Analysis for CNC

📈 Growth & Financial Trajectory

Eight quarters show revenue growth from about $40.8B in 2024 Q2 to about $53.6B in 2026 Q2, a rise of roughly $12.8B (~31%). The ramp is steady, with a notable expansion in late 2024 and continued momentum into 2025–2026. Net income stays positive in most periods, typically around $1.3B–$1.5B per quarter, though a few periods show softer results, reflecting mix, costs, and seasonal factors.

💰 Margins & Cash Flow

Gross profit has trended in the low-to-mid billions on $40–$54B revenues, implying margins roughly in the 8–12% range across the cycle, with occasional compression when benefits costs surge. Operating leverage appears positive in multiple quarters, as operating income frequently reaches around $1.5B–$1.7B. Cash flow remains robust: Net cash flow from operating activities generally in the $1.5B–$4.0B band; investing activities are typically outflows; financing flows vary. Free cash flow is positive in most periods, with quarter-to-quarter variability.

🛡️ Balance Sheet & Liquidity

Assets sit near $80–87B with current assets around $40–46B and current liabilities roughly $34–40B, yielding a modest but steady liquidity cushion. Equity remains in the $21–28B range, and long‑term debt runs around $17–20B, supporting ongoing operations and capital needs.

⚠️ Key Drivers & Risks

• Drivers: Medicaid/Managed‑care demand; scale efficiencies and vendor relationships.
• Risks: Regulatory policy shifts and reimbursement risk; earnings volatility from benefits costs and regulatory changes.