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| Period | Printed members | How printed |
|---|---|---|
| YE 2020 | 1,066,800 | Dual-eligible (subset table) |
| YE 2021 | 1,178,000 | Dual-eligible (footnote) |
| YE 2022 | 1,291,300 | Dual-eligible / D-SNP (footnote) |
| YE 2023 | 1,276,700 | D-SNP beneficiaries (footnote) |
| YE 2024 | Not printed | |
| YE 2025 | Not printed | |
| Q2 2026 | Not printed |
| Period | Medicaid HBR (%) | Commercial HBR (%) | Medicare HBR (%) |
|---|---|---|---|
| Q1 2024 | 90.9 | 73.3 | 90.8 |
| Q2 2024 | 92.8 | 73.4 | 89.2 |
| Q3 2024 | 93.1 | 80 | 88 |
| Q4 2024 | 93.4 | 81.8 | 86.7 |
| Q1 2025 | 93.6 | 75 | 86.3 |
| Q2 2025 | 94.9 | 90.6 | 90.9 |
| Q3 2025 | 93.4 | 89.9 | 94.3 |
| Q4 2025 | 93 | 95.4 | 96.1 |
| Q1 2026 | 93.1 | 75.3 | 84.9 |
| Q2 2026 | 93.9 | 79.2 | 89.5 |
Centene founded Sep 1984 as Family Hospital Physicians Centers — Wisconsin Medicaid managed care startup founded by Elizabeth 'Betty' Brinn; renamed Centene Corp 1997 under Michael Neidorff. Pioneers Medicaid managed care — government-paid health plans for low-income enrollees. Defines new US managed care vertical.
Michael Neidorff becomes Centene CEO 1996 (until Apr 2022) — transforms small Wisconsin Medicaid HMO into national managed care leader. Centene IPO Dec 2001 at $7.50/share. Stock 100x's by 2017 making Neidorff one of the most successful health insurance CEOs ever.
Centene IPO Dec 2001 on NYSE at $7.50/share. Michael Neidorff CEO; transforms small Wisconsin Medicaid HMO into national leader. Stock 100x's by 2017 making CNC one of best-performing health insurance stocks ever. Neidorff dies Apr 2022 at 79.
Centene acquires Health Net Mar 2016 for $6.8B all-stock — expands into West Coast Medicaid + Tricare military health. First major Centene transformative acquisition; sets template for $100B+ revenue ambition. Combined entity becomes top-10 US health insurer.
Centene acquires WellCare Jan 2020 for $17.3B cash + stock — combines #1 Medicaid managed care company (Centene) + #5 (WellCare). Triples MA membership. CEO Michael Neidorff's last major acquisition. Combined entity serves 25M+ Medicaid members making CNC largest US Medicaid managed care insurer.
Sarah London becomes Centene CEO Apr 2022 succeeding Michael Neidorff (who died Apr 2022 at 79). London inherits sprawling 100+ subsidiary Centene with PBM scandals + state Medicaid contract overcharge settlements ($1.5B+ aggregate). Executes massive divestment + simplification 2022-2024.
Centene CEO Sarah London (since Mar 2022) executes massive divestment program 2022-2023 selling international operations (Australia, UK, Spain), pharmacy benefits (Magellan Rx), specialty businesses to focus on US Medicaid + Medicare + ACA marketplace. Stock recovers from $48 (Feb 2023 trough) to $75+ Q1 2024.
Centene FY2024 — Sarah London CEO reports $164B revenue; serves 28M+ members across Medicaid + ACA + Medicare. Medicaid redetermination headwinds 2023-2024 + ACA enrollment growth partially offset. Stock $58 (recovered from $48 Feb 2023 trough) but still below $100 2022 peak.
Centene Q3 2025 — Sarah London CEO continues Medicaid redetermination headwinds; medical loss ratio (MLR) 90%+ pressures earnings. Centene Mexico exit completed; final international divestiture. Stock $65 vs 2023 $48 trough. Centene serves 13M+ Medicaid members making it largest US Medicaid managed care insurer.
Centene Q4 2025 — Sarah London CEO reports stabilized Medicaid redetermination; medical loss ratio improving. ACA marketplace enrollment growth offsets MA headwinds. International divestitures complete. Stock $62 (vs 2023 $48 trough). Targets 2026 EPS growth resumption.