Molina Healthcare (MOH) FY2025 10-K Annual Report

Filed: Feb 10, 2026
Financials
Hospital & Medical Service PlansSEC EDGAR

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
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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%
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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
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Molina Healthcare FY2025 Key Financial Metrics
XBRL

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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