Centene Corporation is a leading provider of government-sponsored healthcare services, focusing on improving health and healthcare for low-income, complex populations. The company operates through various segments, offering a range of healthcare programs and services, including Medicaid, Medicare, Commercial health insurance, and other healthcare-related services . Centene provides access to healthcare for nearly 1 in 15 individuals nationwide, emphasizing a local approach to delivering healthcare services .
- Medicaid - Offers programs such as Temporary Assistance for Needy Families (TANF), Medicaid Expansion, and the Children's Health Insurance Program (CHIP), among others.
- Commercial - Includes the Health Insurance Marketplace and various commercial health insurance products.
- Medicare - Covers Medicare Advantage, Dual Eligible Special Needs Plans (D-SNPs), and Medicare Prescription Drug Plans (PDPs).
- Other - Encompasses pharmacy operations, vision and dental services, and behavioral health, among others.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew L. Asher Executive | Executive Vice President and CFO | None | Andrew L. Asher joined Centene in May 2021 as CFO, overseeing financial operations and compliance. | |
Christopher A. Koster Executive | EVP, Secretary, and General Counsel | None | Christopher A. Koster is EVP, Secretary, and General Counsel, confirmed by recent 8-K filings. | |
Katie N. Casso Executive | SVP, Corporate Controller, and CAO | None | Katie N. Casso has been with Centene since January 2016, promoted to her current role in April 2021, overseeing corporate accounting and financial reporting. | |
Kenneth J. Fasola Executive | President | None | Kenneth J. Fasola became President of Centene in December 2022, previously EVP of Health Care Enterprises. | |
Sarah M. London Executive | Chief Executive Officer | None | Sarah M. London has been the CEO of Centene since March 2022, focusing on cost savings, gross margin expansion, and member experience improvement. | View Report → |
Susan R. Smith Executive | Chief Operating Officer | None | Susan R. Smith became COO in January 2024, with prior experience at Humana Inc.. | |
Christopher J. Coughlin Board | Director | Director at Karuna Therapeutics, Inc. and Prestige Consumer Healthcare, Inc. | Christopher J. Coughlin joined the Board in January 2022, Chair of the Compensation and Talent Committee. | |
Frederick H. Eppinger Board | Chairman of the Board | CEO and Director of Stewart Information Services Company | Frederick H. Eppinger has been a Director since April 2006 and Chairman since March 2023, enhancing governance structure. | |
Jessica L. Blume Board | Director | Board Member at Publix Super Markets, Inc. | Jessica L. Blume joined the Board in February 2018, serving on the Audit and Compliance Committee and Chair of the Governance Committee. | |
Kenneth A. Burdick Board | Director | Chairman and CEO of LifeStance Health Group, Inc. | Kenneth A. Burdick has been a Director since January 2022, previously EVP of Markets and Products. | |
Monte E. Ford Board | Director | Principal Partner at CIO Strategy Exchange, Board Member at JetBlue, Iron Mountain, Akamai | Monte E. Ford joined the Board in November 2022, with extensive leadership in technology. | |
Theodore R. Samuels Board | Director | Board Member at Bristol Myers Squibb Company and Perrigo Company plc | Theodore R. Samuels joined the Board in January 2022, with experience in investment management and governance. | |
Thomas R. Greco Board | Director | Board Member at Tapestry, Inc. and Sabra Dipping Company LLC | Thomas R. Greco joined the Board in August 2024, former CEO of Advance Auto Parts, Inc.. | |
Wayne S. DeVeydt Board | Director | Managing Director at Bain Capital, Executive Chairman at Surgery Partners, Inc. | Wayne S. DeVeydt joined the Board in January 2022, Chairman of the Audit and Compliance Committee. |
- Could you elaborate on the sufficiency of the Medicaid rate adjustments you've received so far, and what steps are you taking if rates are still misaligned with the higher acuity of your post-redeterminations member base?
- Given the continued pressure on Medicaid margins from the mismatch of rates and acuity, how confident are you in your ability to grow adjusted EPS next year, and what are the key levers to achieve this growth?
- With the Medicare Advantage business expecting down membership in 2025 but aiming for margin recovery, can you explain how the recent changes in Star ratings and contract portfolio will translate into financial improvement?
- In your Marketplace business, you mentioned expectations for modest membership growth and mid-single-digit macro market growth; can you discuss the potential risks to achieving your target pretax margins given the program integrity enhancements and agent of record lock policies?
- Regarding the underlying utilization trends in Medicaid, especially in areas like behavioral health and home health, are you seeing any new pressures or emerging trends that could impact your medical loss ratio beyond what you've previously disclosed?
Research analysts who have asked questions during CENTENE earnings calls.
Andrew Mok
Barclays
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Erin Wright
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Josh Raskin
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Michael Ha
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Scott Fidel
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Christian Bomer
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Joaquin Arriagada Martinez
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John Stansell
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Ryan Langston
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1 question for CNC
| Customer | Relationship | Segment | Details |
|---|---|---|---|
State of New York | Medicaid managed care program | All | Contributed 10% of total revenue in 2021 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Magellan Health, Inc. | 2022 | The acquisition was completed on January 4, 2022 for approximately $2.6 billion in total consideration—$2.5 billion in cash plus $67 million in replacement equity awards. The deal was structured as a business combination to enhance Centene’s ability to deliver integrated healthcare solutions for complex, high-cost populations, with Magellan continuing to operate independently under Centene’s Health Care Enterprises umbrella. |
Recent press releases and 8-K filings for CNC.
- During the Health Insurance Marketplace open enrollment (Nov. 1, 2025 – Jan. 15, 2026), Ambetter from Superior HealthPlan and Ambetter Health will be available in 150 Texas counties for plan year 2026.
- Plans cover all essential health benefits, with some including dental and vision, plus condition-specific diabetes options offering $0 copays on preferred medications and supplies.
- Ambetter Health Solutions delivers off-exchange, ICHRA-compatible individual plans, supporting employers’ cost control and employee choice.
- Members can earn up to $500 through the My Health Pays wellness program and access 24/7 virtual care, digital enrollment tools, a mobile app and Wellframe support.
- Centene’s Ambetter Health will offer health insurance plans in 63 Florida counties for plan year 2026, expanding access for under-insured populations via the Health Insurance Marketplace.
- The open enrollment period runs from Nov. 1, 2025, through Jan. 15, 2026 (enroll by Dec. 15, 2025 for Jan. 1, 2026 coverage).
- Plans cover all essential health benefits—including maternity, mental health, hospitalizations, and prescription drugs—and optional dental/vision, supported by the My Health Pays program with up to $500 in rewards.
- New offerings include ICHRA-compatible off-exchange plans through Ambetter Health Solutions and 24/7 virtual telehealth services for members.
- Adjusted EPS of $0.50 on $44.9 billion of premium and service revenue; GAAP loss per share of $13.50 driven by a $6.7 billion goodwill impairment.
- Raised 2025 adjusted EPS guidance to at least $2.00 (from $1.75) reflecting strong Medicaid performance and a $150 million Florida CMS retroactive revenue adjustment.
- Medicaid combined HBR improved to 93.4% in Q3, aided by $90 million of retroactive revenue, and expects a 5.5% 2025 composite rate increase.
- Marketplace membership ended at 5.8 million, delivered in-line results, and added a $75 million Q4 medical expense reserve; filed 2026 rates averaging mid-30% increases targeting margin expansion.
- Medicare segment HBR of 94.3%, progress on STAR ratings with 60% of members in plans at or above 3.5 stars, and PDP performance largely contained by risk corridors.
- Adjusted EPS of $0.50 in Q3, above prior expectations, driven by Medicaid HBR improvement, net investment income, and a lower effective tax rate.
- Full-year adjusted EPS guidance raised to at least $2.00, up from $1.75 per share.
- Medicaid health benefit ratio improved to 93.4%, including $150 million in Florida retroactive revenue, setting up a projected HBR of ~93.2% in H2 2025.
- Marketplace ended with 5.8 million members and booked an additional $200 million provision for Q4 medical cost and utilization volatility.
- Medicare segment HBR was 94.3%, with Medicare Advantage and PDP results in line with expectations and PDP performance supported by risk corridors.
- Centene delivered $44.9 billion in premium and service revenue and $0.50 adjusted EPS; GAAP loss per share was $13.50 driven by a $6.7 billion goodwill impairment.
- Medicaid HBR improved to 93.4% sequentially, aided by a $150 million retroactive rate adjustment in Florida and targeted cost interventions.
- September Marketplace utilization growth led to a $75 million addition to the Q4 medical expense provision, while 2026 rate filings average mid-30% increases to target margin expansion.
- Centene maintains full-year SG&A and tax rate outlook for 2025, expects stable Medicaid profitability in 2026, and will deliver detailed 2026 guidance on its Q4 call in early February.
- Premium and service revenues rose 22% to $44.9 billion, driving total revenues of $49.7 billion in Q3 2025.
- Reported a GAAP diluted loss per share of $(13.50) and adjusted diluted EPS of $0.50 for the quarter.
- Recorded a $6.7 billion non-cash goodwill impairment, pushing the debt-to-capital ratio to 45.5% at September 30, 2025.
- Achieved a Medicaid health benefits ratio of 93.4% in Q3 2025.
- Raised full-year 2025 adjusted diluted EPS guidance by $0.25 to at least $2.00.
- GAAP diluted loss per share of $(13.50) and adjusted diluted EPS of $0.50 in Q3 2025
- Recorded $6.7 billion non-cash goodwill impairment, driving the GAAP loss and reducing retained earnings
- Total revenues of $49.7 billion and premium and service revenues of $44.9 billion, a 22% increase year-over-year
- Raised 2025 full-year adjusted diluted EPS guidance by $0.25 to at least $2.00
- Medicaid health benefits ratio of 93.4% in Q3 2025, including a retroactive revenue adjustment benefit
- Wellcare will offer Medicare Advantage plans to over 51 million beneficiaries in 32 states and Prescription Drug Plans to more than 8 million members nationwide during the 2026 Annual Enrollment Period (Oct. 15–Dec. 7, 2025).
- The company will transition existing Medicare–Medicaid Plans to integrated Dual Eligible Special Needs Plans (D-SNPs) in eight states (AZ, DE, IL, IA, MI, OH, SC, TX) effective Jan. 1, 2026 to enhance care coordination for dual eligibles.
- Wellcare added 51 new counties across eight states (CA, IL, IA, KS, MI, NV, TX, NC) and rolled out a modernized onboarding experience, including member videos in eight languages and expanded digital engagement tools.
- PDP offerings include two products (Classic and Value Script) in all 34 regions, featuring competitive formularies, $0 copays on Tier 1 at preferred pharmacies, and an out-of-pocket cap of $2,100.
- Wellcare will offer Medicare Advantage plans to over 51 million beneficiaries in 32 states and Medicare Prescription Drug Plans to over 8 million members nationwide for the 2026 Annual Enrollment Period.
- The company will transition its Medicare-Medicaid Plans (MMPs) in five states to integrated Dual Eligible Special Needs Plans (D-SNPs) and launch the first phase of new integrated D-SNPs in eight states effective January 1, 2026.
- Coverage will extend to more than 1,850 counties, including the addition of 51 new counties across California, Illinois, Iowa, Kansas, Michigan, Nevada, Texas and North Carolina, alongside enhancements to the Wellcare Spendables® card and member experience initiatives.
- Key benefit enhancements include $0 copays for primary care visits, a monthly insulin cap of $35 or 25% of the drug’s price, $0 cost-sharing for ACIP-recommended vaccines, and integrated rewards programs for preventive health actions.
- Centene reaffirmed its full-year diluted EPS guidance of $1.75, citing supportive Medicaid HBR trends and alignment of preliminary Medicare STARS with expectations.
- In its Marketplace segment, Centene has refiled 2026 rates covering 95% of membership and achieved most approvals to address acuity headwinds; it expects below break-even margins in 2025 with progressive recovery in 2026.
- Medicaid results for July and August confirmed the expected improvement in health benefit ratio, driven by targeted 7/1, 9/1, and 10/1 rate adjustments and program integrity measures in behavioral health and high-cost drug utilization.
- The Medicare segment is on track for ~$700 million in improvement, with STARS performance in line or better, alongside a PDP business above expectations serving 7.8 million members, supporting a path to break even in MA by 2027.
- On the balance sheet, Centene holds an undrawn $4 billion credit facility (39% debt-to-capital) and is evaluating goodwill, while pursuing SG&A efficiencies and prioritizing funding operations, debt reduction, share repurchase, and M&A.