Revenue growth has decelerated into a 3.1% contraction as of 2026Q1, while operating margins have compressed to a precarious 1.6% due to rising medical cost volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 45.08B | 45.43B | 40.65B | 34.07B | 31.97B | 27.77B | 19.42B | 16.83B | 18.89B | 19.88B | 17.71B | 14.07B | 9.67B | 6.59B | 6.03B | 4.77B | 4.09B | 3.67B | 3.11B | 2.49B | 2B | 1.65B | 1.18B | 793.54M | 644.19M |
| Revenue Growth % | 7.66% | 11.75% | 19.31% | 6.56% | 15.13% | 42.98% | 15.41% | -10.91% | -4.99% | 12.26% | 25.86% | 45.57% | 46.71% | 9.29% | 26.39% | 16.74% | 11.35% | 17.9% | 24.87% | 24.31% | 21.51% | 40.4% | 48.1% | 23.18% | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 4.32B | 4.08B | 4.74B | 4.33B | 3.93B | 3.28B | 2.68B | 2.44B | 2.62B | 1.88B | 1.77B | 1.64B | 1.05B | 875.3M | 631.8M | 577.53M | 636.47M | 493.12M | 491.05M | 412.37M | 326.34M | 225.19M | 190.58M | 135.62M | 644.19M |
| Gross Margin % | 9.59% | 8.97% | 11.65% | 12.72% | 12.28% | 11.81% | 13.78% | 14.47% | 13.89% | 9.46% | 9.99% | 11.64% | 10.87% | 13.28% | 10.48% | 12.11% | 15.58% | 13.44% | 15.78% | 16.54% | 16.28% | 13.65% | 16.22% | 17.09% | 100% |
| Gross Profit Growth % | - | -13.96% | 9.28% | 10.39% | 19.7% | 22.53% | 9.94% | -7.2% | 39.57% | 6.21% | 8.06% | 55.92% | 20.02% | 38.54% | 9.4% | -9.26% | 29.07% | 0.42% | 19.08% | 26.36% | 44.92% | 18.16% | 40.52% | -78.95% | - |
| Operating Expenses | 3.8B | 3.29B | 3.03B | 2.76B | 2.75B | 2.26B | 1.6B | 1.39B | 17.01B | 19.95B | 1.53B | 1.25B | 857.61M | 738.74M | 596.33M | 621.21M | 531.47M | 437.26M | 378.45M | 314.04M | 250.53M | 179.41M | 103.02M | 67.88M | 65.34M |
| OpEx % of Revenue | - | 7.25% | 7.45% | 8.1% | 8.61% | 8.14% | 8.23% | 8.23% | 90.06% | 100.32% | 8.65% | 8.89% | 8.87% | 11.21% | 9.89% | 13.02% | 13.01% | 11.92% | 12.16% | 12.6% | 12.5% | 10.87% | 8.77% | 8.55% | 10.14% |
| Selling, General & Admin | 3.01B | 3.01B | 2.74B | 2.46B | 2.31B | 2.07B | 1.48B | 1.3B | 1.33B | 1.59B | 1.39B | 1.15B | 764.69M | 666M | 532.63M | 415.93M | 345.99M | 399.15M | 344.76M | 285.3M | 229.06M | 163.34M | 94.15M | 61.54M | 61.23M |
| SG&A % of Revenue | - | 6.62% | 6.75% | 7.23% | 7.23% | 7.45% | 7.62% | 7.7% | 7.06% | 8.02% | 7.87% | 8.15% | 7.91% | 10.11% | 8.83% | 8.72% | 8.47% | 10.88% | 11.08% | 11.45% | 11.42% | 9.9% | 8.01% | 7.76% | 9.5% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 524M | 781M | 1.71B | 1.57B | 1.17B | 1.02B | 1.08B | 1.04B | 1.13B | -555M | 306M | 387M | 192.92M | 136.56M | 41.09M | 80.17M | 105M | 57.39M | 112.61M | 98.33M | 75.81M | 45.78M | 87.56M | 67.75M | 48.8M |
| Operating Margin % | 1.16% | 1.72% | 4.2% | 4.62% | 3.67% | 3.67% | 5.55% | 6.2% | 5.99% | -2.79% | 1.73% | 2.75% | 2% | 2.07% | 0.68% | 1.68% | 2.57% | 1.56% | 3.62% | 3.94% | 3.78% | 2.77% | 7.45% | 8.54% | 7.58% |
| Operating Income Growth % | - | -54.25% | 8.52% | 34.1% | 15% | -5.38% | 3.26% | -7.69% | 303.78% | -281.37% | -20.93% | 100.6% | 41.27% | 232.32% | -48.74% | -23.65% | 82.95% | -49.03% | 14.52% | 29.7% | 65.6% | -47.72% | 29.25% | 38.81% | - |
| EBITDA | 710M | 976M | 1.89B | 1.74B | 1.35B | 1.15B | 1.17B | 1.13B | 1.26B | -377M | 488M | 513M | 327.32M | 230.43M | 119.86M | 154.56M | 165.77M | 95.5M | 147.92M | 126.29M | 97.29M | 60.91M | 96.43M | 74.08M | 52.92M |
| EBITDA Margin % | 1.58% | 2.15% | 4.66% | 5.12% | 4.22% | 4.14% | 6% | 6.73% | 6.66% | -1.9% | 2.76% | 3.65% | 3.39% | 3.5% | 1.99% | 3.24% | 4.06% | 2.6% | 4.75% | 5.07% | 4.85% | 3.69% | 8.21% | 9.34% | 8.21% |
| EBITDA Growth % | -62.69% | -48.44% | 8.54% | 29.28% | 17.2% | -1.29% | 2.91% | -9.94% | 433.69% | -177.25% | -4.87% | 56.73% | 42.05% | 92.25% | -22.45% | -6.76% | 73.57% | -35.44% | 17.12% | 29.82% | 59.73% | -36.84% | 30.17% | 40% | - |
| D&A (Non-Cash Add-back) | 186M | 195M | 186M | 171M | 176M | 131M | 88M | 89M | 127M | 178M | 182M | 126M | 134.4M | 93.87M | 78.76M | 74.38M | 60.77M | 38.11M | 35.31M | 27.97M | 21.48M | 15.13M | 8.87M | 6.33M | 4.11M |
| EBIT | 431M | 781M | 1.71B | 1.57B | 1.17B | 995M | 1.06B | 1.06B | 1.11B | -494M | 306M | 388M | 192M | 133.22M | 40.15M | 135.82M | 105M | 51.93M | 112.61M | 98.33M | 75.81M | 45.78M | 88.73M | 67.75M | 48.8M |
| Net Interest Income | -203M | -192M | -118M | -109M | -110M | -120M | -102M | -87M | -115M | -118M | -101M | -66M | -57M | -52M | -16.77M | -15.52M | -15.51M | -13.78M | -8.71M | -4.63M | -2.35M | -1.53M | -1.05M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 203M | 192M | 118M | 109M | 110M | 120M | 102M | 87M | 115M | 118M | 101M | 66M | 56.81M | 52.07M | 16.77M | 15.52M | 15.51M | 13.78M | 8.71M | 4.63M | 2.35M | 1.53M | 1.05M | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 228M | 589M | 1.59B | 1.46B | 1.06B | 875M | 961M | 972M | 999M | -612M | 137M | 322M | 135.3M | 81.15M | 19.07M | 64.65M | 89.49M | 43.62M | 103.89M | 93.7M | 73.46M | 43.85M | 87.69M | 66.41M | 48.4M |
| Pretax Margin % | 0.51% | 1.3% | 3.91% | 4.3% | 3.32% | 3.15% | 4.95% | 5.78% | 5.29% | -3.08% | 0.77% | 2.29% | 1.4% | 1.23% | 0.32% | 1.36% | 2.19% | 1.19% | 3.34% | 3.76% | 3.66% | 2.66% | 7.46% | 8.37% | 7.51% |
| Income Tax | 40M | 117M | 410M | 373M | 271M | 216M | 288M | 235M | 292M | -100M | 129M | 179M | 72.73M | 36.32M | 9.28M | 43.84M | 34.52M | 12.75M | 41.49M | 35.37M | 27.73M | 16.25M | 31.91M | 23.9M | 17.89M |
| Effective Tax Rate % | 17.54% | 19.86% | 25.8% | 25.48% | 25.49% | 24.69% | 29.97% | 24.18% | 29.23% | 16.34% | 94.16% | 55.59% | 53.75% | 44.75% | 48.65% | 67.8% | 38.58% | 29.23% | 39.94% | 37.75% | 37.75% | 37.07% | 36.39% | 35.98% | 36.97% |
| Net Income | 188M | 472M | 1.18B | 1.09B | 792M | 659M | 673M | 737M | 707M | -512M | 8M | 143M | 62.22M | 52.93M | 9.79M | 20.82M | 54.97M | 30.87M | 62.4M | 58.33M | 45.73M | 27.6M | 55.77M | 42.52M | 30.51M |
| Net Margin % | 0.42% | 1.04% | 2.9% | 3.2% | 2.48% | 2.37% | 3.46% | 4.38% | 3.74% | -2.58% | 0.05% | 1.02% | 0.64% | 0.8% | 0.16% | 0.44% | 1.35% | 0.84% | 2% | 2.34% | 2.28% | 1.67% | 4.75% | 5.36% | 4.74% |
| Net Income Growth % | -84.01% | -59.97% | 8.07% | 37.75% | 20.18% | -2.08% | -8.68% | 4.24% | 238.09% | -6500% | -94.41% | 129.82% | 17.56% | 440.64% | -52.97% | -62.13% | 78.08% | -50.53% | 6.97% | 27.56% | 65.7% | -50.52% | 31.18% | 39.36% | - |
| Net Income (Continuing) | 188M | 472M | 1.18B | 1.09B | 792M | 659M | 673M | 737M | 707M | -512M | 52M | 143M | 62M | 44.83M | 12.87M | 77.39M | 54.97M | 30.87M | 62.4M | 58.33M | 45.73M | 27.6M | 55.77M | 42.52M | 30.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.69 | 8.92 | 20.42 | 18.78 | 13.54 | 11.25 | 11.24 | 11.48 | 10.55 | -9.14 | 0.92 | 2.58 | 1.29 | 1.13 | 0.21 | 0.45 | 1.32 | 0.79 | 1.50 | 1.37 | 1.08 | 0.65 | 1.36 | 1.25 | 0.99 |
| EPS Growth % | -83.71% | -56.32% | 8.73% | 38.7% | 20.36% | 0.09% | -2.09% | 8.82% | 215.43% | -1093.48% | -64.34% | 100% | 14.16% | 438.1% | -53.33% | -65.91% | 67.09% | -47.33% | 9.49% | 26.85% | 66.15% | -52.21% | 8.8% | 26.26% | - |
| EPS (Basic) | - | 8.93 | 20.52 | 18.71 | 13.70 | 11.40 | 11.41 | 11.85 | 10.61 | -9.14 | 0.93 | 2.75 | 1.33 | 1.16 | 0.21 | 0.45 | 1.34 | 0.79 | 1.50 | 1.37 | 1.09 | 0.67 | 1.38 | 1.27 | 1.02 |
| Diluted Shares Outstanding | 51M | 50.79M | 57.7M | 58.1M | 58.5M | 58.6M | 59.9M | 64.2M | 67M | 56M | 56M | 56M | 48M | 47M | 47M | 46.42M | 41.63M | 38.98M | 41.66M | 42.63M | 42.25M | 42.03M | 41.01M | 33.94M | 30.91M |
| Basic Shares Outstanding | 51M | 50.79M | 57.4M | 58.1M | 57.8M | 57.8M | 59M | 62.2M | 66.64M | 56M | 55M | 52M | 47M | 46M | 46.38M | 45.76M | 41.17M | 38.98M | 41.66M | 42.41M | 41.95M | 41.57M | 40.45M | 33.34M | 30M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medical cost ratio volatility
As indicated by the most recent quarterly data, Molina's revenue growth has decelerated significantly, shifting from double-digit expansion in 2024 to a contraction of 3.1% in 2026Q1, reflecting the ongoing impact of Medicaid redeterminations and a cooling in membership volume across key state-managed contract jurisdictions.
The transition from 21.9% growth in 2024Q1 to negative territory suggests that the post-pandemic tailwinds supporting Medicaid enrollment have fully reversed. Investors should monitor whether this contraction represents a temporary reset or a more permanent shift in the company's ability to capture new state-level RFP opportunities.
Based on reported financial statements, Molina's gross margin profile has exhibited extreme volatility, plummeting from a peak of 12.3% in early 2024 to a low of 6.2% in 2025Q4, highlighting the company's acute sensitivity to medical cost trends and pharmacy benefit management expenses.
The sharp contraction in gross margins suggests that the company is struggling to pass through rising medical utilization costs to state payors in a timely manner. This volatility warrants further investigation into whether current pricing models are sufficient to cover the increasing acuity of the dual-eligible population.
According to recent SEC filings, Molina's operating income has failed to scale with revenue, turning negative in 2025Q4 as SG&A expenses remained sticky despite the revenue contraction, resulting in an operating margin that has compressed to a precarious 1.6% as of 2026Q1.
The inability to maintain operating leverage during periods of revenue decline suggests a high fixed-cost component within the administrative structure. This lack of flexibility may indicate that the company's operational architecture is currently over-extended relative to its current membership base.
As reported in financial statements, Molina's net income has experienced significant instability, swinging from a $326 million profit in 2024Q3 to a $160 million loss in 2025Q4, largely driven by non-operating items and the inherent unpredictability of medical claims reserve adjustments.
The wide variance in EPS, ranging from a $5.65 peak to a $3.15 loss, suggests that reported earnings are heavily influenced by prior period development and reserve releases. Investors should be cautious of relying on headline net income as a proxy for sustainable operational performance.
Based on the provided data, short-term observers may focus on the 2025Q4 net loss as evidence of a structural breakdown in the business model, questioning whether Molina can maintain its competitive moat if state reimbursement rates continue to lag behind actual medical cost inflation.
While management has historically navigated state budget cycles effectively, the recent trend of margin compression suggests that the 'lean-specialist' advantage may be reaching its limit. The market may be underestimating the risk that state-mandated MLR floors could force further margin erosion if medical costs remain elevated.
Quick answers to the most common questions about buying MOH stock.
For fiscal year 2025, Molina Healthcare, Inc. (MOH) reported total revenue of $45.43B. This represents a 6951.6% increase compared to $644.2M in 2002.
Molina Healthcare, Inc. (MOH) is profitable, generating $472.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.0%.
Molina Healthcare, Inc. (MOH) reported an operating income of $781.0M, resulting in an operating profit margin of 1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Molina Healthcare, Inc. (MOH) generated $4.08B in gross profit for the year, representing a gross profit margin of 9.0%. This demonstrates the company's core pricing power and production efficiency.