Molina Healthcare (MOH) financial statements
Molina Healthcare reported revenue of $45.4B in fiscal 2025, up 11.0% a year over 9 years.
Net income was $472M and the operating margin 1.7%, against 1.7% in 2016.
Free cash flow was -$636M, and the company returned $1.0B in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Molina Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.8B | $19.9B | $18.9B | $16.8B | $19.4B | $27.8B | $32.0B | $34.1B | $40.6B | $45.4B |
| Cost of revenue | — | — | — | $13.9B | $15.8B | $23.7B | $27.2B | $28.7B | $34.4B | $39.5B |
| Gross profit | $1.7B | $1.8B | $2.5B | $2.3B | $2.5B | $4.1B | $4.8B | $5.4B | $6.2B | $5.9B |
| Selling, general and admin | $1.4B | $1.6B | $1.3B | $1.3B | $1.5B | $2.1B | $2.3B | $2.5B | $2.7B | $3.0B |
| Operating income | $306M | -$555M | $1.1B | $1.0B | $1.1B | $1.0B | $1.2B | $1.6B | $1.7B | $781M |
| Interest expense | $101M | $118M | $115M | $87M | $102M | $120M | $110M | $109M | $118M | $192M |
| Pre-tax income | $205M | -$612M | $999M | $972M | $961M | $875M | $1.1B | $1.5B | $1.6B | $589M |
| Income tax | $153M | -$100M | $292M | $235M | $288M | $216M | $271M | $373M | $410M | $117M |
| Net income | $52M | -$512M | $707M | $737M | $673M | $659M | $792M | $1.1B | $1.2B | $472M |
| EPS (diluted) | $0.92 | -$9.07 | $10.61 | $11.47 | $11.23 | $11.25 | $13.55 | $18.77 | $20.42 | $8.92 |
| Diluted shares | 56M | 56M | 67M | 64M | 60M | 59M | 58M | 58M | 58M | 53M |
| Gross margin | 9.7% | 9.1% | 13.3% | 13.7% | 12.8% | 14.6% | 15.0% | 15.9% | 15.3% | 13.1% |
| Operating margin | 1.7% | -2.8% | 6.0% | 6.2% | 5.6% | 3.7% | 3.7% | 4.6% | 4.2% | 1.7% |
| Net margin | 0.3% | -2.6% | 3.7% | 4.4% | 3.5% | 2.4% | 2.5% | 3.2% | 2.9% | 1.0% |
Balance sheet
Fiscal years, from Molina Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.6B | $5.7B | $4.5B | $4.4B | $6.0B | $7.6B | $7.5B | $9.1B | $9.0B | $8.3B |
| Receivables | $974M | $871M | $1.3B | $1.4B | $1.7B | $2.2B | $2.3B | $3.1B | $3.3B | $3.5B |
| Total current assets | $6.0B | $7.5B | $6.5B | $6.0B | $7.9B | $10.1B | $10.1B | $12.5B | $12.8B | $12.4B |
| Property, plant and equipment | $454M | $342M | $241M | $385M | $391M | $396M | $259M | $270M | $288M | $301M |
| Goodwill | $620M | $186M | $143M | $143M | $692M | $982M | $1.1B | $1.2B | $1.7B | $2.0B |
| Total assets | $7.4B | $8.5B | $7.2B | $6.8B | $9.5B | $12.2B | $12.3B | $14.9B | $15.6B | $15.6B |
| Total current liabilities | $4.6B | $5.6B | $4.2B | $3.3B | $5.0B | $7.0B | $6.9B | $8.2B | $7.9B | $7.4B |
| Long-term debt | $975M | $1.3B | $1.0B | $1.2B | $2.1B | $2.2B | $2.2B | $2.2B | $2.9B | $3.8B |
| Total liabilities | $5.8B | $7.1B | $5.5B | $4.8B | $7.4B | $9.6B | $9.3B | $10.7B | $11.1B | $11.5B |
| Shareholders' equity | $1.6B | $1.3B | $1.6B | $2.0B | $2.1B | $2.6B | $3.0B | $4.2B | $4.5B | $4.1B |
| Net debt | -$1.4B | -$1.9B | -$1.8B | -$1.2B | -$2.0B | -$2.3B | -$1.8B | -$2.7B | -$1.7B | -$482M |
Cash flow
Fiscal years, from Molina Healthcare's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $673M | $804M | -$314M | $434M | $1.9B | $2.1B | $773M | $1.7B | $644M | -$535M |
| Capital spending | $176M | $86M | $30M | $57M | $74M | $77M | $91M | $84M | $100M | $101M |
| Free cash flow | $497M | $718M | -$344M | $377M | $1.8B | $2.0B | $682M | $1.6B | $544M | -$636M |
| Stock-based compensation | $26M | $46M | $27M | $39M | $57M | $72M | $103M | $115M | $116M | $47M |
| Share buybacks (net) | — | $0 | $0 | -$47M | -$606M | -$128M | -$400M | $0 | -$1.0B | -$1.0B |
| Net borrowing | $0 | $325M | $0 | $0 | — | — | — | — | — | — |
| Free cash flow margin | 2.8% | 3.6% | -1.8% | 2.2% | 9.4% | 7.4% | 2.1% | 4.6% | 1.3% | -1.4% |
Questions
What was Molina Healthcare's revenue in 2025?
$45.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Molina Healthcare generate?
-$636M in fiscal 2025 (operating cash flow minus capital spending).
From Molina Healthcare's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.