Centene shares fall 10.61% after-hours as GAAP loss and $6.7B goodwill impairment weigh on results.

Centene Corporation (NYSE: CNC) fell 10.61% in after-hours trading following the release of its Q4 2025 results, which included a non-cash $513 million impairment charge ($389 million after-tax) from the pending divestiture of Magellan Health businesses and a full-year GAAP diluted loss per share of $(13.53). Despite adjusted diluted earnings of $2.08 for 2025 and guidance for 2026 adjusted diluted EPS exceeding $3.00, the GAAP loss—driven by the goodwill impairment and elevated health benefits ratios—spooked investors. The impairment charge, coupled with a challenging year marked by declining Medicaid membership and rising medical costs, overshadowed positive operational metrics like disciplined SG&A management and sequential Medicaid HBR improvements. The after-hours selloff reflects market focus on the GAAP loss and uncertainty around near-term profitability, despite management’s emphasis on 2026 margin recovery.