Molina Healthcare is a Fortune 500 managed care company based in Long Beach, California, that serves people covered by government programs: Medicaid, Medicare and ACA Marketplace plans. It does not compete for large employer accounts the way UnitedHealthcare or Elevance Health do. At December 31, 2025 it served about 5.5M members in 21 states and employed about 19,000 people; by June 30, 2026 membership had fallen to about 4.93M as Medicaid attrition and Marketplace cuts took effect.
Molina is a government-program health insurer. States and the federal Centers for Medicare & Medicaid Services pay it a fixed monthly premium per enrolled member (capitation), and Molina pays doctors, hospitals and pharmacies for those members' care. Profit is the gap between premiums and the medical cost ratio (MCR) plus administrative expense. In 2025 premium revenue was $43.1B of $45.4B total revenue, and Medicaid was the largest segment, followed by Medicare (mostly dual-eligible members) and Marketplace. Because rates are set by states and CMS, Molina's earnings depend on whether rate updates keep pace with medical cost trend.