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Sentiment · FY2026 Q2
| 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 Q2 | $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).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| A.J. Rice | UBS | 7 (29%) |
| Andrew Mok | Barclays | 7 (14%) |
| Steve Baxter | Wells Fargo | 7 (29%) |
| Justin Lake | Wolfe Research | 7 (14%) |
| Lance Wilkes | Bernstein | 7 (0%) |
| Josh Raskin | Nephron Research | 6 (33%) |
| Sarah James | Cantor Fitzgerald | 6 (17%) |
| Ann Hynes | Mizuho Securities | 6 (17%) |
| John Stansel | JPMorgan | 5 (0%) |
| Kevin Fischbeck | Bank of America | 5 (40%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 3 | 7 (29%) |
| Barclays | 1 | 7 (14%) |
| Bernstein | 1 | 7 (0%) |
| UBS | 1 |
| 7 (29%) |
| Wells Fargo | 1 | 7 (29%) |
| Wolfe Research | 1 | 7 (14%) |
| Cantor Fitzgerald | 1 | 6 (17%) |
| Mizuho Securities | 1 | 6 (17%) |
Centene delivered a dramatically improved Q1 with adjusted EPS of $3.37, up 20% year-over-year, and raised full-year guidance to greater than $3.40 from the prior $3.00, a 13% increase. Consolidated HBR improved sharply to 87.3%, and the Medicare segment doubled its outperformance while Medicaid HBR continued to improve at 93.1%. The March Wakely report validated marketplace dynamics and ABA trend stabilization provided a proof point, though marketplace silver tier members showed higher acuity than expected and Medicaid work requirements implementation approached.
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 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CNC Centene Corporation | 9 | +7.1% | |
| CI Cigna | 8 | +4.6% | |
| CVS CVS Health | 9 | +6.2% | |
| ELV Elevance Health | 7 | +2.6% | |
| HUM Humana | 7 | +23.5% | |
| UNH UnitedHealth Group Incorporated | 7 | +2.0% |