Core Insights - Centene Corporation reported a third-quarter 2025 adjusted earnings of 50 cents, significantly beating the consensus loss of 14 cents per share, although down from $1.62 a year ago [1] - The company's sales increased by 18.2% year-over-year to $49.69 billion, surpassing the consensus estimate of $47.75 billion [1] Financial Performance - Premium and service revenues rose by 22% to $44.89 billion, driven by growth in the PDP business, overall market growth in the Marketplace business, and rate increases in the Medicaid business, despite a decline in Medicaid membership [3] - The Health Benefits Ratio (HBR) increased to 92.7% in the quarter, up from 89.2% in the same period last year [3] Membership Trends - Total membership across Centene's portfolio decreased to 27.97 million from 28.64 million a year ago, mainly due to a reduction in Medicaid membership from 13.07 million to 12.71 million [4] - Conversely, Marketplace enrollment grew by 29.5% to 5.83 million, and Medicare PDP expanded by 17.8% to 7.97 million [4] Guidance and Outlook - Centene raised its fiscal 2025 adjusted earnings per share guidance from $1.75 to $2.00, compared to the consensus of $1.68 [4]