CENTENE CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$174.6B
Gross margin	8.1%
Operating income	−$7.6B
Net income	−$6.7B
Diluted EPS	−$13.53
Cash & equivalents	$17.9B
Total assets	$76.7B
Long-term debt	$17.5B

Key takeaway

Centene reported a GAAP net loss of $6.7B ($13.53 diluted loss per share) for 2025, versus net income of $3.3B in 2024.

🔒 4 more takeaways in the full analysis

Beneath the surface

The $7.311B AssetImpairmentCharges figure (including a $6.723B goodwill impairment) is the primary driver of the net loss, masking underlying adjusted profitability of $1.028B — a large gap between GAAP and non-GAAP results.

🔒 4 more insights a headline reader would miss