Centene Corporation (NYSE:CNC) reported its third-quarter financial results for the period ended September 30, 2026, in a filing released October 27, 2026, disclosing a GAAP diluted loss per share of $(0.14) and adjusted diluted earnings per share of $0.58, alongside raised full-year guidance.

Key Highlights

  • GAAP diluted loss per share: $(0.14) for the third quarter of 2026.
  • Adjusted diluted EPS: $0.58 for the third quarter of 2026, with full-year adjusted diluted EPS guidance floor raised to greater than $5.20, an increase of $0.40.
  • Health benefits ratio (HBR): 92.7% for Q3 2026, with full-year HBR guidance range narrowed to 90.4%-91.1%, a mid-point improvement of 15 basis points.
  • Total revenues: $50,647 million for Q3 2026, with full-year revenue guidance of $196.5 billion to $200.5 billion.
  • Debt reduction: $1.1 billion since June 30, 2026, including full redemption of the 2027 Senior Notes in October 2026.
  • Total at-risk membership: 25,698,200 as of September 30, 2026, compared to 27,968,100 as of September 30, 2025.
  • Cash flow used in operations: $(3,669) million for Q3 2026, attributed by the company to the timing of pass-through, premium, and other payments.

Centene's Q3 2026 Results: Revenues, Margins, and Debt Repayment

According to the filing, Centene reported total revenues of $50,647 million and premium and service revenues of $45,105 million for the third quarter ended September 30, 2026. The company disclosed that the 0.5% year-over-year increase in premium and service revenues was "primarily driven by premium yield and membership growth in the PDP business, rate increases in Marketplace and in the Medicaid business to address medical trend, Marketplace risk adjustment revenue transfer for the 2026 benefit year, and state directed payments," partially offset by lower Marketplace and Medicaid membership.

The consolidated HBR of 92.7% was unchanged from the comparable period in 2025, according to the filing. The company stated that the consolidated HBR benefited from a lower Marketplace HBR due to improved pricing and risk transfer, as well as performance in the Medicare Advantage and PDP businesses. The SG&A expense ratio was 7.2% for Q3 2026, compared to 7.0% in Q3 2025, with the increase driven by "enterprise optimization severance and vendor costs," the filing noted. The adjusted SG&A expense ratio improved to 6.5% from 7.0% in the same period last year.

On the balance sheet, the company reported cash, investments, and restricted deposits of $39.9 billion at September 30, 2026, with medical claims liabilities of $21.5 billion and days in claims payable of 48 days. Total debt stood at $15.5 billion at quarter end following repurchases of $558 million in par value senior notes during Q3 2026. The filing disclosed that in October 2026 the debt repurchase program was increased by $2.0 billion, and the remaining $569 million of Senior Notes due 2027 were subsequently redeemed, leaving $1.9 billion available under the program as of October 27, 2026. Full-year 2026 GAAP diluted EPS guidance floor was updated to greater than $3.46, and interest expense guidance was revised to $600 million to $620 million.

What Was Disclosed

Centene filed its Q3 2026 earnings disclosure on October 27, 2026, reporting a GAAP diluted loss and positive adjusted EPS, updating full-year guidance for EPS, HBR, and interest expense, and detailing debt repurchase activity and membership changes across its business segments.