Molina Healthcare (MOH) FY2025 10-K Annual Report
Molina Healthcare (MOH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Molina Healthcare FY2025 10-K Analysis
Business Overview
- • Core business: Managed healthcare services focusing on Medicaid, Medicare, and Marketplace insurance segments
- • New emphasis: Significant membership growth in Marketplace (655,000 members, up 252,000 YoY) and ConnectiCare acquisition integration
- • Strategic shift: Exit from MAPD in 13 states, shifting focus to higher acuity dual-eligible Medicare populations
- • Quantitative highlight: Medical Cost Ratio (MCR) increased notably across segments—e.g., Marketplace MCR rose to 90.6% from 75.4% in 2024
- • Noteworthy fact: $1 billion new stock repurchase authorization in 2025 with $500 million repurchased plus $350 million spent on ConnectiCare acquisition
Management Discussion & Analysis
- • Revenue $45.4B, up 12% YoY; premium revenue $43.1B, up 11% ($4.4B increase)
- • Net income $472M, down from $1,179M; operating margin 1.7% (781M/$45.4B) vs 3.9%
- • Best segment Medicaid: incremental $9B annual premium revenue new contracts; worst affected overall by 260bps MCR increase to 91.7% from 89.1%
- • Interest expense $192M up from $118M; G&A ratio 6.6% down slightly from 6.7%; capex (depreciation) $195M vs $186M; no buyback or dividend data
- • 2026 outlook includes $6B premium Florida Medicaid contract start expected Q4; growth focus on acquisitions and Medicaid expansions
Risk Factors
- • Medicaid rate risk from state contracts, with top 4 states generating $17.3B, 54% of Medicaid premium revenue in 2025
- • Marketplace subsidy uncertainty due to expiration of advanced premium tax credits (APTCs) end of 2025, affecting enrollment and pricing
- • Cybersecurity risks from third-party vendors and internal access, exposing sensitive member data and risking regulatory fines or service interruptions
- • Competitive risk from contract renewals in 21 states; failure to renew could materially reduce premium revenue, 75% of consolidated premium in 2025
- • Acquisition integration risk with potential delays, cost overruns, and cultural mismatches threatening realization of expected earnings and synergies
Molina Healthcare FY2025 Key Financial MetricsXBRL
Revenue
$45.4B
▲ +11.7% YoY
Net Income
$472M
▼ -60.0% YoY
Operating Margin
1.7%
▼ -248bp YoY
Net Margin
1.0%
▼ -186bp YoY
ROE
11.6%
▼ -1462bp YoY
Total Assets
$15.6B
▼ -0.4% YoY
EPS (Diluted)
$8.92
▼ -56.3% YoY
Operating Cash Flow
-$535M
▼ -183.1% YoY
Source: XBRL data from Molina Healthcare FY2025 10-K filing on SEC EDGAR. All figures in USD.
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