has grown at a 22.5% compound annual growth rate (CAGR), from $2.27B to $5.1B.
What does commercial — segment gross margin mean?
The difference between total commercial segment revenues and the direct medical costs incurred to provide coverage. This metric serves as a primary indicator of the profitability of the commercial insurance product line.