Core Viewpoint - Centene Corporation reported a fourth-quarter adjusted loss despite revenue exceeding Wall Street expectations, primarily due to high costs in the Commercial segment, leading to a more than 6% drop in shares following the announcement [1]. Financial Performance - The company recorded an adjusted loss of $1.19 per share for the quarter, which was slightly better than analyst expectations of a $1.22 loss [2]. - Revenue increased by 23% year over year to $49.73 billion, surpassing the consensus estimate of $48.39 billion [2]. - The consolidated health benefits ratio (HBR) rose sharply to 94.3%, compared to 89.6% in the same quarter last year [2]. Segment Analysis - The Commercial segment had an HBR of 95.4%, which was approximately 100 basis points above company expectations due to net out-of-period items [3]. - The Medicaid segment showed improvement with an HBR of 93.0%, reflecting a 40-basis-point sequential improvement from the third quarter [3]. Future Guidance - For the full year 2025, Centene reported adjusted earnings of $2.08 per share on revenue of $194.78 billion, indicating a 20% increase compared to 2024 [4]. - The company provided guidance for 2026, projecting adjusted earnings per share of more than $3.00, demonstrating confidence in its recovery efforts [4].