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Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Registrant | Condensed Financial Information of Registrant Centene Corporation (Parent Company Only) Condensed Balance Sheets (In millions, except shares in thousands and per share data in dollars)
| December 31, 2025 |  | December 31, 2024
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 7 |
Other current assets | 1 |  |  | 9 |
Total current assets | 1 |  |  | 16 |
Long-term investments | 251 |  |  | 206 |
Investment in subsidiaries | 37,445 |  |  | 45,148 |
Other long-term assets | 104 |  |  | 85 |
Total assets | $ | 37,801 |  |  | $ | 45,455 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |  |  |
Current liabilities: |  |  |
Current liabilities | $ | 172 |  |  | $ | 243 |
Current portion of long-term debt | 50 |  |  | 110 |
Total current liabilities | 222 |  |  | 353 |
Long-term debt | 17,351 |  |  | 18,423 |
Other long-term liabilities | 172 |  |  | 169 |
Total liabilities | 17,745 |  |  | 18,945 |
Commitments and contingencies |  |  |
Redeemable noncontrolling interest | 23 |  |  | 10 |
Stockholders' equity: |  |  |
Preferred stock, $0.001 par value; authorized 10,000 shares; no shares issued or outstanding at December 31, 2025 and December 31, 2024 | — |  |  | — |
Common stock, $0.001 par value; authorized 800,000 shares; 623,463 issued and 491,757 outstanding at December 31, 2025, and 620,195 issued and 495,907 outstanding at December 31, 2024 | 1 |  |  | 1 |
Additional paid-in capital | 20,777 |  |  | 20,562 |
Accumulated other comprehensive (loss) | (58) |  |  | (504) |
Retained earnings | 8,674 |  |  | 15,348 |
Treasury stock, at cost (131,706 and 124,288 shares, respectively) | (9,441) |  |  | (8,997) |
Total Centene stockholders' equity | 19,953 |  |  | 26,410 |
Nonredeemable noncontrolling interest | 80 |  |  | 90 |
Total stockholders' equity | 20,033 |  |  | 26,500 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ | 37,801 |  |  | $ | 45,455 |
See notes to condensed financial information of registrant. Centene Corporation (Parent Company Only) Condensed Statements of Operations (In millions, except per share data in dollars)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Expenses: |  |  |  |  |
Selling, general and administrative expenses | $ | 15 |  |  | $ | 13 |  |  | $ | 14 |
Other income (expense): |  |  |  |  |
Investment and other income (expense) | 24 |  |  | (34) |  |  | (47) |
Gain (loss) on divestiture | — |  |  | (34) |  |  | 108 |
Debt extinguishment | 1 |  |  | — |  |  | — |
Interest expense | (677) |  |  | (700) |  |  | (710) |
(Loss) before income taxes | (667) |  |  | (781) |  |  | (663) |
Income tax (benefit) | (85) |  |  | (76) |  |  | (118) |
Net (loss) before equity in subsidiaries | (582) |  |  | (705) |  |  | (545) |
Equity in earnings (loss) from subsidiaries | (6,095) |  |  | 3,999 |  |  | 3,244 |
Net earnings (loss) | (6,677) |  |  | 3,294 |  |  | 2,699 |
Loss attributable to noncontrolling interests | 3 |  |  | 11 |  |  | 3 |
Net earnings (loss) attributable to Centene Corporation | $ | (6,674) |  |  | $ | 3,305 |  |  | $ | 2,702 |
Net earnings (loss) per common share attributable to Centene Corporation:
Basic earnings (loss) per common share | $ | (13.53) |  |  | $ | 6.33 |  |  | $ | 4.97 |
Diluted earnings (loss) per common share | $ | (13.53) |  |  | $ | 6.31 |  |  | $ | 4.95 |
See notes to condensed financial information of registrant. Centene Corporation (Parent Company Only) Condensed Statements of Cash Flows (In millions)
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash flows from operating activities: |  |  |  |  |
Dividends from subsidiaries | $ | 1,671 |  |  | $ | 1,797 |  |  | $ | 2,823 |
Payments for legal settlement | (41) |  |  | (263) |  |  | (326) |
Other operating activities, net | (584) |  |  | (422) |  |  | (334) |
Net cash provided by operating activities | 1,046 |  |  | 1,112 |  |  | 2,163 |
Cash flows from investing activities: |  |  |  |  |
Capital contributions to subsidiaries | (2,001) |  |  | (730) |  |  | (443) |
Purchases of investments | (20) |  |  | (2) |  |  | (202) |
Sales and maturities of investments | 1 |  |  | — |  |  | — |
Return of capital from subsidiaries to parent company | 1,599 |  |  | 321 |  |  | 85 |
Proceeds from divestitures | — |  |  | — |  |  | 325 |
Intercompany activities | 989 |  |  | 1,693 |  |  | (357) |
Net cash (used in) provided by investing activities | 568 |  |  | 1,282 |  |  | (592) |
Cash flows from financing activities: |  |  |  |  |
Proceeds from long-term debt | 750 |  |  | 1,300 |  |  | 2,305 |
Payments and repurchases of long-term debt | (1,895) |  |  | (610) |  |  | (2,290) |
Common stock repurchases | (475) |  |  | (3,124) |  |  | (1,633) |
Proceeds from common stock issuances | 37 |  |  | 46 |  |  | 44 |
Purchase of noncontrolling interest | (19) |  |  | — |  |  | — |
Other financing activities, net | (19) |  |  | (6) |  |  | (2) |
Net cash used in financing activities | (1,621) |  |  | (2,394) |  |  | (1,576) |
Net increase (decrease) in cash and cash equivalents | (7) |  |  | — |  |  | (5) |
Cash and cash equivalents, beginning of period | 7 |  |  | 7 |  |  | 12 |
Cash and cash equivalents, end of period | $ | — |  |  | $ | 7 |  |  | $ | 7 |
See notes to condensed financial information of registrant. Notes to Condensed Financial Information of Registrant Note A - Basis of Presentation and Significant Accounting Policies The parent company only financial statements should be read in conjunction with Centene Corporation's audited consolidated financial statements and the notes to consolidated financial statements included in this Form 10-K. The parent company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries. The parent company's share of net income of its unconsolidated subsidiaries is included in income using the equity method of accounting. Certain unrestricted subsidiaries receive monthly management fees from the Company's restricted subsidiaries. The management and service fees received by its unrestricted subsidiaries are associated with all of the functions required to manage the restricted subsidiaries which often include salaries and wages for personnel, rent, utilities, population health management, provider contracting, compliance, member services, claims processing, pharmacy oversight services, information technology, cash management, finance and accounting and other services. The management fees are based on a cost basis reimbursement. Due to the Company's centralized cash management function, cash flows generated by its unrestricted subsidiaries are utilized by the parent company to the extent required, primarily to repay borrowings on the parent company's credit facilities, repurchase the parent company's common stock, make acquisitions, fund capital contributions to subsidiaries and fund its operations. Certain amounts presented in the parent company only financial statements are eliminated in the consolidated financial statements of Centene Corporation.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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