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

Centene brought in $194.8B of revenue in fiscal 2025, Unitedhealth $447.6B in fiscal 2025. Revenue changed by +19.4% at Centene and +11.8% at Unitedhealth on the year before, so Centene grew faster. Centene kept -3.4% of its revenue as net profit, Unitedhealth 2.7%. Free cash flow was $4.3B at Centene and $16.1B at Unitedhealth.

Side by side, latest fiscal year

CNCUNH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$194.8B$447.6B
Revenue growth+19.4%+11.8%
Net income-$6.7B$12.1B
Net margin-3.4%2.7%
Free cash flow$4.3B$16.1B
Free cash flow margin2.2%3.6%
Earnings per share (diluted)-$13.53$13.23
Cash$17.9B$24.4B
Debt$17.5B$72.3B
Price to earningsn/a28.5
Market value$30.5B$338B
Dividend yieldn/a2.32%
Rank by revenue in sector#7 of 523 · Health care#1 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: $194.8BUNH FY2018: $226.2BUNH FY2019: $242.2BUNH FY2020: $257.1BUNH FY2021: $287.6BUNH FY2022: $324.2BUNH FY2023: $371.6BUNH FY2024: $400.3BUNH FY2025: $447.6BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $194.8BUNH $447.6B
Net income
CNC FY2018: $900MCNC FY2019: $1.3BCNC FY2020: $1.8BCNC FY2021: $1.3BCNC FY2022: $1.2BCNC FY2023: $2.7BCNC FY2024: $3.3BCNC FY2025: -$6.7BUNH FY2018: $12BUNH FY2019: $13.8BUNH FY2020: $15.4BUNH FY2021: $17.3BUNH FY2022: $20.1BUNH FY2023: $22.4BUNH FY2024: $14.4BUNH FY2025: $12.1BFY18FY19FY20FY21FY22FY23FY24FY25
CNC -$6.7BUNH $12.1B
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%UNH FY2018: 5.3%UNH FY2019: 5.7%UNH FY2020: 6.0%UNH FY2021: 6.0%UNH FY2022: 6.2%UNH FY2023: 6.0%UNH FY2024: 3.6%UNH FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
CNC -3.4%UNH 2.7%
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%UNH FY2019: +7.0%UNH FY2020: +6.2%UNH FY2021: +11.8%UNH FY2022: +12.7%UNH FY2023: +14.6%UNH FY2024: +7.7%UNH FY2025: +11.8%FY19FY20FY21FY22FY23FY24FY25
CNC +19.4%UNH +11.8%
Free cash flow
CNC FY2018: $559MCNC FY2019: $753MCNC FY2020: $4.6BCNC FY2021: $3.3BCNC FY2022: $5.3BCNC FY2023: $7.3BCNC FY2024: -$490MCNC FY2025: $4.3BUNH FY2018: $13.7BUNH FY2019: $16.4BUNH FY2020: $20.1BUNH FY2021: $19.9BUNH FY2022: $23.4BUNH FY2023: $25.7BUNH FY2024: $20.7BUNH FY2025: $16.1BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $4.3BUNH $16.1B

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

Questions about Centene and Unitedhealth

Which is bigger by revenue, Centene or Unitedhealth?

Unitedhealth is bigger by revenue: $447.6B in fiscal 2025, against $194.8B for Centene in fiscal 2025.

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

Centene had a net margin of -3.4% in fiscal 2025; Unitedhealth had 2.7% in fiscal 2025.

Which grew revenue faster, Centene or Unitedhealth?

In their latest fiscal years revenue changed by +19.4% at Centene and +11.8% at Unitedhealth.

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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