Stock Performance
Molina Healthcare, Inc. (NYSE: MOH) shares declined in early trading following the earnings release. Intraday price and percentage moves were not disclosed in the company release. The stock has traded within its 52-week range amid sustained volatility across Medicaid managed-care peers, reflecting utilization and reimbursement pressures.
Fourth-Quarter Results
Molina Healthcare reported a Q4 2025 GAAP net loss of $160 million, or $3.15 per diluted share, compared with net income of $251 million, or $4.44 per share, a year earlier. Adjusted loss was $140 million, or $2.75 per share. Total revenue rose to $11.375 billion from $10.499 billion year over year. Premium revenue increased to $10.715 billion from $9.983 billion. Medical costs weighed on performance. The medical care ratio (MCR) rose to 94.6% from 90.2% a year earlier. The G&A ratio increased to 7.0% from 6.3%, while the after-tax margin fell to (1.4%) versus 2.4%. Results included approximately $2.00 per share of unfavorable retroactive premium adjustments tied to Medicaid, alongside ongoing cost pressure.
Full-Year Performance
For FY2025, Molina posted GAAP net income of $472 million, or $8.92 per diluted share, down from $1.179 billion, or $20.42 per share, in 2024. Adjusted net income was $584 million, or $11.03 per share, versus $22.65 a year earlier. Total revenue increased to $45.426 billion from $40.650 billion. Premium revenue rose 11% year over year to $43.052 billion, driven by acquisitions, rate increases and organic growth. The consolidated full-year MCR was 91.7%, up from 89.1%, reflecting elevated utilization across Medicaid, Medicare and Marketplace businesses. Operating cash flow was an outflow of $535 million, compared with an inflow of $644 million in 2024.
Balance Sheet and Membership
Parent-company cash and investments totaled $223 million at Dec. 31, 2025, versus $445 million a year earlier. Days in claims payable were 47 days. Ending membership was approximately 5.49 million, including 4.57 million Medicaid members.
2026 Guidance
The company guided to 2026 premium revenue of about $42.2 billion and total revenue of $44.5 billion. It expects GAAP EPS of at least $3.20 and adjusted EPS of at least $5.00. Guidance includes a $2.50 per-share headwind linked to a new Florida Medicaid contract and underperformance in Medicare Advantage Part D, which Molina plans to exit in 2027.
Analyst Actions
No analyst rating changes or price-target revisions were disclosed alongside the earnings release.