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Side-by-side financial comparison of Centene Corporation (CNC) and AT&T (T). Click either name above to swap in a different company.
Centene Corporation is the larger business by last-quarter revenue ($44.7B vs $31.5B, roughly 1.4× AT&T). AT&T runs the higher net margin — 13.3% vs -2.5%, a 15.7% gap on every dollar of revenue. On growth, Centene Corporation posted the faster year-over-year revenue change (23.2% vs 2.9%). AT&T produced more free cash flow last quarter ($2.5B vs $224.0M). Over the past eight quarters, Centene Corporation's revenue compounded faster (10.9% CAGR vs 2.8%).
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.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
CNC vs T — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $44.7B | $31.5B |
| Net Profit | $-1.1B | $4.2B |
| Gross Margin | 5.7% | — |
| Operating Margin | -3.9% | 21.1% |
| Net Margin | -2.5% | 13.3% |
| Revenue YoY | 23.2% | 2.9% |
| Net Profit YoY | -489.0% | -10.9% |
| EPS (diluted) | $-2.15 | $0.54 |
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 | — | $31.5B | ||
| Q4 25 | $44.7B | $33.5B | ||
| Q3 25 | $44.9B | $30.7B | ||
| Q2 25 | $42.5B | $30.8B | ||
| Q1 25 | $42.5B | $30.6B | ||
| Q4 24 | $36.3B | $32.3B | ||
| Q3 24 | $36.9B | $30.2B | ||
| Q2 24 | $36.0B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $-1.1B | $3.8B | ||
| Q3 25 | $-6.6B | $9.3B | ||
| Q2 25 | $-253.0M | $4.5B | ||
| Q1 25 | $1.3B | $4.4B | ||
| Q4 24 | $283.0M | $4.1B | ||
| Q3 24 | $713.0M | $-174.0M | ||
| Q2 24 | $1.1B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 7.5% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 12.4% | — | ||
| Q4 24 | 10.5% | — | ||
| Q3 24 | 10.9% | — | ||
| Q2 24 | 12.6% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | -3.9% | 17.3% | ||
| Q3 25 | -15.5% | 19.9% | ||
| Q2 25 | -1.1% | 21.1% | ||
| Q1 25 | 3.6% | 18.8% | ||
| Q4 24 | 0.5% | 16.5% | ||
| Q3 24 | 1.8% | 7.0% | ||
| Q2 24 | 3.4% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | -2.5% | 11.3% | ||
| Q3 25 | -14.8% | 30.3% | ||
| Q2 25 | -0.6% | 14.6% | ||
| Q1 25 | 3.1% | 14.2% | ||
| Q4 24 | 0.8% | 12.6% | ||
| Q3 24 | 1.9% | -0.6% | ||
| Q2 24 | 3.2% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $-2.15 | $0.52 | ||
| Q3 25 | $-13.50 | $1.29 | ||
| Q2 25 | $-0.51 | $0.62 | ||
| Q1 25 | $2.63 | $0.61 | ||
| Q4 24 | $0.63 | $0.56 | ||
| Q3 24 | $1.36 | $-0.03 | ||
| Q2 24 | $2.16 | $0.49 |
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 | $12.0B |
| Total DebtLower is stronger | $17.5B | $131.6B |
| Stockholders' EquityBook value | $20.0B | $125.6B |
| Total Assets | $76.7B | $421.2B |
| Debt / EquityLower = less leverage | 0.88× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $20.3B | $18.2B | ||
| Q3 25 | $19.2B | $20.3B | ||
| Q2 25 | $17.3B | $10.5B | ||
| Q1 25 | $17.3B | $6.9B | ||
| Q4 24 | $16.7B | $3.3B | ||
| Q3 24 | $17.6B | $2.6B | ||
| Q2 24 | $20.2B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $17.5B | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | $18.6B | $118.4B | ||
| Q3 24 | — | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $20.0B | $126.5B | ||
| Q3 25 | $20.9B | $126.8B | ||
| Q2 25 | $27.4B | $121.4B | ||
| Q1 25 | $27.9B | $119.9B | ||
| Q4 24 | $26.4B | $118.2B | ||
| Q3 24 | $27.3B | $116.3B | ||
| Q2 24 | $27.4B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $76.7B | $420.2B | ||
| Q3 25 | $82.1B | $423.2B | ||
| Q2 25 | $86.4B | $405.5B | ||
| Q1 25 | $87.0B | $397.5B | ||
| Q4 24 | $82.4B | $394.8B | ||
| Q3 24 | $82.4B | $393.7B | ||
| Q2 24 | $83.1B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.88× | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.71× | 1.00× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.05× |
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 | $7.6B |
| Free Cash FlowOCF − Capex | $224.0M | $2.5B |
| FCF MarginFCF / Revenue | 0.5% | 8.0% |
| Capex IntensityCapex / Revenue | 0.5% | 15.5% |
| Cash ConversionOCF / Net Profit | — | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $4.3B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $437.0M | $11.3B | ||
| Q3 25 | $1.4B | $10.2B | ||
| Q2 25 | $1.8B | $9.8B | ||
| Q1 25 | $1.5B | $9.0B | ||
| Q4 24 | $-587.0M | $11.9B | ||
| Q3 24 | $-978.0M | $10.2B | ||
| Q2 24 | $2.2B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $224.0M | $4.5B | ||
| Q3 25 | $1.1B | $5.3B | ||
| Q2 25 | $1.6B | $4.9B | ||
| Q1 25 | $1.4B | $4.8B | ||
| Q4 24 | $-741.0M | $5.1B | ||
| Q3 24 | $-1.1B | $4.9B | ||
| Q2 24 | $2.0B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 0.5% | 13.6% | ||
| Q3 25 | 2.6% | 17.1% | ||
| Q2 25 | 3.7% | 15.8% | ||
| Q1 25 | 3.2% | 15.6% | ||
| Q4 24 | -2.0% | 15.6% | ||
| Q3 24 | -3.1% | 16.3% | ||
| Q2 24 | 5.5% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 0.5% | 20.3% | ||
| Q3 25 | 0.5% | 15.9% | ||
| Q2 25 | 0.5% | 15.9% | ||
| Q1 25 | 0.3% | 14.0% | ||
| Q4 24 | 0.4% | 21.2% | ||
| Q3 24 | 0.4% | 17.5% | ||
| Q2 24 | 0.5% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | — | 2.99× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 2.17× | ||
| Q1 25 | 1.15× | 2.08× | ||
| Q4 24 | -2.07× | 2.92× | ||
| Q3 24 | -1.37× | — | ||
| Q2 24 | 1.90× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
