On this page of StockholderLetter.com we present the latest annual shareholder letter from MOLINA HEALTHCARE, INC. — ticker symbol MOH. Reading current and past MOH letters to shareholders can bring important insights into the investment thesis.

Company Profile Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. As of December 31, 2025, Molina Healthcare served approximately 5.5 million members. For more information about Molina Healthcare, please visit molinahealthcare.com. Line of Business Profile 2025 Membership by Line of Business 2025 Premium by Line of Business 75% 83% Medicaid Medicaid 12% 10% Marketplace Marketplace 5% Medicare 15% Medicare Historical Highlights Premium Revenue Diluted GAAP Net Income per Share ($ Millions) '21 '22 '23 '24 '25 26,855 '21 30,883 '22 32,529 38,627 43,052 $18.77 $20.42 $8.92 $13.54 '22 $13.55 '24 '25 '21 $11.25 '23 Diluted Adjusted Net Income per Share $17.92 '23 $20.88 '24 '25 $22.65 $11.03 See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3 Annual Meeting The annual meeting of stockholders will be held on Wednesday, May 6, 2026, at 10:00 a.m. Eastern Time live via the internet at www.virtualshareholdermeeting.com/MOH2026.
To Our Stockholders: 2025 was a challenging year as the Company was burdened by historic levels of medical cost trend across all segments. Despite our disappointing financial performance, I am pleased with our team s focus on managing through industry headwinds. For the full year 2025, we reported premium revenue of $43 billion, representing 11% year-over-year growth. Adjusted earnings per share were $11.03, and our adjusted after-tax margin1 was 1.3%, which is below our long-term target range. 2025 was clearly a tale of two halves. The Company earned over $11.00 per share in the first half of the year largely tracking expectations. However, in the second half of the year, medical cost trend pressure worked against us and caused our results for the full year to fall well below our expectations. We believe the medical cost trend in 2025, and the recent margin and earnings challenges, are temporary. 2025 was another successful year for achieving sustainable and profitable We remain confident in our durable and growth, with the growth balanced between bolt-on acquisitions and organic sustainable operating growth. We scored wins in Medicaid with a new contract in Florida serving platform. the Children s Medical Services ( CMS ) program, and in the Medicare Duals integrated product business. Since we embarked on our growth strategy in 2019, we have secured $9 billion of revenue from bolt-on acquisitions, achieved a win rate on contract renewal RFPs of 90% representing $14 billion in retained revenue and achieved a win rate on new contract RFPs of 80% representing $20 billion in new revenue. Our embedded earnings now stands at over $11.00 per share. With our team s continued focus and determination to manage through the industry-wide headwinds, we remain optimistic about our future earnings trajectory, which is a function of both anticipated rate restoration and future embedded earnings realization. We continue to see sustainable, profitable growth opportunities to expand our pure-play government managed care franchise into 2026 and beyond. Thank you for your ongoing support of our Company. We are most grateful for your continued share ownership and the confidence that expresses in our team and in our Company s mission. Sincerely, Joseph M. Zubretsky President and Chief Executive Officer 1 Adjusted after-tax margin represents adjusted net income divided by total revenue.
Reconciliation of GAAP to Adjusted Net Income per Diluted Share
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MOH Shareholder/Stockholder Letter Transcript:


Company Profile
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and
Medicare programs and through the state insurance marketplaces. As of December 31, 2025, Molina Healthcare served
approximately 5.5 million members. For more information about Molina Healthcare, please visit molinahealthcare.com.
Line of Business Profile
2025 Membership by Line of Business
2025 Premium by Line of Business
75%
83%
Medicaid
Medicaid
12%
10%
Marketplace
Marketplace
5%
Medicare
15%
Medicare
Historical Highlights
Premium Revenue
Diluted GAAP Net
Income per Share
($ Millions)
'21
'22
'23
'24
'25
26,855
'21
30,883
'22
32,529
38,627
43,052
$18.77
$20.42
$8.92
$13.54
'22
$13.55
'24
'25
'21
$11.25
'23
Diluted Adjusted Net
Income per Share
$17.92
'23
$20.88
'24
'25
$22.65
$11.03
See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3
Annual Meeting
The annual meeting of stockholders will be held on Wednesday, May 6, 2026, at 10:00 a.m. Eastern Time live via the
internet at www.virtualshareholdermeeting.com/MOH2026.

To Our Stockholders:
2025 was a challenging year as the Company was burdened by historic levels of medical cost trend across all segments.
Despite our disappointing financial performance, I am pleased with our team   s focus on managing through industry headwinds.
For the full year 2025, we reported premium revenue of $43 billion, representing 11% year-over-year growth. Adjusted earnings
per share were $11.03, and our adjusted after-tax margin1 was 1.3%, which is below our long-term target range. 2025 was
clearly a tale of two halves. The Company earned over $11.00 per share in the first half of the year     largely tracking
expectations. However, in the second half of the year, medical cost trend pressure worked against us and caused our results
for the full year to fall well below our expectations.
We believe the medical cost trend in 2025, and the recent margin and
earnings challenges, are temporary.
2025 was another successful year for achieving sustainable and profitable
   We remain confident
in our durable and
growth, with the growth balanced between bolt-on acquisitions and organic
sustainable operating
growth. We scored wins in Medicaid with a new contract in Florida     serving
platform.   
the Children   s Medical Services (   CMS   ) program, and in the Medicare
Duals integrated product business. Since we embarked on our growth strategy in 2019, we have secured $9 billion of revenue
from bolt-on acquisitions, achieved a win rate on contract renewal RFPs of 90%     representing $14 billion in retained revenue
    and achieved a win rate on new contract RFPs of 80%     representing $20 billion in new revenue. Our embedded earnings
now stands at over $11.00 per share.
With our team   s continued focus and determination to manage through the industry-wide headwinds, we remain optimistic
about our future earnings trajectory, which is a function of both anticipated rate restoration and future embedded earnings
realization. We continue to see sustainable, profitable growth opportunities to expand our pure-play government managed care
franchise into 2026 and beyond.
Thank you for your ongoing support of our Company. We are most grateful for your continued share ownership and the
confidence that expresses in our team and in our Company   s mission.
Sincerely,
Joseph M. Zubretsky
President and Chief Executive Officer
1 Adjusted after-tax margin represents adjusted net income divided by total revenue.

Reconciliation of GAAP to Adjusted Net Income per Diluted Share


shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 

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