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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Centene
Centene (CNC) investor relations material
Centene Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 adjusted diluted EPS was $0.58; GAAP diluted loss per share was $0.14. Consolidated HBR was 92.7%, better than expectations, led by Medicare results.
FY26 adjusted diluted EPS guidance floor rose $0.40 to greater than $5.20; HBR guidance midpoint improved 15 bps to 90.75%.
Q3 revenue grew 2% YoY to $50.647B; managed care membership declined 8% YoY to 25.7M.
Financial highlights
Q3 premium and service revenue was $45.105B, up 0.5% YoY; adjusted net earnings were $290M versus $245M.
Q3 operating loss was $307M and net loss was $71M; prior-year GAAP results included a $6.723B goodwill impairment.
Q3 operating cash flow used was $3.7B, primarily due to payment timing, including Medicaid pass-through payments; nine-month operating cash flow provided was $4.3B.
Nine-month revenue rose 6% to $154.2B; net earnings were $2.56B versus a $5.58B loss in 2025.
Outlook and guidance
FY26 guidance: adjusted diluted EPS greater than $5.20; GAAP diluted EPS greater than $3.46; HBR 90.4%–91.1%, with a 90.75% midpoint.
FY26 total revenue guidance is $196.5B–$200.5B; premium and service revenue guidance is $173.0B–$177.0B.
FY26 Medicaid HBR forecast remains 93.5%; year-end Medicaid membership is expected down 8%–9% YoY, with composite rates near 5%.
2027 adjusted EPS growth is expected against both the ~$4.70 jump-off and revised FY26 guidance; formal guidance is planned for February.
FY26 adjusted SG&A guidance midpoint remains 7.2%; interest expense guidance is $600M–$620M.
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Latest events from Centene
- Marketplace momentum lifted 2024 revenue guidance as FY adjusted EPS reached $6.68.CNC
Q4 2023 - 2026 guidance reaffirmed, with stable trends and margin focus across Medicaid, Medicare, ACA, and Part D.CNCDeutsche Bank 2026 Healthcare Summit
- Q2 2026 EPS hit $2.51, revenue rose 10%, and guidance increased amid margin gains.CNCQ2 2026
- Q1 2026 EPS and revenues exceeded expectations, with improved leverage and strong segment results.CNCQ1 2026
- 2026 guidance targets adjusted EPS above $3.00, with margin recovery and debt reduction focus.CNCQ4 2025
- Q2 2025 saw higher revenues but a net loss from medical costs and Marketplace risk adjustment shortfall.CNCQ2 2025
- 2025 EPS guidance exceeds $7.25, with premium/service revenue at $154–$156B and growth in Duals and ICHRA.CNCInvestor Day 2024
- Q1 2025 adjusted EPS up 28% to $2.90, revenue up 17% to $46.6B, guidance raised.CNCQ1 2025
- 2024 EPS rose 7% to $7.17; 2025 revenue guidance increased by $4B to $158–$160B.CNCQ4 2024
Next Centene earnings date
Q4 20265 Feb, 2027
Centene
Next Centene earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
Government-sponsored Healthcare Services
Centene Corporation is an American multinational healthcare company providing a range of health insurance products and related services. Centene specializes in government-sponsored healthcare programs, including Medicaid, Medicare, and the Health Insurance Marketplace, making it a significant player in public sector healthcare in the United States. The company is headquartered in St Louis, Missouri, and its shares are traded on the NYSE.
Founding and Re-focusing
The company was founded in 1984 as Family Hospital Physician Associates, it was initially a single health plan provider. In 1997, the company rebranded to Centene Corporation and relocated its headquarters to St. Louis, Missouri. During this time, Centene recognized the growing need and opportunity to serve low-income and vulnerable populations, which were often underserved in the healthcare market. This realization led to a strategic pivot towards government-sponsored programs like Medicaid and Medicare, something that proved to be a success. Some of the closest competitors to Centene are Molina, UnitedHealth Group, and Humana.
Medicare and Medicaid
As previously mentioned, Centene specializes in providing government-sponsored healthcare plans, primarily focusing on Medicaid and Medicare. The company offers a range of services tailored to meet the needs of low-income, underinsured, and uninsured individuals.
For Medicaid recipients, Centene provides managed care services, which include comprehensive health coverage and specialized programs. These programs often cater to specific groups, such as children, pregnant women, elderly individuals, and people with disabilities.
In the Medicare sector, Centene offers Medicare Advantage plans, which are alternatives to traditional Medicare. These plans combine Medicare Parts A (hospital insurance) and B (medical insurance), often including Part D (prescription drug coverage). Centene's Medicare Advantage plans are designed to offer additional benefits, like vision, dental, and wellness programs, which are not typically covered under standard Medicare.
Other Services
Outside of government-sponsored healthcare plans, Centene Corporation offers a variety of health solutions through its subsidiaries. These include commercial health insurance under the Health Net brand, serving individuals, families, and small businesses. Centene also provides specialty services, including behavioral health, pharmacy benefits management, and care management for complex medical conditions. Additionally, the company is active in telehealth services and international healthcare operations, broadening its scope beyond traditional health insurance.