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Molina Healthcare Inc

molinahealthcare.com

What Do They Do?

Provides managed healthcare coverage through Medicaid, Medicare, and state insurance marketplaces for low-income families and individuals.

How Do They Make Money?

State and federal agencies pay per-member premiums under Medicaid, Medicare, and Marketplace contracts; Molina earns them in the months members are entitled to healthcare services.

FY2025 revenue

Who Are Their Customers?

State and federal agencies contract with Molina for managed coverage, while agents and brokers help distribute Medicare and Marketplace plans to members.

Customers above 10% of revenue, FY2025

of revenue from three customers (10%, 13%, 10%)

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$636M.

Operating income, FY2025

2% of revenue

▼ −54% vs FY2024 ($1.7B, 4%)

Net income, FY2025

1% of revenue

▼ −60% vs FY2024 ($1.2B, 3%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($544M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▼ −3%; vs $11.5B in Q3 FY2025
Net income: ▼ −52%; vs $79M in Q3 FY2025

Jul 22, 2026 Raised full-year earnings guidance The second-quarter results release also increased full-year 2026 earnings guidance.
Jun 10, 2026 Illinois intends to award Molina a Medicaid contract

Growing. Revenue grew 64% in 4 years, from $27.8B in FY2021 to $45.4B in FY2025, about 13% a year.

Who Do They Compete With?

Competes with Centene, CVS Health, Elevance Health, UnitedHealth Group, and Humana