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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| A.J. Rice | UBS | 7 questions · 29% challenging |
| Andrew Mok | Barclays | 7 questions · 14% challenging |
| Steve Baxter | Wells Fargo | 7 questions · 29% challenging |
| Justin Lake | Wolfe Research | 7 questions · 14% challenging |
| Lance Wilkes | Bernstein | 7 questions · 0% challenging |
| Josh Raskin | Nephron Research | 6 questions · 33% challenging |
| Sarah James | Cantor Fitzgerald | 6 questions · 17% challenging |
| Ann Hynes | Mizuho Securities | 6 questions · 17% challenging |
| John Stansel | JPMorgan | 5 questions · 0% challenging |
| Kevin Fischbeck | Bank of America | 5 questions · 40% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 3 analysts | 7 questions · 29% challenging |
| Barclays | 1 analyst | 7 questions · 14% challenging |
| Bernstein | 1 analyst | 7 questions · 0% challenging |
| UBS | 1 analyst | 7 questions · 29% challenging |
| Wells Fargo | 1 analyst | 7 questions · 29% challenging |
| Wolfe Research | 1 analyst | 7 questions · 14% challenging |
| Cantor Fitzgerald | 1 analyst | 6 questions · 17% challenging |
| Mizuho Securities | 1 analyst | 6 questions · 17% challenging |
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Centene reported an adjusted diluted loss of $0.16 per share as an unacceptable health benefits ratio of 94.9% drove a catastrophic full-year EPS guidance cut from greater than $7.25 to approximately $1.75, a 76% reduction. Revenue guidance was raised to approximately $172 billion but the marketplace risk adjustment shortfall and Medicaid cost trend acceleration overwhelmed the top-line strength. PDP and Medicare pretax favorability provided partial offsets, and the company committed to aggressive 2026 marketplace repricing execution.
Margin | Regulation Policy | Pricing | Subscriber Growth | Cost Pressure | Competitive Dynamics | Guidance Reliability | Demand | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 5 | 1 | 5 | 2 | 4 | 2 | |
| 2025Q1 | 7 | 7 | 3 | 5 | 4 | 1 | 2 | |
| 2025Q2 | 5 | 5 | 2 | 2 | 3 | 2 | 2 | 1 |
| 2025Q3 | 5 | 3 | 4 | 2 | 1 | 4 | 1 | |
| 2025Q4 | 5 | 3 | 4 | 3 | 3 | 3 | 1 | |
| 2026Q1 | 4 | 4 | 5 | 1 | 4 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 4 | 7 | 5 | 5 | 5 | 4 |
| Regulation Policy | 5 | 7 | 5 | 3 | 3 | 4 |
| Pricing | 1 | 3 | 2 | 4 | 4 | 5 |
| Subscriber Growth | 5 | 5 | 2 | 2 | 3 | 1 |
| Cost Pressure | 4 | 3 | 1 | 3 | 4 | |
| Competitive Dynamics | 2 | 2 | 4 | 3 | 2 | |
| Guidance Reliability | 4 | 1 | 2 | 1 | 1 | 3 |
| Demand | 2 | 2 | 1 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $40.80B | +3.4% | $0.56 | +569.1% | 9.1% | 0.4% | 0.7% | $-741M |
| FY2025 Q1 | $46.62B | +15.4% | $2.63 | +21.8% | 11.2% | 3.3% | 2.8% | $1.38B |
| FY2025 Q2Selected | $48.74B | +22.4% | $-0.51 | -123.6% | 6.0% | -0.9% | -0.5% | $1.58B |
| FY2025 Q3 | $49.69B | +18.2% | $-13.50 | -1092.6% | 16.4% | -14.0% | -13.3% | $1.15B |
| FY2025 Q4 | $49.73B | +21.9% | $-2.24 | -500.0% | 15.2% | -3.5% | -2.2% | $224M |
| FY2026 Q1 | $49.94B | +7.1% | $3.11 | +18.3% | 21.9% | 3.7% | 3.1% | $3.40B |
| FY2026 Q2 | $53.58B | +9.9% | $2.19 | +529.4% | 8.6% | 2.2% | 2.0% | $4.18B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q2 2025Earnings call Jul 25, 2025
FY2025 Q2 in brief
Centene reported an adjusted diluted loss of $0.16 per share as an unacceptable health benefits ratio of 94.9% drove a catastrophic full-year EPS guidance cut from greater than $7.25 to approximately $1.75, a 76% reduction.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +22.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Centene Corporation (CNC), FY2025 Q2: 3/10. Scores: Centene Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CNC daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What CNC and other companies said about each other on FY2025 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“But that comment on Centene was primarily around Medicaid experience which is kind of major medical coverage.”
Globe Life management distinguishes its Medicare Supplement business from Centene's recent negative headlines on medical cost trends, which were driven by Centene's Medicaid book rather than a market-wide issue.
“One of them is also the state that Drew referenced that has made a move away from the single PBM model. And so as of 10/1, we'll be able to get them over to ESI and leverage our cost structure.”
Centene is shifting a state Medicaid plan's PBM business to Express Scripts (Cigna) to gain cost-structure leverage, a modest positive signal for Cigna's PBM volumes.
“This was based on data from Wakely, an independent actuarial firm that aggregates market growth and morbidity information on behalf of carriers on the individual marketplace.”
Centene relies on Wakely's actuarial data to size the Marketplace risk-adjustment shortfall and inform 2026 repricing, underscoring Wakely's role as a critical data vendor across the individual-marketplace insurer ecosystem.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CNC Centene Corporation | 3 | +22.4% | |
| CI Cigna | 6 | +11.1% | |
| CVS CVS Health | 8 | +8.4% | |
| ELV Elevance Health | 4 | +14.0% | |
| HUM Humana | 6 | +9.6% | |
| UNH UnitedHealth Group Incorporated | 2 | +12.9% |