Segments

We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. Our reportable segments are consistent with how we currently manage the business and view the markets we serve.

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.

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 costs 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.


	Year Ended December 31, 2025
	Medicaid		Medicare		Marketplace		Other		Total

	(In millions)
Revenue:
Premium revenue	$	32,240	$	6,235	$	4,487	$	90	$	43,052
Service revenue	—		—		—		87		87
Revenue from external customers	32,240		6,235		4,487		177		43,139
Other operating revenues (1)									2,287
Total revenue									45,426
Operating Expenses:
Medical care costs	29,588		5,760		4,064		76		39,488
Cost of service revenue	—		—		—		78		78
Segment expenses	29,588		5,760		4,064		154		39,566
Other operating expenses (2)									5,079
Operating income									781
Less: interest expense									192
Income before income tax expense									$	589
Segment Margin:
Medical margin	$	2,652	$	475	$	423	$	14	$	3,564
Service margin	—		—		—		9		9


	Year Ended December 31, 2024
	Medicaid		Medicare		Marketplace		Other		Total

	(In millions)
Revenue:
Premium revenue	$	30,579	$	5,542	$	2,506	$	—	$	38,627
Service revenue	—		—		—		81		81
Revenue from external customers	30,579		5,542		2,506		81		38,708
Other operating revenues (1)									1,942
Total revenue									40,650
Operating Expenses:
Medical care costs	27,600		4,939		1,889		—		34,428
Cost of service revenue	—		—		—		73		73
Segment expenses	27,600		4,939		1,889		73		34,501
Other operating expenses (2)									4,442
Operating income									1,707
Less: interest expense									118
Income before income tax expense									$	1,589
Segment Margin:
Medical margin	$	2,979	$	603	$	617	$	—	$	4,199
Service margin	—		—		—		8		8


	Year Ended December 31, 2023
	Medicaid		Medicare		Marketplace		Other		Total

	(In millions)
Revenue:
Premium revenue	$	26,327	$	4,179	$	2,023	$	—	$	32,529
Service revenue	—		—		—		76		76
Revenue from external customers	26,327		4,179		2,023		76		32,605
Other operating revenues (1)									1,467
Total revenue									34,072
Operating Expenses:
Medical care costs	23,354		3,791		1,524		—		28,669
Cost of service revenue	—		—		—		67		67
Segment expenses	23,354		3,791		1,524		67		28,736
Other operating expenses (2)									3,763
Operating income									1,573
Less: interest expense									109
Income before income tax expense									$	1,464
Segment Margin:
Medical margin	$	2,973	$	388	$	499	$	—	$	3,860
Service margin	—		—		—		9		9

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(1)Other operating revenues include premium tax revenue, investment income and certain other revenue.

(2)Other operating expenses include general and administrative expenses, premium tax expenses, depreciation and amortization, and certain other operating expenses.

Historical Timeline

Fiscal Year	Filed
2025	Feb 10, 2026	Showing above
2024	Feb 11, 2025

2023	Feb 13, 2024

2022	Feb 13, 2023

2021	Feb 14, 2022

2020	Feb 16, 2021

2019	Feb 14, 2020

2018	Feb 19, 2019

2017	Mar 1, 2018

2016	Mar 1, 2017

2015	Feb 26, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

MOLINA HEALTHCARE, INC. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures