Molina Healthcare Inc【MOH】株式ニュース

Molina Healthcare Reports First Quarter 2026 Financial ResultsApril 22, 2026 4:15 PM
Business Wire
Reaffirms Full Year 2026 Premium Revenue and Adjusted Earnings Guidance

Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today reported first quarter 2026 GAAP income per diluted share of $0.27 and adjusted income per diluted share of $2.35. Financial results are summarized below:

Three months ended

March 31,

2026

2025

(In millions, except per-share results)

Premium Revenue

$10,172

$10,628

Total Revenue

$10,796

$11,147

GAAP:

Net Income

$14

$298

EPS – Diluted

$0.27

$5.45

Medical Care Ratio (MCR)

91.1%

89.2%

G&A Ratio

7.2%

6.9%

Pre-tax Margin

0.3%

3.5%

Adjusted:

Net Income

$120

$333

EPS – Diluted

$2.35

$6.08

G&A Ratio

6.9%

6.3%

Pre-tax Margin

1.6%

3.9%

See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release.

Quarter Highlights

As of March 31, 2026, the Company served approximately 5.0 million members.

Premium revenue was approximately $10.2 billion for the first quarter of 2026.

First quarter 2026 GAAP income per diluted share of $0.27 and adjusted income per diluted share of $2.35.

The Company reaffirmed its full year 2026 guidance of expected premium revenue of approximately $42 billion and adjusted earnings of at least $5.00 per diluted share.

“We are pleased with our first quarter results and continued disciplined approach to medical cost management,” said Joseph Zubretsky, President and Chief Executive Officer. “Medical cost trend was modestly favorable to our expectations, and our reaffirmed full year 2026 premium revenue and adjusted earnings guidance reflect a prudent view of full year results at this early point in the year. We look forward to updating you on our three-year outlook at our Investor Day event on Friday, May 8th.”

Premium Revenue

Premium revenue was approximately $10.2 billion for the first quarter of 2026, a decrease of 4% year over year. The lower premium revenue reflects the impact of lower Medicaid membership due to general market contraction and the expiration of our Medicaid contract in Virginia, and a decrease in Marketplace membership resulting from our product and pricing strategy.

Net Income

GAAP net income for the first quarter of 2026 was $0.27 per diluted share, a decrease of 95% year over year, and reflects a $93 million impairment of intangible assets related to the Company’s planned exit of the Medicare Advantage-Part D product for 2027. Adjusted net income for the first quarter of 2026 was $2.35 per diluted share, a decrease of 61% year over year.

Medical Care Ratio (MCR)

The consolidated MCR for the first quarter of 2026 was 91.1%.

The Medicaid MCR for the first quarter of 2026 was 92.0%, reflecting the January 1st rate cycle and medical cost trend that was moderately favorable to the Company’s expectations.

The Medicare MCR for the first quarter of 2026 was 89.8%, and in line with the Company’s expectation, reflecting pricing and benefit adjustments implemented for 2026.

The Marketplace MCR for the first quarter of 2026 was 84.0%. Within that result, approximately 450 basis points was due to prior year risk adjustment and continued program integrity initiatives by the Centers for Medicare and Medicaid Services. Excluding these items, the Marketplace MCR was approximately 79.5% and in line with the Company’s expectations.

General and Administrative Expense Ratio

The G&A ratio and the adjusted G&A ratio for the first quarter of 2026 were 7.2% and 6.9%, respectively, and reflect the timing of operating expenses.

Balance Sheet

Cash and investments at the parent company were approximately $213 million as of March 31, 2026, compared to $223 million as of December 31, 2025.

Days in claims payable at March 31, 2026, was 44, lower than typical due to the timing of payments at the end of the quarter.

Cash Flow

Operating cash flow for the three months ended March 31, 2026, was $1,082 million, compared to $190 million for the three months ended March 31, 2025. The increase in cash flow for the period year-over-year was driven mainly by the timing of government receivables and payables.

2026 Guidance

Premium revenue guidance for the full year is unchanged and expected to be approximately $42 billion, a decline of approximately 2% from the full year 2025.

The Company expects its full year 2026 GAAP earnings to be at least $1.90 per diluted share and reaffirms its full year 2026 adjusted earnings of at least $5.00 per diluted share. When the Company reports its second quarter of 2026 results, it expects to update full year 2026 guidance to reflect the first and second quarter results, which provide a time-tested base off of which to project the second half of 2026.

Conference Call

Management will host a conference call and webcast to discuss Molina Healthcare’s first quarter March 31, 2026 results, at 8:00 a.m. Eastern Time on Thursday, April 23, 2026. The number to call for the interactive teleconference is (877) 883-0383 and the confirmation number is 4352622. A telephonic replay of the conference call will be available through Thursday, April 30, 2026, by dialing (855) 669-9658 and entering confirmation number 6456388. 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,” “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, 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, 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 April 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.

MOLINA HEALTHCARE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

March 31,

2026

2025

(In millions, except per-share amounts)

Revenue:

Premium revenue

$

10,172

$

10,628

Premium tax revenue

504

388

Investment income

98

108

Other revenue

22

23

Total revenue

10,796

11,147

Operating expenses:

Medical care costs

9,270

9,479

General and administrative expenses

779

774

Premium tax expenses

504

388

Depreciation and amortization

39

48

Impairment

93

—

Other

28

25

Total operating expenses

10,713

10,714

Operating income

83

433

Interest expense

54

43

Income before income tax expense

29

390

Income tax expense

15

92

Net income

$

14

$

298

Net income per share – Diluted

$

0.27

$

5.45

Diluted weighted average shares outstanding

51.0

54.8

MOLINA HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

2026

2025

Unaudited

(Dollars in millions,

except per-share amounts)

ASSETS

Current assets:

Cash and cash equivalents

$

5,314

$

4,248

Investments

3,937

4,008

Receivables

3,420

3,533

Prepaid expenses and other current assets

655

655

Total current assets

13,326

12,444

Property, equipment, and capitalized software, net

300

301

Goodwill and intangible assets, net

2,092

2,195

Restricted investments

312

299

Deferred income taxes, net

215

178

Other assets

146

147

Total assets

$

16,391

$

15,564

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Medical claims and benefits payable

$

4,941

$

4,887

Amounts due government agencies

1,685

1,326

Accounts payable, accrued liabilities and other

1,161

1,093

Deferred revenue

401

66

Total current liabilities

8,188

7,372

Long-term debt

3,767

3,766

Finance lease liabilities

180

184

Other long-term liabilities

176

173

Total liabilities

12,311

11,495

Stockholders’ equity:

Common stock, $0.001 par value, 150 million shares authorized; outstanding: 52 million shares at March 31, 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 capital

471

452

Accumulated other comprehensive (loss) income

(7

)

15

Retained earnings

3,616

3,602

Total stockholders’ equity

4,080

4,069

Total liabilities and stockholders’ equity

$

16,391

$

15,564

MOLINA HEALTHCARE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

March 31,

2026

2025

(In millions)

Operating activities:

Net income

$

14

$

298

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

39

48

Deferred income taxes

(30

)

13

Share-based compensation

33

27

Impairment

93

—

Other, net

—

2

Changes in operating assets and liabilities:

Receivables

113

(90

)

Prepaid expenses and other current assets

(86

)

(56

)

Medical claims and benefits payable

54

(81

)

Amounts due government agencies

359

(32

)

Accounts payable, accrued liabilities and other

79

(268

)

Deferred revenue

335

252

Income taxes

79

77

Net cash provided by operating activities

1,082

190

Investing activities:

Purchases of investments

(249

)

(189

)

Proceeds from sales and maturities of investments

295

331

Purchases of property, equipment, and capitalized software

(27

)

(22

)

Net cash paid in business combinations

—

(245

)

Other, net

(8

)

2

Net cash provided by (used in) investing activities

11

(123

)

Financing activities:

Proceeds from borrowings under credit facility and term loans

—

650

Common stock purchases

—

(500

)

Common stock withheld to settle employee tax obligations

(14

)

(36

)

Other, net

(6

)

33

Net cash (used in) provided by financing activities

(20

)

147

Net increase in cash, cash equivalents, and restricted cash and cash equivalents

1,073

214

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

$

5,421

$

4,955

MOLINA HEALTHCARE, INC.

UNAUDITED SEGMENT DATA

(Dollars in millions)

March 31,

December 31,

March 31,

2026

2025

2025

Ending Membership by Segment:

Medicaid

4,498,000

4,568,000

4,812,000

Medicare

229,000

262,000

260,000

Marketplace

305,000

655,000

662,000

Other

2,000

6,000

18,000

Total

5,034,000

5,491,000

5,752,000

Three Months Ended March 31,

2026

2025

Premium Revenue

Medical

Margin

MCR (1)

Premium Revenue

Medical

Margin

MCR (1)

Medicaid

$

7,927

$

631

92.0

%

$

8,130

$

791

90.3

%

Medicare

1,517

154

89.8

1,468

172

88.3

Marketplace

724

116

84.0

1,004

183

81.7

Other

4

1

88.4

26

3

87.7

Consolidated

$

10,172

$

902

91.1

%

$

10,628

$

1,149

89.2

%

(1) The MCR represents medical costs as a percentage of premium revenue.

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:

Three Months Ended

March 31,

2026

2025

Unaudited

Medical claims and benefits payable, beginning balance

$

4,887

$

4,640

Components of medical care costs related to:

Current year

9,523

9,665

Prior year

(253

)

(186

)

Total medical care costs

9,270

9,479

Payments for medical care costs related to:

Current year

5,883

5,789

Prior year

3,628

3,684

Total paid

9,511

9,473

Acquired balances, net of post-acquisition adjustments

—

245

Change in non-risk and other payables

295

(87

)

Medical claims and benefits payable, ending balance

$

4,941

$

4,804

Days in Claims Payable (1)

44

46

___________

(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.

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 March 31,

2026

2025

Amount

Per Diluted Share

Amount

Per Diluted Share

GAAP Net income

$

14

$

0.27

$

298

$

5.45

Adjustments:

Amortization of intangible assets

$

10

$

0.20

$

21

$

0.39

Acquisition-related expenses (1)

21

0.41

23

0.41

Impairment (2)

93

1.83

—

—

Other (3)

21

0.41

2

0.03

Subtotal, adjustments

145

2.85

46

0.83

Income tax effect

(39

)

(0.77

)

(11

)

(0.20

)

Adjustments, net of tax

106

2.08

35

0.63

Adjusted net income

$

120

$

2.35

$

333

$

6.08

__________

(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 three months ended March 31, 2026 primarily includes non-recurring termination benefits, and the three months ended March 31, 2025 includes non-recurring litigation costs.

MOLINA HEALTHCARE, INC.

RECONCILIATION OF UNAUDITED NON-GAAP FINANCIAL MEASURES (CONTINUED)

2026 GUIDANCE

Amount

Per Diluted Share (2)

GAAP Net income

$

97

$

1.90

Adjustments:

Acquisition-related expenses

66

1.28

Amortization of intangible assets

36

0.71

Impairment

93

1.83

Other

21

0.41

Subtotal, adjustments

216

4.23

Income tax effect (1)

(57

)

(1.13

)

Adjustments, net of tax

159

3.10

Adjusted net income

$

256

$

5.00

__________

(1)

Income tax effect calculated at the statutory tax rate of approximately 26.8%.

(2)

Computations assume approximately 51.1 million diluted weighted average shares outstanding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422812502/en/
Investor Contact: Jeffrey Geyer, Jeffrey.Geyer @bbarrett49-3012

Media Contact: Caroline Zubieta, Caroline.Zubieta @DarkAura-1588

Original: Molina Healthcare Reports First Quarter 2026 Financial Results