Centene Q4 Loss Narrows, Medicaid Membership Slides to 12.52 Million
Centene posted a fourth-quarter adjusted loss of $1.19 per share, beating the consensus loss of $1.22, and delivered revenue of $49.73 billion versus the $48.39 billion estimate. Total membership fell to 27.63 million from 28.60 million year-over-year, driven by a drop in Medicaid enrollment to 12.52 million despite commercial membership rising to 5.99 million.
1. Q4 Financial Results
Centene reported a fourth-quarter adjusted loss of $1.19 per share, outperforming the consensus loss of $1.22. Revenue climbed 22% year-over-year to $49.73 billion, exceeding the consensus of $48.39 billion, led by premium yield gains and PDP and Marketplace growth.
2. Membership Trends
Total membership declined by 0.97 million to 27.63 million, with Medicaid enrollment down 480,000 to 12.52 million. Offsetting this, commercial membership jumped by 1.18 million to 5.99 million, supported by rate increases and state-directed payments.
3. 2026 Guidance
Centene forecasts full-year 2026 adjusted EPS above $3.00, compared with the $2.94 consensus, and expects revenue of $186.5 billion to $190.5 billion versus the $193.43 billion consensus. The health benefits ratio is projected between 90.9% and 91.7%, reflecting targeted margin improvement.