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Condensed Financial Information of Registrant
 12 Months Ended
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, 2025December 31, 2024
ASSETS  
Current assets:  
Cash and cash equivalents$— $7 
Other current assets1 9 
Total current assets1 16 
Long-term investments251 206 
Investment in subsidiaries37,445 45,148 
Other long-term assets104 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 debt50 110 
Total current liabilities222 353 
Long-term debt17,351 18,423 
Other long-term liabilities172 169 
Total liabilities17,745 18,945 
Commitments and contingencies
Redeemable noncontrolling interest23 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 capital20,777 20,562 
Accumulated other comprehensive (loss)(58)(504)
Retained earnings8,674 15,348 
Treasury stock, at cost (131,706 and 124,288 shares, respectively)
(9,441)(8,997)
Total Centene stockholders' equity19,953 26,410 
Nonredeemable noncontrolling interest80 90 
Total stockholders' equity20,033 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,
 202520242023
Expenses:   
Selling, general and administrative expenses$15 $13 $14 
Other income (expense):   
Investment and other income (expense)24 (34)(47)
Gain (loss) on divestiture— (34)108 
Debt extinguishment 1 — — 
Interest expense(677)(700)(710)
(Loss) before income taxes(667)(781)(663)
Income tax (benefit)(85)(76)(118)
Net (loss) before equity in subsidiaries(582)(705)(545)
Equity in earnings (loss) from subsidiaries(6,095)3,999 3,244 
Net earnings (loss)(6,677)3,294 2,699 
Loss attributable to noncontrolling interests3 11 3 
Net earnings (loss) attributable to Centene Corporation$(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,
 202520242023
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 activities1,046 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 investments1 — — 
Return of capital from subsidiaries to parent company1,599 321 85 
Proceeds from divestitures— — 325 
Intercompany activities989 1,693 (357)
Net cash (used in) provided by investing activities568 1,282 (592)
Cash flows from financing activities:   
Proceeds from long-term debt750 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 issuances37 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.