Molina Q2 FY26 net income drops 76% to $60 million; revenue falls 4.84% to $10.87 billion

Molina Healthcare posted net income of $60 million in Q2 2026, down 76% from a year earlier; diluted EPS fell to $1.19.

Revenue slipped 4.84% to $10.87 billion, while the medical care ratio widened 1.8 percentage points to 92.2%.

Operating income dropped 61.13% to $145 million; the general and administrative expense ratio rose 0.5 percentage point to 6.7%.

Membership ended at 4,926,000, down 14% year over year, driven by Medicaid contraction, Virginia contract expiration, and Marketplace pullback.

Management reiterated plans to exit the MAPD product in 2027 after a $93 million intangible-asset impairment recorded earlier in 2026.