Molina Healthcare, Inc. earnings overview

MOH FY2026 Q2 · Calendar Q3 2026

Molina Healthcare, Inc.

Molina Healthcare's Q2 2026 results mark a shift from cautious to confident. After maintaining guidance in Q1, management raised full-year EPS guidance from at least $5.00 to at least $5.25, driven by Medicare dual-eligible products that contributed $1.25 per share with a 1.4% pretax margin. Medicaid margins appear to be stabilizing at a 92.7% MCR with a 5% medical cost trend, supporting management's view that 2026 is a trough year. However, the stock fell 9.7% in the reaction window (vs. SPY -1.2%), with a further 2.9% drift lower, as investors weighed a $0.75 per-share Marketplace loss from adverse acuity mix, a $1.5 billion near-term margin drag from the Florida CMS contract, and the reality that managed Medicaid remains underfunded by roughly 300 basis points. The path to $64 billion in premium revenue by 2029 through RFP wins, M&A, and AI-driven efficiency is ambitious but…