Centene Corporation

Is Centene a subsidiary of another company?
No, Centene Corporation is an independent, publicly traded corporation with no parent company. The company operates independently with its own management structure and board of directors, though it has grown through numerous acquisitions throughout its history, including the transformative $17.3 billion acquisition of WellCare Health Plans in January 2020.

Is Centene publicly traded?
Yes, Centene Corporation is publicly traded on the New York Stock Exchange under the ticker symbol CNC. The company has been publicly traded since its IPO in 2001, when it had three health plans, $327 million in revenue, and 235,000 members. As of 2025, the company is ranked No. 23 on the Fortune 500 list.

When was Centene founded?
Centene traces its origins to 1984 when Elizabeth Brinn founded Managed Health Services as a non profit organization in Milwaukee, Wisconsin. The company was renamed Centene Corporation in 1997 when Michael Neidorff was named President and CEO, and the corporate office was established in St. Louis, Missouri. The company went public in 2001.

Who founded Centene?
Centene was founded by Elizabeth Brinn in 1984 as Managed Health Services, a non profit organization focused on providing healthcare services to Medicaid populations in Milwaukee, Wisconsin. After her death, the organization was converted to a for profit company. Michael Neidorff was named CEO in 1997 and grew Centene from a local health plan to a national healthcare leader over 25 years.

What is Centene's annual revenue?
For fiscal year 2025 (ended December 31, 2025), Centene reported total revenue of $194.8 billion, a 19% increase from $163.1 billion in FY2024. Premium and service revenues were $174.6 billion, up 20% year over year. The company recorded a GAAP net loss of $6.7 billion, primarily due to a $6.7 billion non cash goodwill impairment charge. Adjusted diluted EPS was $2.08, down from $7.17 in FY2024.

What is Centene's market position?
Centene is the largest Medicaid managed care organization in the United States, the longest running carrier in the Health Insurance Marketplace, and a national leader in Medicare Prescription Drug Plans. The company serves 27.6 million members across all 50 states as of December 31, 2025, with revenue from Medicaid (57%), Commercial (21%), Medicare (19%), and Other (3%) segments. Centene is ranked No. 23 on the Fortune 500 and No. 42 on the Fortune Global 500.

Who is Centene's CEO?
Sarah M. London has served as Chief Executive Officer of Centene Corporation since 2022. She is the first woman to lead the company. Under her leadership, Centene has refocused on three core lines of business: Medicaid, Medicare, and the Health Insurance Marketplace. In 2025, London navigated the company through significant challenges including the $6.7 billion goodwill impairment, Marketplace risk adjustment shortfall, and elevated Medicaid medical cost trends.

What is the WellCare acquisition?
In January 2020, Centene completed the acquisition of WellCare Health Plans in a $17.3 billion transaction (enterprise value). WellCare shareholders received 3.38 shares of Centene common stock and $120 in cash for each share of WellCare common stock. The acquisition made Centene a nationwide company serving all 50 states with approximately 24 million members, expanded its Medicare platform, and extended its Medicaid offerings. WellCare became a wholly owned subsidiary of Centene and continues to operate as a brand under the Centene umbrella.

Centene traces its origins to 1984 when Elizabeth Brinn founded Managed Health Services in Milwaukee, Wisconsin, as a non profit organization focused on providing healthcare services to Medicaid populations. After Brinn's death, the non profit was sold to investors, with proceeds going to the Betty Brinn Foundation, which became a major shareholder.

In 1997, healthcare executive Michael Neidorff was named President and Chief Executive Officer. The company was renamed Centene Corporation and its corporate office was established in St. Louis, Missouri. Neidorff grew Centene from a local health plan to a national healthcare leader over the following 25 years.

In 2001, with three health plans, $327 million in revenue, and 235,000 members, Centene became a publicly traded company, listing on the New York Stock Exchange under the ticker symbol CNC. Between 2012 and 2013, Centene expanded to 20 states nationwide, reaching $10 billion in revenue and 2.7 million members. In 2014, the company increased its presence on the Health Insurance Marketplace.

Centene's growth strategy focused on acquiring regional health plans and expanding into new markets. Major acquisitions include Health Net (2016), which significantly expanded Centene's presence in California and other western states; WellCare Health Plans (January 2020) in a $17.3 billion transaction that made Centene a nationwide company serving all 50 states with approximately 24 million members; Fidelis Care (2018), which strengthened its position in New York; Apixio (December 2020), an AI powered healthcare analytics company; PANTHERx (December 2020), a rare disease pharmacy leader; and Magellan Health (January 2022), which made Centene one of the nation's largest behavioral health platforms.

The WellCare acquisition, completed on January 23, 2020, was transformative. Under the terms of the merger agreement, WellCare shareholders received 3.38 shares of Centene common stock and $120 in cash for each share of WellCare common stock, with a total enterprise value of $17.3 billion. The acquisition expanded Centene's Medicare platform and extended its Medicaid offerings, creating a premier healthcare enterprise focused on government sponsored healthcare programs.

Michael Neidorff served as CEO until his death in April 2022. Sarah M. London was named Chief Executive Officer in 2022, becoming the first woman to lead the company. Under London's leadership, Centene has refocused its efforts on three core lines of business: Medicaid, Medicare, and the Health Insurance Marketplace.

In 2025, Centene faced significant challenges. The company recorded a $6.7 billion non cash goodwill impairment charge in Q3 2025, driven by market conditions including the One Big Beautiful Bill Act and a decline in the company's stock price. The Marketplace business experienced a $2.4 billion headwind from a shift in the risk pool, as a higher than expected percentage of healthy members left the Marketplace during open enrollment, new signups had higher morbidity, and provider coding became more aggressive. The Medicaid business faced elevated medical cost trends in behavioral health, home health, and high cost drugs. Despite these challenges, Centene ended 2025 with positive momentum and provided 2026 guidance for adjusted diluted EPS of greater than $3.00.

Centene maintains sustainability and ethics practices focused on healthcare accessibility, community investment, environmental responsibility, and ESG reporting. The company's commitment to sustainability is integrated into its core mission of helping people live healthier lives while addressing social determinants of health.

The company's sustainability efforts include person centered care through Population Health and Care Management teams that use real time data and predictive models to coordinate care and address care gaps. National telehealth partnerships expand virtual care access covering primary care, pediatrics, dermatology, substance use treatment, and behavioral health. Digital Care Management offers Medicaid and Marketplace members real time interaction to increase engagement.

The Centene Foundation is the company's philanthropic arm, focused on healthcare, social services, and education with a local community approach. The Centene ImpACT program advances missions of strategic community partners through measurable service and giving initiatives. Employees receive annual paid time off for supporting nonprofit organizations and emergency response efforts.

Centene's sustainability reporting includes TCFD Index and SASB Index disclosures. The company was recognized on USA TODAY's America's Climate Leaders list in 2025 for reducing annualized emission intensity. The company evaluates climate and environmental risks and their impact on member health, with local solutions to enhance resilience.

Note: Centene does not hold independently verifiable sustainability certifications such as B Corp, CDP disclosure, or SBTi targets as of the date of this article. The company's sustainability claims are based on its own ESG reporting and corporate initiatives.

Centene has received recognition for its enterprise performance, innovation, workplace excellence, and leadership.

• Fortune 500 (2025): Ranked No. 23 on the Fortune 500 list of largest U.S. corporations by revenue, marking the company's 16th year on the list
• Fortune Global 500 (2025): Ranked No. 42 on the Fortune Global 500 list of top 500 companies worldwide
• Fortune World's Most Admired Companies (2026): Named for the eighth consecutive year based on senior executive ratings across nine criteria
• Fortune America's Most Innovative Companies (2025): Recognized for the third consecutive year for product, process, and innovation culture leadership
• Fortune AIQ 50 (2025): Named to the inaugural list for significant AI technology integration and organizational impact
• TIME's America's Best Companies for Future Leaders (2026): Named to the inaugural list of top 175 companies for emerging leaders
• USA TODAY's America's Climate Leaders (2025): Recognized for reducing annualized emission intensity and climate leadership
• Forbes America's Best Employers for Company Culture (2025): Ranked No. 202 out of 600 employers, top 20 among U.S. insurance companies
• Human Rights Campaign Equality 100 Award (2025): Perfect score for LGBTQ+ workplace equality
• Disability Equality Index (2025): Recognition for disability inclusion and accessibility

Centene faces several significant areas of regulatory and public scrutiny.

Goodwill impairment and financial performance: In Q3 2025, Centene recorded a $6.7 billion non cash goodwill impairment charge, resulting in a GAAP net loss of $6.7 billion for the full year. The impairment was triggered by market conditions including the One Big Beautiful Bill Act, which includes sweeping cuts to Medicaid and revamps the ACA in ways expected to reduce enrollment, and a significant decline in the company's stock price. The charge realigned the company's book value with its market value, which had plummeted amid medical cost and policy headwinds.

Marketplace risk adjustment shortfall: Centene experienced a $2.4 billion headwind in 2025 from a significant shift in the Health Insurance Marketplace risk pool. A higher than expected percentage of healthy members left the Marketplace during open enrollment, new signups had higher morbidity, and provider coding became more aggressive. The company disclosed this issue in July 2025, initially estimating a $1.8 billion impact, later revised to $2.4 billion based on complete data. This raised questions about the company's pricing and risk assessment practices.

Medicaid cost trends: The Medicaid business faced elevated medical cost trends in 2025, particularly in behavioral health, home health, and high cost drugs. The Medicaid HBR reached 94.9% in Q2 2025, which CEO Sarah London described as "unanticipated and unacceptable." The company has been working with state partners to advocate for higher rates, with the composite Medicaid rate expectation revised from 5% to 5.5% in 2025.

Government policy dependence: Centene's business model is highly dependent on government sponsored healthcare programs, making it vulnerable to policy changes. The One Big Beautiful Bill Act, signed into law in July 2025, includes Medicaid cuts and ACA reforms that are expected to reduce enrollment and impact the company's revenue. The Inflation Reduction Act's changes to the PDP business also affected the Medicare segment's performance in 2025.

Medicaid redeterminations: Following the end of the COVID 19 public health emergency, states resumed Medicaid eligibility redeterminations, leading to a decline in Centene's Medicaid membership from 13.1 million in 2024 to 12.8 million in 2025. This trend has pressured revenue in the Medicaid segment, partially offset by rate increases.

Opioid settlement involvement: While not a pharmaceutical distributor, Centene has faced scrutiny over its role in the healthcare system and its pharmacy benefit management practices. The company has been involved in settlements related to pharmacy benefit manager practices in various states.