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Centene vs Cencora: revenue, profit, margins and growth compared

Centene brought in $194.8B of revenue in fiscal 2025, Cencora $321.3B in fiscal 2025. Revenue changed by +19.4% at Centene and +9.3% at Cencora on the year before, so Centene grew faster. Centene kept -3.4% of its revenue as net profit, Cencora 0.5%. Free cash flow was $4.3B at Centene and $3.2B at Cencora.

Side by side, latest fiscal year

CNCCOR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$194.8B$321.3B
Revenue growth+19.4%+9.3%
Net income-$6.7B$1.6B
Net margin-3.4%0.5%
Free cash flow$4.3B$3.2B
Free cash flow margin2.2%1.0%
Earnings per share (diluted)-$13.53$7.96
Cash$17.9B$4.4B
Debt$17.5B$7.7B
Price to earningsn/a38.6
Market value$30.5B$58.6B
Dividend yieldn/a0.72%
Rank by revenue in sector#7 of 523 · Health care#3 of 523 · Health care

Over the years

Revenue
CNC FY2018: $60.1BCNC FY2019: $74.6BCNC FY2020: $111.1BCNC FY2021: $126BCNC FY2022: $144.5BCNC FY2023: $154BCNC FY2024: $163.1BCNC FY2025: $194.8BCOR FY2018: $167.9BCOR FY2019: $179.6BCOR FY2020: $189.9BCOR FY2021: $214BCOR FY2022: $238.6BCOR FY2023: $262.2BCOR FY2024: $294BCOR FY2025: $321.3BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $194.8BCOR $321.3B
Net income
CNC FY2018: $900MCNC FY2019: $1.3BCNC FY2020: $1.8BCNC FY2021: $1.3BCNC FY2022: $1.2BCNC FY2023: $2.7BCNC FY2024: $3.3BCNC FY2025: -$6.7BCOR FY2018: $1.7BCOR FY2019: $855.4MCOR FY2020: -$3.4BCOR FY2021: $1.5BCOR FY2022: $1.7BCOR FY2023: $1.7BCOR FY2024: $1.5BCOR FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
CNC -$6.7BCOR $1.6B
Net margin
CNC FY2018: 1.5%CNC FY2019: 1.8%CNC FY2020: 1.6%CNC FY2021: 1.1%CNC FY2022: 0.8%CNC FY2023: 1.8%CNC FY2024: 2.0%CNC FY2025: -3.4%COR FY2018: 1.0%COR FY2019: 0.5%COR FY2020: -1.8%COR FY2021: 0.7%COR FY2022: 0.7%COR FY2023: 0.7%COR FY2024: 0.5%COR FY2025: 0.5%FY18FY19FY20FY21FY22FY23FY24FY25
CNC -3.4%COR 0.5%
Revenue growth
CNC FY2019: +24.2%CNC FY2020: +48.9%CNC FY2021: +13.4%CNC FY2022: +14.7%CNC FY2023: +6.5%CNC FY2024: +5.9%CNC FY2025: +19.4%COR FY2019: +6.9%COR FY2020: +5.7%COR FY2021: +12.7%COR FY2022: +11.5%COR FY2023: +9.9%COR FY2024: +12.1%COR FY2025: +9.3%FY19FY20FY21FY22FY23FY24FY25
CNC +19.4%COR +9.3%
Free cash flow
CNC FY2018: $559MCNC FY2019: $753MCNC FY2020: $4.6BCNC FY2021: $3.3BCNC FY2022: $5.3BCNC FY2023: $7.3BCNC FY2024: -$490MCNC FY2025: $4.3BCOR FY2018: $1.1BCOR FY2019: $2BCOR FY2020: $1.8BCOR FY2021: $2.2BCOR FY2022: $2.2BCOR FY2023: $3.5BCOR FY2024: $3BCOR FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $4.3BCOR $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Centene and Cencora

Which is bigger by revenue, Centene or Cencora?

Cencora is bigger by revenue: $321.3B in fiscal 2025, against $194.8B for Centene in fiscal 2025.

Which keeps more of its revenue as profit, Centene or Cencora?

Centene had a net margin of -3.4% in fiscal 2025; Cencora had 0.5% in fiscal 2025.

Which grew revenue faster, Centene or Cencora?

In their latest fiscal years revenue changed by +19.4% at Centene and +9.3% at Cencora.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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