[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","p3jjp8srder6tjdfreibabbeg","revision",2,"title","Molina Healthcare披露2026年第三季度及前九个月业绩：净利润分别为3,800万美元和1.12亿美元","originalTitle","MOLINA HEALTHCARE, INC. (0001179929) (Filer)","summary","Molina Healthcare披露，截至2026年9月30日止第三季度净利润为3,800万美元、摊薄每股收益0.73美元；前九个月净利润为1.12亿美元、摊薄每股收益2.19美元，均低于上年同期。","reason","节选呈现了净利润、营业收入和MCR的同比变化，并披露了公司对会员数及业务规模的预测。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-22T13:23:42.000Z","discoveredAt","2026-10-22T13:51:01.862Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",69,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","f4wt4u4rHm0c",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","4e237137-6559-4aa6-8e2e-ac3f799c12c0","Molina Healthcare公布三季度及前九个月业绩",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自 ________ 至 ________

委员会档案编号：001-31719

$\"molinalogo2016a26.jpg\"$

MOLINA HEALTHCARE, INC.

（注册人章程中载明的确切名称）


特拉华州		13-4204626
（注册成立或组织所在州或其他司法管辖区）		（美国国税局雇主识别号）

200 Oceangate, Suite 100
长滩，	加利福尼亚州		90802
（主要行政办公室地址）		（邮政编码）

(562) 435-3666

（注册人电话号码，包括区号）

不适用

（自上次报告以来如有变更，填写前名称、前地址和前财政年度）

根据该法第 12(b) 条注册的证券：


各类别名称	交易代码	注册所在交易所名称
普通股，面值 $0.001	MOH	纽约证券交易所

请勾选说明注册人是否 (1) 已在此前 12 个月内（或注册人须提交此类报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条要求提交的所有报告，以及 (2) 在过去 90 天内是否一直受此类提交要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第 405 条（本章 §232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、小型申报公司还是新兴成长型公司。相关定义见《交易法》规则 12b-2 中的“大型加速申报公司”“加速申报公司”“小型申报公司”和“新兴成长型公司”。

大型加速申报公司 ☒ 加速申报公司 ☐ 非加速申报公司 ☐ 小型申报公司 ☐ 新兴成长型公司 ☐

如果是新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至2026年10月 16日，发行人面值为 $0.001 的普通股流通股数约为 52.2 million。

MOLINA HEALTHCARE, INC. 10-Q 表格

截至2026年9月30日的季度期间


项目编号	页码

第一部分

1.	财务报表	3

2.	管理层对财务状况和经营成果的讨论与分析	20

3.	有关市场风险的定量和定性披露	34

4.	控制与程序	35

第二部分

1.	法律诉讼	35

1A.	风险因素	35

2.	未注册的股权证券销售及所得款项用途	35

3.	高级证券违约	不适用。

4.	矿山安全披露	不适用。

5.	其他信息	35

6.	附件	37

	签名	38

第一部分——财务信息

合并收益表


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025

	（百万美元，每股金额除外）（未经审计）
收入：
保费收入	$	10,457			$	10,841		$	30,873	$	32,337
保费税收入	500			506			1,509		1,325

投资收益	102			108			301		322
其他收入	23			22			69		67
总收入	11,082			11,477			32,752		34,051
运营费用：
医疗服务成本	9,719			10,044			28,429		29,352
一般和行政费用	710			729			2,213		2,214
保费税费用	500			506			1,509		1,325

折旧和摊销	38			45			117		151
减值	—			—			93		—
其他	9			16			57		66
运营费用总额	10,976			11,340			32,418		33,108
营业收入	106			137			334		943

利息费用	53			49			161		140


税前收入	53			88			173		803
所得税费用	15			9			61		171
净收入	$	38			$	79		$	112	$	632

每股净收益 - 基本	$	0.74			$	1.51		$	2.20	$	11.81
每股净收益 - 摊薄	$	0.73			$	1.51		$	2.19	$	11.79

合并综合（亏损）收益表


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025

	（百万美元）（未经审计）
净收入	$	38			$	79		$	112	$	632
其他综合（亏损）收益：
未实现投资（亏损）收益	(104)			25			(145)		87
减：所得税影响	(25)			6			(35)		21
其他综合（亏损）收益，税后净额	(79)			19			(110)		66
综合（亏损）收益	$	(41)			$	98		$	2	$	698

请参阅随附附注。

Molina Healthcare, Inc. 2026年9月 30日 10-Q 表格 | 3

合并资产负债表


	2026年 9月30日		2025年 12月 31日

	（百万美元，每股金额除外）
	（未经审计）
资产
流动资产：
现金及现金等价物	$	4,479			$	4,248
投资	4,100			4,008
应收款项	3,359			3,533
预付费用及其他流动资产	576			655
流动资产总额	12,514			12,444
不动产、设备及资本化软件，净额	324			301
商誉及无形资产，净额	2,073			2,195
受限投资	345			299
递延所得税，净额	267			178
其他资产	129			147
资产总额	$	15,652			$	15,564

负债和股东权益
流动负债：
应付医疗索赔和福利款	$	4,988			$	4,887
应付政府机构款项	1,141			1,326
应付账款、应计负债及其他	1,183			1,093
递延收入	82			66
流动负债总额	7,394			7,372
长期债务	3,771			3,766
融资租赁负债	179			184
其他长期负债	153			173
负债总额	11,497			11,495
股东权益：
普通股，面值 $0.001，授权发行 150 million 股；截至 September 30, 2026 已发行在外 52 million 股，截至 December 31, 2025 为 51 million 股	—			—
优先股，面值 $0.001；授权发行 20 million 股，未发行在外	—			—
额外实收资本	536			452
累计其他综合（损失）收益	(95)			15
留存收益	3,714			3,602
股东权益总额	4,155			4,069
负债和股东权益总额	$	15,652			$	15,564

请参阅附注。

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 4

股东权益合并报表


	普通股	额外实收资本		累计其他综合收益（损失）	留存收益		总计
	发行在外股数	金额

	（单位：百万）
	（未经审计）
截至 December 31, 2025 的余额	51		$	—		$	452		$	15	$	3,602	$	4,069
净利润	—		—		—			—		14	14









其他综合损失，净额	—		—		—			(22)		—	(22)
股份支付	1		—		19			—		—	19
截至 March 31, 2026 的余额	52		—		471			(7)		3,616	4,080
净利润	—		—		—			—		60	60









其他综合损失，净额	—		—		—			(9)		—	(9)
股份支付	—		—		40			—		—	40
截至 June 30, 2026 的余额	52		—		511			(16)		3,676	4,171
净利润	—		—		—			—		38	38









其他综合损失，净额	—		—		—			(79)		—	(79)
股份支付	—		—		25			—		—	25
截至 September 30, 2026 的余额	52		$	—		$	536		$	(95)	$	3,714	$	4,155


	普通股	额外实收资本		累计其他综合（损失）收益	留存收益		总计
	发行在外股数	金额

	（单位：百万）
	（未经审计）
截至 December 31, 2024 的余额	56		$	—		$	462		$	(57)	$	4,091	$	4,496
净利润	—		—		—			—		298	298
普通股回购	(2)		—		(15)			—		(485)	(500)






股票回购消费税	—		—		(5)			—		—	(5)

其他综合收益，净额	—		—		—			29		—	29
股份支付	—		—		(8)			—		—	(8)
截至 March 31, 2025 的余额	54		—		434			(28)		3,904	4,310
净利润	—		—		—			—		255	255









其他综合收益，净额	—		—		—			18		—	18
股份支付	—		—		20			—		—	20
截至 June 30, 2025 的余额	54		—		454			(10)		4,159	4,603
净利润	—		—		—			—		79	79
普通股回购	(3)		—		(24)			—		(476)	(500)






股票回购消费税	—		—		(5)			—		—	(5)

其他综合收益，净额	—		—		—			19		—	19
股份支付	—		—		(5)			—		—	(5)
截至 September 30, 2025 的余额	51		$	—		$	420		$	9	$	3,762	$	4,191

请参阅附注。

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 5

现金流量合并报表


	截至 September 30 日的九个月
	2026		2025

	（单位：百万）（未经审计）
经营活动：
净利润	$	112			$	632
将净利润调节为经营活动提供（使用）的现金净额：
折旧和摊销	117			151
递延所得税	(54)			37
股份薪酬	85			27

减值	93			—
其他，净额	(21)			(2)
经营性资产和负债的变动：
应收款项	174			(118)
预付费用及其他流动资产	11			(25)
应付医疗索赔和福利款	101			(157)
应付政府机构款项	(185)			(467)
应付账款、应计负债及其他	88			(195)
递延收入	16			(44)
所得税	92			(76)
经营活动提供（使用）的现金净额	629			(237)
投资活动：
购买投资	(1,245)			(607)
出售及到期投资所得款项	1,020			1,017
购买房产、设备及资本化软件	(94)			(102)
业务合并支付的现金净额	—			(245)
其他，净额	(9)			19
投资活动使用（提供）的现金净额	(328)			82
融资活动：
信贷额度及定期贷款借款所得款项	—			1,100
普通股购买	—			(1,000)

偿还信贷额度及定期贷款	—			(360)
代员工缴纳税款而扣留的普通股	(15)			(37)








其他，净额	(16)			35
融资活动使用的现金净额	(31)			(262)
现金、现金等价物及受限现金和现金等价物净增加（减少）额	270			(417)
期初现金、现金等价物及受限现金和现金等价物	4,348			4,741
期末现金、现金等价物及受限现金和现金等价物	$	4,618			$	4,324

Molina Healthcare, Inc. 2026年9月30日 10-Q表 | 6

合并财务报表附注（未经审计）

2026年9月30日

1. 组织和列报基础

组织和运营

Molina Healthcare, Inc. 根据 Medicaid 和 Medicare 项目以及通过州保险市场（“Marketplace”）提供管理式医疗服务。目前，我们有四个可报告分部，分别为：1) Medicaid；2) Medicare；3) Marketplace；和 4) 其他。我们的可报告分部与我们目前管理业务和看待所服务市场的方式一致。

截至2026年9月30日，我们在21个州为约490万名符合政府资助医疗项目资格的会员提供服务。

我们的州 Medicaid 合同期限通常为三年至五年，包含州 Medicaid 机构可行使的续约选项，并允许州或健康计划有因或无因终止合同。此类合同在各州发布征求建议书（“RFP”）并向其他健康计划开放竞争性投标时，面临损失风险。如果我们的某个健康计划未能在州 RFP 中成为成功且响应要求的投标方，其合同可能无法续签。

除合同续签外，我们的州 Medicaid 合同还可能定期修订，以纳入或排除某些医疗福利（例如药房服务、行为健康服务或长期护理服务）；特定人群，如老年人、盲人或残障人士；以及地区或服务区域。

在 Medicare 中，我们每年与美国医疗保险和医疗补助服务中心（“CMS”）签订 Medicare Advantage-Part D（“MAPD”）和双重资格特殊需求计划（“DSNP”）合同；对于某些双重资格项目，我们与 CMS 及各州卫生与公众服务部门合作签订合同。此类合同的期限通常为一年至三年。

在 Marketplace 中，我们与 CMS 签订的合同于每年 12 月 31 日到期，且必须每年续签。

合并财务信息及中期财务信息

合并财务报表包括 Molina Healthcare, Inc. 及其子公司的账目。管理层认为，这些财务报表反映了所有正常的经常性调整；这些调整是公允列报所列日期及中期期间业绩所必需的。所有重大公司间余额和交易均已抵销。截至 2026 年 9 月 30 日止九个月的合并经营业绩不一定代表截至 2026 年 12 月 31 日止全年业绩。

未经审计的合并中期财务报表编制时假设中期财务数据的使用者已阅读或可查阅我们截至 2025 年 12 月 31 日财政年度的经审计合并财务报表。因此，省略了与截至 2025 年 12 月 31 日经审计合并财务报表中披露内容大幅重复的某些披露。

估计的使用

按照美国公认会计原则（“GAAP”）编制合并财务报表，要求管理层作出会影响资产和负债列报金额的估计和假设。估计还会影响报告期内收入和费用的列报金额。实际结果可能与这些估计不同。

2. 重要会计政策

现金及现金等价物

现金及现金等价物包括现金和短期高流动性投资；此类投资可随时转换为已知金额的现金，且自购买之日起期限不超过三个月。下表列示了现金及现金等价物以及受限现金及现金等价物的调节情况；这些金额列于随附的合并资产负债表中，合计数与随附合并现金流量表中列示的同类金额一致。下列受限现金及现金等价物计入随附合并资产负债表中的“受限投资”。

Molina Healthcare, Inc. 2026 年 9 月 30 日 Form 10-Q | 7


	9 月 30 日，
	2026		2025

	（百万）
现金及现金等价物	$	4,479			$	4,221
受限现金及现金等价物	139			103
合并现金流量表中列示的现金、现金等价物及受限现金和现金等价物总额	$	4,618			$	4,324

应收款项

应收款主要包括应收政府机构的保费金额（这些金额可能需要追溯调整），以及药房返利和其他应收款。截至2026年9月 30日和2025年12月 31日，政府应收款分别为$2,274 million和$2,365 million。我们根据有关过去事项的信息以及合理且有依据的预测，采用当前预期信用损失模型计量应收款的预期信用损失。由于几乎所有应收款金额均可轻易确定，且几乎所有债务人均为政府机构，我们的信用损失准备金并不重大。任何确定无法收回的金额均在作出该认定时计入费用。

保费收入确认及应收政府机构款项

保费收入来自我们与州和联邦机构签订的合同，这些合同与我们参与 Medicaid、Medicare 和 Marketplace 计划有关。保费通常根据在所涵盖期间开始前确定的每位会员每月费率收取。这些保费收入在会员有权获得医疗服务的月份确认，预先收取的保费则递延确认。我们的许多合同包含可能调整或限制收入或利润的条款，详见下文。因此，我们根据这些条款在保费赚取时确认收入。根据此类条款计提的应退还保费负债，在随附的合并资产负债表中汇总列报为“应付政府机构款项”。州 Medicaid 计划和联邦 Medicare 计划会定期调整保费费率，包括保费收入中的某些组成部分；这些组成部分涉及会计估计，详见下文以及我们《2025年年度报告 Form 10-K》第2条“重要会计政策”中的“保费收入确认及应收政府机构款项”和“质量激励”部分。

最低 MLR、医疗成本区间和利润分享。如果 Medicaid 保费收入中未用于规定医疗费用的金额达到一定比例下限，则我们可能需要退还部分保费收入；该比例下限称为最低医疗损失率（“最低 MLR”）。根据某些医疗成本区间条款，如果医疗费用支出超过规定的最高门槛，健康计划可能会获得额外保费。我们与某些州签订的合同包含利润分享条款，规定如果我们的健康计划产生的利润超过特定比例，我们将向州政府退还款项。在某些情况下，我们可在计算应退款项（如有）时扣除的行政成本金额受到限制。截至2026年9月 30日和2025年12月 31日，我们根据此类合同条款计提的负债总额分别为$453 million和$457 million，并在随附的合并资产负债表中列入“应付政府机构款项”。

《平价医疗法案》（“ACA”）为 Medicare 设定了 85% 的最低 MLR。联邦法规规定了医疗成本和保费收入的构成。若未达到最低 MLR，我们可能需要向联邦政府支付返还款。我们的双重资格计划还可能受州特定最低 MLR、医疗成本走廊和利润分成条款约束。我们在合并损益表中将预计返还款确认为保费收入的调整。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们根据此类合同条款分别计提了 4,000 万美元和 2,800 万美元的负债，并在随附的合并资产负债表中列入“应付政府机构款项”。

ACA 为 Marketplace 健康计划设定了 80% 的最低 MLR。若未达到最低 MLR，我们可能需要向 Marketplace 保单持有人支付返还款。计算最低 MLR 时会考虑下文讨论的 Marketplace 风险调整计划。我们在合并损益表中将最低 MLR 项下的预计返还款确认为保费收入的调整。截至 2026 年 9 月 30 日，未计提负债。截至 2025 年 12 月 31 日，我们根据此类合同条款计提了 1,200 万美元的负债，并在随附的合并资产负债表中列入“应付政府机构款项”。

Molina Healthcare, Inc. 2026 年 9 月 30 日 Form 10-Q | 8

风险调整。我们的 Medicare 保费会根据会员的健康状况（以会员风险评分衡量）追溯上调或下调。对于所列期间，我们根据对会员健康状况、风险评分及 CMS 实务的了解，估算会员风险评分以及最终可实现的 Medicare 收入金额。我们还估算应付 CMS 的 Part D 结算款项。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们根据此类合同条款分别计提了 1.05 亿美元和 6,600 万美元的负债，并在随附的合并资产负债表中列入“应付政府机构款项”。

我们的 Marketplace 保费也会根据会员健康状况上调或下调。我们的健康计划综合风险评分会与相关州和市场风险池的总体平均风险评分进行比较。通常，如果我们的健康计划综合风险评分低于平均风险评分，就需要向风险池支付风险调整款（应付风险调整款）；如果高于平均风险评分，则会从风险池收到风险调整款（应收风险调整款）。我们根据保险保单年度迄今的经验估算最终保费，并在合并损益表中将与风险调整计划相关的预计保费确认为保费收入的调整。截至 2026 年 9 月 30 日，Marketplace 应付风险调整款为 1.92 亿美元，相关应收款为 1.14 亿美元，应付净额为 7,800 万美元。截至 2025 年 12 月 31 日，Marketplace 应付风险调整款为 5.17 亿美元，相关应收款为 1.06 亿美元，应付净额为 4.11 亿美元。

亏损合同保费不足准备金

我们通过审查当前业绩和预测，评估合同的盈利能力，以确定未来是否可能发生亏损。为进行此项评估，合同按与我们获取、服务和衡量此类合同盈利能力的方法一致的方式进行分组。如果预期未来医疗护理和管理成本超过预期未来保费收入、投资收益和再保险回收款，则确认保费不足准备金。

信用风险集中度

可能使我们面临信用风险集中的金融工具主要包括现金及现金等价物、投资、应收款项和受限投资。我们的投资和部分现金等价物由按照书面投资准则运作的专业投资组合经理管理。若投资处于亏损状态且亏损超过特定水平，投资组合经理必须在出售前取得我们的批准。我们的投资主要包括最终到期日不足15年、或结构性证券平均期限不足15年的投资级债务证券。受限投资主要投向现金、现金等价物、美国国债和公司债务证券。应收账款的信用风险集中度有限，因为我们的付款方主要是联邦政府，以及我们健康计划子公司运营所在各州的政府。

减值

2026年2月，我们认定MAPD产品与我们将业务重点完全转向Medicare双重资格会员的战略调整不一致，并打算于2027年退出该产品。MAPD产品的预计现金流将不会超过相关无形资产的账面价值。因此，我们在2026年第一季度对剩余无形资产计提了减值，金额为$93 million。减值涉及的主要无形资产类别及金额如下：合同权利和许可证，剩余账面余额为$62 million；医疗服务提供者网络，剩余账面余额为$4 million；以及商标名称，剩余账面余额为$27 million。

所得税

所得税费用采用估算的年度有效税率确定，该税率通常与美国联邦法定税率不同，主要原因是税收抵免、州税，以及某些薪酬和其他一般及管理费用等不可抵扣支出。

随着获得新的信息，有效税率在年内可能会出现波动。这些信息可能影响用于估算年度有效税率的假设，包括预计税前收益、我们经营所在各税务辖区的税前收益构成、针对递延所得税资产计提的估值备抵、与不确定税务状况相关的税收利益的确认或撤销确认，以及我们开展业务所在辖区税法的变更或解释变化。我们针对财务报告基础与资产和负债计税基础之间的暂时性差异，以及净经营亏损和税收抵免结转，确认递延所得税资产和负债。

Molina Healthcare, Inc. 2026年9月30日 10-Q表 | 9

近期会计公告

财务会计准则委员会（包括其新兴问题工作组）、美国注册会计师协会和证券交易委员会（“SEC”）发布的近期会计公告对我们当前或未来的合并财务报表没有重大影响，管理层也预计这些公告不会产生重大影响。

3. 每股净收益

下表列示了基本和稀释每股净收益的计算：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025

	（百万计，每股净收益除外）
分子：
净收益	$	38			$	79		$	112	$	632
分母：
期初流通股数	51.2			53.6			50.9		55.0
已发行股份加权平均数：
股权激励薪酬	—			—			0.2		0.2
股票回购	—			(1.1)			—		(1.7)
基本每股净收益的分母	51.2			52.5			51.1		53.5
稀释性证券的影响： (1)
股权激励薪酬	0.3			—			0.2		0.1

稀释每股净收益的分母	51.5			52.5			51.3		53.6

每股净收益 - 基本 (2)	$	0.74			$	1.51		$	2.20	$	11.81
每股净收益 - 稀释 (2)	$	0.73			$	1.51		$	2.19	$	11.79

______________________________

(1) 所有潜在稀释性普通股的稀释影响均采用库存股法计算。由于具有反稀释作用，某些可发行的潜在稀释性普通股未计入稀释每股净收益的计算。截至2026年9月30日止三个月和九个月，分别有280,000股和226,000股未计入稀释后流通股数。截至2025年9月30日止三个月和九个月，分别有532,000股和265,000股未计入稀释后流通股数。

(2) 计算所用源数据以千为单位。

4. 公允价值计量

我们认为，流动资产和流动负债的账面金额近似于其公允价值，因为这些工具自产生至预期变现或偿付之间的时间相对较短。对于以经常性基础按公允价值计量的金融工具，我们根据三级公允价值层级，对公允价值计量中使用的输入值进行优先级排序。有关以下事项所用方法和假设的说明：a) 估算公允价值；以及 b) 确定各项金融工具在公允价值层级中的分类，请参阅我们《2025 年年度报告》（Form 10-K）附注 5“公允价值计量”。

Molina Healthcare, Inc. 2026年9月 30日 Form 10-Q | 10

截至2026年9月 30日，我们以经常性基础按公允价值计量的金融工具如下：


			可观察输入值		直接或间接可观察输入值		不可观察输入值
	总计		（第1级）		（第2级）		（第3级）

	（单位：百万）
公司债务证券	$	2,400			$	—		$	2,400	$	—
抵押贷款支持证券	946			—			946		—
资产支持证券	391			—			391		—
美国国债票据	189			—			189		—
市政证券	129			—			129		—



其他	45			—			45		—
资产总计	$	4,100			$	—		$	4,100	$	—

截至2025年12月 31日，我们以经常性基础按公允价值计量的金融工具如下：


			可观察输入值		直接或间接可观察输入值		不可观察输入值
	总计		（第1级）		（第2级）		（第3级）

	（单位：百万）
公司债务证券	$	2,465			$	—		$	2,465	$	—
抵押贷款支持证券	953			—			953		—
资产支持证券	364			—			364		—
美国国债票据	20			—			20		—
市政证券	159			—			159		—


其他	47			—			47		—
资产总计	$	4,008			$	—		$	4,008	$	—

公允价值计量——仅供披露

应付票据的账面金额和估计公允价值被归类为第2级金融工具。这些证券的公允价值采用市场法确定，依据是在活跃市场中类似证券的报价，或在非活跃市场中相同证券的报价。


	2026年9月30日		2025年12月31日
	账面金额		公允价值		账面金额		公允价值

	（单位：百万）
4.375% 2028年到期票据	$	798			$	774		$	797	$	786
3.875% 2030年到期票据	646			585			646		603
6.500% 2031年到期票据	840			838			838		873
3.875% 2032年到期票据	745			652			744		682
6.250% 2033年到期票据	742			717			741		764


总计	$	3,771			$	3,566		$	3,766	$	3,708

Molina Healthcare, Inc. 2026年9月 30日 Form 10-Q | 11

5. 投资

可供出售

我们将所有归类为流动资产的投资视为可供出售。下表汇总了截至所示日期的流动投资：


	2026年9月30日
	摊余成本		未实现总额		估计公允价值
		收益		损失

	（单位：百万）
公司债务证券	$	2,459			$	2		$	61	$	2,400
抵押贷款支持证券	1,000			—			54		946
资产支持证券	397			—			6		391
美国国债票据	189			—			—		189
市政证券	133			—			4		129



其他	47			—			2		45
总计	$	4,225			$	2		$	127	$	4,100


	2025年12月31日
	摊余成本		未实现收益（总额）		估计公允价值
		收益		损失

	（百万美元）
公司债务证券	$	2,437			$	35		$	7	$	2,465
抵押贷款支持证券	963			11			21		953
资产支持证券	363			3			2		364
美国国债票据	20			—			—		20
市政证券	158			2			1		159


其他	47			1			1		47
总计	$	3,988			$	52		$	32	$	4,008

预期到期日可能与合同到期日不同，因为借款人可能有权在有或没有赎回或提前还款罚金的情况下赎回或提前偿还债务。截至2026年9月30日，我们当前投资的合同到期日汇总如下：


	摊余成本		估计公允价值

	（百万美元）
一年内到期	$	558			$	557
一年后至五年内到期	1,708			1,679
五年后至十年内到期	846			808
十年后到期	1,113			1,056
总计	$	4,225			$	4,100

截至2026年9月30日和2025年9月30日的九个月内，可供出售证券到期和赎回金额分别为$928 million和$933 million，出售金额分别为$92 million和$84 million。可供出售证券出售产生的已实现收益和损失总额采用个别识别法计算，并计入投资收益。截至2026年和2025年9月30日的九个月内，已实现投资收益和损失总额均不重大。

我们认为，截至2026年9月30日和2025年12月31日的未实现损失主要由利率波动造成，而非发行人信用状况恶化。此外，截至2026年9月30日，我们无意出售这些投资，且在其摊余成本基础收回之前，我们不太可能被要求出售。因此，我们认为无需计提信用损失准备。

Molina Healthcare, Inc. 2026年9月30日10-Q表 | 12

下表按截至2026年9月30日处于连续亏损状态不足12个月和处于连续亏损状态12个月或以上的可供出售投资进行了分类：


	连续亏损状态不足12个月		连续亏损状态 12个月或以上
	估计公允价值		未实现损失		头寸总数		估计公允价值	未实现损失		头寸总数

	（百万美元）
公司债务证券	$	1,936			$	57		1,172			$	160	$	4	109
抵押贷款支持证券	628			26			477		214			28	166
资产支持证券	300			4			161		42			2	22
市政证券	83			3			160		33			1	34

其他	26			1			29		10			1	14



总计	$	2,973			$	91		1,999			$	459	$	36	345

下表按截至2025年12月31日处于连续亏损状态不足12个月和处于连续亏损状态12个月或以上的可供出售投资进行了分类：


	连续亏损状态不足12个月		持续亏损 12 个月或更长时间
	估计公允价值		未实现亏损		持仓总数		估计公允价值	未实现亏损		持仓总数

	（百万美元）
公司债务证券	$	106			$	1		83			$	372	$	6	205
抵押贷款支持证券	—			—			—		315			21	212
资产支持证券	—			—			—		80			2	41
市政证券	—			—			—		42			1	49


其他	—			—			—		14			1	16

总计	$	106			$	1		83			$	823	$	31	523

持有至到期的受限投资

根据适用于本州健康计划子公司的法规，我们主要以现金、现金等价物、美国国债和公司债务证券维持法定存款以及政府部门要求的存款。我们还持有受限投资，以防范某些按人头付费的服务提供商破产。根据我们运营所在各州的法规要求，或在按人头付费的服务提供商破产时，这些资金的用途受到限制。因此，此类投资在随附的合并资产负债表中列为“受限投资”。

我们有意愿且有能力持有这些受限投资至到期，因此预计能够收取与这些投资相关的合同现金流，不确认公允价值的期间波动。因此，我们持有至到期的受限投资按摊销成本计量，该成本近似于公允价值。截至 2026 年 9 月 30 日，此类投资金额为 345 million 美元，其中 281 million 美元将在一年内到期，61 million 美元将在一至五年内到期，3 million 美元将在五年后到期。

6. 医疗理赔及福利应付款

下表列示了所示期间医疗理赔及福利应付款变动的构成。“与以下项目相关的医疗护理成本：前几年”所列金额，代表年初我们对医疗理赔及福利应付款的原始估计与实际负债之间的差额，该实际负债是根据自首次报告这些负债以来获得的信息（主要是理赔付款信息）确定的。

Molina Healthcare, Inc. 2026 年 9 月 30 日 Form 10-Q | 13


	截至 2026 年 9 月 30 日的九个月
	Medicaid		Medicare		Marketplace		其他	合并

	（百万）
医疗理赔及福利应付款，期初余额	$	3,638			$	688		$	547	$	14	$	4,887
医疗护理成本构成，相关项目：
本年度	22,585			4,399			1,789		8	28,781
前几年	(203)			(114)			(28)		(7)	(352)
医疗护理成本总额	22,382			4,285			1,761		1	28,429
医疗护理成本付款，相关项目：
本年度	19,369			3,787			1,529		7	24,692
前几年	2,913			556			487		7	3,963
已付款总额	22,282			4,343			2,016		14	28,655

非风险及其他应付款变动	324			3			—		—	327
医疗理赔及福利应付款，期末余额	$	4,062			$	633		$	292	$	1	$	4,988


	截至 2025 年 9 月 30 日的九个月
	Medicaid		Medicare		Marketplace		其他	合并

	（百万）
医疗理赔及福利应付款，期初余额	$	3,667			$	722		$	251	$	—	$	4,640
医疗护理成本构成，相关项目：
本年度	22,165			4,306			2,940		65	29,476
往年	(118)			(56)			50		—	(124)
医疗护理总成本	22,047			4,250			2,990		65	29,352
与以下项目相关的医疗护理成本付款：
本年度	19,074			3,753			2,525		73	25,425
往年	3,067			676			306		10	4,059
已付总额	22,141			4,429			2,831		83	29,484
收购余额，扣除收购后调整	—			152			173		36	361
非风险及其他应付款项变动	(25)			—			—		—	(25)
期末应付医疗索赔和福利款	$	3,548			$	695		$	583	$	18	$	4,844

截至2026年9月30日，已发生但未支付的索赔金额合计为2,985 million，其中包括截至资产负债表日已发生并已向我们报告的索赔成本，以及我们对已发生但尚未向我们报告的索赔成本的最佳估计。截至2026年9月30日和2025年9月30日，我们对2025年12月31日和2024年12月31日记录的应付医疗索赔和福利款估计分别有利地变动了约352 million和124 million。

截至2026年9月30日的九个月内确认的有利往年准备金发展，主要归因于在中度不利情况下计提准备金、会员医疗服务利用率低于预期以及经营业绩改善，主要体现在Medicaid和Medicare业务板块。因此，随着索赔付款得到处理，2026年确认的最终成本低于我们在2025年的估计。

Molina Healthcare, Inc. 2026年9月30日 Form 10-Q | 14

7. 债务

下表汇总了我们的未偿债务：


	2026年9月30日		2025年12月31日

	（单位：million）




非流动长期债务：
4.375%票据，2028年6月15日到期	$	800			$	800
3.875%票据，2030年11月15日到期	650			650
6.500%票据，2031年2月15日到期	850			850
3.875%票据，2032年5月15日到期	750			750
6.250%票据，2033年1月15日到期	750			750


递延债务发行成本	(29)			(34)
合计	$	3,771			$	3,766

优先票据

上述各票据均为母公司Molina Healthcare, Inc.的优先无担保债务，在偿付顺序上与所有现有及未来优先债务享有同等地位，并优先于Molina Healthcare, Inc.所有现有及未来次级债务。优先票据契约包含惯常的非财务契约和控制权变更条款。截至2026年9月30日，我们遵守了优先票据契约中的所有非财务契约。

优先票据契约包含交叉违约条款：若我们或任何子公司拖欠适用契约规定金额以上的任何债务，即会触发该条款。如下文所述，截至2026年9月30日，信贷协议项下没有未偿还金额，因此优先票据不存在交叉违约风险。

信贷协议

我们是《信贷协议》（以下简称“信贷协议”）的当事方，该协议包括一项12.5亿美元的循环信贷额度（以下简称“信贷额度”）、一项1,500万美元的周转额度子额度、一项1亿美元的信用证子额度，以及最高8亿美元的未承诺增量定期贷款额度，可用于为某些收购提供资金。根据我们的选择，信贷协议项下借款按基准利率或其他规定利率加适用利差计息。除按信贷协议项下不时未偿还债务本金支付利息外，我们还须按季度支付承诺费。信贷协议期限为五年，所有未偿还款项均于2030年11月20日到期应付。

信贷协议包含惯常的非财务和财务契约，包括利息覆盖率不得低于3.0:1.0，以及综合总债务与资本比率不得高于60%；如发生重大收购或一系列相关收购（即现金对价达到5亿美元或以上），该上限可在之后四个财政季度提高至65%。我们于2026年2月4日签署了信贷协议修正案，暂时降低利息覆盖率门槛：(a) 对于截至2026年3月31日至2026年12月31日（含）各财政季度，为1.75:1.00；(b) 对于截至2027年3月31日的财政季度，为2.00:1.00；(c) 对于截至2027年6月30日的财政季度，为2.50:1.00；(d) 对于截至2027年9月30日的财政季度，为2.75:1.00。截至2026年9月30日，我们遵守了信贷协议项下所有非财务和财务契约。

截至2026年9月30日，信贷协议项下无未偿还金额。

8. 分部

我们目前有四个可报告分部：1) Medicaid；2) Medicare；3) Marketplace；以及4) 其他。我们的可报告分部与我们目前管理业务及看待所服务市场的方式一致。

Medicaid、Medicare和Marketplace分部代表我们提供管理式医疗服务的政府资助或支持项目。其他分部对我们的合并经营业绩影响不重大，包括在威斯康星州提供的长期服务和支持咨询服务，以及

Molina Healthcare, Inc. 2026年9月30日 Form 10-Q | 15

与ConnectiCare交易相关收购的商业业务部分，该交易于2025年2月1日生效交割。

用于评估各业务分部业绩的关键指标是收入、利润率和医疗护理比率（“MCR”）。MCR 指医疗护理成本占保费收入的比例。因此，基础利润率，即各业务分部从收入中扣除医疗或服务成本后赚取的金额，是管理层审阅的最重要盈利指标；我们的首席执行官（即首席运营决策者）使用该指标审阅业绩、评估表现并分配资源。此类监督和决策包括定价、批准资本支出以及识别增长机会等。我们不按业务分部报告总资产，因为该指标不用于评估业务分部业绩或分配资源。


	截至2026年9月30日止三个月
	医疗补助		医疗保险		市场		其他	总计

	（百万美元）
收入：
保费收入	$	8,199			$	1,616		$	642	$	—	$	10,457
服务收入	—			—			—		23	23
来自外部客户的收入	8,199			1,616			642		23	10,480
其他经营收入(1)								602
总收入								11,082
经营费用：
医疗护理成本	7,622			1,503			594		—	9,719
服务收入成本	—			—			—		21	21
业务分部费用	7,622			1,503			594		21	9,740
其他经营费用(2)								1,236
经营收入								106
减：利息费用								53
所得税费用前收入								$	53
业务分部利润率：
医疗利润率	$	577			$	113		$	48	$	—	$	738
服务利润率	—			—			—		2	2

Molina Healthcare, Inc. 2026年9月30日 10-Q表 | 16


	截至2025年9月30日止三个月
	医疗补助		医疗保险		市场		其他	总计

	（百万美元）
收入：
保费收入	$	8,015			$	1,610		$	1,197	$	19	$	10,841
服务收入	—			—			—		21	21
来自外部客户的收入	8,015			1,610			1,197		40	10,862
其他经营收入(1)								615
总收入								11,477
经营费用：
医疗护理成本	7,376			1,507			1,144		17	10,044
服务收入成本	—			—			—		20	20
业务分部费用	7,376			1,507			1,144		37	10,064
其他经营费用(2)								1,276
经营收入								137
减：利息费用								49
所得税费用前收入								$	88
业务分部利润率：
医疗利润率	$	639			$	103		$	53	$	2	$	797
服务利润率	—			—			—		1	1


	截至2026年9月30日止九个月
	医疗补助		医疗保险		市场		其他	总计

	（百万美元）
收入：
保费收入	$	24,175			$	4,698		$	1,994	$	6	$	30,873
服务收入	—			—			—		69	69
来自外部客户的收入	24,175			4,698			1,994		75	30,942
其他经营收入(1)								1,810
总收入								32,752
经营费用：
医疗护理成本	22,382			4,285			1,761		1	28,429
服务收入成本	—			—			—		64	64
业务分部费用	22,382			4,285			1,761		65	28,493
其他经营费用(2)								3,925
经营收入								334
减：利息费用								161
所得税费用前收入								$	173
业务分部利润率：
医疗利润率	$	1,793			$	413		$	233	$	5	$	2,444
服务利润率	—			—			—		5	5

Molina Healthcare, Inc. 2026年9月30日 10-Q表 | 17


	截至2025年9月30日止九个月
	医疗补助		医疗保险		市场		其他	总计

	（百万）
收入：
保费收入	$	24,174			$	4,686		$	3,401	$	76	$	32,337
服务收入	—			—			—		65	65
来自外部客户的收入	24,174			4,686			3,401		141	32,402
其他营业收入 (1)								1,649
总收入								34,051
营业费用：
医疗费用	22,047			4,250			2,990		65	29,352
服务收入成本	—			—			—		58	58
分部费用	22,047			4,250			2,990		123	29,410
其他营业费用 (2)								3,698
营业利润								943
减：利息费用								140
所得税费用前利润								$	803
分部利润率：
医疗利润率	$	2,127			$	436		$	411	$	11	$	2,985
服务利润率	—			—			—		7	7

______________________

(1)其他营业收入包括保费税收入、投资收入及某些其他收入。

(2)其他营业费用包括一般及行政费用、保费税费用、折旧和摊销、减值及某些其他营业费用。

9. 承诺与或有事项

法律诉讼

医疗保健行业受联邦、州和地方政府的众多法律法规以及规范我们运营的各种合同条款约束。对这些法律、法规和合同条款的遵守情况可能接受政府审计、审查和解释，也可能受到监管行动的影响。违反这些法律、法规和合同条款可能导致的处罚包括巨额罚款和处罚、暂时或永久被排除在参与公共资助项目之外、限制我们营销或销售产品的能力、退还此前已开票并收取的收入，以及声誉受损。

我们在日常业务过程中涉及法律诉讼，包括但不限于各种雇佣索赔、供应商纠纷和服务提供方索赔。其中一些法律诉讼要求金钱赔偿，包括可能不在保险承保范围内的惩罚性赔偿索赔。我们会审查法律事项，并在必要时更新对合理可能且可估计损失及相关披露的估计或估计范围。对于我们认为损失很可能发生且可合理估计的法律事项，我们已计提负债。这些负债估计可能会因进一步进展而发生变化。这些法律诉讼的结果本质上具有不确定性。对一项或多项待决事项作出不利裁决，可能对我们的合并财务状况、经营业绩或现金流产生重大不利影响。

2025年10月3日，一起证券集体诉讼（案名为 Hindlemann v. Molina Healthcare, Inc., et al.）在美国加利福尼亚州中区联邦地区法院提起（“证券诉讼”）。该诉讼代表一类推定集体成员提起，这些股东在2025年2月5日至2025年7月23日期间取得了公司证券。2026年3月31日，首席原告提交了合并起诉状，并将所称集体诉讼期间扩大至2024年10月23日至2026年2月6日。证券诉讼指控公司违反联邦证券法，涉及公司的披露内容，包括盈利指引相关披露。2026年6月5日，公司提交了驳回合并起诉状的动议。2026年10月20日，法院正式对本案作出有偏见驳回。2025年12月12日，一起股东派生诉讼（案名为 Taylor v. Wolf, et al.）已在美国加利福尼亚州中区联邦地区法院针对公司提起，涉及公司董事及部分高管（“派生诉讼”）。

Molina Healthcare, Inc. 2026年9月30日 Form 10-Q | 18

派生诉讼指控，针对与证券诉讼中相同陈述及事件，公司董事及部分高管违反信托义务及证券法。2026年6月2日，法院裁定暂停派生诉讼，待证券诉讼解决。随着证券诉讼近期得到解决，原告于2026年10月6日提交通知，申请有偏见地驳回派生诉讼。

Molina Healthcare, Inc. 2026年9月30日 Form 10-Q | 19

管理层对财务状况及经营业绩的讨论与分析（“MD&A”）

前瞻性陈述

本季度 Form 10-Q 报告（以下简称“本 Form 10-Q”）包含前瞻性陈述。我们拟使此类前瞻性陈述受《1933 年证券法》（以下简称《证券法》）第 27A 条以及《1934 年证券交易法》（以下简称《证券交易法》）第 21E 条中有关前瞻性陈述的安全港条款保护。许多前瞻性陈述位于“管理层对财务状况和经营成果的讨论与分析”标题下。前瞻性陈述基于某些假设，表达对未来事件的当前预期；除本 Form 10-Q 中有关历史事实的陈述外，所有陈述均可能属于前瞻性陈述。在某些情况下，您可以通过“指引”“未来”“预期”“假设”“相信”“嵌入”“估计”“预计”“增长”“打算”“计划”“预测”“预计”“将”“会”“可能”“可以”等词语，或这些词语的否定形式及其他类似表达来识别前瞻性陈述。本 Form 10-Q 中包含的前瞻性陈述包括但不限于有关我们未来经营成果和财务状况、行业和业务趋势、立法和监管动态及其潜在影响、业务战略、战略交易和商业安排、市场和产品变化、会员人数、医疗成本和市场趋势，以及我们未来运营目标的陈述。提醒读者不要过度依赖任何前瞻性陈述，因为未来本质上难以预测。因此，前瞻性陈述并非对未来业绩的保证；由于众多已知和未知的风险与不确定性，公司的实际业绩可能存在重大差异。

这些已知风险和不确定性包括但不限于我们 2025 年 Form 10-K 年度报告“风险因素”部分所列的风险因素，包括但不限于与以下事项相关的风险：

•Medicaid、Medicare 或 Marketplace 的按人头付费费率不足以完全覆盖我们的医疗护理成本，和/或会员的医疗服务利用率及健康状况严重程度，包括但不限于住院和门诊费用、药房费用以及行为健康护理费用；费率上调不足，未能以精算上稳健的方式跟上或赶上当前医疗护理成本趋势；

•federal or state legislative or regulatory changes, including changes effected by, or negative public perceptions of the Medicaid program created by, the One Big Beautiful Bill Act, or changes effected through Executive Orders or HHS/CMS administrative agency rulemaking with regard to the Medicaid, Medicare, or Marketplace programs, including potential reductions in Medicaid funding, political pressures directed at the health insurance industry regarding managed care and prior authorization practices, advocacy for and potential implementation of aspects of the so-called Great Healthcare Plan, changes to the federal matching percentage paid to states, the implementation of Medicaid work requirements, block grants or per capita caps, the reduction or elimination of provider taxes, uncertainty regarding the status or effect of Marketplace subsidies, the implementation of new program integrity rules, insufficient Medicare Advantage rate adjustments, new rules pertaining to Medicare Risk Adjustment Data Validation, or amendments of the Affordable Care Act (“ACA”);

•budget pressures on state governments, CMS’ withholding of FMAP payments to states based on allegations of fraud, and states’ efforts to reduce rates and limit rate increases to avoid budget deficits;

•evolving Marketplace dynamics including issues impacting enrollment, special enrollment periods, member choice, premium subsidies, broker rates, risk adjustment estimates and results, Marketplace plan insolvencies or receiverships, and the potential for disproportionate enrollment of higher acuity members;

•the success of our efforts to retain existing or awarded government contracts, the success of our bid submissions in response to requests for proposal, our ability to identify merger and acquisition targets to support our continued growth over time at projected levels, and our ability to realize the full amount of our embedded earnings;

•the success of the scaling up of our operations in new states in connection with request for proposal wins, including our new Florida Kids program contract and operations, and the satisfaction of all readiness review requirements under the new Medicaid contracts;

•our ability to integrate our acquisitions and realize expected benefits and limit our liabilities as projected;

•subsequent adjustments to reported premium revenue based upon subsequent developments or new information, including retroactive Medicaid rate adjustments in a state or changes to estimated amounts payable or receivable related to Marketplace risk adjustment;

•effective management of our medical costs, and the accurate estimation of incurred but not reported or paid medical costs across our health plans;

•our ability to predict with a reasonable degree of accuracy utilization rates;

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 20

Table of Contents

•cyber-attacks, ransomware attacks, or other privacy or data security incidents involving either ourselves or our contracted vendors, that result in an inadvertent unauthorized disclosure of protected information or operational delays;

•the ability to manage our operations, including maintaining and creating adequate internal systems and controls relating to authorizations, approvals, provider payments, and the overall success of our care management initiatives;

•operational improvements, efficiencies, and cost savings that are less than anticipated, or that result in unforeseen consequences, from our investments in artificial intelligence (“AI”) administrative tools and initiatives;

•the impact of our working in a remote work environment;

•our receipt of rates adequate to support increasing pharmacy costs, including costs associated with specialty drugs and costs resulting from formulary changes that allow the option of higher-priced non-generic drugs;

•the interpretation, implementation, and estimates of amounts owed for federal or state medical cost expenditure floors, administrative cost and profit ceilings, premium stabilization programs, profit-sharing arrangements, and risk adjustment provisions and requirements;

•the interpretation and implementation of at-risk premium rules and state contract performance requirements regarding the achievement of certain quality measures, and our ability to recognize revenue amounts associated therewith;

•the transition of Medicare-Medicaid pilot programs in California, Illinois, Michigan, Ohio, South Carolina, and Texas serving those dually eligible for both Medicare and Medicaid, the increasing integration of Medicare and Medicaid programmatic and compliance requirements, and the extension or incorporation of federal Medicare requirements developed by CMS into state-administered Medicaid programs;

•changes in our annual effective tax rate due to federal and/or state legislation, or changes in our mix of earnings and other factors;

•the efficient and effective operations of the vendors on whom our business relies;

•complications, member confusion, or enrollment backlogs related to the renewal of Medicaid coverage;

•fraud, waste and abuse matters, including the recent expressions of a federal crackdown on purported Medicaid fraud in certain of the states in which we operate, government audits, reviews, investigations, demands, or comment letters, and any fine, sanction, enrollment freeze, debarment, corrective action plan, monitoring program, settlement, or premium recovery that may result therefrom;

•the success of our providers, including delegated providers, the adequacy of our provider networks, the successful maintenance of relations with our providers, the accuracy of our provider directories incidental to provider turnover and network changes, and potential medical or pharmaceutical supply shortfalls suffered by our providers incidental to the implementation of tariffs;

•approval by state regulators of dividends and distributions by our health plan subsidiaries;

•high dollar claims related to catastrophic illness;

•the favorable resolution of litigation, arbitration, investigations, or administrative proceedings consistent with our expectations;

•the greater scale and revenues of our health plans in California, New York, Texas, and Washington, and risks related to the concentration of our business in those states;

•the failure to comply with the financial or other covenants in the Credit Agreement (as defined below) or the indentures governing our outstanding senior notes;

•the availability of adequate financing on acceptable terms to fund and capitalize our expansion and growth, and to meet our general liquidity needs;

•the failure of a state in which we operate to renew its federal Medicaid waiver;

•risks associated with vaccine hesitancy and the potential for a new epidemic or pandemic, including risks presented by the flu, measles, or other contagious diseases;

•changes generally affecting the managed care industry, including any new federal or state legislation that impacts the business space in which we operate, or negative public perceptions that may arise about managed care practices or government healthcare programs;

•increases in government surcharges, taxes, and assessments;

•the impact of inflation on our medical costs and the cost of refinancing our outstanding indebtedness;

•the unexpected loss of the leadership of one or more of our senior executives; and

•increasing competition and consolidation in the Medicaid or general healthcare sector.

Each of the terms “Molina Healthcare, Inc.” “Molina Healthcare,” “Company,” “we,” “our,” and “us,” as used herein, refers collectively to Molina Healthcare, Inc. and its wholly owned subsidiaries, unless otherwise stated. The forward-looking statements in this Form 10-Q are based upon information available to us as of the date of this Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 21

Table of Contents

be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-Q. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

This Form 10-Q and the following discussion of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and the notes to those statements appearing elsewhere in this report, and the audited financial statements and Management’s Discussion and Analysis appearing in our 2025 Annual Report on Form 10-K.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 22

Table of Contents

OVERVIEW

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the “Marketplace”). We served approximately 4.9 million members as of September 30, 2026, located across 21 states.

THIRD QUARTER 2026 HIGHLIGHTS

We reported net income of $38 million, or $0.73 per diluted share, for the third quarter of 2026, which reflected the following:

•Membership of 4.9 million at September 30, 2026, which decreased 766,000, or 14%, compared with September 30, 2025, primarily due to general market contraction in Medicaid, and a decrease in Marketplace membership resulting from our product and pricing strategy;

•Premium revenue of $10.5 billion, which decreased 4% compared with the third quarter of 2025, mainly reflects the impact of lower membership, partially offset by rate updates;

•Consolidated medical care ratio (“MCR”) of 92.9% compared with 92.6% for the third quarter of 2025, as we continue to navigate a challenging medical cost environment;

•General and administrative expense (“G&A”) ratio of 6.4%, consistent with the third quarter of 2025; and

•Pre-tax margin of 0.5%.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 23

Table of Contents

CONSOLIDATED FINANCIAL SUMMARY

The following table summarizes our consolidated results of operations and other financial information for the periods indicated:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025

	(In millions, except per-share amounts)
Premium revenue	$	10,457			$	10,841			$	30,873		$	32,337
Less: medical care costs	9,719			10,044			28,429			29,352
Medical margin	738			797			2,444			2,985
MCR (1)	92.9	%		92.6	%		92.1	%		90.8	%

Other revenues:
Premium tax revenue	500			506			1,509			1,325


Investment income	102			108			301			322
Other revenue	23			22			69			67

General and administrative expenses	710			729			2,213			2,214
G&A ratio (2)	6.4	%		6.4	%		6.8	%		6.5	%

Premium tax expenses	500			506			1,509			1,325

Depreciation and amortization	38			45			117			151
Impairment	—			—			93			—
Other	9			16			57			66
Operating income	106			137			334			943
Interest expense	53			49			161			140

Income before income tax expense	53			88			173			803
Income tax expense	15			9			61			171
Net income	$	38			$	79			$	112		$	632

Net income per share – Diluted	$	0.73			$	1.51			$	2.19		$	11.79

Diluted weighted average shares outstanding	51.5			52.5			51.3			53.6

Other Key Statistics
Ending Membership	4.9			5.6			4.9			5.6
Effective income tax rate	28.5	%		10.1	%		35.2	%		21.3	%
Pre-tax margin (3)	0.5	%		0.8	%		0.5	%		2.4	%

________________________

(1) MCR represents medical care costs as a percentage of premium revenue.

(2) G&A ratio represents general and administrative expenses as a percentage of total revenue.

(3) Pre-tax margin represents income before income tax expense as a percentage of total revenue.

CONSOLIDATED RESULTS

NET INCOME AND OPERATING INCOME

Net income in the third quarter of 2026 amounted to $38 million, or $0.73 per diluted share, compared with $79 million, or $1.51 per diluted share, in the third quarter of 2025. Net income in the nine months ended September 30, 2026 amounted to $112 million, or $2.19 per diluted share, compared with $632 million, or $11.79 per diluted share, in the nine months ended September 30, 2025.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 24

Table of Contents

Operating income decreased to $106 million in the third quarter of 2026, compared with $137 million in the third quarter of 2025. Operating income in the nine months ended September 30, 2026 decreased to $334 million, compared with $943 million in the nine months ended September 30, 2025.

The change in operating income was mainly due to the impact of lower premium revenue, the increase in MCR, and the $93 million impairment charge related to our planned exit of the MAPD product in 2027 that was recorded in the first quarter of 2026.

PREMIUM REVENUE

Premium revenue decreased $384 million, or 4%, in the third quarter of 2026, when compared with the third quarter of 2025, and decreased $1.5 billion, or 5%, in the nine months ended September 30, 2026, when compared with the nine months ended September 30, 2025. The lower premium revenue in both periods reflects the impact of lower membership, partially offset by rate updates. See further discussion in “Reportable Segments—Segment Financial Performance,” below.

MEDICAL CARE RATIO

The consolidated MCR in the third quarter of 2026 increased to 92.9%, compared with 92.6% in the third quarter of 2025, or 30 basis points, and the consolidated MCR in the nine months ended September 30, 2026 increased to 92.1%, compared with 90.8% MCR for the nine months ended September 30, 2025, or 130 basis points. The increase in the third quarter of 2026 is mainly attributable to our Medicaid segment. The increase in the nine months ended September 30, 2026, reflects a higher MCR in all of our segments, as we continue to navigate a challenging medical cost environment. See further discussion in “Reportable Segments—Segment Financial Performance,” below.

The impact of prior year reserve development in the nine months ended September 30, 2026 was partially absorbed by minimum MLRs and medical cost corridors.

PREMIUM TAX REVENUE AND EXPENSES

The premium tax ratio (premium tax expense as a percentage of premium revenue plus premium tax revenue) was 4.6% and 4.5% for the third quarter of 2026 and 2025, respectively, and 4.7% and 3.9% for the nine months ended September 30, 2026 and 2025, respectively. The increased ratio for both periods was mainly due to state mix changes in our Medicaid segment.

INVESTMENT INCOME

Investment income decreased to $102 million in the third quarter of 2026, compared with $108 million in the third quarter of 2025, and decreased to $301 million in the nine months ended September 30, 2026, compared with $322 million in the nine months ended September 30, 2025. The decrease was mainly attributable to a decline in prevailing interest rates and investment yields.

OTHER REVENUE

Other revenue amounted to $23 million in the third quarter of 2026, compared with $22 million in the third quarter of 2025, and totaled $69 million in the nine months ended September 30, 2026, compared with $67 million in the nine months ended September 30, 2025. Other revenue mainly includes service revenue associated with long-term services and supports consultative services we provide in Wisconsin.

G&A EXPENSES

The G&A expense ratio was 6.4% in the third quarter of 2026, consistent with the third quarter of 2025. The G&A expense ratio was 6.8% in the nine months ended September 30, 2026, compared with 6.5% in the nine months ended September 30, 2025. The increase in G&A ratio for the nine months ended September 30, 2026 reflects the impact of lower premium revenues, partially offset by the impact of continued operating discipline.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization was $38 million in the third quarter of 2026, compared with $45 million in the third quarter of 2025, and was $117 million in the nine months ended September 30, 2026, compared with $151 million in the nine months ended September 30, 2025. The decrease is due to certain intangibles becoming fully amortized and the resulting impact from the impairment discussed below.

IMPAIRMENT

In the first quarter of 2026, we recognized an impairment of $93 million on intangible assets due to our strategic shift to focus exclusively on dual-eligible members in Medicare and plan to exit MAPD for 2027.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 25

Table of Contents

OTHER OPERATING EXPENSES

Other operating expenses amounted to $9 million in the third quarter of 2026, a decrease of $7 million compared with the third quarter of 2025, and amounted to $57 million in the nine months ended September 30, 2026, a decrease of $9 million compared with the nine months ended September 30, 2025. Other operating expenses primarily include service costs associated with long-term services and supports consultative services we provide in Wisconsin, as noted above. Additionally, the changes in both periods reflect lower non-recurring costs associated with acquisitions compared to 2025.

INTEREST EXPENSE

Interest expense was $53 million and $49 million in the third quarter of 2026 and 2025, respectively, and $161 million and $140 million for the nine months ended September 30, 2026 and 2025, respectively. The increase is mainly attributable to the issuance of $850 million of notes in November 2025.

INCOME TAXES

Income tax expense amounted to $15 million in the third quarter of 2026, or 28.5% of pretax income, compared with income tax expense of $9 million, or 10.1% of pretax income, in the third quarter of 2025. Income tax expense amounted to $61 million in the nine months ended September 30, 2026, or 35.2% of pretax income, compared with income tax expense of $171 million, or 21.3% of pretax income, in the nine months ended September 30, 2025. The differences in the effective tax rate is due to the impact of higher nondeductible expenses and lower tax benefits related to transferrable federal tax credits on lower pretax income in 2026, and differences in discrete tax items recognized in the respective periods.

TRENDS AND UNCERTAINTIES

LEGISLATIVE AND REGULATORY DEVELOPMENTS

One Big Beautiful Bill Act (“OBBBA”)

The President signed the OBBBA into law in July 2025, which contains changes to the Medicaid and Marketplace programs. For Medicaid, the law requires states to establish work requirements, more frequent redeterminations, and cost sharing for the Expansion program over the period from 2027 to 2029, among other modifications. These changes are expected to reduce enrollment in state Medicaid programs, but the timing and magnitude of the reductions may vary by state depending on how quickly states implement the changes, as well as macroeconomic factors since some changes are subject to suspension in case of increases in local unemployment rates. We estimate the reduction in enrollment will emerge gradually and reduce premium at compounded annual growth of 2% to 3% through 2029, primarily in Medicaid Expansion, and any acuity shift should be minor and gradual. An estimated two-thirds of our Expansion members already work in some capacity. The law also reduces revenues that states can raise through provider taxes to finance their share of Medicaid spending and limits payments to Medicaid providers to 100 percent of the mandated Medicare rate for Expansion states and 110 percent of the Medicare rate for non-Expansion states. These changes are scheduled to begin in 2028, and we expect they may take 5 to 10 years to be fully implemented. Their impact is uncertain at this time and will depend on how states may adapt their future tax and Medicaid funding policies in response.

The law limits which legal aliens may be eligible for Marketplace premium tax credits (“PTCs”) and will require pre-enrollment eligibility verification for enrollees to receive PTCs. These changes are planned to be phased in over the period from 2026 to 2028 and are expected to reduce national Marketplace enrollment as well.

Marketplace Program Integrity and Affordability Rule

In June 2025, the Department of Health and Human Services (“HHS”) finalized the Marketplace Program Integrity and Affordability Rule. The rule, among other changes, shortens the open enrollment period starting in 2027, eliminated the special enrollment period for people with incomes at or below 150% federal poverty level, and tightened eligibility verification requirements for all enrollees. Certain provisions of the Marketplace Program Integrity and Affordability Rule have been subject to legal challenges. The Notice of Benefit and Payment Parameters (“NBPP”) Final Rule for the 2027 plan year reintroduces updated versions of certain of these provisions, which could significantly impact the Marketplace. Certain of the provisions have been subject to legal challenge, and the outcome of these legal challenges and the long-term impacts of the Marketplace Program Integrity and Affordability Rule and the NBPP Rule are uncertain.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 26

Table of Contents

OTHER RECENT DEVELOPMENTS

RFPs

Florida Procurement—Medicaid. In November 2025, the Florida Agency for Health Care Administration issued a Notice of Agency Decision that it intended to award a contract to provide Statewide Medicaid Managed services to enrollees of the Title XIX and Title XXI Children’s Medical Services Program (“Florida Kids”) to our Florida health plan. We were the sole plan selected and we expect to serve approximately 120,000 enrollees. The contract commenced on October 1, 2026, and is expected to run through December 2030.

Wisconsin Procurement—Medicaid. In July 2026, the Wisconsin Department of Health Services issued a notice of intent to award a contract to provide services under the Family Care and Family Care Partnership programs in its Geographic Service Region 3 to our Wisconsin health plan. The new contract is expected to begin on January 1, 2027 with an expected duration of one year, with an option to renew for an additional seven, one-year renewals.

Illinois Procurement—Medicaid. In June 2026, the Illinois Department of Healthcare and Family Services awarded a HealthChoice Illinois Medicaid Managed Care program contract to our Illinois health plan. The go-live date for the new contract is expected to be January 1, 2027. The contract is expected to have a duration of four-and-a-half years, with the option to extend the contract up to an additional five-and-a-half years at the discretion of the state.

Idaho Procurement—Medicaid and Medicare. Our new contract commenced on January 1, 2026.

Michigan Procurement—Medicare. Our new contract commenced on January 1, 2026 in select regions.

Massachusetts Procurement—Medicare. Our new contract commenced on January 1, 2026.

Ohio Procurement—Medicare. Our new contract commenced on January 1, 2026.

Wisconsin Procurement—Medicaid. In August 2025, the Wisconsin Department of Health Services awarded a contract to provide services under the Family Care and Family Care Partnership programs in its Geographic Service Regions 2 and 7 to our Wisconsin health plan. The contract commenced on January 1, 2026 and is expected to have a duration of two years, with an option for three two-year extensions.

Nevada Procurement—Medicaid. In March 2025, the Nevada Department of Health and Human Services Division of Health Care Financing and Policy awarded a Medicaid and Children’s Health Insurance Program managed care contracts to our Nevada health plan. The new contract will cover Urban Clark and Urban Washoe. The new contract commenced on January 1, 2026 and will run through December 31, 2030, with one two-year extension.

Illinois Procurement—Medicare. In March 2025, the Illinois Department of Healthcare and Family Services awarded a contract to provide a Fully Integrated Dual Eligible Special Needs Plan to our Illinois health plan. This contract will replace the state’s Medicare-Medicaid Alignment Initiative demonstration program. The new contract commenced on January 1, 2026. The contract is expected to have an initial term of four years, with the option to extend the contract from the initial term so long as the total contract term does not exceed ten years.

Georgia Procurement—Medicaid. In December 2024, the Georgia Department of Administrative Services issued the Notice of Intent to Award in the Georgia Families Medicaid Managed procurement. Our Georgia health plan was the top scorer, and was noticed for award of one of the four statewide contracts. The new contract was originally scheduled to commence on July 1, 2025; however, due to ongoing procurement protests, we now anticipate implementation beginning in late 2027 or in 2028.

Texas Procurement—Medicaid - STAR CHIP. In the first quarter of 2024, we were notified of the Texas Health and Human Services Commission’s intent to award us a contract for Temporary Assistance for Needy Families (“TANF”) and Children’s Health Insurance Program (“CHIP”) (known in Texas as the STAR & CHIP programs, and both existing contracts for Molina), expanding our footprint and expecting to grow our market share. The expected start of operations is now in late 2027 or in 2028.

Business Trends

Medicaid. We expect our Medicaid enrollment to decrease in 2026, to a total of 4.4 million members by the end of the year, excluding the 120,000 members we expect to serve in the new Florida Kids program that commenced on October 1, 2026, due to general market contraction.

MMP Transition—Medicare. On January 1, 2026, we successfully completed the transition of Medicare-Medicaid Plan (“MMP”) members in five states (Illinois, Michigan, Ohio, South Carolina, and Texas) to new integrated dual eligible special needs plans (“FIDE/HIDE”), which totaled approximately $1.9 billion in total premium revenue in 2025. Our duals business will be the long-term strategic focus for our Medicare segment. As previously mentioned, we will exit the MAPD product in 2027.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 27

Table of Contents

Medicare. We expect our Medicare enrollment to decrease in 2026, including further reductions in MAPD membership aimed at improving margins to a total of 230,000 members, or 12%, by the end of the year. In 2026, we are participating in Medicare in all our markets except Florida.

Marketplace. In 2026, we are offering Marketplace health plans in all our markets except Arizona, Iowa, Massachusetts, Nebraska, and New York. We now expect our Marketplace enrollment to decrease to approximately 250,000 members by the end of the year, in line with our product and pricing strategy towards restoring our target margins. We expect to make further reductions in Marketplace enrollment for 2027 towards restoring our target margins, which we estimate to result in a $1 billion decrease in Marketplace premiums compared to 2026.

REPORTABLE SEGMENTS

As of September 30, 2026, we served approximately 4.9 million members eligible for Medicaid, Medicare, and other government-sponsored healthcare programs for low-income families and individuals, including Marketplace members, most of whom receive government premium subsidies.

We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other.

The Medicaid, Medicare, and Marketplace segments represent the government-funded or sponsored programs under which we offer managed healthcare services. The Other segment, which is insignificant to our consolidated results of operations, includes long-term services and supports consultative services in Wisconsin and the commercial portion of the business acquired in connection with the ConnectiCare transaction that closed effective February 1, 2025.

HOW WE ASSESS PERFORMANCE

We derive our revenues primarily from health insurance premiums. Our primary customers are state Medicaid agencies and the federal government.

The key metrics used to assess the performance of our segments are revenue, margin and medical care ratio (“MCR”). MCR represents the amount of medical care costs as a percentage of premium revenue. Therefore, the underlying margin, or the amount earned by the segments after medical or service costs are deducted from revenue, represents the most important measure of earnings reviewed by management, and is used by our chief executive officer, who is our chief operating decision maker, to review results, assess performance, and allocate resources. Such oversight and decision making includes, among others, pricing, approving capital expenditures, and identifying growth opportunities. We do not report total assets by segment since this is not a metric used to assess segment performance or allocate resources.

Management’s discussion and analysis of the change in medical margin is discussed below under “Segment Financial Performance.” For more information, see Notes to Consolidated Financial Statements, Note 8, “Segments.”

SEGMENT MEMBERSHIP

The following table sets forth our membership by segment as of the dates indicated:


	September 30,	December 31,		September 30,
	2026	2025		2025
Medicaid	4,372,000		4,568,000		4,639,000
Medicare	222,000		262,000		266,000
Marketplace	267,000		655,000		713,000
Other	1,000		6,000		10,000
Total	4,862,000		5,491,000		5,628,000

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 28

Table of Contents

SEGMENT FINANCIAL PERFORMANCE

The following tables summarize premium revenue, medical margin, and MCR by segment for the periods indicated (dollars in millions):


	Three Months Ended September 30,
	2026		2025
	Premium Revenue		Medical Margin		MCR		Premium Revenue	Medical Margin		MCR

Medicaid	$	8,199			$	577		93.0	%		$	8,015		$	639	92.0	%
Medicare	1,616			113			93.0		1,610			103		93.6
Marketplace	642			48			92.5		1,197			53		95.6
Other (1)	—			—			NM	19			2		NM
Total	$	10,457			$	738		92.9	%		$	10,841		$	797	92.6	%


	Nine Months Ended September 30,
	2026		2025
	Premium Revenue		Medical Margin		MCR		Premium Revenue	Medical Margin		MCR

Medicaid	$	24,175			$	1,793		92.6	%		$	24,174		$	2,127	91.2	%
Medicare	4,698			413			91.2		4,686			436		90.7
Marketplace	1,994			233			88.3		3,401			411		87.9
Other (1)	6			5			NM	76			11		NM
Total	$	30,873			$	2,444		92.1	%		$	32,337		$	2,985	90.8	%

________________________

(1) The Other MCRs are not meaningful.

Medicaid

Medicaid premium revenue increased $184 million, or 2.3%, in the third quarter of 2026, when compared with the third quarter of 2025, but was relatively unchanged on a net basis in the nine months ended September 30, 2026, when compared with the nine months ended September 30, 2025. Both periods in 2026 reflect the impact of rate updates, program changes, and member mix changes, offset by the impact of lower membership due to general Medicaid market contraction. Additionally, the change in the nine months ended September 30, 2026 when compared with the nine months ended September 30, 2025, reflects the expiration of our Virginia Medicaid contract effective June 30, 2025.

The medical margin in our Medicaid program decreased $62 million, or 10%, in the third quarter of 2026 when compared with the third quarter of 2025, and decreased $334 million, or 16%, in the nine months ended September 30, 2026 when compared with the nine months ended September 30, 2025. The changes for both periods were mainly driven by the increases in the MCR, as described below.

The Medicaid MCR increased 100 basis points to 93.0% in the third quarter of 2026, from 92.0% in the third quarter of 2025, and increased 140 basis points to 92.6% in the nine months ended September 30, 2026, from 91.2% in the nine months ended September 30, 2025. The increase in both periods reflects a challenging medical cost environment, particularly in outpatient and high-cost drug cost categories, program changes, and member mix changes, partially offset by rate updates that were in effect during the nine months ended September 30, 2026. The MCR is in line with our expectations.

Medicare

Medicare premium revenue increased $6 million, in the third quarter of 2026 compared to the third quarter of 2025, and increased $12 million, or 0.3%, in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase in both periods primarily reflects changes in product mix, as we transitioned MMP members into integrated duals products, and membership growth associated with the ConnectiCare acquisition that closed on February 1, 2025, partially offset by the impact of further reductions in our MAPD footprint due to our pricing strategy aimed at improving margins.

The medical margin for Medicare increased $10 million in the third quarter of 2026, and decreased $23 million in the nine months ended September 30, 2026, when compared to the same periods in 2025. The changes for both

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 29

Table of Contents

periods were mainly due to the changes in MCR discussed below, and the year-over-year changes in premium revenues discussed above.

The Medicare MCR decreased to 93.0% in the third quarter of 2026, or 60 basis points, compared to the third quarter of 2025, and increased to 91.2% in the nine months ended September 30, 2026, or 50 basis points, compared to the nine months ended September 30, 2025. The decrease in the third quarter was primarily due to favorable risk adjustment premiums and prior period reserve development, partially offset by the impact of product mix changes. The increase in the nine months ended September 30, 2026 was mainly attributable to the impact of product mix changes from transitioning MMP members into integrated duals products discussed above. The third quarter MCR is in line with our expectations.

Marketplace

Marketplace premium revenue decreased $555 million in the third quarter of 2026 compared to the third quarter of 2025, and decreased $1.4 billion in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, due to an expected decrease in membership in line with our product and pricing strategy towards restoring our target margins, and the impact of changes in estimate for prior year risk adjustment. Our Marketplace membership as of September 30, 2026, amounted to 267,000 members, representing a decrease of 446,000 members compared to September 30, 2025.

The Marketplace medical margin decreased $5 million in the third quarter of 2026 when compared with the third quarter of 2025, and decreased $178 million in the nine months ended September 30, 2026 when compared with the nine months ended September 30, 2025. The changes in each period were primarily due to the decline in premium revenue discussed above and the MCR changes discussed below.

The Marketplace MCR decreased to 92.5% in the third quarter of 2026, or 310 basis points, compared to 95.6% in the third quarter of 2025, and increased to 88.3% in the nine months ended September 30, 2026, or 40 basis points, compared to 87.9% in the nine months ended September 30, 2025. The decrease in the MCR for the third quarter of 2026 was mainly due to the impact of favorable changes in estimate for risk adjustment premiums, partially offset by the impact of unfavorable current year member acuity mix changes and continued CMS program integrity initiatives. The increase in MCR for the nine months ended September 30, 2026 mainly reflects the impact of changes in estimate for prior year risk adjustment premiums, continued CMS program integrity initiatives resulting in unfavorable prior year premium adjustments and the impact of unfavorable current year member acuity mix changes. The MCR is in line with our expectations.

Other

The Other segment includes service revenues and costs associated with long-term services and supports consultative services we provide in Wisconsin, the commercial portion of the business acquired in connection with the ConnectiCare transaction that closed effective February 1, 2025, and certain corporate amounts not allocated to the Medicaid, Medicare, or Marketplace segments. Such amounts were immaterial to our consolidated results of operations for the three and nine months ended September 30, 2026 and 2025.

LIQUIDITY, FINANCIAL CONDITION AND CAPITAL RESOURCES

LIQUIDITY

We manage our cash, investments, and capital structure to meet the short- and long-term obligations of our business while maintaining liquidity and financial flexibility. We forecast, analyze, and monitor our cash flows to enable prudent investment management and financing within the confines of our financial strategy.

We maintain liquidity at two levels: 1) the regulated health plan subsidiaries; and 2) the parent company.

Our regulated health plan subsidiaries’ primary liquidity requirements include payment of medical claims and other health care services; payment of certain settlements with our state and federal customers, such as minimum medical loss ratio and risk corridors and Marketplace risk transfers on behalf of CMS; general and administrative costs directly incurred or paid through an administrative services agreement to the parent company; and federal tax payments to the parent company under an intercompany tax sharing agreement. Our regulated health plan subsidiaries meet their liquidity needs by generating cash flows from operating activities, primarily from premium revenue; cash flows from investing activities, including investment income and sales of investments; and capital contributions received from our parent company. In the three and nine months ended September 30, 2026, the parent company contributed capital in the aggregate amount of $100 million and $130 million, respectively, to our

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 30

Table of Contents

regulated health plan subsidiaries in California, Connecticut, Florida, New Mexico and South Carolina to satisfy statutory capital and surplus requirements.

Our regulated health plan subsidiaries are each subject to applicable state regulations that, among other things, require the maintenance of minimum levels of capital and surplus. We continue to maintain levels of aggregate excess statutory capital and surplus in our regulated health plan subsidiaries that we believe are appropriate. See further discussion under “Regulatory Capital and Dividend Restrictions” below. When available and as permitted by applicable regulations, cash in excess of the capital needs of our regulated health plan subsidiaries is generally paid in the form of dividends to our parent company to be used for general corporate purposes. In the three and nine months ended September 30, 2026, the parent company received $185 million and $329 million, respectively, in dividends and return of capital from the regulated health plan subsidiaries. See further discussion of dividends below in “Future Sources and Uses of Liquidity—Future Sources.”

Parent company liquidity requirements generally consist of payment of administrative costs not directly incurred by our regulated operations, including, but not limited to, staffing costs, lease payments, branding and certain information technology services; capital contributions paid to our regulated health plan subsidiaries, including funding for newer health plans; capital expenditures; debt service; funding for common stock purchases, acquisitions and other growth-related activities; and federal tax payments. Our parent company normally meets its liquidity requirements from administrative services fees earned under administrative services agreements; dividends received from our regulated subsidiaries; federal tax payments collected from the regulated subsidiaries; proceeds received from the issuance of debt and equity securities; and cash flows from investing activities, including investment income and sales of investments.

Cash, cash equivalents and investments at the parent company amounted to approximately $608 million and $223 million as of September 30, 2026, and December 31, 2025, respectively. The change for the nine months ended September 30, 2026 was primarily due to timing of certain corporate payments, and the net impact of dividends received from, and contributions made to, our regulated health plan subsidiaries.

Investments

After considering expected cash flows from operating activities, we generally invest cash of regulated subsidiaries that exceeds our expected short-term obligations in longer term, investment-grade, and marketable debt securities to improve our overall investment return. These investments are made pursuant to board-approved investment policies which conform to applicable state laws and regulations.

Our investment policies are designed to provide liquidity, preserve capital, and maximize total return on invested assets, all in a manner consistent with state requirements that prescribe the types of instruments in which our subsidiaries may invest. These investment policies require that our investments have final maturities of less than 15 years, or less than 15 years average life for structured securities. Professional portfolio managers operating under documented guidelines manage our investments and a portion of our cash equivalents. Our portfolio managers must obtain our prior approval before selling investments where the loss position of those investments exceeds certain levels.

The overall rating of our portfolio is AA-. Our investment policy has directives in conjunction with state guidelines to minimize risks and exposures in volatile markets. Additionally, our portfolio managers assist us in navigating the current volatility in the capital markets.

Our restricted investments are invested principally in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities, and we have the ability to hold such restricted investments until maturity. All of our unrestricted investments are classified as current assets.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 31

Table of Contents

Cash Flow Activities

Our cash flows are summarized as follows:


	Nine Months Ended September 30,
	2026		2025		Change

	(In millions)
Net cash provided by (used in) operating activities	$	629			$	(237)		$	866
Net cash (used in) provided by investing activities	(328)			82			(410)
Net cash used in financing activities	(31)			(262)			231
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	$	270			$	(417)		$	687

Operating Activities

We typically receive capitation payments monthly, in advance of payments for medical claims; however, government payors may adjust their payment schedules, positively or negatively impacting our reported cash flows from operating activities in any given period. For example, government payors may delay our premium payments, or they may prepay the following month’s premium payment.

Net cash provided by operations for the nine months ended September 30, 2026 was $629 million, compared with $237 million used in the nine months ended September 30, 2025. The increase in cash flow mainly results from a lower magnitude of net government receivable and payable settlements in 2026 compared to 2025, partially offset by the impact of lower net income in the nine months ended September 30, 2026.

Investing Activities

Net cash used in investing activities was $328 million in the nine months ended September 30, 2026, compared with $82 million provided in the nine months ended September 30, 2025, a decrease in cash flow of $410 million. This change in cash flow reflects the net impact of proceeds and purchases of investments, which amounted to net purchases of $225 million in the nine months ended September 30, 2026 and net proceeds of $410 million in the nine months ended September 30, 2025. Net cash paid in business combinations amounted to $245 million in the nine months ended September 30, 2025, related to the ConnectiCare acquisition.

Financing Activities

Net cash used in financing activities was $31 million in the nine months ended September 30, 2026, compared with $262 million in the nine months ended September 30, 2025, an increase in cash flow of $231 million. In the nine months ended September 30, 2025, financing activity included common stock purchases of $1.0 billion and $1.1 billion in combined borrowings under our prior credit facility, partially offset by $360 million in repayment under the prior credit facility. In addition, in the nine months ended September 30, 2026 and 2025, financing cash outflows included $15 million and $37 million, respectively, for common stock withheld to settle employee tax obligations.

FINANCIAL CONDITION

We believe that our cash resources, borrowing capacity available under our Credit Agreement as discussed further below in “Future Sources and Uses of Liquidity—Future Sources,” and internally generated funds will be sufficient to support our operations, regulatory requirements, debt repayment obligations and capital expenditures for at least the next 12 months.

Our working capital on a consolidated basis was $5.1 billion at both September 30, 2026 and December 31, 2025. At September 30, 2026, our cash and investments amounted to $8.9 billion, compared with $8.6 billion at December 31, 2025. A significant portion of our portfolio is held in cash and cash equivalents, and we do not anticipate the fluctuations in the aggregate fair value of our financial assets to have a material impact on our liquidity or capital position since we intend to hold our securities to maturity. Net unrealized losses on our investments classified as current and available for sale amounted to $125 million at September 30, 2026 compared to net unrealized gains of $20 million at December 31, 2025. We have determined that the unrealized losses primarily resulted from fluctuating interest rates, rather than a deterioration of the creditworthiness of the issuers.

Because of the statutory restrictions that inhibit the ability of our health plan subsidiaries to transfer net assets to us, the amount of retained earnings readily available to pay dividends to our stockholders is generally limited to cash, cash equivalents and investments held by our unregulated parent. For more information, see the “Liquidity” discussion presented above.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 32

Table of Contents

Regulatory Capital and Dividend Restrictions

Each of our regulated, wholly owned subsidiaries must maintain a minimum amount of statutory capital determined by statute or regulations. Such statutes, regulations and capital requirements also restrict the timing, payment and amount of dividends and other distributions, loans or advances that may be paid to us as the sole stockholder. To the extent our subsidiaries must comply with these regulations, they may not have the financial flexibility to transfer funds to us. Based upon current statutes and regulations, the minimum capital and surplus requirement for these subsidiaries was estimated to be approximately $3.0 billion at September 30, 2026 and $3.1 billion at December 31, 2025. The aggregate capital and surplus of our wholly owned subsidiaries was in excess of these minimum capital requirements as of both dates.

Under applicable regulatory requirements, the amount of dividends that may be paid by our wholly owned subsidiaries without prior approval by regulatory authorities as of September 30, 2026, was approximately $170 million in the aggregate. The subsidiaries may pay dividends over this amount, but only after approval is granted by the regulatory authorities.

Based on our cash and investments balances as of September 30, 2026, management believes that our regulated, wholly owned subsidiaries remain well capitalized and exceed their regulatory minimum requirements. We have the ability, and have committed, to provide additional capital to each of our health plans as necessary to ensure compliance with minimum statutory capital requirements, including new state contract wins and growth in existing states.

Debt Ratings

In April 2026, Standard & Poor’s (“S&P”) lowered the rating of our senior notes to “BB-” from “BB”. Our senior notes are currently rated “Ba2” by Moody’s Investor Service, Inc. The S&P downgrade could adversely affect our borrowing capacity and increase our borrowing costs.

Financial Covenants

Our Credit Agreement contains customary non-financial and financial covenants, including a minimum Interest Coverage Ratio and a maximum Consolidated Total Debt to Capital Ratio. Such ratios are computed as defined by the terms of the Credit Agreement.

In addition, the indentures governing each of our outstanding senior notes contain cross-default provisions that are triggered upon default by us or any of our subsidiaries on any indebtedness in excess of the amount specified in the applicable indenture. As of September 30, 2026, we were in compliance with all financial and non-financial covenants under the Credit Agreement and other long-term debt.

FUTURE SOURCES AND USES OF LIQUIDITY

Future Sources

Our regulated subsidiaries generate significant cash flows from premium revenue, which is generally received a short time before related healthcare services are paid. Premium revenue is our primary source of liquidity. Thus, any decline in the receipt of premium revenue, and our profitability, could have a negative impact on our liquidity.

Dividends from Subsidiaries. When available and as permitted by applicable regulations, cash in excess of the capital needs of our regulated health plans is generally paid in the form of dividends to our unregulated parent company to be used for general corporate purposes.

Credit Agreement Borrowing Capacity. We are party to a credit agreement (the “Credit Agreement”), which provides for a revolving credit facility (“Credit Facility”) of $1.25 billion, with a lending commitment termination date of November 20, 2030. The Credit Agreement also provides for a $15 million swingline sub-facility and a $100 million letter of credit sub-facility, as well as incremental term loans available to finance certain acquisitions up to $800 million. As of September 30, 2026, we had available borrowing capacity of $1.25 billion under the Credit Facility. See further discussion in the Notes to Consolidated Financial Statements, Note 7, “Debt.”

Future Uses

Common Stock Purchases. In April 2025, our board of directors authorized the purchase of up to an additional $1 billion of our common stock. This new program extends through December 31, 2026. The exact timing and amount of any share repurchases shall be determined by management, in consultation with the Finance Committee of the Board, based on market conditions and share price, in addition to other factors, and repurchases generally will be made in accordance with the volume, price, and timing parameters under Rule 10b-18 of the Securities Exchange

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 33

Table of Contents

Act. As of October 16, 2026, $500 million remained available to purchase our common stock under this program through December 31, 2026.

Acquisitions. We have a disciplined and steady approach to growth. Organic growth, which includes leveraging our existing health plan portfolio and winning new territories, is our highest priority. In addition to organic growth, we will consider targeted acquisitions that are a strategic fit that we believe will leverage operational synergies, and lead to incremental earnings accretion.

Regulatory Capital Requirements and Dividend Restrictions. We have the ability, and have committed, to provide additional capital to each of our health plans as necessary to ensure compliance with minimum statutory capital requirements, including new state contract wins and growth in existing states.

CONTRACTUAL OBLIGATIONS

A summary of future obligations under our various contractual obligations and commitments as of December 31, 2025 was disclosed in our 2025 Annual Report on Form 10-K.

There were no significant changes to our contractual obligations and commitments not otherwise disclosed or outside the ordinary course of business during the nine months ended September 30, 2026.

CRITICAL ACCOUNTING ESTIMATES

When we prepare our consolidated financial statements, we use estimates and assumptions that may affect reported amounts and disclosures. Actual results could differ from these estimates, and some differences could be material. Our most significant accounting estimates, which include a higher degree of judgment and/or complexity, include the following:

•Medical costs, claims and benefits payable. Refer to Notes to Consolidated Financial Statements, Note 6, “Medical Claims and Benefits Payable,” for a table that presents the components of the change in medical claims and benefits payable, and for additional information regarding the factors used to determine our changes in estimates for all periods presented in the accompanying consolidated financial statements. Other than the discussion as noted above, in the nine months ended September 30, 2026 there were no significant changes to our disclosure reported in “Critical Accounting Estimates” in our 2025 Annual Report on Form 10-K.

•Premium Revenue Recognition and Amounts Due Government Agencies: Risk Adjustment. For a discussion of this topic, including amounts recorded in our consolidated financial statements, refer to Notes to Consolidated Financial Statements, Note 2, “Significant Accounting Policies.”

•Business Combinations, and Goodwill and intangible assets, net. In the nine months ended September 30, 2026, there were no significant changes to our disclosure reported in “Critical Accounting Estimates” in our 2025 Annual Report on Form 10-K.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our earnings and financial position are exposed to financial market risk relating to changes in interest rates, and the resulting impact on investment income and interest expense.

Substantially all of our investments and restricted investments are subject to interest rate risk and will decrease in value if market interest rates increase. Assuming a hypothetical and immediate 1% increase in market interest rates at September 30, 2026, the fair value of our fixed income investments would decrease by approximately $122 million. Declines in interest rates over time will reduce our investment income.

For further information on fair value measurements and our investment portfolio, please refer to Notes to Consolidated Financial Statements, Note 4, “Fair Value Measurements,” and Note 5, “Investments.”

Borrowings under the Credit Agreement bear interest based, at our election, on a base rate or other defined rate, plus in each case, the applicable margin. Our notes bear interest at specified rates, each payable semiannually in arrears. For further information, see Notes to Consolidated Financial Statements, Note 7, “Debt.”

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 34

Table of Contents

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our chief executive officer and our chief financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act). Based on that evaluation, our chief executive officer and chief financial officer concluded that, as of September 30, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2026, that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II—OTHER INFORMATION

LEGAL PROCEEDINGS

For information regarding legal proceedings, see Notes to Consolidated Financial Statements, Note 9, “Commitments and Contingencies.”

RISK FACTORS

Certain risks may have a material adverse effect on our business, financial condition, cash flows, results of operations, or stock price, and you should carefully consider them before making an investment decision with respect to our securities. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed under the caption “Risk Factors,” in our 2025 Annual Report on Form 10-K.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ISSUER PURCHASES OF EQUITY SECURITIES

Purchases of common stock made by us, or on our behalf, during the third quarter of 2026, including shares withheld by us to satisfy our employees’ income tax obligations, are set forth below:


	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
July 1 - July 31	2,700		$	232.55		—	$	500,000,000
August 1 - August 31	—		$	—		—	$	500,000,000
September 1 - September 30	200		$	203.06		—	$	500,000,000
Total	2,900		$	230.73		—

_______________________

(1)During the third quarter of 2026, we withheld approximately 2,900 shares of common stock to settle employee income tax obligations for releases of awards granted under the Molina Healthcare, Inc. 2019 Equity Incentive Plan and 2025 Equity Incentive Plan.

(2)For further information on our stock repurchase programs, refer to our 2025 Annual Report on Form 10-K, Note 13, “Stockholders' Equity.”

OTHER INFORMATION

(a) None.

(b) None.

(c) No director or officer (as defined in 17 CFR § 240.16a-1(f)) of the Company adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 35

Table of Contents

affirmative defense conditions of Rule 10b5-1(c), or (ii) any “non-Rule 10b5-1 trading arrangement” (as defined in 17 CFR § 229.408(c)) during the three months ended September 30, 2026.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 36

Table of Contents

INDEX TO EXHIBITS

Exhibit No.

Title

Method of Filing

31.1

Section 302 Certification of Chief Executive Officer

Filed herewith.

31.2

Section 302 Certification of Chief Financial Officer

Filed herewith.

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished herewith.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Furnished herewith.

101.INS

Inline XBRL Taxonomy Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

Filed herewith.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

Filed herewith.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Filed herewith.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

Filed herewith.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

Filed herewith.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Filed herewith.

104

Cover Page Interactive Data file (formatted as Inline XBRL and embedded within Exhibit 101)

Filed herewith.

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 37

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		MOLINA HEALTHCARE, INC.
		(Registrant)

Dated:	October 22, 2026	/s/ JOSEPH M. ZUBRETSKY
		Joseph M. Zubretsky
		Chief Executive Officer
		(Principal Executive Officer)

Dated:	October 22, 2026	/s/ MARK L. KEIM
		Mark L. Keim
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

Molina Healthcare, Inc. September 30, 2026 Form 10-Q | 38

","original","zhKind","translation","complete",false,"MOH","公司与财报","财报","业绩指引","aihot","/items/p3jjp8srder6tjdfreibabbeg","https://www.sec.gov/Archives/edgar/data/1179929/000117992926000045/0001179929-26-000045-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792886400&sig=b0bada4cd007de1a","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792886400&sig=26cf4d38510eea17 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792886400&sig=cfef26c407c66057 96w","changelogVersion","2026-10-01T08:00"]