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Molina Healthcare (MOH) investor relations material
Molina Healthcare Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 adjusted EPS was $1.84 on $10.8B premium revenue, with net income of $79M ($1.51 per share), both down sharply year-over-year due to elevated medical costs and interest expense, despite membership growth to 5.6M, driven by Marketplace and ConnectiCare acquisition.
Premium revenue rose 12% year-over-year to $10.8B, and total Q3 revenue reached $11.5B, up from $10.3B in Q3 2024.
Medicaid delivered strong margins despite cost pressures, while Marketplace underperformed due to high utilization and risk adjustment; Medicare also faced higher utilization and pharmacy costs.
Full-year 2025 adjusted EPS guidance was reduced to ~$14 (from $19), with premium revenue guidance raised to $42.5B; 2026 outlook anticipates revenue growth from new Medicaid contracts and a more conservative Marketplace strategy.
Significant events included the $350M ConnectiCare acquisition, new Medicaid contracts, loss of the Virginia contract, and share repurchases of 2.8M shares for $500M.
Financial highlights
Q3 2025 total revenue was $11.5B, with $10.8B premium revenue; operating income was $137M, down from $467M in Q3 2024.
Consolidated MCR was 92.6% (up from 89.2%); Medicaid MCR 92%, Medicare MCR 93.6%, Marketplace MCR 95.6%.
Adjusted G&A ratio for Q3 was 6.3%-6.4%; interest expense rose to $49M.
Q3 operating cash flow for the first nine months was an outflow of $237M, mainly due to Medicaid risk corridor and Marketplace risk transfer settlements.
Q3 2025 net income margin was 0.7%, pre-tax margin 0.8%, and after-tax margin 0.7% GAAP, 0.8% adjusted.
Outlook and guidance
Full-year 2025 premium revenue guidance raised to $42.5B; adjusted EPS now ~$14, with consolidated MCR at 91.3% and pre-tax margin at 2.1%.
Medicaid full-year MCR expected at 91.5% (pre-tax margin 3.2%), Medicare at 91.3% (break-even), Marketplace at 89.7% (negative margin).
2026 revenue target is $46B, with Medicaid performance annualized at $13 per share as a baseline; Marketplace pricing strategy aims to reduce exposure, with rate increases averaging 30% and a 20% reduction in county footprint.
Implied Q4 2025 adjusted EPS is ~$0.35, with Medicaid expected to contribute ~$3.00 per share, offset by losses in Medicare and Marketplace.
Preliminary 2026 outlook anticipates adjusted EPS similar to 2025, with reduced Marketplace exposure.
How will Marketplace exposure be reduced?
Are cash flow drivers one-time or recurring?
Mitigation plans for high utilization trends?
Quantify 2026 Marketplace revenue reduction.
Medicaid rate catch-up timing?
M&A strategy in current low margin environment.
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Next Molina Healthcare earnings date
Q4 202512 Feb, 2026
Next Molina Healthcare earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Molina Healthcare Inc provides managed health care services under Medicaid and Medicare programs, as well as through the state insurance marketplaces. The company offers health plans and related services to low-income families and individuals across several U.S. states. It is headquartered in Long Beach, California, and its shares are listed on the NYSE.
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