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Side-by-side financial comparison of Centene Corporation (CNC) and Quest Diagnostics (DGX). Click either name above to swap in a different company.
Centene Corporation is the larger business by last-quarter revenue ($44.7B vs $2.9B, roughly 15.4× Quest Diagnostics). Quest Diagnostics runs the higher net margin — 9.7% vs -2.5%, a 12.2% gap on every dollar of revenue. On growth, Centene Corporation posted the faster year-over-year revenue change (23.2% vs 9.2%). Over the past eight quarters, Centene Corporation's revenue compounded faster (10.9% CAGR vs 9.9%).
Centene Corporation is an American for-profit healthcare company based in the Greater St. Louis area, which is an intermediary for government-sponsored and privately insured healthcare programs. Centene ranked No. 23 on the 2025 Fortune 500.
Quest Diagnostics Incorporated is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
CNC vs DGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $44.7B | $2.9B |
| Net Profit | $-1.1B | $281.0M |
| Gross Margin | 5.7% | — |
| Operating Margin | -3.9% | 15.4% |
| Net Margin | -2.5% | 9.7% |
| Revenue YoY | 23.2% | 9.2% |
| Net Profit YoY | -489.0% | 12.0% |
| EPS (diluted) | $-2.15 | $2.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.9B | ||
| Q4 25 | $44.7B | $2.8B | ||
| Q3 25 | $44.9B | $2.8B | ||
| Q2 25 | $42.5B | $2.8B | ||
| Q1 25 | $42.5B | $2.7B | ||
| Q4 24 | $36.3B | $2.6B | ||
| Q3 24 | $36.9B | $2.5B | ||
| Q2 24 | $36.0B | $2.4B |
| Q1 26 | — | $281.0M | ||
| Q4 25 | $-1.1B | $245.0M | ||
| Q3 25 | $-6.6B | $245.0M | ||
| Q2 25 | $-253.0M | $282.0M | ||
| Q1 25 | $1.3B | $220.0M | ||
| Q4 24 | $283.0M | $222.0M | ||
| Q3 24 | $713.0M | $226.0M | ||
| Q2 24 | $1.1B | $229.0M |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 32.4% | ||
| Q3 25 | 7.5% | 33.7% | ||
| Q2 25 | 7.1% | 34.2% | ||
| Q1 25 | 12.4% | 32.5% | ||
| Q4 24 | 10.5% | 32.7% | ||
| Q3 24 | 10.9% | 32.6% | ||
| Q2 24 | 12.6% | 33.5% |
| Q1 26 | — | 15.4% | ||
| Q4 25 | -3.9% | 13.8% | ||
| Q3 25 | -15.5% | 13.7% | ||
| Q2 25 | -1.1% | 15.9% | ||
| Q1 25 | 3.6% | 13.0% | ||
| Q4 24 | 0.5% | 13.8% | ||
| Q3 24 | 1.8% | 13.3% | ||
| Q2 24 | 3.4% | 14.8% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | -2.5% | 8.7% | ||
| Q3 25 | -14.8% | 8.7% | ||
| Q2 25 | -0.6% | 10.2% | ||
| Q1 25 | 3.1% | 8.3% | ||
| Q4 24 | 0.8% | 8.5% | ||
| Q3 24 | 1.9% | 9.1% | ||
| Q2 24 | 3.2% | 9.6% |
| Q1 26 | — | $2.24 | ||
| Q4 25 | $-2.15 | $2.18 | ||
| Q3 25 | $-13.50 | $2.16 | ||
| Q2 25 | $-0.51 | $2.47 | ||
| Q1 25 | $2.63 | $1.94 | ||
| Q4 24 | $0.63 | $1.95 | ||
| Q3 24 | $1.36 | $1.99 | ||
| Q2 24 | $2.16 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3B | $393.0M |
| Total DebtLower is stronger | $17.5B | $5.7B |
| Stockholders' EquityBook value | $20.0B | $7.7B |
| Total Assets | $76.7B | $16.7B |
| Debt / EquityLower = less leverage | 0.88× | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $393.0M | ||
| Q4 25 | $20.3B | $420.0M | ||
| Q3 25 | $19.2B | $432.0M | ||
| Q2 25 | $17.3B | $319.0M | ||
| Q1 25 | $17.3B | $188.0M | ||
| Q4 24 | $16.7B | $549.0M | ||
| Q3 24 | $17.6B | $764.0M | ||
| Q2 24 | $20.2B | $271.0M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $17.5B | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $18.6B | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $3.8B |
| Q1 26 | — | $7.7B | ||
| Q4 25 | $20.0B | $7.2B | ||
| Q3 25 | $20.9B | $7.3B | ||
| Q2 25 | $27.4B | $7.2B | ||
| Q1 25 | $27.9B | $6.9B | ||
| Q4 24 | $26.4B | $6.8B | ||
| Q3 24 | $27.3B | $6.8B | ||
| Q2 24 | $27.4B | $6.6B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $76.7B | $16.2B | ||
| Q3 25 | $82.1B | $16.2B | ||
| Q2 25 | $86.4B | $16.0B | ||
| Q1 25 | $87.0B | $15.8B | ||
| Q4 24 | $82.4B | $16.2B | ||
| Q3 24 | $82.4B | $16.1B | ||
| Q2 24 | $83.1B | $13.9B |
| Q1 26 | — | 0.74× | ||
| Q4 25 | 0.88× | 0.72× | ||
| Q3 25 | — | 0.71× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | 0.71× | 0.83× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.58× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $437.0M | $278.0M |
| Free Cash FlowOCF − Capex | $224.0M | — |
| FCF MarginFCF / Revenue | 0.5% | — |
| Capex IntensityCapex / Revenue | 0.5% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $278.0M | ||
| Q4 25 | $437.0M | $465.0M | ||
| Q3 25 | $1.4B | $563.0M | ||
| Q2 25 | $1.8B | $544.0M | ||
| Q1 25 | $1.5B | $314.0M | ||
| Q4 24 | $-587.0M | $464.0M | ||
| Q3 24 | $-978.0M | $356.0M | ||
| Q2 24 | $2.2B | $360.0M |
| Q1 26 | — | — | ||
| Q4 25 | $224.0M | $307.0M | ||
| Q3 25 | $1.1B | $419.0M | ||
| Q2 25 | $1.6B | $436.0M | ||
| Q1 25 | $1.4B | $197.0M | ||
| Q4 24 | $-741.0M | $341.0M | ||
| Q3 24 | $-1.1B | $250.0M | ||
| Q2 24 | $2.0B | $268.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 10.9% | ||
| Q3 25 | 2.6% | 14.9% | ||
| Q2 25 | 3.7% | 15.8% | ||
| Q1 25 | 3.2% | 7.4% | ||
| Q4 24 | -2.0% | 13.0% | ||
| Q3 24 | -3.1% | 10.0% | ||
| Q2 24 | 5.5% | 11.2% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | 0.5% | 5.6% | ||
| Q3 25 | 0.5% | 5.1% | ||
| Q2 25 | 0.5% | 3.9% | ||
| Q1 25 | 0.3% | 4.4% | ||
| Q4 24 | 0.4% | 4.7% | ||
| Q3 24 | 0.4% | 4.3% | ||
| Q2 24 | 0.5% | 3.8% |
| Q1 26 | — | 0.99× | ||
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 2.30× | ||
| Q2 25 | — | 1.93× | ||
| Q1 25 | 1.15× | 1.43× | ||
| Q4 24 | -2.07× | 2.09× | ||
| Q3 24 | -1.37× | 1.58× | ||
| Q2 24 | 1.90× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNC
| Total Premium And Service | $23.0B | 52% |
| Commercial Segment | $10.8B | 24% |
| Medicare Segment | $9.6B | 21% |
| Services | $749.0M | 2% |
DGX
Segment breakdown not available.
