Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2761.4%
Neutral1636.3%
Bearish12.3%
Centene Corp. · CNC · FY2025 Q3 · Calendar Q4 2025
Centene raises adjusted EPS outlook as Medicaid improves and Marketplace is repriced
The quarter supports a measured improvement thesis: stronger Medicaid results, repricing actions, and Medicare growth provide operating support, but policy uncertainty and Marketplace cost trends limit confidence in a durable recovery.
Reported Before market openNYSEHealthcare
$30.69B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.50
Consensus $-0.14
EPS surprise
+445.4%
Reported versus consensus
Reported revenue
$49.69B
Consensus $47.72B
Revenue surprise
+4.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+12.5%
Event window
SPY move
+0.0%
Same window
Abnormal move
+12.5%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
+5.7%
Up to 20 sessions
CNCSPY benchmark
Ask FN2 about CNC FY2025 Q3
Transcript, numbers and history already loaded
Why did CNC rise 12.5% after beating EPS estimates in FY2025 Q3?What changed in CNC's guidance and outlook in FY2025 Q3?Give me the bull and bear case for CNC after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis is more constructive than the prior quarter: adjusted EPS guidance rose to at least $2, Medicaid HBR improved to 93.4%, and 2026 Marketplace pricing actions were positioned as a path toward margin expansion. The main new offset is a $6.7 billion non-cash goodwill impairment.
Guidance delta
Management raised 2025 adjusted EPS guidance to at least $2 per share from the prior quarter's $1.75 outlook.
Key takeaways
- Management raised 2025 adjusted EPS guidance to at least $2 per share.
- Medicaid HBR improved to 93.4%, aided by a Florida CMS revenue adjustment and rate advocacy.
- 2026 Marketplace repricing is intended to support margin recovery, while eAPTC uncertainty remains.
- A $6.7 billion goodwill impairment affects GAAP results but not cash flow or adjusted earnings.
Management priorities
- Provide full 2026 guidance on the Q4 earnings call.
- Launch the integrated dual-eligible SNP model's first phase in eight states.
- Continue Marketplace digital tools, enrollment staffing, rate advocacy, and network optimization.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$62.12Current
$33Low
$72.26Average
$109High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Argus Research | Buy | Hold | Upgrade | Aug 11, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 4, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 14, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 14, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 9, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 4, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 4, 2026 |
| UBS | Neutral | Neutral | Maintain | May 22, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | May 20, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 29, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 20, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Oct 31, 2025 |
| Guggenheim | Neutral | Neutral | Maintain | Apr 29, 2025 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Dec 13, 2024 |
| Stephens& Co. | Equal Weight | Overweight | Downgrade | Mar 21, 2024 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 12, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 26, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 14, 2023 |
| Loop Capital | Buy | Buy | Maintain | Jun 17, 2022 |
| BMO Capital | Outperform | Outperform | Maintain | Dec 13, 2021 |
| Seaport Global | Buy | Buy | Maintain | Jul 9, 2021 |
| Citigroup | Buy | Buy | Maintain | Jun 17, 2021 |
| SVB Leerink | Outperform | Outperform | Maintain | Dec 14, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 13, 2020 |
| Leerink Swann | Outperform | Market Perform | Upgrade | Oct 24, 2018 |
| Mitsubishi UFJ | Overweight | Overweight | Maintain | Sep 19, 2018 |
| Bank of America | Buy | Buy | Maintain | Jul 24, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Jan 4, 2017 |
| Evercore ISI Group | Buy | Buy | Maintain | Sep 23, 2016 |
| Stifel Nicolaus | Buy | Hold | Upgrade | May 26, 2016 |
| Stifel | Buy | Hold | Upgrade | May 26, 2016 |
| FBR Capital | Outperform | Market Perform | Upgrade | Jul 13, 2015 |
| Susquehanna | Positive | Positive | Maintain | Jun 15, 2015 |
| Sterne Agee | Buy | Buy | Maintain | Jun 27, 2014 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Oct 23, 2013 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Oct 23, 2013 |
| Lazard | Buy | Buy | Maintain | Jun 27, 2013 |
| Raymond James | Market Perform | Outperform | Downgrade | May 24, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $62.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $79 | $64.43 | +27.2% | Aug 18, 2026 |
| Argus Research | John Staszak | $80 | $66.56 | +28.8% | Aug 11, 2026 |
| Bernstein | Analyst unavailable | $79 | $62.37 | +27.2% | Aug 3, 2026 |
| Stifel Nicolaus | Analyst unavailable | $79 | $62.22 | +27.2% | Aug 3, 2026 |
| Morgan Stanley | Erin Wright | $66 | $62.27 | +6.2% | Jul 29, 2026 |
| Robert W. Baird | Analyst unavailable | $66 | $64.02 | +6.2% | Jul 29, 2026 |
| Barclays | Andrew Mok | $80 | $64.02 | +28.8% | Jul 29, 2026 |
| Truist Financial | David MacDonald | $78 | $68.29 | +25.6% | Jul 14, 2026 |
| Wells Fargo | Analyst unavailable | $69 | $67.35 | +11.1% | Jul 13, 2026 |
| Raymond James | Sarah James | $75 | $66.05 | +20.7% | Jul 7, 2026 |
| RBC Capital | Ben Hendrix | $70 | $63.67 | +12.7% | Jun 23, 2026 |
| Mizuho Securities | Analyst unavailable | $63 | $62.33 | +1.4% | Jun 8, 2026 |
| Morgan Stanley | Erin Wright | $57 | $59.55 | -8.2% | Jun 4, 2026 |
| Truist Financial | Analyst unavailable | $71 | $59.58 | +14.3% | Jun 1, 2026 |
| Barclays | Analyst unavailable | $75 | $57.64 | +20.7% | May 26, 2026 |
| UBS | Analyst unavailable | $61 | $57.77 | -1.8% | May 22, 2026 |
| Mizuho Securities | Ann Hynes | $58 | $59.15 | -6.6% | May 20, 2026 |
| Deutsche Bank | Analyst unavailable | $80 | $59.15 | +28.8% | May 20, 2026 |
| Truist Financial | Analyst unavailable | $58 | $52.69 | -6.6% | Apr 29, 2026 |
| Oppenheimer | Analyst unavailable | $58 | $49.57 | -6.6% | Apr 29, 2026 |
| Goldman Sachs | Scott Fidel | $40 | $49.57 | -35.6% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $63 | $49.57 | +1.4% | Apr 29, 2026 |
| Raymond James | Sarah James | $60 | $49.57 | -3.4% | Apr 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $49.57 | -3.4% | Apr 28, 2026 |
| Jefferies | David Windley | $39 | $38.16 | -37.2% | Apr 20, 2026 |
| Mizuho Securities | Ann Hynes | $41 | $36.4 | -34.0% | Mar 10, 2026 |
| Truist Financial | Analyst unavailable | $49 | $42.9 | -21.1% | Feb 25, 2026 |
| Wells Fargo | Stephen Baxter | $44 | $41.23 | -29.2% | Feb 18, 2026 |
| Deutsche Bank | Analyst unavailable | $39 | $39.72 | -37.2% | Feb 10, 2026 |
| Mizuho Securities | Analyst unavailable | $47 | $46.92 | -24.3% | Jan 9, 2026 |
| Wells Fargo | Analyst unavailable | $43 | $45.74 | -30.8% | Jan 7, 2026 |
| Bernstein | Analyst unavailable | $59 | $45.3 | -5.0% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $54 | $41.78 | -13.1% | Jan 5, 2026 |
| Bernstein | Analyst unavailable | $45 | $34.83 | -27.6% | Nov 21, 2025 |
| Barclays | Andrew Mok | $44 | $34.5 | -29.2% | Nov 4, 2025 |
| Truist Financial | Analyst unavailable | $45 | $35.62 | -27.6% | Oct 30, 2025 |
| UBS | Analyst unavailable | $42 | $36.12 | -32.4% | Oct 30, 2025 |
| Oppenheimer | Michael Wiederhorn | $45 | $36.68 | -27.6% | Oct 30, 2025 |
| Goldman Sachs | Scott Fidel | $38 | $37.34 | -38.8% | Oct 30, 2025 |
| Truist Financial | Analyst unavailable | $42 | $36.36 | -32.4% | Oct 14, 2025 |
| Morgan Stanley | Analyst unavailable | $38 | $36.07 | -38.8% | Oct 14, 2025 |
| Goldman Sachs | Analyst unavailable | $33 | $36.36 | -46.9% | Oct 14, 2025 |
| Mizuho Securities | Analyst unavailable | $40 | $38.45 | -35.6% | Oct 9, 2025 |
| Wells Fargo | Analyst unavailable | $41 | $37.64 | -34.0% | Oct 7, 2025 |
| Bernstein | Analyst unavailable | $36 | $28.98 | -42.0% | Sep 5, 2025 |
| Barclays | Andrew Mok | $33 | $30.06 | -46.9% | Sep 4, 2025 |
| Oppenheimer | Michael Wiederhorn | $51 | $30 | -17.9% | Jul 15, 2025 |
| UBS | Analyst unavailable | $45 | $33.78 | -27.6% | Jul 2, 2025 |
| Robert W. Baird | Michael Ha | $69 | $62.28 | +11.1% | Apr 15, 2025 |
| Barclays | Andrew Mok | $91 | $61.65 | +46.5% | Oct 29, 2024 |
| Jefferies | David Windley | $72 | $71 | +15.9% | Sep 10, 2024 |
| Barclays | Andrew Mok | $97 | $73.26 | +56.1% | Sep 5, 2024 |
| Jefferies | David Windley | $83 | $66.38 | +33.6% | Jul 11, 2024 |
| Jefferies | David Windley | $90 | $73.83 | +44.9% | Apr 29, 2024 |
| Wells Fargo | Stephen Baxter | $93 | $73.02 | +49.7% | Apr 15, 2024 |
| Goldman Sachs | Analyst unavailable | $74 | $72.56 | +19.1% | Feb 8, 2023 |
| J.P. Morgan | Analyst unavailable | $94 | $70.98 | +51.3% | Feb 8, 2023 |
| Barclays | Analyst unavailable | $93 | $70.98 | +49.7% | Feb 8, 2023 |
| J.P. Morgan | Analyst unavailable | $98 | $78.66 | +57.8% | Jan 6, 2023 |
| Wells Fargo | Stephen Baxter | $99 | $95.73 | +59.4% | Aug 26, 2022 |
| Mizuho Securities | Analyst unavailable | $92 | $91.58 | +48.1% | Jul 27, 2022 |
| Credit Suisse | Analyst unavailable | $104 | $91.55 | +67.4% | Jul 27, 2022 |
| Truist Financial | David MacDonald | $102 | $91.93 | +64.2% | Jul 26, 2022 |
| Deutsche Bank | Analyst unavailable | $91 | $80.86 | +46.5% | Jun 22, 2022 |
| Morgan Stanley | Analyst unavailable | $112 | $81.88 | +80.3% | Apr 27, 2022 |
| Truist Financial | David S Macdonald | $96 | $79.79 | +54.5% | Jan 5, 2022 |
| Morgan Stanley | Ricky Goldwasser | $109 | $83.02 | +75.5% | Dec 17, 2021 |
| Goldman Sachs | Nathan Rich | $83 | $81.85 | +33.6% | Dec 14, 2021 |
| Bank of America Securities | Kevin Fischbeck | $93 | $78.15 | +49.7% | Dec 13, 2021 |
| Stephens | Scott Fidel | $102 | $78.15 | +64.2% | Dec 13, 2021 |
| Oppenheimer | Michael Wiederhorn | $95 | $78.15 | +52.9% | Dec 13, 2021 |
| Wolfe Research | Justin Lake | $80 | $78.15 | +28.8% | Dec 13, 2021 |
| Credit Suisse | A.J. Rice | $86 | $78.15 | +38.4% | Dec 13, 2021 |
| Evercore ISI | Michael Newshel | $88 | $70.47 | +41.7% | Jul 27, 2021 |
Track every rating change on CNC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCentene Corporation operates as a managed care company that provides programs and services to under-insured families, and commercial organizations in the United States. It operates through four segments: Medicaid, Medicare, Commercial, and Other. The Medicaid segment offers the temporary assistance for needy families; medicaid expansion; aged, blind, or disabled; and children's health insurance programs, as well as long-term services and supports; foster care; and medicare-medicaid plans. This segment also provides healthcare products and services.…
Historical context
All CNC earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
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Get the CNC recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-01T04:36:11.568774+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T04:36:11.564849+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.