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Molina Healthcare

Molina Healthcare (MOH) Q3 2025 Earnings

Reported Oct 22, 2025 at 4:18 PM ET · SEC Source

Q3 25 EPS

$1.84

MISS 52.73%

Est. $3.89

Q3 25 Revenue

$11.48B

BEAT +4.49%

Est. $10.98B

vs S&P Since Q3 25

+36.2%

BEATING MARKET

MOH +48.5% vs S&P +12.4%

Market Reaction

Did MOH Beat Earnings? Q3 2025 Results

Molina Healthcare delivered a deeply disappointing third quarter, with adjusted EPS of $1.84 falling short of the $3.89 consensus estimate by 52.73%, even as revenue of $11.48 billion grew 11.0% year over year and topped expectations by 4.49%. The cu… Read more Molina Healthcare delivered a deeply disappointing third quarter, with adjusted EPS of $1.84 falling short of the $3.89 consensus estimate by 52.73%, even as revenue of $11.48 billion grew 11.0% year over year and topped expectations by 4.49%. The culprit was an accelerating medical cost crisis, most acutely in the Marketplace segment, where the medical care ratio ballooned to 95.6% from 73.0% a year ago, helping push the consolidated MCR to 92.6% from 89.2% and collapsing GAAP net income to $79.00 million versus $326.00 million in Q3 2024. Premium revenue expanded 12% to roughly $10.84 billion on acquisitions and rate increases, but top-line momentum was overwhelmed by medical cost escalation across all three business segments. The company responded by cutting its full-year 2025 adjusted EPS guidance to approximately $14.00 per diluted share, implying a barely positive Q4, and has since drawn scrutiny from securities class action attorneys examining disclosures made earlier in 2025. Molina's preliminary 2026 outlook also guides to roughly $14.00 in adjusted EPS, with reduced Marketplace exposure intended to stabilize profitability.

Key Takeaways

  • • Premium revenue grew 12% YoY driven by recent acquisitions, rate increases, and footprint expansion
  • • Medicaid contributed $3.52 per diluted share in adjusted earnings but was offset by $1.68 per diluted share loss from Medicare and Marketplace
  • • Marketplace MCR surged to 95.6% from 73.0% YoY due to utilization far exceeding risk adjustment revenue
  • • Medicare MCR increased to 93.6% from 89.6% due to higher utilization among high-acuity members, particularly for long-term services and supports and pharmacy
  • • Medicaid MCR rose to 92.0% from 90.5% due to continued high levels of utilization, partially offset by rate updates
  • • G&A ratio and adjusted G&A ratio of 6.4% and 6.3% reflecting continued operating discipline
24/7 Wall St

MOH YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

MOH Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“Our Medicaid business continues to perform well in a challenging medical cost trend environment. The headline for the quarter is that approximately half of our underperformance is driven by the Marketplace business, and that Medicaid, while experiencing some pressure, is producing strong margins. We continue to grow, we believe the margin challenges will not persist, and we are encouraged by the margin improvement potential in 2026.”

— Joseph Zubretsky, Q3 2025 Earnings Press Release

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