CENTENE CORP (CNC)

Centene is a managed care company focused on underserved populations, which it describes as the largest in the United States in that niche. It offers Medicaid, Medicare (including Medicare Prescription Drug Plans) and Health Insurance Marketplace products to more than 1 in 15 individuals nationwide, with membership of 27.6 million at December 31, 2025. The company relies on local brands and local teams, and works with providers, policymakers and communities to connect members to health care and to needs such as food, housing, utilities and transportation. For 2025 it reported total revenues of $194.8 billion and cash flow from operations of $5.1 billion. Its first health plan began operating in Wisconsin in 1984, and it trades on the NYSE under "CNC."

Centene operated in four segments in 2025: Medicaid, Medicare, Commercial and Other, which accounted for 57%, 19%, 21% and 3% of external revenues, respectively. Medicaid covers TANF, Medicaid Expansion, Aged, Blind or Disabled, CHIP, Long-Term Services and Supports, Foster Care and Medicare-Medicaid Plans (which ended December 31, 2025), and it served 12.5 million members in 30 states. Medicare includes Medicare Advantage (1.0 million members in 32 states, mainly under the Wellcare brand), Dual Eligible Special Needs Plans, stand-alone Part D prescription drug plans (8.1 million members in 50 states and D.C.) and Medicare Supplement. Commercial includes the Marketplace product under the Ambetter Health brand (5.5 million members in 29 states), other individual and group plans, and off-exchange ICHRA-compatible plans through Ambetter Health Solutions, offered in 6 states in 2025 and 13 in 2026. The Other segment includes AcariaHealth specialty pharmacy, vision and dental services, clinical care through Community Medical Group and Denova Collaborative Health, behavioral health through Magellan Health, and centralized services to the health plans. In December 2025 Centene signed an agreement to divest the remaining Magellan Health businesses.

Its customers are low-income families and children, people with disabilities, older adults, dual-eligible beneficiaries, Medicare-eligible individuals, and individuals and families buying coverage on the Marketplace, along with some employer groups. Government programs are central: Medicaid is funded jointly by federal and state governments and run by the states, and CMS is a significant revenue source for the Medicare and Marketplace businesses. Florida and New York each accounted for roughly 10% or more of consolidated Medicaid premium revenues. Centene says it is the largest Medicaid and Marketplace insurer and the largest stand-alone PDP provider. It is also positioned in the dual-eligible market, with one of the highest concentrations of D-SNP members among its peers. The company also describes regulatory changes affecting its markets, including the One Big Beautiful Bill Act, the Inflation Reduction Act's Part D changes, the expiration of enhanced Marketplace subsidies, and the Marketplace Integrity and Affordability Final Rule.

Centene delivers care through state-based health plans that contract with networks of physicians, hospitals and other providers. Corporate management companies supply centralized functions to each plan, including provider contracting, claims processing, compliance, member services, pharmacy oversight, information technology and finance. Medicare Advantage and PDP contracts with CMS renew for one-year terms each September. Medicare Advantage and Commercial costs rise as members reach deductibles and out-of-pocket maximums, so earnings are weighted to the first half of the year. The company was organized in Wisconsin in 1993 and reincorporated in Delaware in 2001. The text does not name specific competitors, suppliers or the headquarters location.