Follow

Play Earnings CallPlay Earnings Call

Centene Corporation (CNC) Q1 2026 Earnings Call April 28, 2026 8:30 AM EDT

Company Participants

Jennifer Gilligan – Senior Vice President of Investor Relations
Sarah London – CEO & Director
Andrew Asher – Executive VP & CFO

Advertisement

Conference Call Participants

Andrew Mok – Barclays Bank PLC, Research Division
Albert Rice – UBS Investment Bank, Research Division
Justin Lake – Wolfe Research, LLC
Ann Hynes – Mizuho Securities USA LLC, Research Division
John Stansel – JPMorgan Chase & Co, Research Division
Erin Wilson Wright – Morgan Stanley, Research Division
George Hill – Deutsche Bank AG, Research Division
Stephen Baxter – Wells Fargo Securities, LLC, Research Division
David Windley – Jefferies LLC, Research Division
Kevin Fischbeck – BofA Securities, Research Division
Lance Wilkes – Bernstein Institutional Services LLC, Research Division
Sarah James – Cantor Fitzgerald & Co., Research Division
Scott Fidel – Goldman Sachs Group, Inc., Research Division

Presentation

Advertisement

Operator

Good day, and welcome to the Centene Corporation’s 2026 First Quarter Earnings Report. [Operator Instructions] Please also note, today’s event is being recorded. I’d now like to turn the conference over to Jennifer Gilligan, Senior Vice President, Investor Relations. Please go ahead.

Jennifer Gilligan
Senior Vice President of Investor Relations

Advertisement

Thank you, Rocco, and good morning, everyone. Thank you for joining us on our first quarter 2026 earnings results conference call. Sarah London, Chief Executive Officer; and Drew Asher, Executive Vice President and Chief Financial Officer of Centene, will host this morning’s call, which also can be accessed through our website at centene.com.

Any remarks that Centene may make about future expectations, plans and prospects constitute forward-looking statements for the purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Specifically, our commentary on our full year 2026 outlook, including the drivers of such outlook, are forward-looking statements. Actual results may differ materially from those indicated by those forward-looking statements as a result of various

Advertisement

This article was written by

Even for liberal HBO host Bill Maher, the math behind Tax Day no longer adds up.

Maher took to his platform on “Real Time” to sound the alarm on a staggering personal tax burden that he says claims the majority of his earnings, sparking a wider debate on whether the American government is simply “incompetent and corrupt” despite a $5 trillion revenue stream.

“Last week was Tax Day… I paid to the government, if you add in state tax, local, sales, property, fees, Obamacare, probably almost 60% of what I earn. That’s a lot,” Maher said on a recent episode.

“I still wouldn’t mind if Bernie Sanders would stop saying the rich don’t pay taxes,” the host continued. “And while I’m sure the super-rich, with their army of accountants and corporate loopholes, get away with murder, us regular rich people pay a s— ton of taxes!”

CALIFORNIA BILLIONAIRE TAX NEARS BALLOT AFTER UNION COLLECTS NEARLY DOUBLE REQUIRED SIGNATURES

High-income earners in blue states like California, where Maher films his show, face some of the highest combined tax rates across the country. While Democrats often argue the biggest tax hits come from the federal income tax alone, Maher slammed the “hidden” costs that take more than half of your pay.

California ranks fifth nationally for the highest state and local tax burden, with the Tax Foundation reporting that residents lose an average of 13.5% of their total income to taxes.

“The top 10% pay 72% of all federal income taxes, and the bottom half, 3%,” Maher noted, with his cited numbers backed by a Tax Foundation analysis of 2022 Internal Revenue Service (IRS) data.

“The Democratic socialists talk about socialism like we don’t already have a lot… Not against it, just the same question — how can you be soaking the rich and failing the poor so badly?” he said.

The HBO host further questioned where the money is actually going, pointing to the reliance on charities like Remote Area Medical (RAM) to provide basic care, like dental and medical, that the government — despite its trillions in revenue — is failing to deliver.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“How can it be that the federal government alone took in over $5 trillion in taxes last year and we still need that? Are we really this incompetent and corrupt?”

“The ultra-rich keep getting ultra-richer,” Maher said. “[Those with] their army of accountants and corporate loopholes [can often find ways to shrink their tax bills].”

READ MORE FROM FOX BUSINESS

Shares of PSU major Coal India rose as much as 3.4% to their day’s high of Rs 468 on the BSE on Tuesday after the company reported a stable performance for the March quarter, with consolidated profit after tax rising 12% year-on-year (YoY) to Rs 10,908 crore. Revenue from operations increased 6% to Rs 46,490 crore, supported by better realisations and higher other income.

Profit before tax for the quarter stood at Rs 14,627 crore, up 12% from Rs 13,070 crore a year earlier, reflecting steady operating performance despite cost pressures. Total income rose 8% to Rs 51,618 crore during the quarter.

EBITDA grew 12% to Rs 17,917 crore, while margins improved to 39% from 36% in the corresponding period last year, indicating stronger operating leverage.

Revenue growth was mainly driven by higher realisations, even as sales volumes remained largely unchanged. Average realisation per tonne rose 6% YoY to Rs 2,290, while total sales volume slipped around 1% to 198.83 million tonnes.

Coal India share price: Should you buy, sell or hold?

Jefferies retained its Buy rating on Coal India with a target price of Rs 500, an upside of 10%. The brokerage stated improving earnings visibility and supportive global coal trends as major factors for the raised target price.

The Wall Street major noted that international thermal coal prices remained rangebound at $95-$115 between January 2025 and February 2026, but have since rallied about 18% from mid-February. Higher global prices are expected to support domestic e-auction realisations, with Jefferies building in e-auction prices of Rs 3,000-Rs 3,200 for FY27-28, compared with Rs 2,907 in the March quarter.
Jefferies has raised its FY27-28 EPS estimates by 2-4%. After a 12% decline in EPS over FY24-26, the brokerage expects earnings to recover, projecting a 5% EPS CAGR over FY26-28.Coal India is currently trading at around 9.3 times FY27E adjusted price-to-earnings, excluding stripping activity adjustments, which is broadly in line with its long-term average of 9.2 times. The stock also offers an attractive dividend yield of about 6%.

Morgan Stanley has maintained its Equal-weight rating on Coal India with a target price of Rs 410, implying a 10% downside, even as the company reported a better-than-expected quarterly performance. EBITDA came in around 6% above its estimates, while adjusted EBITDA, excluding OBR, was nearly 8% ahead of forecasts.

On volumes, FSA sales declined about 4% year-on-year but still came in ahead of estimates. E-auction volumes rose 28% year-on-year, though they remained below expectations. FSA realisations increased around 6% year-on-year, supported by a better grade mix, while e-auction realisations fell about 2% YoY.

HSBC has maintained its Hold rating on the stock with a target price of Rs 440. The brokerage said 4QFY26 earnings came in ahead of expectations, largely driven by higher other income, though restated numbers have made year-on-year and quarter-on-quarter comparisons difficult.

However, it believes elevated inventory levels could limit e-auction premiums going forward and flagged the risk of a significant cost increase if diesel prices rise. HSBC added that Coal India currently lacks near-term earnings catalysts due to an oversupplied domestic coal market, although the stock’s dividend yield continues to support valuations.

Motilal Oswal has maintained its Buy rating on Coal India with a target price of Rs 530, implying a 17% upside from current levels. Analysts expect a volume CAGR of around 4% over FY26-FY28E, with a higher share of e-auction sales likely to support net sales realisation and margins.

The brokerage also highlighted Coal India’s focus on expanding coal-washer capacity to strengthen market share in both coking and non-coking coal segments. Additionally, future expansion in coal mining operations is expected to be funded through internal accruals.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)