Molina Healthcare (MOH) Q3 2026 Earnings
How Did MOH Stock React to Q3 2026 Earnings?
Did MOH Beat Earnings? Q3 2026 Results
Yes. Molina Healthcare reported Q3 2026 earnings of $0.89 a share on Oct 21, 2026, beating the $0.79 consensus estimate by 12.0%. Revenue was $11.1B against a $10.9B estimate.
Molina Healthcare posted a stronger-than-expected third quarter, with adjusted EPS of $0.89 beating the $0.79 consensus by 12.01% and revenue of $11.08 billion edging past estimates by 2.05%, even as total revenue slipped 3.4% year over year amid continued membership declines. The headline beat, however, masked meaningful underlying pressure: GAAP net income tumbled 52% to $38.00 million, with the medical care ratio creeping higher to 92.9% from 92.6% a year ago, squeezing margins across the company's managed care segments. Premium revenue of $10.46 billion fell roughly 4% year over year, reflecting lower Medicaid and Marketplace enrollment, with total membership shrinking to approximately 4.9 million from 5.5 million. Investors had been closely watching cost trends heading into the print, and management offered measured encouragement, noting apparent plateauing in medical cost trends and strong 2027 rate updates that CEO Joseph Zubretsky suggested could mark the beginning of a Medicaid margin recovery. Molina reaffirmed full-year 2026 guidance of approximately $42.00 billion in premium revenue and adjusted EPS of at least $5.25.
- Consolidated MCR increased to 92.9% from 92.6% year over year, driving earnings decline
- Medicaid MCR rose to 93.0% from 92.0% YoY, reflecting elevated medical cost trend
- Medicare MCR improved to 93.0% from 93.6% YoY
- Marketplace MCR improved to 92.5% from 95.6% YoY
- Lower membership in Medicaid and Marketplace reduced premium revenue 4% YoY
- Rate updates partially offset membership declines
- G&A ratio held steady at 6.4% reflecting operating discipline
“We are pleased with our third quarter results in this challenging environment and reaffirm our full year guidance.”
Molina Healthcare CEO, on the earnings call
What Is Molina Healthcare's Outlook?
Molina reaffirmed full year 2026 guidance: premium revenue of approximately $42 billion and adjusted EPS of at least $5.25 per diluted share (GAAP EPS of at least $2.38). Full year guidance includes an expected $1.50 per share loss from the implementation of the new Florida Medicaid contract in Q4 2026 and a $1.00 per share loss from the traditional MAPD product, which the company will exit for 2027. Management noted the apparent plateauing of medical cost trend and strength of 2027 rate updates, suggesting the beginning of a turn in Medicaid margins.
MOH YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $11.1B | $11.5B | −3.4% |
| Operating Income | $106.0M | $137.0M | −22.6% |
| Net Income | $38.0M | $79.0M | −51.9% |
MOH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.