Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Overhead used up almost the entire medical margin
Medical costs left a thin margin, and overhead including severance costs consumed nearly all of it, producing an operating loss.
For investorsWhat decides the health benefits ratio from here
For foundersChoosing margin over members: the repricing playbook
Income on money held between collecting premiums and paying claims exceeded the $307M operating loss, narrowing the pre-tax loss to $122M.
Total revenues rose 1.9%, but most of the gain was premium tax revenue, which leaves again as premium tax expense.
Marketplace members fell by 41.6% after repricing, while stand-alone drug plans grew, a mix the filing says carries lower overhead.
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Business Lens describes Centene Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
