Molina Healthcare Inc 2025年度报告

CompanyProfile Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid andMedicare programs and through the state insurance marketplaces.As of December 31, 2025,MolinaHealthcare servedapproximately5.5million members. For more information about MolinaHealthcare,pleasevisitmolinahealthcare.com. Line of BusinessProfile 2025MembershipbyLineofBusiness HistoricalHighlights AnnualMeeting TheannualmeetingofstockholderswillbeheldonWednesday,May6,2026,at10:00a.m.EasternTimeliveviatheinternetatwww.virtualshareholdermeeting.com/MOH2026. ToOurStockholders: 2025 was a challenging yearas the Company was burdened byhistoric levels of medical cost trend acrossall segments.Despite our disappointingfinancial performance,I ampleasedwith our team’s focus on managingthrough industry headwinds. For the full year 2025, we reported premium revenue of $43 billion, representing 11% year-over-year growth. Adjusted earningsper share were $11.03, and ouradjusted after-taxmargin1was 1.3%, which is below our long-term target range.2025 wasclearly a tale of two halves.TheCompany earned over $11.00 per share in the first halfof the year–largelytrackingexpectations. However,in the second half of the year, medical costtrendpressure worked against usand caused ourresultsfor the full yearto fallwellbelowourexpectations. We believe the medical cost trend in 2025,andtherecent margin andearningschallenges,are temporary. “We remain confidentin our durable andsustainable operatingplatform.” 2025was anothersuccessful yearforachievingsustainableandprofitablegrowth, with the growthbalanced between bolt-on acquisitions and organicgrowth.We scored wins in Medicaid with anewcontract inFlorida–servingthe Children’s Medical Services (“CMS”) program, and in the Medicare Duals integrated product business.Since we embarked on ourgrowth strategyin 2019, wehavesecured $9billion ofrevenuefrom bolt-on acquisitions,achievedawin rateon contract renewal RFPsof 90%–representing$14 billion in retained revenue–andachieved a win rate onnew contractRFPs of 80%–representing$20 billioninnew revenue. Our embedded earningsnow stands at over $11.00 per share. With our team’s continued focus and determination to manage through theindustry-wideheadwinds, we remain optimisticaboutourfuture earnings trajectory, which is a function ofbothanticipated rate restoration and future embedded earningsrealization.We continue to see sustainable, profitable growth opportunities to expand our pure-play government managed carefranchise into 2026and beyond. Thank you for your ongoing supportofour Company. We are most grateful foryour continued share ownership and theconfidencethatexpressesin our team andinourCompany’s mission. Sincerely, JosephM.ZubretskyPresidentandChiefExecutiveOfficer Reconciliation of GAAP to Adjusted Net Income perDilutedShare UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROM ________ TO ________ Commission File Number 1-31719 200 Oceangate, Suite 100, Long Beach, California 90802(Address of principal executive offices) (Zip Code) (562) 435-3666(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐Non-accelerated filer☐Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correctio