Molina Healthcare 二季度业绩超低位预期但全年指引上调幅度有限

Increases Full Year 2026 Earnings Guidance
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Three months ended |
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Six months ended |
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2026 |
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2025 |
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2026 |
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2025 |
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(In millions, except per-share results) |
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Premium Revenue |
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Total Revenue |
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GAAP: |
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Net Income |
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EPS – Diluted |
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Medical Care Ratio (MCR) |
92.2% |
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90.4% |
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91.6% |
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89.8% |
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G&A Ratio |
6.7% |
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6.2% |
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6.9% |
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6.6% |
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Pre-tax Margin |
0.8% |
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2.8% |
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0.6% |
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3.2% |
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Adjusted: |
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Net Income |
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EPS – Diluted |
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G&A Ratio |
6.5% |
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6.1% |
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6.7% |
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6.4% |
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Pre-tax Margin |
1.0% |
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3.3% |
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1.3% |
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3.6% |
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See the Reconciliation of Unaudited Non-GAAP Financial Measures at the end of this release. |
Quarter Highlights
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As of
June 30, 2026 , the Company served approximately 4.9 million members. -
Premium revenue was approximately
$10.2 billion for the second quarter of 2026. -
Second quarter 2026 GAAP income per diluted share was
$1.19 and adjusted income per diluted share was$1.51 . -
The Company increased its full year 2026 adjusted earnings guidance by
$0.25 to at least$5.25 per diluted share.
“Our second quarter results and full year guidance reflect solid performance in our Medicaid and Medicare segments,” said
Premium Revenue
Premium revenue was approximately
Net Income
GAAP net income for the second quarter of 2026 was
Medical Care Ratio (MCR)
- The consolidated MCR for the second quarter of 2026 was 92.2%.
- The Medicaid MCR for the second quarter of 2026 was 92.7% and in line with the Company’s expectation, reflecting rate updates and stable medical cost trend.
- The Medicare MCR for the second quarter of 2026 was 90.7% and better than the Company’s expectation, reflecting lower medical cost trend and pricing implemented for 2026.
- The Marketplace MCR for the second quarter of 2026 was 88.9% and higher than the Company’s expectations, reflecting prior year risk adjustment and program integrity initiatives and the impact of current year unfavorable member acuity mix.
General and Administrative Expense Ratio
The G&A ratio and the adjusted G&A ratio for the second quarter of 2026 were 6.7% and 6.5%, respectively, reflecting continued operating discipline.
Balance Sheet
Cash and investments at the parent company were approximately
Days in claims payable at
Cash Flow
Operating cash flow for the six months ended
2026 Guidance
Premium revenue guidance for the full year is unchanged at approximately
The Company increased its full year 2026 GAAP earnings to at least
Full year guidance includes a loss of
Conference Call
Management will host a conference call and webcast to discuss Molina Healthcare’s second quarter ended
About Molina Healthcare
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. For more information about Molina Healthcare, please visit molinahealthcare.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This earnings release and the Company’s accompanying oral remarks contain forward-looking statements. The Company intends such forward-looking statements to be covered under the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements provide current expectations of future events based on certain assumptions, and all statements other than statements of historical fact contained in this earnings release and the Company’s accompanying oral remarks may be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “guidance,” “future,” “anticipates,” “assumes,” “believes,” “embedded,” “estimates,” “expects,” “growth,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this earnings release include, but are not limited to, statements regarding the Company’s 2026 guidance and long-term performance outlook, trends with respect to rates, pretax margins, utilization, and medical costs, including the timing thereof and the anticipated impact on the Company’s business, and our management’s plans and objectives for future operations and business strategy.
Actual results could differ materially due to numerous known and unknown risks and uncertainties. These risks and uncertainties are discussed under the headings “Forward-Looking Statements,” and “Risk Factors,” in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025, which is on file with the U.S. Securities and Exchange Commission (the “SEC”), and in the Company’s other filings with the SEC, including its Quarterly Report on Form 10-Q for the period ended March 31, 2026 filed with the SEC and Quarterly Report on Form 10-Q for the period ended June 30, 2026, to be filed with the SEC.
These reports can be accessed under the investor relations tab of the Company’s website or on the SEC’s website at sec.gov. Given these risks and uncertainties, the Company can give no assurances that its forward-looking statements will prove to be accurate, or that any other results or developments projected or contemplated by its forward-looking statements will in fact occur, and the Company cautions investors not to place undue reliance on these statements. All forward-looking statements in this release represent the Company’s judgment as of July 22, 2026, and, except as otherwise required by law, the Company disclaims any obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations.
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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME |
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Three Months Ended |
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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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(In millions, except per-share amounts) |
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Revenue: |
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Premium revenue |
$ |
10,244 |
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$ |
10,868 |
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$ |
20,416 |
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$ |
21,496 |
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Premium tax revenue |
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505 |
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431 |
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1,009 |
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819 |
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Investment income |
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101 |
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106 |
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199 |
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214 |
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Other revenue |
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24 |
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22 |
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46 |
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45 |
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Total revenue |
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10,874 |
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11,427 |
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21,670 |
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22,574 |
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Operating expenses: |
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Medical care costs |
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9,440 |
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9,829 |
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18,710 |
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19,308 |
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General and administrative expenses |
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724 |
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711 |
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1,503 |
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1,485 |
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Premium tax expenses |
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505 |
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431 |
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1,009 |
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819 |
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Depreciation and amortization |
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40 |
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58 |
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79 |
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106 |
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Impairment |
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— |
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— |
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93 |
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— |
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Other |
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20 |
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25 |
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48 |
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50 |
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Total operating expenses |
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10,729 |
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11,054 |
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21,442 |
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21,768 |
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Operating income |
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145 |
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373 |
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228 |
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806 |
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Interest expense |
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54 |
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48 |
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108 |
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91 |
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Income before income tax expense |
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91 |
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325 |
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120 |
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715 |
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Income tax expense |
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31 |
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70 |
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46 |
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162 |
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Net income |
$ |
60 |
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$ |
255 |
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$ |
74 |
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$ |
553 |
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Net income per share – Diluted |
$ |
1.19 |
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$ |
4.75 |
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$ |
1.46 |
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$ |
10.19 |
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Diluted weighted average shares outstanding |
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51.3 |
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53.7 |
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51.2 |
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54.3 |
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CONSOLIDATED BALANCE SHEETS |
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2026 |
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2025 |
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Unaudited |
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(Dollars in millions, except per-share amounts) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
4,985 |
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$ |
4,248 |
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Investments |
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3,930 |
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4,008 |
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Receivables |
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3,485 |
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3,533 |
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Pre