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Side-by-side financial comparison of Centene Corporation (CNC) and Elevance Health (ELV), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Elevance Health is the larger business by last-quarter revenue ($49.7B vs $44.7B, roughly 1.1× Centene Corporation). Elevance Health runs the higher net margin — -2.5% vs 1.1%, a 3.6% gap on every dollar of revenue. On growth, Centene Corporation posted the faster year-over-year revenue change (23.2% vs 1.8%). Over the past eight quarters, Centene Corporation's revenue compounded faster (10.9% CAGR vs 6.5%).
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.
Elevance Health, Inc. is an American health insurance company. Prior to June 2022, Elevance Health was named Anthem, Inc. The company is the world's seventh largest healthcare company based on revenue. Its services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon.
CNC vs ELV — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $44.7B | $49.7B |
| Net Profit | $-1.1B | $547.0M |
| Gross Margin | 5.7% | 88.9% |
| Operating Margin | -3.9% | 0.6% |
| Net Margin | -2.5% | 1.1% |
| Revenue YoY | 23.2% | 1.8% |
| Net Profit YoY | -489.0% | -74.9% |
| EPS (diluted) | $-2.15 | $2.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | — | $49.7B | ||
| Q4 25 | $44.7B | $49.7B | ||
| Q3 25 | $44.9B | $50.7B | ||
| Q2 25 | $42.5B | $49.8B | ||
| Q1 25 | $42.5B | $48.9B | ||
| Q4 24 | $36.3B | $45.4B | ||
| Q3 24 | $36.9B | $45.1B | ||
| Q2 24 | $36.0B | $43.9B |
| Q1 26 | — | $547.0M | ||
| Q4 25 | $-1.1B | $547.0M | ||
| Q3 25 | $-6.6B | $1.2B | ||
| Q2 25 | $-253.0M | $1.7B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $283.0M | $418.0M | ||
| Q3 24 | $713.0M | $1.0B | ||
| Q2 24 | $1.1B | $2.3B |
| Q1 26 | — | 88.9% | ||
| Q4 25 | 5.7% | 88.9% | ||
| Q3 25 | 7.5% | 89.4% | ||
| Q2 25 | 7.1% | 89.4% | ||
| Q1 25 | 12.4% | 89.8% | ||
| Q4 24 | 10.5% | 86.8% | ||
| Q3 24 | 10.9% | 88.7% | ||
| Q2 24 | 12.6% | 89.0% |
| Q1 26 | — | 0.6% | ||
| Q4 25 | -3.9% | 0.6% | ||
| Q3 25 | -15.5% | 2.6% | ||
| Q2 25 | -1.1% | 4.9% | ||
| Q1 25 | 3.6% | 6.5% | ||
| Q4 24 | 0.5% | 1.5% | ||
| Q3 24 | 1.8% | 3.1% | ||
| Q2 24 | 3.4% | 6.3% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | -2.5% | 1.1% | ||
| Q3 25 | -14.8% | 2.3% | ||
| Q2 25 | -0.6% | 3.5% | ||
| Q1 25 | 3.1% | 4.5% | ||
| Q4 24 | 0.8% | 0.9% | ||
| Q3 24 | 1.9% | 2.3% | ||
| Q2 24 | 3.2% | 5.2% |
| Q1 26 | — | $2.56 | ||
| Q4 25 | $-2.15 | $2.56 | ||
| Q3 25 | $-13.50 | $5.32 | ||
| Q2 25 | $-0.51 | $7.72 | ||
| Q1 25 | $2.63 | $9.61 | ||
| Q4 24 | $0.63 | $1.88 | ||
| Q3 24 | $1.36 | $4.36 | ||
| Q2 24 | $2.16 | $9.85 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3B | $9.5B |
| Total DebtLower is stronger | $17.5B | $31.9B |
| Stockholders' EquityBook value | $20.0B | $43.9B |
| Total Assets | $76.7B | $121.5B |
| Debt / EquityLower = less leverage | 0.88× | 0.73× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | $9.5B | ||
| Q4 25 | $20.3B | $9.5B | ||
| Q3 25 | $19.2B | $8.7B | ||
| Q2 25 | $17.3B | $8.6B | ||
| Q1 25 | $17.3B | $7.5B | ||
| Q4 24 | $16.7B | $8.3B | ||
| Q3 24 | $17.6B | $7.9B | ||
| Q2 24 | $20.2B | $6.5B |
| Q1 26 | — | $31.9B | ||
| Q4 25 | $17.5B | $31.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $18.6B | $30.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $43.9B | ||
| Q4 25 | $20.0B | $43.9B | ||
| Q3 25 | $20.9B | $44.0B | ||
| Q2 25 | $27.4B | $43.7B | ||
| Q1 25 | $27.9B | $42.5B | ||
| Q4 24 | $26.4B | $41.3B | ||
| Q3 24 | $27.3B | $43.8B | ||
| Q2 24 | $27.4B | $42.2B |
| Q1 26 | — | $121.5B | ||
| Q4 25 | $76.7B | $121.5B | ||
| Q3 25 | $82.1B | $122.7B | ||
| Q2 25 | $86.4B | $121.9B | ||
| Q1 25 | $87.0B | $119.7B | ||
| Q4 24 | $82.4B | $116.9B | ||
| Q3 24 | $82.4B | $116.5B | ||
| Q2 24 | $83.1B | $113.0B |
| Q1 26 | — | 0.73× | ||
| Q4 25 | 0.88× | 0.73× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.71× | 0.75× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $437.0M | — |
| Free Cash FlowOCF − Capex | $224.0M | — |
| FCF MarginFCF / Revenue | 0.5% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.5% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $437.0M | $84.0M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $-587.0M | $706.0M | ||
| Q3 24 | $-978.0M | $2.7B | ||
| Q2 24 | $2.2B | $447.0M |
| Q1 26 | — | — | ||
| Q4 25 | $224.0M | $-209.0M | ||
| Q3 25 | $1.1B | $775.0M | ||
| Q2 25 | $1.6B | $1.8B | ||
| Q1 25 | $1.4B | $821.0M | ||
| Q4 24 | $-741.0M | $384.0M | ||
| Q3 24 | $-1.1B | $2.3B | ||
| Q2 24 | $2.0B | $124.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | -0.4% | ||
| Q3 25 | 2.6% | 1.5% | ||
| Q2 25 | 3.7% | 3.6% | ||
| Q1 25 | 3.2% | 1.7% | ||
| Q4 24 | -2.0% | 0.8% | ||
| Q3 24 | -3.1% | 5.2% | ||
| Q2 24 | 5.5% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.6% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.5% | 0.5% | ||
| Q1 25 | 0.3% | 0.4% | ||
| Q4 24 | 0.4% | 0.7% | ||
| Q3 24 | 0.4% | 0.7% | ||
| Q2 24 | 0.5% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | 1.15× | 0.47× | ||
| Q4 24 | -2.07× | 1.69× | ||
| Q3 24 | -1.37× | 2.63× | ||
| Q2 24 | 1.90× | 0.19× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
ELV
Segment breakdown not available.
