Centene vs Elevance Health: Revenue, Profit and Business Model
Centene reported $194.8B of revenue in FY2025 and — of net income. Elevance Health reported $199.1B of revenue in FY2025 and $5.7B of net income.
Latest financial snapshot
Centene
- Latest revenue
- $194.8B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +10.5% a year, FY2022–FY2025
Elevance Health
- Latest revenue
- $199.1B (FY2025)
- Net income
- $5.7B
- Net margin
- 2.8%
- Revenue growth
- +7.8% a year, FY2023–FY2025
Financial summary
Centene
Centene's revenue grew from $144.5 billion in 2022 to $194.8 billion in 2025, but profit moved the other way. FY2025 ended with a $6.674 billion GAAP net loss attributable to Centene, compared with $3.3 billion of net income in 2024, after a $6.7 billion non-cash goodwill impairment recorded in Q3 2025; adjusted diluted EPS was $2.08. The turnaround showed up in 2026: Q2 2026 total revenue was $53.6 billion, premium and service revenue was $44.4 billion, GAAP diluted EPS was $2.19 and adjusted diluted EPS was $2.51. Centene raised its 2026 guidance to GAAP diluted EPS above $3.11 and adjusted diluted EPS above $4.80, with premium and service revenue guided to $173-$177 billion. The company does not pay a dividend.
Elevance Health
Revenue rose from $171.3B in 2023 to $177.0B in 2024 and $199.1B in 2025, helped by premium-rate increases, acquisitions and Medicare Advantage growth that offset Medicaid attrition. Net income was $5.662B in 2025 on operating income of $7.199B. Growth slowed in 2026 as the company deliberately shrank unprofitable Medicaid, Medicare Advantage and employer risk business: operating revenue was $49.5B in Q1 2026 and $49.8B in Q2 2026. In July 2026 Elevance raised full-year guidance to at least $20.10 GAAP diluted EPS and at least $27.00 adjusted EPS, with operating cash flow of at least $6.0B, and paid a $1.72 quarterly dividend.
Revenue and profit by year
Centene
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $194.8B | — | 0.0% | +19.4% | Source |
| FY2024 | $163.1B | — | 0.0% | +5.9% | Source |
| FY2023 | $154B | — | 0.0% | +6.5% | Source |
| FY2022 | $144.5B | — | 0.0% | — | Source |
Elevance Health
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $199.1B | $5.7B | 2.8% | +12.5% | Source |
| FY2024 | $177B | — | 0.0% | +3.3% | Source |
| FY2023 | $171.3B | — | 0.0% | — | Source |
Where the revenue comes from
Centene
- Medicaid Managed Care
Core business
State contracts pay Centene to administer healthcare benefits and coordinate care for Medicaid members.
- ACA Marketplace Plans
Major growth and volatility area
Centene sells health plans on Affordable Care Act exchanges, where subsidy rules, risk adjustment, and medical use drive economics.
- Medicare Products
Strategic line
Medicare Advantage and related products generate premium revenue from CMS and members, with profitability tied to medical costs and star ratings.
- Commercial and Specialty Services
Supporting lines
Other health-plan and service businesses add diversification but remain tied to regulated healthcare economics.
Elevance Health
- Health Benefits
About 83% of FY2025 revenue (premiums)
Commercial, Medicare, Medicaid, BlueCard, FEP, and other insured or administrative health-plan products.
- CarelonRx
Pharmacy services
Pharmacy benefit management and related pharmacy services integrated with Elevance's health-plan base and external customers.
- Carelon Services
Health services
Care delivery, behavioral health, analytics, and other services designed to manage care and cost.
- Investment Income and Other
Supplemental
Investment income and other revenue streams tied to the insurance and services platform.
Business model and strategy
Centene
How it makes money
Centene earns most of its money from premiums paid by governments. State Medicaid agencies pay it a fixed monthly amount per enrolled member to manage that member's care; the federal Centers for Medicare & Medicaid Services (CMS) pays it for Medicare Advantage and Part D drug plans; and ACA Marketplace members pay Ambetter premiums that are largely funded by federal tax credits.
Growth strategy
Under CEO Sarah London, who succeeded Michael Neidorff in 2022, Centene has narrowed its focus to U.S. government-sponsored health plans. It sold non-core assets such as Magellan Rx, its Spanish hospital operator Ribera Salud and UK-based Circle Health, outsourced pharmacy benefit management to Express Scripts, and cut administrative costs.
Competitive advantage
Centene's main advantage is scale and experience in state Medicaid programs. It serves about 12.1 million Medicaid members across 30 states, and every state runs its own procurement, rate-setting and compliance rules.
Elevance Health
How it makes money
Elevance makes money in two ways. First, its Health Benefits segment collects premiums from employers, individuals and government programs and pays members' medical claims; profit depends on keeping the benefit expense ratio (89.7% in Q2 2026) below premium levels and on fees for administering self-funded employer plans.
Growth strategy
Elevance is pruning lower-margin business, such as exiting standalone Medicare Part D plans for 2026 and the D.C. Medicaid market, while investing in medical cost management, provider connectivity and Carelon. Recent deals that extend Carelon include BioPlus specialty pharmacy (2023), Kroger Specialty Pharmacy (2024) and CareBridge home-based care (reported at about $2.7B, 2024 to 2025).
Competitive advantage
Elevance's main edge is its Blue Cross Blue Shield licenses in 14 states, which give it dense local provider networks and strong brand recognition with employers, plus access to the national BlueCard network. Owning CarelonRx and Carelon Services lets it keep pharmacy and care-management revenue that rivals without those assets pay to third parties.
Questions about Centene vs Elevance Health
Which company has higher revenue — Centene Corporation or Elevance Health, Inc.?
Centene Corporation reported $194.8B (FY2025), while Elevance Health, Inc. reported $199.1B (FY2025). By last reported revenue, Elevance Health, Inc. is the larger business, with Centene Corporation reporting a smaller revenue base.
What is the market cap of Centene Corporation vs Elevance Health, Inc.?
Centene Corporation's market capitalisation stands at $30.5B, while Elevance Health, Inc.'s is $80.0B. Elevance Health, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Centene Corporation.
Which is more financially efficient — Centene Corporation or Elevance Health, Inc.?
Centene Corporation generates $3.19M / employee in revenue per employee, while Elevance Health, Inc. generates $2.05M / employee. Centene Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Centene Corporation and Elevance Health, Inc. make money?
Centene Corporation and Elevance Health, Inc. generate revenue in fundamentally different ways. Centene Corporation: Centene earns most of its money from premiums paid by governments. Elevance Health, Inc.: Elevance makes money in two ways.
Which company is valued higher relative to revenue — Centene Corporation or Elevance Health, Inc.?
On a price-to-sales (P/S) basis, Centene Corporation trades at 0.2x P/S and Elevance Health, Inc. at 0.4x P/S. Elevance Health, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Centene Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Centene Corporation bigger than Elevance Health, Inc.?
By last reported revenue, Elevance Health, Inc. ($199.1B (FY2025)) is the larger company compared to Centene Corporation ($194.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Centene vs Elevance Health overview