Molina Healthcare Stock Earnings Reports

Molina Healthcare reported solid first quarter 2026 results with adjusted EPS of $2.35 on $10.2 billion of premium revenue and a consolidated medical cost ratio (MCR) of 91.1%. Management reaffirmed full-year 2026 guidance of approximately $42 billion in premium revenue and at least $5.00 in adjusted EPS. Key segment highlights: Medicaid MCR 92% with management confident a large post‑pandemic acuity shift has passed and maintaining a 5% medical cost trend assumption for 2026; Medicare MCR 89.8% with focus on Duals (converting MMP members into integrated FIDE/HIDE products and exiting MAPD for 2027); Marketplace MCR 84% with membership at 305,000 (renewal-heavy and silver‑weighted), expected to end 2026 around 250,000. Medicaid membership attrition guidance was revised from -2% to -6% (driven largely by California, Illinois, New York, Texas), with revenue impact expected to be offset by higher Marketplace revenue. Balance sheet/cash: strong operating cash flow ($1.1B in Q1 driven by timing of government payments), parent company cash ~ $213M at quarter end with management expecting to bring parent cash to > $600M by year end via subsidiary dividends; debt-to-capital at ~48% with a target longer‑term range in the low 40s. Management emphasized prudence — waiting for a second quarter of data before raising FY guidance — and previewed an Investor Day (May 8) that will lay out a detailed 3‑year outlook through 2029, embedded earnings drivers (including Florida CMS implementation) and M&A discipline.