Molina Healthcare reported second-quarter 2026 results with total revenue of $10.874 billion, GAAP diluted EPS of $1.19 and adjusted diluted EPS of $1.51. The company served approximately 4.9 million members as of June 30, 2026 and raised full-year 2026 adjusted earnings guidance to at least $5.25 per diluted share. Management cited stabilized Medicaid trends and stronger Medicare performance while noting lower premium revenue year-over-year.

Financial Highlights

  • Total revenue: $10,874 million for the three months ended June 30, 2026; $21,670 million for the six months ended June 30, 2026.
  • Premium revenue: $10,244 million for Q2 2026; $20,416 million for the six months ended June 30, 2026.
  • Operating income: $145 million for Q2 2026; $228 million for the six months ended June 30, 2026.
  • Net income (GAAP): $60 million for Q2 2026; $74 million for the six months ended June 30, 2026. GAAP diluted EPS: $1.19 (Q2 2026); $1.46 (six months).
  • Adjusted net income and EPS: $77 million and adjusted diluted EPS $1.51 for Q2 2026; $197 million and adjusted diluted EPS $3.86 for the six months ended June 30, 2026.

Business Highlights

  • Membership: Approximately 4.9 million members as of June 30, 2026, driven primarily by Medicaid enrollment (4.418 million), with lower Marketplace membership versus prior year.
  • Medical Care Ratio (MCR): Consolidated MCR of 92.2% in Q2 2026; Medicaid MCR 92.7% (in line with expectations), Medicare MCR 90.7% (better than expectations), Marketplace MCR 88.9% (higher than expectations due to risk adjustment and member acuity mix).
  • G&A discipline: GAAP G&A ratio 6.7% and adjusted G&A ratio 6.5% for Q2 2026, reflecting continued operating discipline.
  • Cash and liquidity: Parent company cash and investments approximately $290 million as of June 30, 2026; consolidated cash and cash equivalents $4,985 million on the balance sheet.
  • Operational actions: Company expects 2026 to be a trough year for Medicaid pretax margins and plans to exit traditional MAPD product for 2027; guidance reflects contractual impacts including a projected loss from implementation of a new Florida Medicaid contract in Q4 2026.

Original SEC Filing:

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