Centene Corp.

Healthcare Plans • Healthcare • Saint Louis, MO, United States • CNC (NYQ)

314 725 4477 Centene Plaza, Saint Louis, MO 63105, United States

Quarter: Q3 2025 Reported: September 11, 2025 Sentiment: Positive

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, and commercial organizations in the United States. The company operates through four segments: Medicaid, Medicare, Commercial, and Other. The Medicaid segment offers the temporary assistance for needy families; medicaid expansion; aged, blind, or disabled; and children's health insurance programs, as well as long-term services and supports; foster care; and medicare-medicaid plans. This segment also provides healthcare products and services. The Medicare segment offers special needs and medicare supplement, and prescription drug plans. The Commercial segment provides health insurance marketplace product for individual, small, and large group commercials. The Other segment operates clinical healthcare and pharmacies, as well as offers vision and dental, behavioral health, federal, and corporate management services. It provides services through primary and specialty care physicians, hospitals, behavioral health practitioners, and ancillary providers. The company was founded in 1984 and is headquartered in Saint Louis, Missouri.

Analysis Summary

Centene Corporation (CNC) provided a Q3 2025 update, specifically noting that its business and financial results through August are consistent with its previously issued full-year 2025 adjusted diluted earnings per share (EPS) forecast of approximately $1.75. This reaffirmation of guidance was disclosed in a Form 8-K filing in advance of the company's participation in the Deutsche Bank 2025 Healthcare Summit on September 11, 2025.

**Detailed Financial Performance Breakdown:** While specific Q3 2025 revenue, net income, or actual Q3 EPS figures were not provided in this update, the key takeaway is the reaffirmation of the full-year adjusted diluted EPS forecast at approximately $1.75. This indicates that the company's performance through the first two months of Q3 aligns with its annual financial targets, suggesting operational stability and predictable earnings.

**Strategic Initiatives and Business Segment Analysis:** The transcript does not detail specific strategic initiatives or segment performance. However, the participation in a major healthcare summit implies ongoing engagement with the investment community and a readiness to discuss current business conditions and future outlook.

**Management Commentary and Forward Guidance:** Management's primary commentary is the consistency of results through August with the full-year EPS forecast. The full-year 2025 adjusted diluted EPS guidance remains approximately $1.75. No specific guidance for the next quarter (Q4 2025) was provided in this update.

**Competitive Positioning and Market Trends:** The document does not offer direct commentary on competitive positioning or market trends. However, the extensive list of risk factors, including competition for providers, broker networks, and contract reprocurements, implicitly acknowledges the dynamic and competitive nature of the healthcare industry.

**Risk Factors and Concerns Raised:** The company outlined numerous forward-looking statements and associated risks. Key concerns include: rate cuts or payment reductions from government payors; changes in federal or state laws/regulations (e.g., ACA, tax reform); unanticipated increased healthcare costs due to consumer/provider behaviors, inflation, and tariffs; the ability to maintain or improve CMS Star ratings and other quality scores; intense competition; and the potential for cyber-attacks or data security incidents.

**Analyst Q&A Highlights:** As this is a pre-summit disclosure and not a full earnings call transcript, there are no analyst Q&A highlights available in this document.

Key Highlights

• Centene reaffirmed its full-year 2025 adjusted diluted EPS forecast at approximately $1.75.
• Business and financial results through August 2025 are consistent with the full-year guidance.
• Company management will discuss these results at the Deutsche Bank 2025 Healthcare Summit.
• The company utilizes non-GAAP financial measures for performance assessment.
• No specific Q3 2025 actual revenue or net income figures were provided in this update.
• Extensive list of risk factors highlights regulatory, cost, and competitive pressures.

Financial Metrics

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guidance

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Stock Performance (90 Days)

Data through Dec 29, 2025

Layoff Events

Earnings Calls

Positive Signals

• Reaffirmation of full-year EPS forecast indicates stability and meeting expectations.
• Management actively discussing business and financial results through August, suggesting ongoing operational oversight.
• Participation in a prominent industry event (Deutsche Bank 2025 Healthcare Summit) demonstrates engagement with the investment community.

Risks & Concerns

— Rate cuts, insufficient rate changes, or other payment reductions/delays by government payors.
— Changes in federal or state laws or regulations, including those related to the ACA or income tax reform.
— Unanticipated increased healthcare costs due to changes in consumer/provider behaviors, inflation, and tariffs.
— Competition for providers, broker distribution networks, contract reprocurements, and organic growth.
— Cyber-attacks or other data security incidents, or failure to comply with privacy laws.