Short answer
Molina Healthcare (MOH) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $45.4B (+11.7% year over year) and net income of $472M.
- Top risk flagged: Medicaid rate risk from state contracts, with top 4 states generating $17.3B, 54% of Medicaid premium revenue in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $45.4B
- +11.7% YoY
- Net income
- $472M
- −60.0% YoY
- Operating margin
- 1.7%
- −2.5 pp YoY
- EPS (diluted)
- $8.92
- −56.3% YoY
- ROE
- 11.6%
- −14.6 pp YoY
- Operating cash flow
- −$535M
- −183.1% YoY
Source: XBRL data from the Molina Healthcare (MOH) FY2025 10-K on SEC EDGAR. USD.
Molina Healthcare FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.