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News Release
Investor Contact: Jeffrey Geyer, Jeffrey.Geyer@molinahealthcare.com, 305-317-3012
Media Contact: Caroline Zubieta, Caroline.Zubieta@molinahealthcare.com, 562-542-1845
Molina Healthcare Reports Second Quarter 2026 Financial Results
Increases Full Year 2026 Earnings Guidance
Long Beach, Calif., July 22, 2026 – Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today reported second quarter 2026 GAAP income per diluted share of $1.19 and adjusted income per diluted share of $1.51. Financial results are summarized below:
Three months endedSix months ended
June 30,
 June 30,
 2026202520262025
(In millions, except per-share results)
Premium Revenue$10,244$10,868$20,416$21,496
Total Revenue$10,874$11,427$21,670$22,574
GAAP:
Net Income$60$255$74$553
EPS – Diluted$1.19$4.75$1.46$10.19
Medical Care Ratio (MCR)92.2%90.4%91.6%89.8%
G&A Ratio6.7%6.2%6.9%6.6%
Pre-tax Margin0.8%2.8%0.6%3.2%
Adjusted:
Net Income$77$294$197$627
EPS – Diluted$1.51$5.48$3.86$11.56
G&A Ratio6.5%6.1%6.7%6.4%
Pre-tax Margin1.0%3.3%1.3%3.6%
See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.

Quarter Highlights
•As of June 30, 2026, the Company served approximately 4.9 million members.
•Premium revenue was approximately $10.2 billion for the second quarter of 2026.
•Second quarter 2026 GAAP income per diluted share was $1.19 and adjusted income per diluted share was $1.51.
•The Company increased its full year 2026 adjusted earnings guidance by $0.25 to at least $5.25 per diluted share.

“Our second quarter results and full year guidance reflect solid performance in our Medicaid and Medicare segments,” said Joseph Zubretsky, President and Chief Executive Officer. “The imbalance between Medicaid rates and medical cost trend appears to have stabilized and is well positioned to be corrected with future rate increases. This reinforces our belief that 2026 is the trough year for Medicaid pretax margins. We remain confident in our disciplined approach to medical cost management and believe the premium and EPS building blocks position us well for profitable growth in 2027.”

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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026

Premium Revenue
Premium revenue was approximately $10.2 billion for the second quarter of 2026, a decrease of 6% year over year. The lower premium revenue reflects the impact of lower membership, partially offset by rate updates.

Net Income
GAAP net income for the second quarter of 2026 was $60 million, or $1.19 per diluted share, a decrease of 76% year over year. Adjusted net income for the second quarter of 2026 was $77 million, or $1.51 per diluted share, a decrease of 74% year over year. The decrease is attributed mainly to the lower premium revenues and increase in MCR.

Medical Care Ratio (MCR)
•The consolidated MCR for the second quarter of 2026 was 92.2%.
•The Medicaid MCR for the second quarter of 2026 was 92.7% and in line with the Company’s expectation, reflecting rate updates and stable medical cost trend.
•The Medicare MCR for the second quarter of 2026 was 90.7% and better than the Company’s expectation, reflecting lower medical cost trend and pricing implemented for 2026.
•The Marketplace MCR for the second quarter of 2026 was 88.9% and higher than the Company’s expectations, reflecting prior year risk adjustment and program integrity initiatives and the impact of current year unfavorable member acuity mix.

General and Administrative Expense Ratio
The G&A ratio and the adjusted G&A ratio for the second quarter of 2026 were 6.7% and 6.5%, respectively, reflecting continued operating discipline.

Balance Sheet
Cash and investments at the parent company were approximately $290 million as of June 30, 2026, compared to $223 million as of December 31, 2025.
Days in claims payable at June 30, 2026, was 44.

Cash Flow
Operating cash flow for the six months ended June 30, 2026, was $788 million, compared to an outflow of $112 million for the six months ended June 30, 2025. The increase compared to the prior year was driven mainly by the timing of government receivables and payables.

2026 Guidance
Premium revenue guidance for the full year is unchanged at approximately $42 billion.
The Company increased its full year 2026 GAAP earnings to at least $2.15 per diluted share and its full year 2026 adjusted earnings to at least $5.25 per diluted share. The increase to earnings guidance reflects first half performance in Medicaid. Based on developing medical cost trends, a $1.50 increase in earnings per share in Medicare is offset by a $1.50 decrease related to Marketplace. Excluding the downward revision in the Marketplace guidance, the full year guidance would have increased to $6.75 per share.
Full year guidance includes a loss of $1.50 per share due to the implementation of the new Florida Medicaid contract in the fourth quarter of 2026 and a loss of $1.00 per share due to performance of the traditional MAPD product, which the Company previously announced it will exit for 2027.
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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026

Conference Call
Management will host a conference call and webcast to discuss Molina Healthcare’s second quarter ended June 30, 2026 results, at 8:00 a.m. Eastern Time on Thursday, July 23, 2026. The number to call for the interactive teleconference is (877) 883-0383 and the confirmation number is 8631129. A telephonic replay of the conference call will be available through Thursday, July 30, 2026, by dialing (855) 669-9658 and entering confirmation number 6469068. A live audio broadcast of this conference call will be available on Molina Healthcare’s investor relations website, investors.molinahealthcare.com. A 30-day online replay will be available approximately an hour following the conclusion of the live broadcast.

About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. For more information about Molina Healthcare, please visit molinahealthcare.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release and the Company’s accompanying oral remarks contain forward-looking statements. The Company intends such forward-looking statements to be covered under the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements provide current expectations of future events based on certain assumptions, and all statements other than statements of historical fact contained in this earnings release and the Company’s accompanying oral remarks may be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “guidance,” “future,” “anticipates,” “assumes,” “believes,” “embedded,” “estimates,” “expects,” “growth,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this earnings release include, but are not limited to, statements regarding the Company’s 2026 guidance and long-term performance outlook, trends with respect to rates, pretax margins, utilization, and medical costs, including the timing thereof and the anticipated impact on the Company’s business, and our management’s plans and objectives for future operations and business strategy.
Actual results could differ materially due to numerous known and unknown risks and uncertainties. These risks and uncertainties are discussed under the headings “Forward-Looking Statements,” and “Risk Factors,” in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025, which is on file with the U.S. Securities and Exchange Commission (the “SEC”), and in the Company’s other filings with the SEC, including its Quarterly Report on Form 10-Q for the period ended March 31, 2026 filed with the SEC and Quarterly Report on Form 10-Q for the period ended June 30, 2026, to be filed with the SEC.
These reports can be accessed under the investor relations tab of the Company’s website or on the SEC’s website at sec.gov. Given these risks and uncertainties, the Company can give no assurances that its forward-looking statements will prove to be accurate, or that any other results or developments projected or contemplated by its forward-looking statements will in fact occur, and the Company cautions investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of July 22, 2026, and, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations.
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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
Six Months Ended
 June 30,June 30,
 2026202520262025
 (In millions, except per-share amounts)
Revenue:
Premium revenue$10,244 $10,868 $20,416 $21,496 
Premium tax revenue 505 431 1,009 819 
Investment income 101 106 199 214 
Other revenue24 22 46 45 
Total revenue10,874 11,427 21,670 22,574 
Operating expenses:
Medical care costs9,440 9,829 18,710 19,308 
General and administrative expenses724 711 1,503 1,485 
Premium tax expenses505 431 1,009 819 
Depreciation and amortization40 58 79 106 
Impairment— — 93 — 
Other20 25 48 50 
Total operating expenses10,729 11,054 21,442 21,768 
Operating income145 373 228 806 
Interest expense54 48 108 91 
Income before income tax expense 91 325 120 715 
Income tax expense31 70 46 162 
Net income$60 $255 $74 $553 
Net income per share – Diluted$1.19 $4.75 $1.46 $10.19 
Diluted weighted average shares outstanding
51.3 53.7 51.2 54.3 

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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
CONSOLIDATED BALANCE SHEETS
June 30,December 31,
20262025
Unaudited
(Dollars in millions,
except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents$4,985 $4,248 
Investments3,930 4,008 
Receivables3,485 3,533 
Prepaid expenses and other current assets528 655 
Total current assets12,928 12,444 
Property, equipment, and capitalized software, net311 301 
Goodwill and intangible assets, net2,082 2,195 
Restricted investments313 299 
Deferred income taxes, net229 178 
Other assets140 147 
Total assets$16,003 $15,564 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Medical claims and benefits payable$4,841 $4,887 
Amounts due government agencies 1,651 1,326 
Accounts payable, accrued liabilities and other1,139 1,093 
Deferred revenue69 66 
Total current liabilities7,700 7,372 
Long-term debt3,769 3,766 
Finance lease liabilities184 184 
Other long-term liabilities179 173 
Total liabilities11,832 11,495 
Stockholders’ equity:
Common stock, $0.001 par value, 150 million shares authorized; outstanding: 52 million shares at June 30, 2026, and 51 million at December 31, 2025
— — 
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding
— — 
Additional paid-in capital511 452 
Accumulated other comprehensive (loss) income(16)15 
Retained earnings3,676 3,602 
Total stockholders’ equity4,171 4,069 
Total liabilities and stockholders’ equity$16,003 $15,564 
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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
20262025
(In millions)
Operating activities:
Net income$74 $553 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization79 106 
Deferred income taxes(41)22 
Share-based compensation
59 30 
Impairment93 — 
Other, net
(2)— 
Changes in operating assets and liabilities:
Receivables48 (466)
Prepaid expenses and other current assets9 10 
Medical claims and benefits payable(46)(50)
Amounts due government agencies 325 (81)
Accounts payable, accrued liabilities and other66 (301)
Deferred revenue3 (59)
Income taxes121 124 
Net cash provided by (used in) operating activities788 (112)
Investing activities:
Purchases of investments(626)(421)
Proceeds from sales and maturities of investments
672 717 
Purchases of property, equipment, and capitalized software
(57)(64)
Net cash paid in business combinations— (245)
Other, net (8)18 
Net cash (used in) provided by investing activities(19)5 
Financing activities:
Proceeds from borrowings under credit facility and term loans— 650 
Common stock purchases
— (500)
Repayment of credit facility and term loans— (200)
Common stock withheld to settle employee tax obligations(14)(36)
Other, net (10)44 
Net cash used in financing activities(24)(42)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents745 (149)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period
4,348 4,741 
Cash, cash equivalents, and restricted cash and cash equivalents at end of period
$5,093 $4,592 
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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
UNAUDITED SEGMENT DATA
(Dollars in millions)


June 30,December 31,June 30,
2026
2025
2025
Ending Membership by Segment:
Medicaid4,418,000 4,568,000 4,774,000 
Medicare224,000 262,000 267,000 
Marketplace283,000 655,000 690,000 
Other1,000 6,000 15,000 
Total4,926,000 5,491,000 5,746,000 


Three Months Ended June 30,
20262025
Premium RevenueMedical
Margin
MCR (1)
Premium RevenueMedical
Margin
MCR (1)
Medicaid $8,049 $585 92.7%$8,029 $697 91.3%
Medicare 1,565 146 90.7 1,608 161 90.0 
Marketplace628 69 88.9 1,200 175 85.4 
Other (2)
2 4 NM31 6 NM
Consolidated$10,244 $804 92.2%$10,868 $1,039 90.4%

Six Months Ended June 30,
20262025
Premium RevenueMedical
Margin
MCR (1)
Premium RevenueMedical
Margin
MCR (1)
Medicaid $15,976 $1,216 92.4%$16,159 $1,488 90.8%
Medicare 3,082 300 90.3 3,076 333 89.2 
Marketplace1,352 185 86.3 2,204 358 83.7 
Other (2)
6 5 NM57 9 NM
Consolidated$20,416 $1,706 91.6%$21,496 $2,188 89.8%
(1)The MCR represents medical costs as a percentage of premium revenue.
(2) The Other MCRs are not meaningful.







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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
CHANGE IN MEDICAL CLAIMS AND BENEFITS PAYABLE
(Dollars in millions)

The Company’s claims liabilities include additional reserves to account for moderately adverse conditions based on historical experience and other factors including, but not limited to, variations in claims payment patterns, changes in utilization and cost trends, known outbreaks of disease, and large claims. The Company’s reserving methodology is consistently applied across all periods presented. The amounts displayed for “Components of medical care costs related to: Prior year” represent the amounts by which the original estimates of claims and benefits payable at the beginning of the year were more than the actual liabilities based on information (principally the payment of claims) developed since those liabilities were first reported. The following table presents the components of the change in medical claims and benefits payable for the periods indicated:
Six Months Ended
June 30,
20262025
Unaudited
Medical claims and benefits payable, beginning balance
$4,887 $4,640 
Components of medical care costs related to:
Current year18,995 19,509 
Prior year(285)(201)
Total medical care costs18,710 19,308 
Payments for medical care costs related to:
Current year15,062 15,700 
Prior year3,918 3,918 
Total paid18,980 19,618 
Acquired balances, net of post-acquisition adjustments— 295 
Change in non-risk and other payables224 260 
Medical claims and benefits payable, ending balance
$4,841 $4,885 
Days in Claims Payable (1)
44 43 
__________________
(1)The Company calculates Days in Claims Payable using claims incurred but not paid, or IBNP, and other fee-for-service payables included in medical claims and benefits payable, and quarterly fee-for-service related costs included in medical care costs within the Company’s consolidated financial statements.

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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES
(In millions, except per diluted share amounts)

The Company believes that certain non-GAAP (generally accepted accounting principles) financial measures are useful supplemental measures to investors in comparing the Company’s performance to the performance of other public companies in the health care industry. The non-GAAP financial measures are also used internally to enable management to assess the Company’s performance consistently over time. These non-GAAP financial measures, presented below, should be considered as supplements to, and not as substitutes for or superior to, GAAP measures.
Adjustments represent additions and deductions to GAAP net income as indicated in the table below, which include the non-cash impact of amortization of acquired intangible assets, acquisition-related expenses, impairments, and the impact of certain expenses and other items that management believes are not indicative of longer-term business trends and operations.
Adjusted G&A Ratio represents the GAAP G&A ratio, recognizing adjustments.
Adjusted net income represents GAAP net income recognizing the adjustments, net of tax. The Company believes that adjusted net income is helpful to investors in assessing the Company’s financial performance.
Adjusted net income per diluted share represents adjusted net income divided by weighted average common shares outstanding on a fully diluted basis.
Adjusted pre-tax margin represents adjusted income before income tax expense, divided by total revenue.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
AmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted Share
GAAP Net income
$60 $1.19 $255 $4.75 $74 $1.46 $553 $10.19 
Adjustments:
Amortization of intangible assets
$9 $0.18 $32 $0.60 $19 $0.38 $53 $0.99 
Acquisition-related expenses (1)
12 0.23 19 0.37 33 0.64 42 0.78 
Impairment (2)
— — — — 93 1.82 — — 
Other (3)
— — — — 21 0.41 2 0.03 
Subtotal, adjustments
21 0.41 51 0.97 166 3.25 97 1.80 
Income tax effect
(4)(0.09)(12)(0.24)(43)(0.85)(23)(0.43)
Adjustments, net of tax
17 0.32 39 0.73 123 2.40 74 1.37 
Adjusted net income
$77 $1.51 $294 $5.48 $197 $3.86 $627 $11.56 
__________________
(1)Reflects non-recurring costs associated with acquisitions, including various transaction and certain integration costs.
(2)This impairment charge results from the Company’s decision to exit the Medicare Advantage Prescription Drug product for 2027 as that product does not align with the Company’s strategic shift to focus exclusively on dual eligible members in Medicare.
(3)The six months ended June 30, 2026 primarily includes non-recurring termination benefits, and the six months ended June 30, 2025 includes non-recurring litigation costs.
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Molina Healthcare, Inc. Reports Second Quarter 2026 Financial Results
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July 22, 2026
MOLINA HEALTHCARE, INC.
RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED)
2026 GUIDANCE


Amount
Per Diluted Share (2)
GAAP Net income
$110 $2.15 
Adjustments:
Acquisition-related expenses
64 1.24 
Amortization of intangible assets36 0.71 
Impairment93 1.83 
Other 21 0.41 
Subtotal, adjustments
214 4.19 
Income tax effect (1)
(56)(1.09)
Adjustments, net of tax
158 3.10 
Adjusted net income
$268 $5.25 
__________________
(1)Income tax effect calculated at the statutory tax rate of approximately 26.0%.
(2)Computations assume approximately 51.1 million diluted weighted average shares outstanding.

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