moh-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number: 001-31719

MOLINA HEALTHCARE, INC.

(Exact name of registrant as specified in its charter)


Delaware		13-4204626
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 Oceangate, Suite 100
Long Beach,	California	90802
(Address of principal executive offices)		(Zip Code)

(562) 435-3666

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 Par Value	MOH	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the issuer’s Common Stock, $0.001 par value, outstanding as of April 17, 2026, was approximately 52.1 million.

Table of Contents

MOLINA HEALTHCARE, INC. FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026

TABLE OF CONTENTS


ITEM NUMBER		Page

PART I

1.	Financial Statements	3

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

3.	Quantitative and Qualitative Disclosures About Market Risk	32

4.	Controls and Procedures	32

PART II

1.	Legal Proceedings	32

1A.	Risk Factors	32

2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

3.	Defaults Upon Senior Securities	Not Applicable.

4.	Mine Safety Disclosures	Not Applicable.

5.	Other Information	33

6.	Exhibits	34

	Signatures	35

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PART I—FINANCIAL INFORMATION

CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended March 31,
	2026		2025

	(In millions, except per-share amounts) (Unaudited)
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 - Basic	$	0.27	$	5.47
Net income per share - Diluted	$	0.27	$	5.45

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


	Three Months Ended March 31,
	2026		2025

	(In millions) (Unaudited)
Net income	$	14	$	298
Other comprehensive (loss) gain:
Unrealized investment (loss) gain	(29)		39
Less: effect of income taxes	(7)		10
Other comprehensive (loss) gain, net of tax	(22)		29
Comprehensive (loss) income	$	(8)	$	327

See accompanying notes.

Molina Healthcare, Inc. March 31, 2026 Form 10-Q | 3

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CONSOLIDATED BALANCE SHEETS


	March 31, 2026		December 31, 2025

	(Dollars in millions, except per-share amounts)
	(Unaudited)
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

See accompanying notes.

Molina Healthcare, Inc. March 31, 2026 Form 10-Q | 4

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total
	Outstanding	Amount

	(In millions)
	(Unaudited)
Balance at December 31, 2025	51	$	—	$	452	$	15	$	3,602	$	4,069
Net income	—	—		—		—		14		14









Other comprehensive loss, net	—	—		—		(22)		—		(22)
Share-based compensation	1	—		19		—		—		19
Balance at March 31, 2026	52	$	—	$	471	$	(7)	$	3,616	$	4,080


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Total
	Outstanding	Amount

	(In millions)
	(Unaudited)
Balance at December 31, 2024	56	$	—	$	462	$	(57)	$	4,091	$	4,496
Net income	—	—		—		—		298		298
Common stock purchases	(2)	—		(15)		—		(485)		(500)






Stock purchase excise tax	—	—		(5)		—		—		(5)

Other comprehensive income, net	—	—		—		29		—		29
Share-based compensation	—	—		(8)		—		—		(8)
Balance at March 31, 2025	54	$	—	$	434	$	(28)	$	3,904	$	4,310

See accompanying notes.

Molina Healthcare, Inc. March 31, 2026 Form 10-Q | 5

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CONSOLIDATED STATEMENTS OF CASH FLOWS


	Three Months Ended March 31,
	2026		2025

	(In millions) (Unaudited)
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
Net cash paid in business combinations	—		(245)
Purchases of property, equipment and capitalized software	(27)		(22)
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. March 31, 2026 Form 10-Q | 6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MARCH 31, 2026

1. Organization and Basis of Presentation

Organization and Operations

Molina Healthcare, Inc. provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the “Marketplace”). We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. Our reportable segments are consistent with how we currently manage the business and view the markets we serve.

As of March 31, 2026, we served approximately 5.0 million members eligible for government-sponsored healthcare programs, located across 21 states.

Our state Medicaid contracts typically have terms of three years to five years, contain renewal options exercisable by the state Medicaid agency, and allow either the state or the health plan to terminate the contract with or without cause. Such contracts are subject to risk of loss in states that issue requests for proposal (“RFP”) open to competitive bidding by other health plans. If one of our health plans is not a successful responsive bidder to a state RFP, its contract may not be renewed.

In addition to contract renewal, our state Medicaid contracts may be periodically amended to include or exclude certain health benefits (such as pharmacy services, behavioral health services, or long-term care services); populations such as the aged, blind or disabled (“ABD”); and regions or service areas.

In Medicare, we enter into Medicare Advantage-Part D (“MAPD”) contracts with the Centers for Medicare and Medicaid Services (“CMS”) annually, and for dual-eligible programs, we enter into contracts with CMS, in partnership with each state’s department of health and human services. Such contracts typically have terms of one year to three years.

In Marketplace, we enter into contracts with CMS, which end on December 31 each year, and must be renewed annually.

Consolidation and Interim Financial Information

The consolidated financial statements include the accounts of Molina Healthcare, Inc. and its subsidiaries. In the opinion of management, these financial statements reflect all normal recurring adjustments, which are considered necessary for a fair presentation of the results as of the dates and for the interim periods presented. All significant intercompany balances and transactions have been eliminated. The consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results for the entire year ending December 31, 2026.

The unaudited consolidated interim financial statements have been prepared under the assumption that users of the interim financial data have either read or have access to our audited consolidated financial statements for the fiscal year ended December 31, 2025. Accordingly, certain disclosures that would substantially duplicate the disclosures contained in our December 31, 2025, audited consolidated financial statements have been omitted.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

2. Significant Accounting Policies

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term, highly liquid investments that are both readily convertible into known amounts of cash and have a maturity of three months or less on the date of purchase. The following table provides a reconciliation of cash and cash equivalents, and restricted cash and cash equivalents reported within the accompanying consolidated balance sheets that sum to the total of the same such amounts presented in the accompanying consolidated statements of cash flows. The restricted cash and cash equivalents presented below are included in “Restricted investments” in the accompanying consolidated balance sheets.

Molina Healthcare, Inc. March 31, 2026 Form 10-Q | 7

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	March 31,
	2026		2025

	(In millions)
Cash and cash equivalents	$	5,314	$	4,856
Restricted cash and cash equivalents	107		99
Total cash, cash equivalents, and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	5,421	$	4,955

Receivables

Receivables consist primarily of premium amounts due from government agencies, which are subject to potential retroactive adjustments, as well as pharmacy rebates and other receivables. Government receivables amounted to $2,380 million and $2,365 million at March 31, 2026 and December 31, 2025, respectively. We apply the current expected credit loss model to measure expected credit losses on

SEC Form 10-Q filed by Molina Healthcare Inc