Revenue: As of FY2026 Q2, the actual value is USD 10.87 B.

EPS: As of FY2026 Q2, the actual value is USD 1.19, missing the estimate of USD 1.2535.

EBIT: As of FY2026 Q2, the actual value is USD 145 M.

Overview

Molina Healthcare, Inc. reported GAAP net income of $60 million and adjusted net income of $77 million for the second quarter of 2026. For the six months ended June 30, 2026, GAAP net income was $74 million and adjusted net income was $197 million.

Membership

As of June 30, 2026, Molina Healthcare, Inc. served approximately 4.9 million members, a decrease from 5,491,000 as of December 31, 2025, and 5,746,000 as of June 30, 2025. Total Medicaid members were 4,418,000, Medicare members were 224,000, and Marketplace members were 283,000 as of June 30, 2026.

Premium Revenue

For the second quarter of 2026, premium revenue was $10,244 million, marking a 6% year-over-year decrease from $10,868 million in Q2 2025. For the first half of 2026, premium revenue was $20,416 million, compared to $21,496 million in H1 2025.

Premium Revenue by Segment (Three Months Ended June 30)

• Medicaid: $8,049 million in 2026, compared to $8,029 million in 2025.
• Medicare: $1,565 million in 2026, compared to $1,608 million in 2025.
• Marketplace: $628 million in 2026, compared to $1,200 million in 2025.

Premium Revenue by Segment (Six Months Ended June 30)

• Medicaid: $15,976 million in 2026, compared to $16,159 million in 2025.
• Medicare: $3,082 million in 2026, compared to $3,076 million in 2025.
• Marketplace: $1,352 million in 2026, compared to $2,204 million in 2025.

Net Income (GAAP)

GAAP net income for Q2 2026 was $60 million, a 76% year-over-year decrease from $255 million in Q2 2025. For H1 2026, GAAP net income was $74 million, compared to $553 million in H1 2025.

Adjusted Net Income

Adjusted net income for Q2 2026 was $77 million, a 74% year-over-year decrease from $294 million in Q2 2025. For H1 2026, adjusted net income was $197 million, compared to $627 million in H1 2025.

Medical Care Ratio (MCR)

Consolidated MCR for Q2 2026 was 92.2%, up from 90.4% in Q2 2025. Consolidated MCR for H1 2026 was 91.6%, up from 89.8% in H1 2025.

Medical Care Ratio by Segment (Three Months Ended June 30)

• Medicaid: 92.7% in 2026, compared to 91.3% in 2025.
• Medicare: 90.7% in 2026, compared to 90.0% in 2025.
• Marketplace: 88.9% in 2026, compared to 85.4% in 2025.

Medical Care Ratio by Segment (Six Months Ended June 30)

• Medicaid: 92.4% in 2026, compared to 90.8% in 2025.
• Medicare: 90.3% in 2026, compared to 89.2% in 2025.
• Marketplace: 86.3% in 2026, compared to 83.7% in 2025.

General and Administrative (G&A) Ratio

GAAP G&A Ratio for Q2 2026 was 6.7%, up from 6.2% in Q2 2025. Adjusted G&A Ratio for Q2 2026 was 6.5%, up from 6.1% in Q2 2025.

Pre-tax Margin

GAAP Pre-tax Margin for Q2 2026 was 0.8%, down from 2.8% in Q2 2025. Adjusted Pre-tax Margin for Q2 2026 was 1.0%, down from 3.3% in Q2 2025.

Cash and Investments at Parent Company

Cash and investments at the parent company totaled $290 million as of June 30, 2026, an increase from $223 million as of December 31, 2025.

Days in Claims Payable

Days in claims payable was 44 as of June 30, 2026, compared to 43 as of June 30, 2025.

Operating Cash Flow

Operating cash flow for the six months ended June 30, 2026, was $788 million, significantly higher than the outflow of -$112 million for the same period in 2025.

Balance Sheet Highlights (as of June 30, 2026 vs. December 31, 2025)

• Cash and cash equivalents: $4,985 million, up from $4,248 million.
• Total assets: $16,003 million, up from $15,564 million.
• Total liabilities: $11,832 million, up from $11,495 million.
• Total stockholders’ equity: $4,171 million, up from $4,069 million.

Cash Flow Statement Highlights (Six Months Ended June 30, 2026 vs. 2025)

• Net cash provided by operating activities: $788 million in 2026, compared to -$112 million in 2025.
• Net cash used in investing activities: -$19 million in 2026, compared to $5 million in 2025.
• Net cash used in financing activities: -$24 million in 2026, compared to -$42 million in 2025.
• Net increase in cash, cash equivalents, and restricted cash: $745 million in 2026, compared to -$149 million in 2025.
• Cash, cash equivalents, and restricted cash at end of period: $5,093 million in 2026, compared to $4,592 million in 2025.

2026 Guidance

Molina Healthcare, Inc. increased its full-year 2026 adjusted earnings guidance to at least $5.25 per diluted share and its GAAP earnings guidance to at least $2.15 per diluted share. The full-year premium revenue guidance remains unchanged at approximately $42 billion. The guidance reflects an expected loss of $1.50 per share due to the new Florida Medicaid contract and a $1.00 per share loss from the traditional MAPD product, which the company plans to exit in 2027.