Molina Healthcare (MOH) earnings

MOLINA HEALTHCARE, INC.· Health Care

Results to: Sep 2026
Latest analysed call: Sep 2026 (Q3 FY26)
Balance sheet to: Dec 2025

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Molina Healthcare earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	11,082 $ million	−3.4% YoY	Quarterly, as filed	Quarter to Sep 2026	Revenue from operations as filed.
Operating margin	1.0 %	−0.2 pts YoY	Operating profit / revenue	Quarter to Sep 2026	For the quarter; a change is in percentage points.
Net profit	38.0 $ million	−51.9% YoY	Quarterly, as filed	Quarter to Sep 2026	Profit after tax as filed.

Source: Inve data from filed results (SEC filings) · to Sep 2026

Price

$209.15 −3.46% · −$7.49

Last close Oct 23, 2026 · US · USD · Source: Inve

Performance +7.2% 1Y

1Y: $195.13 on 22 Oct 2025 → $209.15. High $242.88 (13 Jul 2026), low $122.65 (11 Feb 2026).

Previous close: $216.64
52-week range: $122.65 – $242.88
One year: +29.91%

Overview

Symbol: MOH
Sector: Health Care
Exchange: US
Currency: USD

Financials

What the filings say

Net profit, year on year: −52% (quarter to sep 2026 against sep 2025).

In $ million. Oldest period first.

Line item	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	10,499	11,147	11,427	11,477	11,375	10,796	10,874	11,082
Expenses	10,119	10,714	11,054	11,340	11,537	10,713	10,729	10,976
Operating profit	380	433	373	137	-162	83	145	106
Operating margin	3.6%	3.9%	3.3%	1.2%	−1.4%	0.8%	1.3%	1.0%
Interest	34	43	48	49	52	54	54	53
Profit before tax	346	390	325	88	-214	29	91	53
Tax rate	27.5%	23.6%	21.5%	10.2%	25.2%	51.7%	34.1%	28.3%
Net profit	251	298	255	79	-160	14	60	38
EPS ($ per share)	—	5.47	4.75	1.51	—	0.27	1.19	0.74

Source: Inve data · income statement, quarterly · to Sept 2026

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Reserves	1,012	1,781	1,860	2,399	2,796	3,887	4,091	3,602
Total liabilities	5,507	4,827	7,436	9,579	9,350	10,677	11,134	11,495
Fixed assets	241	385	391	396	259	270	288	301
Investments	1,681	1,946	1,875	3,202	3,499	4,259	4,325	4,008
Total assets	7,154	6,787	9,532	12,209	12,314	14,892	15,630	15,564

Source: Inve data · balance sheet · to Dec 2025

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from operations	-314	434	1,898	2,119	773	1,662	644	-535
Cash from investing	1,143	-293	-400	-1,653	-790	-744	-464	312
Cash from financing	-1,193	-559	217	-183	-441	-58	-347	-170
Net cash flow	-364	-418	1,715	283	-458	860	-167	-393
Capital expenditure	-30	-57	-74	-77	-91	-84	-100	-101
Free cash flow	-344	377	1,824	2,042	682	1,578	544	-636

Source: Inve data · cash flow · to Dec 2025

MOH revenue by segment

Medicare shrank from 15% to 13% of revenue over the last three quarters.

MOH revenue by business segment, share of consolidated revenue by quarter
Segment	Q1 FY2024	Q2 FY2024	Q3 FY2024	YoY growth latest quarter
Medicaid	79%	79%	80%	—
Medicare	15%	15%	13%	—
Marketplace	6%	6%	7%	—
Other Program	<1%	<1%	<1%	—

Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.

See how segments are shifting across companies → Segment Shift

MOH operating KPIs by quarter

MOH operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Medical care ratio	91.1% Our 91.1% consolidated MCR reflects strong operating performance as we continue to navigate a challenging medical cost environment. Source: earnings call transcript	92.2% Our 92.2% consolidated MCR reflects solid operating performance as we continue to navigate a challenging medical cost environment. Source: earnings call transcript	92.9% Our 92.9% consolidated MCR reflects solid operating performance as we continue to navigate a challenging medical cost environment. Source: earnings call transcript	+0.7 pt
Medical care ratio Medicaid	92% In Medicaid in the first quarter, the business produced an MCR of 92%. Source: earnings call transcript	92.7% In Medicaid, the business produced an MCR of 92.7% in the second quarter, which was in line with our expectations. Source: earnings call transcript	93% In Medicaid, the business produced an MCR of 93% in the third quarter. Source: earnings call transcript	+0.3 pt
Medical care ratio Medicare	89.8% In Medicare, we reported a first quarter MCR of 89.8%. Source: earnings call transcript	90.7% In Medicare, we reported a second quarter MCR of 90.7% and very favorable to our expectations as our dual business performed much better than expected. Source: earnings call transcript	93% In Medicare, we reported a third quarter MCR of 93%. Source: earnings call transcript	+2.3 pt
Medical care ratio Marketplace	84% In Marketplace, the first quarter MCR was 84%. Source: earnings call transcript	88.9% In Marketplace, the second quarter MCR was 88.9%, higher than our expectations. Source: earnings call transcript	92.5% In Marketplace, the third quarter MCR was 92.5% and in line with our expectations. Source: earnings call transcript	+3.6 pt
Medical members Marketplace	305K Membership stands at 305,000 and is slightly higher than our prior guidance, but the profile of our membership is as expected, following our decision to reduce our exposure in this highly volatile segment. Source: earnings call transcript	280K And we are successful in doing that now at $2.5 billion of premium and 280,000 members. Source: earnings call transcript	—	-8.2%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Insider filings

59 filings between Nov 24, 2025 and Oct 1, 2026.

Open market

decisions to buy or sell

Purchases

$100.1K

1 purchase by 1 insider

Sales

$3.56M

4 sales by 4 insiders

Compensation

not trading decisions

46: Award — granted as compensation
8: Tax withheld — shares kept back by the company to cover tax

Who traded

open market only

Insider	Bought	Sold	Last filing
Barlow Jeff D.	—	$3.31M	May 11, 2026
HEBERT MAURICE	—	$114.9K	May 14, 2026
ZORETIC RICHARD C	$100.1K	—	Feb 11, 2026
ROMNEY RONNA	—	$74.3K	Mar 12, 2026
Schapiro Richard M	—	$51.1K	Nov 24, 2025

Latest filings (50)

Date	Insider	What	Shares	Value
Oct 1, 2026	Lockhart Stephen H Director	Award	304	$55.0K
Oct 1, 2026	ROMNEY RONNA Director	Award	304	$55.0K
Oct 1, 2026	SOISTMAN FRANCIS S JR Director	Award	304	$55.0K
Oct 1, 2026	BRASIER BARBARA L Director	Award	304	$55.0K
Oct 1, 2026	ORLANDO STEVEN J Director	Award	304	$55.0K
Oct 1, 2026	WOLF DALE B Director	Award	304	$55.0K
Oct 1, 2026	GROHOWSKI LEO P Director	Award	304	$55.0K
Oct 1, 2026	Schapiro Richard M Director	Award	304	$55.0K
Oct 1, 2026	ZORETIC RICHARD C Director	Award	304	$55.0K
Jul 1, 2026	GROHOWSKI LEO P Director	Award	237	$55.1K
Jul 1, 2026	Bacon Debra EVP, Medicaid	Tax withheld	183	$42.6K
Jul 1, 2026	ORLANDO STEVEN J Director	Award	237	$55.1K
Jul 1, 2026	SOISTMAN FRANCIS S JR Director	Award	237	$55.1K
Jul 1, 2026	Lockhart Stephen H Director	Award	237	$55.1K
Jul 1, 2026	WOLF DALE B Director	Award	237	$55.1K
Jul 1, 2026	Schapiro Richard M Director	Award	237	$55.1K
Jul 1, 2026	ROMNEY RONNA Director	Award	237	$55.1K
Jul 1, 2026	BRASIER BARBARA L Director	Award	237	$55.1K
Jul 1, 2026	ZORETIC RICHARD C Director	Award	237	$55.1K
Jun 30, 2026	Bacon Debra EVP, Medicaid	Award	23	$3.4K
Jun 30, 2026	WOYS JAMES Chief Operating Officer	Award	144	$21.2K
Jun 30, 2026	Barlow Jeff D. Chief Legal Officer	Award	138	$20.4K
May 14, 2026	HEBERT MAURICE Chief Accounting Officer	Sale	600	$114.9K
May 11, 2026	Barlow Jeff D. Chief Legal Officer	Sale	17,811	$3.31M
May 6, 2026	SOISTMAN FRANCIS S JR Director	Award	170	$33.6K
Apr 1, 2026	Lockhart Stephen H Director	Award	405	$55.0K
Apr 1, 2026	BRASIER BARBARA L Director	Award	405	$55.0K
Apr 1, 2026	Schapiro Richard M Director	Award	405	$55.0K
Apr 1, 2026	ZORETIC RICHARD C Director	Award	405	$55.0K
Apr 1, 2026	GROHOWSKI LEO P Director	Award	405	$55.0K
Apr 1, 2026	WOLF DALE B Director	Award	405	$55.0K
Apr 1, 2026	ROMNEY RONNA Director	Award	405	$55.0K
Apr 1, 2026	ORLANDO STEVEN J Director	Award	405	$55.0K
Mar 12, 2026	ROMNEY RONNA Director	Sale	506	$74.3K
Mar 1, 2026	HEBERT MAURICE Chief Accounting Officer	Award	2,058	$300.0K
Mar 1, 2026	HEBERT MAURICE Chief Accounting Officer	Tax withheld	272	$41.9K
Mar 1, 2026	HEBERT MAURICE Chief Accounting Officer	Tax withheld	229	$35.3K
Mar 1, 2026	HEBERT MAURICE Chief Accounting Officer	Award	650	$100.1K
Mar 1, 2026	WOYS JAMES Chief Operating Officer	Award	17,016	$2.48M
Mar 1, 2026	Zubretsky Joseph M President & CEO	Tax withheld	8,597	$1.32M
Mar 1, 2026	WOYS JAMES Chief Operating Officer	Tax withheld	1,313	$202.3K
Mar 1, 2026	Bacon Debra EVP, Medicaid	Award	9,606	$1.40M
Mar 1, 2026	Bacon Debra EVP, Medicaid	Tax withheld	716	$110.3K
Mar 1, 2026	Keim Mark Lowell Chief Financial Officer	Award	26,073	$3.80M
Mar 1, 2026	Keim Mark Lowell Chief Financial Officer	Tax withheld	2,308	$355.5K
Mar 1, 2026	Barlow Jeff D. Chief Legal Officer	Award	13,722	$2.00M
Mar 1, 2026	Barlow Jeff D. Chief Legal Officer	Tax withheld	1,638	$252.3K
Mar 1, 2026	Zubretsky Joseph M President & CEO	Award	66,417	$9.68M
Feb 11, 2026	ZORETIC RICHARD C Director	Purchase	800	$100.1K
Jan 1, 2026	Lockhart Stephen H Director	Award	317	$55.0K

Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.

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