How does Centene (CNC) make money?

Centene (CNC) generates revenue primarily from Medicaid Segment, which accounted for 77.5% of total revenue in TTM through Q2 2026. The company reported $194B in revenue and converted -2.6% of it into net profit, equivalent to roughly -$5.1B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Centene (CNC)?

Centene (CNC) reported a gross profit margin of 16.1% in TTM through Q2 2026, equivalent to $31.2B in gross profit on $194B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Centene (CNC)?

Centene (CNC) reported an operating profit margin of -2.8% in TTM through Q2 2026, equivalent to -$5.46B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Centene (CNC)?

Centene (CNC) reported a net profit margin of -2.6% in TTM through Q2 2026, equivalent to -$5.1B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Centene (CNC) profitable?

Centene (CNC) reported a net loss of $5.1B for TTM through Q2 2026, a net profit margin of -2.6%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does Centene (CNC) spend on capital expenditures?

Centene (CNC) spent $798M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 0.4% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Centene (CNC) generate?

Centene (CNC) generated $8.97B in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 4.6%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Centene (CNC)?

Centene (CNC) reports revenue across 3 reportable product segments, led by Medicaid Segment at 77.5% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Centene Makes Money: 2026 Visual Revenue Map

Centene (CNC) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 28, 2026).

Centene discloses geographic revenue only in annual filings. to view the full breakdown.

Centene (CNC) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Centene (CNC), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Medicaid Segment	$150B	77.5%
Commercial Segment	$38.9B	20.1%
Other Operating Segment	$4.77B	2.5%
Total	$194B	100%

Medicaid Segment$150B
Commercial Segment$38.9B
Other Operating Segment$4.77B
Total$194B

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Centene (CNC) reports revenue across 3 reportable product segments; the largest segment was Medicaid Segment at 77.5%, followed by Commercial Segment (20.1%) and Other Operating Segment (2.5%).

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