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
5 questions for CNC
Joshua Raskin
Nephron Research
5 questions for CNC
Justin Lake
Wolfe Research, LLC
5 questions for CNC
Lance Wilkes
Sanford C. Bernstein & Co., LLC
5 questions for CNC
Sarah James
Cantor Fitzgerald
5 questions for CNC
Stephen Baxter
Wells Fargo & Company
5 questions for CNC
Albert Rice
UBS
3 questions for CNC
Ann Hynes
Mizuho Financial Group
3 questions for CNC
David Windley
Jefferies Financial Group Inc.
3 questions for CNC
George Hill
Deutsche Bank
3 questions for CNC
Hua Ha
Robert W. Baird & Co. Incorporated
3 questions for CNC
John Stansel
JPMorgan Chase & Co.
3 questions for CNC
Adam Ron
Bank of America Corporation
2 questions for CNC
A.J. Rice
UBS Group AG
2 questions for CNC
Dave Windley
Jefferies LLC
2 questions for CNC
Kevin Fischbeck
Bank of America
2 questions for CNC
Michael Ha
Robert W. Baird & Co.
2 questions for CNC
Scott Fidel
Stephens Inc.
2 questions for CNC
Christian Bomer
TD Cowen
1 question for CNC
Joaquin Arriagada Martinez
Bank of America
1 question for CNC
John Stansell
JPMorgan Chase & Co.
1 question for CNC
Ryan Langston
TD Cowen
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.
- 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.
- Centene reaffirmed its 2025 diluted EPS guidance of $1.75; Medicaid HBR for July and August is tracking as expected, and 95% of Marketplace membership has had 2026 rate filings submitted to reflect population acuity.
- The Medicare segment is on track for approximately $700 million of improvement, with preliminary STARS data in line and a slight increase in four-star percentage, supporting the goal of break-even MA results by 2027.
- In the Marketplace, Centene is managing a $2.4 billion risk adjustment headwind and $200 million of utilization pressure; current estimates remain unchanged, with further data due at month-end for Q3 call updates.
- Medicaid initiatives—including rate increases (~5% composite from 7/1 rates), utilization management in behavioral health/ABA/home health, and enhanced fraud detection—are driving sequential HBR improvements in the back half of 2025.
- Full-year diluted EPS guidance of $1.75 reaffirmed for FY2025, supported by July/August Medicaid and Marketplace performance.
- Successfully refiled 2026 Health Insurance Marketplace rates covering 95% of membership, with the majority approved to better reflect member acuity.
- Medicaid loss ratio (HBR) improved in July/August, driven by utilization management in behavioral health and high-cost drugs alongside 5% average rate increases.
- Medicare segment remains on track for ~$700 million of improvement, with STARS performance in line and progress toward a 2027 MA break-even.
- Accelerated Q3 goodwill impairment review with no statutory subsidiary impact; maintains a $4 billion untapped revolving credit facility and prioritizes organic growth, debt reduction, and share repurchase.
- Centene reaffirmed its 2025 diluted EPS guidance of $1.75, citing supportive Medicaid HBR results for July/August, successful refiling of 2026 Health Insurance Marketplace rates covering 95% of membership (majority approved), and a $700 million Medicare segment improvement trajectory toward break-even in Medicare Advantage by 2027.
- Marketplace performance still contends with a $2.4 billion risk adjustment headwind and $200 million of induced utilization in H2 2025; Centene has refilled rates in nearly all states and pulled products in two states (5% of membership) where rate requests were insufficient.
- Medicaid HBR improvements continue, led by better management of behavioral health (ABA), home health, and high-cost drugs; 7/1 rate increases averaged 5% composite and 10/1 rates align with that trajectory to support margin recovery.
- PDP outperformance persists with national benchmarks and direct subsidies in line with expectations, ensuring 2026 positioning below benchmark for low-income auto-assigned members; capital deployment priorities remain focused on organic growth, cost efficiency, then debt reduction, share repurchases, and M&A.
- The Law Offices of Frank R. Cruz reminds Centene (NYSE: CNC) shareholders of a class action covering December 12, 2024–June 30, 2025, with a lead plaintiff deadline of September 8, 2025.
- The complaint alleges Centene misstated its business outlook by not disclosing that over two-thirds of its marketplace share showed lower-than-anticipated enrollment and increased aggregate market morbidity, rendering its positive statements materially misleading.
- Shareholders who suffered losses need not take immediate action but may contact Frank R. Cruz at 310-914-5007 or via for more information.
- The Portnoy Law Firm is representing a class of Centene Corporation investors who purchased shares from December 12, 2024, through June 30, 2025; the deadline to file a lead plaintiff motion is September 8, 2025.
- The lawsuit alleges Centene misled investors by overstating enrollment rates and underreporting morbidity trends, concealing adverse marketplace data.
- On July 1, 2025, Centene withdrew its 2025 guidance and revised its expected earnings to approximately $1.8 billion with an adjusted diluted EPS of $2.75.
- Following the guidance withdrawal, Centene’s stock price declined by over 40%, prompting the class action.
- Faruqi & Faruqi is investigating potential securities claims for investors who purchased Centene securities between Dec. 12, 2024 and Jun. 30, 2025.
- Investors must move by Sept. 8, 2025 to seek lead plaintiff status in the class action against Centene.
- The complaint alleges Centene withdrew its 2025 guidance on July 1, 2025, cutting revenue outlook to ≈ $1.8 billion and adjusted diluted EPS to $2.75.
- Centene’s stock fell 40.4%, from $56.65 on July 1 to $33.78 on July 2, 2025, following the guidance withdrawal.
- Portnoy Law Firm advises investors who bought Centene securities between December 12, 2024 and June 30, 2025 to file a lead plaintiff motion by September 8, 2025 to seek recovery of their losses.
- The lawsuit alleges Centene misstated its 2025 revenue outlook by overstating enrollment rates and understating morbidity trends, concealing adverse developments from investors.
- On July 1, 2025, Centene withdrew its full-year 2025 guidance—revising earnings to approximately $1.8 billion and adjusted EPS to $2.75—after reporting weaker marketplace growth, causing the stock to drop over 40%.
- Centene shares fell ~10% in pre-market trading on July 25, 2025, after reporting a GAAP diluted loss per share of -$0.51, driven by a reduction in its net 2025 Marketplace risk adjustment revenue transfer estimate.
- Investors filed a class action suit, Lunstrum v. Centene Corporation, alleging the company misled shareholders with inflated guidance and optimistic enrollment projections between December 12, 2024 and June 30, 2025; lead plaintiff deadline is September 8, 2025.
- Centene abruptly withdrew its 2025 financial guidance on July 1, 2025, after an independent Wakely review showed lower-than-expected market growth and higher morbidity, triggering a >40% stock decline.
- Faruqi & Faruqi is investigating Centene over alleged misleading statements on enrollment and morbidity rates, urging investors with losses exceeding $75,000 from December 12, 2024 to June 30, 2025 to come forward.
- Investors are reminded of the September 8, 2025 deadline to move for lead plaintiff status in the federal securities class action.
- On July 1, 2025, Centene withdrew its 2025 guidance, cutting it to approximately $1.8 billion in revenue and an adjusted diluted EPS of $2.75.
- Following the guidance withdrawal, Centene’s stock dropped 40.4%, from $56.65 on July 1 to $33.78 on July 2, 2025.