0001179929-26-000005 | 10-K | XBRL Viewer

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Leases - Lease Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating
2026	$ 18
2027	11
2028	8
2029	7
2030	7
Thereafter	37
Subtotal - undiscounted lease payments	88
Less imputed interest	(17)
Total operating lease liabilities	71	$ 83
Finance
2026	38
2027	33
2028	28
2029	25
2030	18
Thereafter	151
Subtotal - undiscounted lease payments	293
Less imputed interest	(84)
Total finance lease liabilities	$ 209	$ 218

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We design and assess our Program based on cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. The Program is integrated into the Company's overall enterprise risk management system and processes, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our Program, include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile. Control procedures are assessed regularly to confirm their effectiveness. The Company undergoes an annual Service Organization Controls (“SOC”) Type 2 attestation report covering the performance of safeguards deployed to protect certain Company systems and applications. The Company has a designated Chief Information Security Officer (the “CISO”), who is primarily responsible for assessing and managing material risks from cybersecurity threats. The Program is implemented and managed by the Company’s executive management under the leadership of the CISO. The Company contracts with third-party service providers to support aspects of the Program implementation, operations, and review of information technology operations and cybersecurity technologies. Additionally, the Company has retained a number of well-established and reputable cybersecurity consultants, including forensics experts, auditors, as well as outside cybersecurity legal counsel to assist with cybersecurity matters as needed from time to time. The Company has a Computer Incident Response Team (“CIRT”) which is responsible for monitoring, preventing, detecting, assisting with the investigation, and responding to cybersecurity threats. The Company has in place an Information Security Incident Response Plan (“IRP”) Protocol which provides an operational framework to coordinate the response to any type of cybersecurity incident affecting the Company. The CIRT team informs the CISO of cybersecurity threats consistent with the IRP. The IRP also provides the process and oversight to manage cybersecurity incidents that may arise from a third-party service provider. In addition, the IRP addresses management responsibility with respect to disclosure determinations related to a cybersecurity incident and provides for Audit Committee and Board briefings as appropriate. The Company’s cybersecurity policies and procedures are reviewed by the CISO and updated at least annually. In addition, under the IRP, following the resolution of a cybersecurity incident, the Company will generally consider the effectiveness of the Program and the IRP, make adjustments as appropriate, and report to senior management and the Audit Committee as appropriate on these matters. The cybersecurity policies and procedures are communicated and enforced throughout the Company, as well as with the third-party service providers that have access to the Company's information systems or nonpublic information. Cybersecurity policies and procedures are also subject to periodic review and audits by internal and external parties, such as the internal audit function, external auditors, regulators, or independent assessors. The Company requires employees to undergo cybersecurity-related training, including phishing prevention training, and employees are tested regularly through phishing exercises. Our CISO is primarily responsible for assessing and managing the Company’s material risks from cybersecurity threats. The Company conducts regular risk assessments to identify, evaluate, and prioritize material cybersecurity risks to the Company, including its health plans and state contracts, shared services and IT operations, or business strategy. The risk assessments are informed by various sources of information, such as internal and external audits, vulnerability scans, penetration tests, threat intelligence, incident reports, industry benchmarks, and accepted industry practices. The risk assessments consider the potential impact and likelihood of various cybersecurity threats, such as ransomware, malware, social engineering, third-party incidents, supply chain attacks and insider threats, and contemplates the adequacy of controls to detect, prevent, respond, and recover to reduce the possibility of an adverse material cybersecurity event. The Company has in place processes to identify material risks from cybersecurity threats associated with its use of third-party service providers and as such, conducts assessments of such third-party service providers with respect to their cybersecurity programs and risks and requires third-party service providers to notify the Company if they experienced a cybersecurity incident. The Company hires experienced security professionals to conduct advanced and realistic cybersecurity attack simulations to verify its Program, and conducts regular cybersecurity tabletop exercises with executive management, which are coordinated by a third-party.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We design and assess our Program based on cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. The Program is integrated into the Company's overall enterprise risk management system and processes, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our Program, include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Program and cybersecurity risk is overseen by the Company’s Board of Directors and has delegated to its Audit Committee which, pursuant to its charter, assists the Board with oversight of Company privacy, data security, and cybersecurity matters and risks, including implementation of the Program. The Audit Committee meets regularly with the Company’s executive management, including the CISO and the Chief Information Officer, and receives regular updates on the status and overall effectiveness of the Program, changes to the Program, relevant information technology operations, any changes in material cybersecurity risks and any significant cybersecurity incidents consistent with the IRP. The Audit Committee also discusses with executive management the steps management has taken to monitor and mitigate privacy, data security, and cybersecurity risk exposures, the Company’s information governance policies and programs, and major legislative and regulatory developments that could materially impact the Company’s exposure regarding privacy, data security risk, and cybersecurity. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the Company’s executive management on the Program. Board members receive presentations on cybersecurity topics from our CISO or external experts as part of the Board’s continuing education on topics that impact public companies. Our CISO takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment. The Audit Committee and the Board consider cybersecurity as part of the Company’s business strategy, financial planning, and capital allocation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Program and cybersecurity risk is overseen by the Company’s Board of Directors and has delegated to its Audit Committee which, pursuant to its charter, assists the Board with oversight of Company privacy, data security, and cybersecurity matters and risks, including implementation of the Program. The Audit Committee meets regularly with the Company’s executive management, including the CISO and the Chief Information Officer, and receives regular updates on the status and overall effectiveness of the Program, changes to the Program, relevant information technology operations, any changes in material cybersecurity risks and any significant cybersecurity incidents consistent with the IRP. The Audit Committee also discusses with executive management the steps management has taken to monitor and mitigate privacy, data security, and cybersecurity risk exposures, the Company’s information governance policies and programs, and major legislative and regulatory developments that could materially impact the Company’s exposure regarding privacy, data security risk, and cybersecurity. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the Company’s executive management on the Program. Board members receive presentations on cybersecurity topics from our CISO or external experts as part of the Board’s continuing education on topics that impact public companies. Our CISO takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment. The Audit Committee and the Board consider cybersecurity as part of the Company’s business strategy, financial planning, and capital allocation.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The CISO is primarily responsible for developing, maintaining, and enforcing the Program's policies and procedures, as well as reporting on the Program's performance and material cybersecurity risks to the Audit Committee, and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants. The CISO has the relevant expertise and authority to carry out the Program's objectives and to coordinate with other key stakeholders within and outside the Company. The CISO’s expertise includes decades of information technology and cybersecurity as a subject matter expert, including more than a decade of executive management experience as a CISO for Fortune 500 companies.
Cybersecurity Risk Role of Management [Text Block]	The CISO is primarily responsible for developing, maintaining, and enforcing the Program's policies and procedures, as well as reporting on the Program's performance and material cybersecurity risks to the Audit Committee, and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants. The CISO has the relevant expertise and authority to carry out the Program's objectives and to coordinate with other key stakeholders within and outside the Company. The CISO’s expertise includes decades of information technology and cybersecurity as a subject matter expert, including more than a decade of executive management experience as a CISO for Fortune 500 companies. The Program and cybersecurity risk is overseen by the Company’s Board of Directors and has delegated to its Audit Committee which, pursuant to its charter, assists the Board with oversight of Company privacy, data security, and cybersecurity matters and risks, including implementation of the Program. The Audit Committee meets regularly with the Company’s executive management, including the CISO and the Chief Information Officer, and receives regular updates on the status and overall effectiveness of the Program, changes to the Program, relevant information technology operations, any changes in material cybersecurity risks and any significant cybersecurity incidents consistent with the IRP. The Audit Committee also discusses with executive management the steps management has taken to monitor and mitigate privacy, data security, and cybersecurity risk exposures, the Company’s information governance policies and programs, and major legislative and regulatory developments that could materially impact the Company’s exposure regarding privacy, data security risk, and cybersecurity. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the Company’s executive management on the Program. Board members receive presentations on cybersecurity topics from our CISO or external experts as part of the Board’s continuing education on topics that impact public companies. Our CISO takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment. The Audit Committee and the Board consider cybersecurity as part of the Company’s business strategy, financial planning, and capital allocation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CISO is primarily responsible for developing, maintaining, and enforcing the Program's policies and procedures, as well as reporting on the Program's performance and material cybersecurity risks to the Audit Committee, and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has the relevant expertise and authority to carry out the Program's objectives and to coordinate with other key stakeholders within and outside the Company. The CISO’s expertise includes decades of information technology and cybersecurity as a subject matter expert, including more than a decade of executive management experience as a CISO for Fortune 500 companies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO is primarily responsible for developing, maintaining, and enforcing the Program's policies and procedures, as well as reporting on the Program's performance and material cybersecurity risks to the Audit Committee, and supervising both our internal cybersecurity personnel and our retained external cybersecurity consultants. The CISO has the relevant expertise and authority to carry out the Program's objectives and to coordinate with other key stakeholders within and outside the Company. The CISO’s expertise includes decades of information technology and cybersecurity as a subject matter expert, including more than a decade of executive management experience as a CISO for Fortune 500 companies. The Program and cybersecurity risk is overseen by the Company’s Board of Directors and has delegated to its Audit Committee which, pursuant to its charter, assists the Board with oversight of Company privacy, data security, and cybersecurity matters and risks, including implementation of the Program. The Audit Committee meets regularly with the Company’s executive management, including the CISO and the Chief Information Officer, and receives regular updates on the status and overall effectiveness of the Program, changes to the Program, relevant information technology operations, any changes in material cybersecurity risks and any significant cybersecurity incidents consistent with the IRP. The Audit Committee also discusses with executive management the steps management has taken to monitor and mitigate privacy, data security, and cybersecurity risk exposures, the Company’s information governance policies and programs, and major legislative and regulatory developments that could materially impact the Company’s exposure regarding privacy, data security risk, and cybersecurity. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from the Company’s executive management on the Program. Board members receive presentations on cybersecurity topics from our CISO or external experts as part of the Board’s continuing education on topics that impact public companies. Our CISO takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment. The Audit Committee and the Board consider cybersecurity as part of the Company’s business strategy, financial planning, and capital allocation.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

The following table sets forth the calculation of basic and diluted net income per share:


	Year Ended December 31,
	2025		2024		2023

	(In millions, except net income per share)
Numerator:
Net income	$	472	$	1,179	$	1,091
Denominator:
Shares outstanding at the beginning of the period	55.0		57.8		57.4
Weighted-average number of shares issued:
Stock purchases	(2.4)		(0.6)		—
Stock-based compensation	0.2		0.2		0.3
Denominator for basic net income per share	52.8		57.4		57.7
Effect of dilutive securities: (1)
Stock-based compensation	0.1		0.3		0.4

Denominator for diluted net income per share	52.9		57.7		58.1

Net income per share - Basic (2)	$	8.93	$	20.52	$	18.91
Net income per share - Diluted (2)	$	8.92	$	20.42	$	18.77

_______________________________

(1) The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method. Certain potentially dilutive common shares issuable are not included in the computation of diluted net income per share because to do so would have been anti-dilutive. For the years ended December 31, 2025 and 2024, 358,000 and 108,000 shares, respectively, were excluded from diluted shares outstanding.

(2) Source data for calculations in thousands.

Property, Equipment, and Capitalized Software, Net - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Recorded In Depreciation And Amortization [Abstract]
Amortization of intangible assets	$ 91	$ 82	$ 85
Amortization of capitalized software	77	69	58
Amortization of finance leases	20	19	18
Depreciation and amortization of property, equipment, building, and improvements	7	16	10
Total depreciation and amortization	$ 195	$ 186	$ 171

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Cover Page - USD ($) shares in Millions, $ in Billions	12 Months Ended
Cover Page - USD ($) shares in Millions, $ in Billions	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-31719
Entity Registrant Name	MOLINA HEALTHCARE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4204626
Entity Address, Address Line One	200 Oceangate
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90802
City Area Code	562
Local Phone Number	435-3666
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	MOH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 16.0
Entity Common Stock, Shares Outstanding		51.5
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K, to the extent described therein.
Entity Central Index Key	0001179929
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Segments - Additional Information (Details)	12 Months Ended
Segments - Additional Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Operating Segment Information


	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

______________________

(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.

Property, Equipment, and Capitalized Software, Net - Summary of Property, Equipment, and Capitalized Software (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total cost	$ 1,115	$ 1,029
Less: accumulated amortization - capitalized software	(681)	(612)
Less: accumulated depreciation and amortization - property, equipment, building, and improvements	(194)	(194)
Total accumulated depreciation and amortization	(875)	(806)
ROU assets - finance leases	61	65
Property, equipment, and capitalized software, net	301	288
Capitalized software
Property, Plant and Equipment [Line Items]
Total cost	876	788
Property and equipment
Property, Plant and Equipment [Line Items]
Total cost	200	205
Building and improvements
Property, Plant and Equipment [Line Items]
Total cost	38	35
Land
Property, Plant and Equipment [Line Items]
Total cost	$ 1	$ 1

Stockholders' Equity - Components of Share-based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax Charges	$ 47	$ 116	$ 115
Net-of-Tax Amount	43	107	109
RSAs and PSUs (defined below)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax Charges	38	109	108
Net-of-Tax Amount	35	100	102
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax Charges	9	7	7
Net-of-Tax Amount	$ 8	$ 7	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Goodwill and Intangible Assets, Net - Balances of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 1,671	$ 1,241
Acquisitions and measurement period adjustments	287	430
Ending balance	1,958	1,671
Medicaid
Goodwill [Roll Forward]
Beginning balance	994	994
Acquisitions and measurement period adjustments	0	0
Ending balance	994	994
Medicare
Goodwill [Roll Forward]
Beginning balance	633	203
Acquisitions and measurement period adjustments	67	430
Ending balance	700	633
Marketplace
Goodwill [Roll Forward]
Beginning balance	0	0
Acquisitions and measurement period adjustments	220	0
Ending balance	220	0
Other
Goodwill [Roll Forward]
Beginning balance	44	44
Acquisitions and measurement period adjustments	0	0
Ending balance	$ 44	$ 44

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock Based Compensation Expense

Total share-based compensation expense is reported in “General and administrative expenses” in the accompanying consolidated statements of income, and summarized below.


	Year Ended December 31,
	2025				2024				2023

	(In millions)
	Pretax Charges		Net-of-Tax Amount		Pretax Charges		Net-of-Tax Amount		Pretax Charges		Net-of-Tax Amount
RSAs and PSUs (defined below)	$	38	$	35	$	109	$	100	$	108	$	102
Employee stock purchase plan	9		8		7		7		7		7
Total	$	47	$	43	$	116	$	107	$	115	$	109

Schedule of Restricted and Performance Stock Activity

Activity for stock-based awards in the year ended December 31, 2025, is summarized below.


	RSAs	Weighted Average Grant Date Fair Value		PSUs	Weighted Average Grant Date Fair Value
Unvested balance, December 31, 2024	487,647	$	325.91	529,082	$	328.77
Granted	353,833	285.38		167,620	288.81
Vested	(209,450)	309.25		(131,785)	303.54
Forfeited	(58,718)	316.48		(16,443)	326.35
Unvested balance, December 31, 2025	573,312	$	307.95	548,474	$	322.69

Schedule of Stock Options, Activity

The total fair value of awards vested is presented in the following table.


	Year Ended December 31,
	2025		2024		2023

	(In millions)





RSAs	$	62	$	86	$	62
PSUs	40		68		90
Total vested	$	102	$	154	$	152

Goodwill and Intangible Assets, Net - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Future amortization expense, 2026	$ 46
Future amortization expense, 2027	35
Future amortization expense, 2028	27
Future amortization expense, 2029	27
Future amortization expense, 2030	$ 26

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

We consider the carrying amounts of current assets and current liabilities to approximate their fair values because of the relatively short period of time between the origination of these instruments and their expected realization or payment. For our financial instruments measured at fair value on a recurring basis, we prioritize the inputs used in measuring fair value according to a three-tier fair value hierarchy as follows:

Level 1 — Observable Inputs. Level 1 financial instruments are actively traded and therefore the fair value for these securities is based on quoted market prices for identical securities in active markets.

Level 2 — Directly or Indirectly Observable Inputs. Fair value for these investments is determined using a market approach based on quoted prices for similar securities in active markets or quoted prices for identical securities in inactive markets.

Level 3 — Unobservable Inputs. Level 3 financial instruments are valued using unobservable inputs that represent management’s best estimate of what market participants would use in pricing the financial instrument at the measurement date.

Our financial instruments measured at fair value on a recurring basis at December 31, 2025, were as follows:


	Total		Level 1		Level 2		Level 3

	(In millions)
Corporate debt securities	$	2,465	$	—	$	2,465	$	—
Mortgage-backed securities	953		—		953		—
Asset-backed securities	364		—		364		—
Municipal securities	159		—		159		—
U.S. Treasury notes	20		—		20		—


Other	47		—		47		—
Total assets	$	4,008	$	—	$	4,008	$	—

Our financial instruments measured at fair value on a recurring basis at December 31, 2024, were as follows:


	Total		Level 1		Level 2		Level 3

	(In millions)
Corporate debt securities	$	2,744	$	—	$	2,744	$	—
Mortgage-backed securities	914		—		914		—
Asset-backed securities	431		—		431		—
Municipal securities	183		—		183		—
U.S. Treasury notes	5		—		5		—


Other	48		—		48		—
Total assets	$	4,325	$	—	$	4,325	$	—

Fair Value Measurements – Disclosure Only

The carrying amounts and estimated fair values of our notes payable are classified as Level 2 financial instruments. Fair value for these securities is determined using a market approach based on quoted market prices for similar securities in active markets or quoted prices for identical securities in inactive markets.


	December 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In millions)
4.375% Notes due 2028	$	797	$	786	$	795	$	759
3.875% Notes due 2030	646		603		645		578
6.500% Notes due 2031	838		873		—		—
3.875% Notes due 2032	744		682		743		648
6.250% Notes due 2033	741		764		740		741

Total	$	3,766	$	3,708	$	2,923	$	2,726

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 50
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+ Details

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Deferred debt issuance costs	$ (34)	$ (27)
Total	$ 3,766	2,923
Senior Notes \| 4.375% Notes due 2028
Debt Instrument [Line Items]
Percentage of contractual interest rate	4.375%
Non-current portion of long-term debt	$ 800	800
Senior Notes \| 3.875% Notes due November 15, 2030
Debt Instrument [Line Items]
Percentage of contractual interest rate	3.875%
Non-current portion of long-term debt	$ 650	650
Senior Notes \| 6.500% Notes due February 15, 2031
Debt Instrument [Line Items]
Percentage of contractual interest rate	6.50%
Non-current portion of long-term debt	$ 850	0
Deferred debt issuance costs	$ (12)
Senior Notes \| 3.875% Notes due 2032
Debt Instrument [Line Items]
Percentage of contractual interest rate	3.875%
Non-current portion of long-term debt	$ 750	750
Senior Notes \| 6.250% Notes due 2033
Debt Instrument [Line Items]
Percentage of contractual interest rate	6.25%
Non-current portion of long-term debt	$ 750	$ 750

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We are a party to operating and finance leases primarily for our corporate and health plan offices. Our operating leases have remaining lease terms up to 21 years, some of which include options to extend the leases for up to 10 years. As of December 31, 2025, the weighted average remaining operating lease term is 8 years.

Our finance leases have remaining lease terms up to 13 years, some of which include options to extend the leases for up to 25 years. As of December 31, 2025, the weighted average remaining finance lease term is 10 years.

As of December 31, 2025, the weighted-average discount rate used to compute the present value of lease payments was 5.2% for operating lease liabilities, and 6.5% for finance lease liabilities. The components of lease expense for the years ended December 31, 2025, 2024, and 2023 are presented in the following table.


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Operating lease expense	$	12	$	14	$	15

Finance lease expense:
Amortization of ROU assets	$	20	$	19	$	18
Interest on lease liabilities	14		15		15
Total finance lease expense	$	34	$	34	$	33

Supplemental consolidated cash flow information related to leases follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Cash used in operating activities:
Operating leases	$	19	$	24	$	28
Finance leases	14		15		15
Cash used in financing activities:
Finance leases	26		24		24
ROU assets recognized in exchange for lease obligations:
Operating leases	11		5		12
Finance leases	16		17		13

Supplemental information related to leases, including location of amounts reported in the accompanying consolidated balance sheets, follows:


	December 31,
	2025		2024

	(In millions)
Operating leases:
ROU assets
Other assets	$	30	$	35
Lease liabilities
Accounts payable and accrued liabilities (current)	$	15	$	15
Other long-term liabilities (non-current)	56		68
Total operating lease liabilities	$	71	$	83
Finance leases:
ROU assets
Property, equipment, and capitalized software, net	$	61	$	65
Lease liabilities
Accounts payable and accrued liabilities (current)	$	25	$	23
Finance lease liabilities (non-current)	184		195
Total finance lease liabilities	$	209	$	218

Maturities of lease liabilities as of December 31, 2025, were as follows:


	Operating		Finance
	Leases		Leases

	(In millions)
2026	$	18	$	38
2027	11		33
2028	8		28
2029	7		25
2030	7		18
Thereafter	37		151
Subtotal - undiscounted lease payments	88		293
Less imputed interest	(17)		(84)
Total	$	71	$	209

Leases


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Operating lease expense	$	12	$	14	$	15

Finance lease expense:
Amortization of ROU assets	$	20	$	19	$	18
Interest on lease liabilities	14		15		15
Total finance lease expense	$	34	$	34	$	33

Supplemental consolidated cash flow information related to leases follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Cash used in operating activities:
Operating leases	$	19	$	24	$	28
Finance leases	14		15		15
Cash used in financing activities:
Finance leases	26		24		24
ROU assets recognized in exchange for lease obligations:
Operating leases	11		5		12
Finance leases	16		17		13

Supplemental information related to leases, including location of amounts reported in the accompanying consolidated balance sheets, follows:


	December 31,
	2025		2024

	(In millions)
Operating leases:
ROU assets
Other assets	$	30	$	35
Lease liabilities
Accounts payable and accrued liabilities (current)	$	15	$	15
Other long-term liabilities (non-current)	56		68
Total operating lease liabilities	$	71	$	83
Finance leases:
ROU assets
Property, equipment, and capitalized software, net	$	61	$	65
Lease liabilities
Accounts payable and accrued liabilities (current)	$	25	$	23
Finance lease liabilities (non-current)	184		195
Total finance lease liabilities	$	209	$	218

Maturities of lease liabilities as of December 31, 2025, were as follows:


	Operating		Finance
	Leases		Leases

	(In millions)
2026	$	18	$	38
2027	11		33
2028	8		28
2029	7		25
2030	7		18
Thereafter	37		151
Subtotal - undiscounted lease payments	88		293
Less imputed interest	(17)		(84)
Total	$	71	$	209

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and short-term, highly liquid investments that are both readily convertible into known amounts of cash and have a maturity of three months or less on the date of purchase. The following table provides a reconciliation of cash and cash equivalents, and restricted cash and cash equivalents reported within the accompanying consolidated balance sheets that sum to the total of the same such amounts presented in the accompanying consolidated statements of cash flows. The restricted cash and cash equivalents presented below are included in “Restricted investments” in the accompanying consolidated balance sheets.


	December 31,
	2025		2024		2023

	(In millions)
Cash and cash equivalents	$	4,248	$	4,662	$	4,848
Restricted cash and cash equivalents	100		79		60
Total cash and cash equivalents, and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	4,348	$	4,741	$	4,908

Investments

Our investments are principally held in debt securities, which are grouped into two separate categories for accounting and reporting purposes: available-for-sale securities and held-to-maturity securities. Available-for-sale (“AFS”) securities are recorded at fair value and unrealized gains and losses, if any, are recorded in stockholders’ equity as other comprehensive income, net of applicable income taxes. Held-to-maturity (“HTM”) securities are recorded at amortized cost, which approximates fair value, and unrealized holding gains or losses are not generally recognized. Realized gains and losses and unrealized losses arising from credit-related factors with respect to AFS and HTM securities are included in the determination of net income. The cost of securities sold is determined using the specific-identification method.

Our investment policy requires that all of our investments have final maturities of less than 15 years, or less than 15 years average life for structured securities. Investments and restricted investments are subject to interest rate risk and will decrease in value if market interest rates increase. Declines in market interest rates over time will reduce our investment income.

In general, our AFS securities are classified as current assets without regard to the securities’ contractual maturity dates because they may be readily liquidated. We monitor our investments for credit-related impairment. For comprehensive discussions of the fair value and classification of our investments, see Note 5, “Fair Value Measurements,” and Note 6, “Investments.”

Accrued interest receivable relating to our AFS and HTM securities is presented within “Prepaid expenses and other current assets” in the accompanying consolidated balance sheets, and amounted to $51 million and $56 million at December 31, 2025, and 2024, respectively. We do not measure an allowance for credit losses on accrued interest receivable. Instead, we write off accrued interest receivable that has not been collected within 90 days of the interest payment due date. We recognize such write-offs as a reversal of investment income. No accrued interest was written off during the years ended December 31, 2025, 2024, and 2023.

Receivables

Receivables consist primarily of premium amounts due from government agencies, which are subject to potential retroactive adjustments, as well as pharmacy rebates and other receivables. Government receivables amounted to $2,365 million and $2,223 million at December 31, 2025 and 2024, respectively. We apply the current expected credit loss model to measure expected credit losses on our receivables based on available information about past events and reasonable and supportable forecasts. Because substantially all of our receivable amounts are readily determinable and substantially all of our creditors are governmental authorities, our allowance for credit losses is insignificant. Any amounts determined to be uncollectible are charged to expense when such determination is made.

Business Combinations

We account for business combinations using the acquisition method of accounting, which requires us to recognize the assets acquired and the liabilities assumed at their acquisition date fair values. As discussed below, the excess of the purchase consideration transferred over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. While we use our best estimates and assumptions to accurately value assets acquired and

liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Measurement period adjustments are recorded in the period in which they are determined, as if they had been completed at the acquisition date. Upon the conclusion of the final determination of the values of assets acquired or liabilities assumed, or one year after the date of acquisition, whichever comes first, any subsequent adjustments are recorded within our consolidated results of operations.

Refer to Note 4, “Business Combinations,” and Note 9, “Goodwill and Intangible Assets, Net,” for further details.

Long-Lived Assets, including Intangible Assets

Long-lived assets consist primarily of property, equipment, capitalized software (see Note 7, “Property, Equipment, and Capitalized Software, Net”), and intangible assets resulting from acquisitions. Long-lived assets are subject to impairment tests when events or circumstances indicate that the asset’s (or asset group’s) carrying value may not be recoverable. Finite-lived, separately-identified intangible assets acquired in business combinations are assets that represent future expected benefits but lack physical substance (such as purchased contract rights and provider contracts). Intangible assets are initially recorded at fair value and are then amortized on a straight-line basis over their expected useful lives, generally between five and 16 years.

Determining the useful life of an intangible asset also requires judgment, as different types of intangible assets will have different useful lives. The most significant intangible asset we typically record in a business combination is contract rights associated with membership acquired. In determining the estimated fair value of the intangible assets, we typically apply the income approach, which discounts the projected future net cash flows using an appropriate discount rate that reflects the risk associated with such projected future cash flows. The most critical assumptions used in determining the fair value of contract rights include forecasted operating margins and the weighted average cost of capital.

Our intangible assets are subject to impairment tests when events or circumstances indicate that a finite-lived intangible asset’s (or asset group’s) carrying value may not be recoverable. Consideration is given to a number of potential impairment indicators, including the ability of our health plan subsidiaries to obtain the renewal by amendment of their contracts in each state prior to the actual expiration of their contracts. However, there can be no assurance that these contracts will continue to be renewed. Following the identification of any potential impairment indicators, to determine whether an impairment exists, we would compare the carrying amount of a finite-lived intangible asset with the greater of the undiscounted cash flows that are expected to result from the use of the asset or related group of assets, or its value under the asset liquidation method. If it is determined that the carrying amount of the asset is not recoverable, the amount by which the carrying value exceeds the estimated fair value is recorded as an impairment. Determining the fair value of separately identifiable intangible assets requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Refer to Note 9, “Goodwill and Intangible Assets, Net,” for further details.

Goodwill

Goodwill represents the excess of the purchase consideration over the fair value of net assets acquired in business combinations. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis, and more frequently if impairment indicators are present. Impairment indicators may include declines, or expected declines, in operating performance or cash-flows, significant losses of membership, state funding, or state contracts, adverse regulatory changes, or other declines in market conditions, such as a decline in the company’s market capitalization. Goodwill is impaired if the carrying amount of a reporting unit exceeds its estimated fair value. This excess is recorded as an impairment loss and adjusted if necessary for the impact of tax-deductible goodwill. The loss recognized may not exceed the total goodwill allocated to the reporting unit.

When testing goodwill for impairment, we may first assess qualitative factors, such as industry and market factors, the dynamic economic and political environments in which we operate, cost factors, or any of the potential impairment indicators noted above, to determine if it is more likely than not that the carrying value of our reporting units exceed their estimated fair values. If our qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, we perform the quantitative assessment. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative assessment.

If performing a quantitative assessment, we generally estimate the fair values of our reporting units by applying the income approach, using discounted cash flows. The assumptions used in the reporting units’ discounted cash flows are derived from the annual financial planning process, which commences in the fourth quarter of the year, and our

long-range business planning process. We also consider a market approach using the guideline public company comparable information to estimate our reporting units’ fair values. Due to the recent decline in market conditions and our operating performance, mainly driven by a temporal imbalance between premium rates and medical trend, potential adverse implications from the One Big Beautiful Bill Act in July 2025, and a decline in our market capitalization, we bypassed the qualitative assessment and performed a quantitative assessment of the goodwill related to our reporting units in the fourth quarter of 2025. As a result of the assessment, we determined that the estimated fair values of our reporting units continue to exceed their carrying value with significant excess, and no impairment to goodwill was required.

Leases

Right-of-use (“ROU”) assets represent our right to use the underlying assets over the lease term, and lease liabilities represent our obligation for lease payments arising from the related leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise such options. If applicable, we account for lease and non-lease components within a lease as a single lease component.

Because most of our leases do not provide an implicit interest rate, we generally use our incremental borrowing rate to determine the present value of lease payments. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term, and the related ROU assets and liabilities are reduced to the present value of the remaining lease payments at the end of each period. Finance lease payments reduce finance lease liabilities, the related ROU assets are amortized on a straight-line basis over the lease term, and interest expense is recognized using the effective interest method.

The significant majority of our operating leases consist of long-term operating leases for office space. Short-term leases (those with terms of 12 months or less) are not recorded as ROU assets or liabilities in the consolidated balance sheets. For certain leases that represent a portfolio of similar assets, such as a fleet of vehicles, we apply a portfolio approach to account for the related ROU assets and liabilities, rather than account for such assets and the related liabilities individually. A nominal number of our lease agreements include rental payments that adjust periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Refer to Note 8, “Leases,” for further details.

Medical Claims and Benefits Payable

Medical care costs are recognized in the period in which services are provided and include fee-for-service claims, pharmacy benefits, capitation payments to providers, and various other medically-related costs. Under fee-for-service claims arrangements with providers, we retain the financial responsibility for medical care provided and incur costs based on actual utilization of hospital and physician services. Such medical care costs include both amounts paid by us and estimated medical claims and benefits payable for costs that were incurred but not yet paid as of the reporting date (“IBNP”). Pharmacy benefits represent payments for members' prescription drug costs, net of rebates from drug manufacturers, with rebates estimated using historical and current prescription drug utilization and contractual provisions. Capitation payments represent monthly contractual fees paid to providers responsible for providing medical care to members, which could include medical or ancillary costs like dental, vision and other supplemental health benefits. Capitation costs are fixed prior to the coverage period and are not subject to significant accounting estimates. Other medical care costs include all medically-related administrative costs, amounts owed to providers under risk-sharing or incentive arrangements, provider claims, recoveries from claim overpayments, and other healthcare expenses. Medically-related administrative costs include expenses relating to health education, quality assurance, case management, care coordination, disease management, and 24-hour on-call nurse services. Additionally, our medical claims and benefit liability includes an estimate for the cost of settling claims incurred but not yet paid through the reporting date.

Medical claims and benefits payable consist mainly of fee-for-service IBNP, unpaid pharmacy claims, capitation costs, other medical costs, including amounts payable to providers based on risk-sharing or incentive arrangements, and amounts payable to providers on behalf of certain state agencies for certain state assessments where we do not assume financial risk. IBNP includes both the costs of claims incurred but not yet paid as of the balance sheet date which has been reported to us, and our best estimate of the cost of claims incurred but not yet reported to us. When more complete claims payment information and healthcare cost trend data becomes available, we reflect changes in these estimates as an increase or decrease to medical care costs in the consolidated results of operations in the period in which they are determined.

The estimation of the IBNP liability requires considerable judgment in applying actuarial methods, determining the appropriate assumptions, and considering numerous factors. Of those factors, we consider estimated completion

factors and the assumed healthcare cost trend to be the most critical assumptions. Other relevant factors also include, but are not limited to, utilization and unit cost trends, claim inventory levels, changes in membership, product mix, seasonality, benefit changes, changes in fee schedules, provider contract changes, prior authorizations, prevalence of high-cost catastrophic cases, and the incidence of influenza-like illnesses.

Because of the significant degree of judgment involved in estimation of our IBNP liability, there is considerable variability and uncertainty inherent in such estimates. Each reporting period, the recognized IBNP liability represents our best estimate of the total amount of unpaid claims incurred as of the balance sheet date using a consistent methodology in estimating our IBNP liability, including a provision for moderately adverse conditions for each current period. We believe our current estimates are reasonable and adequate; however, the development of our estimate is a continuous process that we monitor and update as more complete claims payment information and healthcare cost trend data becomes available. Actual medical care costs may be less than we previously estimated (favorable development) or more than we previously estimated (unfavorable development), and any differences could be material. Any adjustments to reflect favorable development would be recognized as a decrease to medical care costs, and any adjustments to reflect unfavorable development would be recognized as an increase to medical care costs, in the period in which the adjustments are determined.

Refer to Note 10, “Medical Claims and Benefits Payable,” for a table presenting the components of the change in our medical claims and benefits payable, for all periods presented in the accompanying consolidated financial statements.

Premium Revenue Recognition and Amounts Due Government Agencies

Premium revenue is generated from our contracts with state and federal agencies, in connection with our participation in the Medicaid, Medicare, and Marketplace programs. Premium revenue is generally received based on per member per month (“PMPM”) rates established in advance of the periods covered. These premium revenues are recognized in the month that members are entitled to receive healthcare services, and premiums collected in advance are deferred. Many of our contracts contain provisions that may adjust or limit revenue or profit, as described below. Consequently, we recognize premium revenue as it is earned under such provisions. Liabilities accrued for premiums to be returned under such provisions are reported in the aggregate as “Amounts due government agencies” in the accompanying consolidated balance sheets. State Medicaid programs and the federal Medicare program periodically adjust premium rates, including certain components of premium revenue that are subject to accounting estimates further discussed below.

Minimum MLR, Medical Cost Corridors and Profit Sharing. A portion of our Medicaid premium revenue may be returned if certain minimum amounts are not spent on defined medical care costs as a percentage of premium revenue, or minimum medical loss ratio (“Minimum MLR”). Under certain medical cost corridor provisions, the health plans may receive additional premiums if amounts spent on medical care costs exceed a defined maximum threshold. Our contracts with certain states contain profit sharing provisions under which we refund amounts to the states if our health plans generate profit above a certain specified percentage. In some cases, we are limited in the amount of administrative costs that we may deduct in calculating the refund, if any. We recorded aggregate liabilities under the terms of such contract provisions of $457 million and $1,006 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets.

The Affordable Care Act (“ACA”) established a Minimum MLR of 85% for Medicare. Federal regulations define what constitutes medical costs and premium revenue. If the Minimum MLR is not met, we may be required to pay rebates to the federal government. Our dual-eligible plans may also be subject to state-specific Minimum MLRs, medical cost corridors, and profit-sharing provisions. We recognize estimated rebates as an adjustment to premium revenue in our consolidated statements of income. We recorded a liability under the terms of such contract provisions of $28 million and $32 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets.

The ACA established a Minimum MLR of 80% for the Marketplace. If the Minimum MLR is not met, we may be required to pay rebates to our Marketplace policyholders. The Marketplace risk adjustment program discussed below is taken into consideration when computing the Minimum MLR. We recognize estimated rebates under the Minimum MLR as an adjustment to premium revenue in our consolidated statements of income. We recorded a liability under the terms of such contract provisions of $12 million and $30 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets.

Risk Adjustment. Our Medicare premiums are subject to retroactive increase or decrease based on the health status of our members (as measured by member risk score). We estimate our members’ risk scores and the related amount of Medicare revenue that will ultimately be realized for the periods presented based on our knowledge of our members’ health status, risk scores and CMS practices. We also estimate amounts owed to CMS for Part D

settlements. We recorded a liability under the terms of such contract provisions of $66 million and $115 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets.

Our Marketplace premiums are also subject to increases based on the health status of members. Our health plans’ composite risk scores are compared with the overall average risk score for the relevant state and market pool. Generally, our health plans will make a risk adjustment payment into the pool if their composite risk scores are below the average risk score (risk adjustment payable), and will receive a risk adjustment payment from the pool if their composite risk scores are above the average risk score (risk adjustment receivable). We estimate our ultimate premium based on insurance policy year-to-date experience, and recognize estimated premiums relating to the risk adjustment program as an adjustment to premium revenue in our consolidated statements of income. As of December 31, 2025, Marketplace risk adjustment payables amounted to $517 million and related receivables amounted to $106 million, for a net payable of $411 million. As of December 31, 2024, Marketplace risk adjustment payables amounted to $290 million and related receivables amounted to $192 million, for a net payable of $98 million.

Other Premium Adjustments. State Medicaid programs periodically adjust premium revenues on a retroactive basis for rate changes and changes in membership and eligibility data. In certain states, adjustments are made based on the health status of our members (as measured through a risk score). In these cases, we adjust our premium revenue in the period in which we determine that the adjustment is probable and reasonably estimable, based on our best estimate of the ultimate premium we expect to realize for the period being adjusted.

Quality Incentives

At many of our health plans, revenue ranging from approximately 1% to 4% of certain health plan premiums is earned only if certain performance measures are met. Such performance measures are generally found in our Medicaid and MMP contracts. Quality incentive premium revenue is recognized when it is earned under such provisions.

Reinsurance

We bear underwriting and reserving risks associated with our health plan subsidiaries. In certain cases, we limit our risk of significant catastrophic losses by maintaining high deductible reinsurance coverage with a highly-rated, unaffiliated insurance company (the “third-party reinsurer”). Because we remain liable for losses in the event the third-party reinsurer is unable to pay its portion of the losses, we continually monitor the third-party reinsurer’s financial condition, including its ability to maintain high credit ratings.

We report reinsurance premiums as a reduction to premium revenue, while related reinsurance recoveries are reported as a reduction to medical care costs. In certain cases, we participate in state-run reinsurance programs for which no reinsurance premium is paid. Reinsurance premiums amounted to $10 million, $8 million, and $11 million for the years ended December 31, 2025, 2024, and 2023, respectively. Reinsurance recoveries amounted to $31 million, $20 million, and $21 million for the years ended December 31, 2025, 2024, and 2023, respectively. Reinsurance recoverable of $31 million, and $21 million, as of December 31, 2025, and 2024, respectively, is included in “Receivables” in the accompanying consolidated balance sheets.

Premium Deficiency Reserve on Loss Contracts

We assess the profitability of our contracts to determine if it is probable that a loss will be incurred in the future by reviewing current results and forecasts. For purposes of this assessment, contracts are grouped in a manner consistent with our method of acquiring, servicing and measuring the profitability of such contracts. A premium deficiency reserve (“PDR”) is recognized if anticipated future medical care and administrative costs exceed anticipated future premium revenue, investment income and reinsurance recoveries.

Income Taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. For further discussion and disclosure, see Note 12, “Income Taxes.”

Premium Taxes

Certain of our health plans are assessed a tax based on premium revenue collected. The premium revenues we receive from these states include reimbursement for the premium tax assessment. We have reported these taxes on a gross basis, as premium tax revenue and as premium tax expenses in the consolidated statements of income.

Concentrations of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, receivables, and restricted investments. Our investments and a portion of our cash equivalents are managed by professional portfolio managers operating under documented investment guidelines. Our portfolio managers must obtain our prior approval before selling investments where the loss position of those investments exceeds certain levels. Our investments consist primarily of investment-grade debt securities with final maturities of less than 15 years, or less than 15 years average life for structured securities. Restricted investments are invested principally in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities. Concentration of credit risk with respect to accounts receivable is limited because our payors consist principally of the federal government, and governments of each state in which our health plan subsidiaries operate.

Risks and Uncertainties

Our profitability depends in large part on our ability to accurately predict and effectively manage medical care costs. We continually review our medical costs in light of our underlying claims experience and revised actuarial data. However, several factors could adversely affect medical care costs. These factors, which include changes in healthcare practices, inflation, new technologies, major epidemics, natural disasters, and malpractice litigation, are beyond our control and may have an adverse effect on our ability to accurately predict and effectively control medical care costs. Costs in excess of those anticipated could have a material adverse effect on our financial condition, results of operations, or cash flows.

We operate health plans primarily as a direct contractor with the states, and in Los Angeles County, California, as a subcontractor to another health plan holding a direct contract with the state. We are therefore dependent upon a relatively small number of contracts to support our revenue. The loss of any one of those contracts could have a material adverse effect on our financial position, results of operations, or cash flows. In addition, our ability to arrange for the provision of medical services to our members is dependent upon our ability to develop and maintain adequate provider networks. Our inability to develop or maintain such networks might, in certain circumstances, have a material adverse effect on our financial position, results of operations, or cash flows.

Significant Customers

We receive the majority of our revenues under contracts or subcontracts with state Medicaid managed care programs, which are considered individual external customers. Instances where these contracts were at least 10% of our total premium revenue for the year ended December 31, 2025 were California with 10%, Texas with 13%, and Washington with 10%.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which requires incremental income tax disclosures on an annual basis for all public entities. The amendments require that public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items meeting a quantitative threshold. The amendments also require disclosure of income taxes paid to be disaggregated by jurisdiction, and disclosure of income tax expense disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual reporting beginning with the fiscal year ended December 31, 2025. We have adopted this ASU, with the incremental disclosures presented in Note 12, “Income Taxes”.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which will require disclosure of additional information about specific expense categories in the notes to financial statements for all public business entities. ASU 2024-03 is effective for annual reporting beginning with the fiscal year ending December 31, 2027, and for interim periods thereafter. Early adoption is permitted. We are currently evaluating the incremental disclosures that will be required in the footnotes to our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs to better align with the way that software is currently developed. The update removes all reference to the project stages of software development and establishes two criteria that must be met to begin capitalizing software costs. ASU 2025-06 is effective for annual reporting beginning with the fiscal year ending December 31, 2028, and for interim periods therein. It can be

adopted using a prospective, modified, or retrospective approach, and early adoption is permitted. We are currently evaluating the impact of the update to our consolidated financial statements.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the Securities and Exchange Commission (“SEC”) did not have, nor does management expect such pronouncements to have, a significant impact on our present or future consolidated financial statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Regulatory Capital Requirements and Dividend Restrictions Our health plans, which are generally operated by our respective wholly owned subsidiaries in those states in which our health plans operate, are subject to state laws and regulations that, among other things, require the maintenance of minimum levels of statutory capital, as defined by each state. The National Association of Insurance Commissioners (“NAIC”), has adopted model rules which, if implemented by the states, set minimum capitalization requirements for insurance companies, HMOs, and other entities bearing risk for healthcare coverage. The requirements take the form of risk-based capital (“RBC”) rules which may vary from state to state. Regulators in some states may also enforce capital requirements that require the retention of net worth in excess of amounts formally required by statute or regulation. All of our health plans except California, Florida and New York, are subject to the RBC rules. The minimum statutory capital requirements in these states are based on a percentage of annualized premium revenue, a percentage of annualized health care costs, a percentage of certain liabilities, or other financial ratios. If our California, Florida or New York health plans became subject to RBC rules, minimum capital required for those states could increase. Statutes, regulations and informal capital requirements also restrict the timing, payment, and amount of dividends and other distributions that may be paid to us as the sole stockholder. To the extent our subsidiaries must comply with these regulations, they may not have the financial flexibility to transfer funds to us. Based on current statutes and regulations, the net assets in these subsidiaries, which may not be transferable to us in the form of loans, advances, or cash dividends was approximately $4.4 billion at December 31, 2025. Because of the statutory restrictions that inhibit the ability of our health plans to transfer net assets to us, the amount of retained earnings readily available to pay dividends to our stockholders is generally limited to cash, cash equivalents and investments held by the parent company—Molina Healthcare, Inc. Such cash, cash equivalents and investments amounted to $223 million and $445 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, our health plans had aggregate statutory capital and surplus of approximately $4.6 billion, which was in excess of the required minimum aggregate statutory capital and surplus of approximately $3.1 billion. We are committed and have the ability to provide additional capital to each of our health plans when necessary to ensure that statutory capital and surplus continues to meet regulatory requirements. Legal Proceedings The healthcare industry is subject to numerous laws and regulations of federal, state, and local governments, as well as various contractual provisions, governing our operations. Compliance with these laws, regulations, and contractual provisions can be subject to government audit, review, and interpretation, as well as regulatory actions. Penalties associated with violations of these laws, regulations, and contractual provisions can include significant fines and penalties, temporary or permanent exclusion from participating in publicly funded programs, a limitation on our ability to market or sell products, the repayment of previously billed and collected revenues, and reputational damage. We are involved in legal actions in the ordinary course of business including, but not limited to, various employment claims, vendor disputes, and provider claims. Some of these legal actions seek monetary damages, including claims for punitive damages, which may not be covered by insurance. We review legal matters and update our estimates, or range of estimates, of reasonably possible and estimable losses and related disclosures, as necessary. We have accrued liabilities for legal matters for which we deem the loss to be both probable and reasonably estimable. These liability estimates could change as a result of further developments. The outcome of these legal actions are inherently uncertain. An adverse determination in one or more of these pending matters could have a material adverse effect on our consolidated financial position, results of operations, or cash flows. On October 3, 2025, a putative securities class action captioned Hindlemann v. Molina Healthcare, Inc., et al. was filed in the United States District Court for the Central District of California against the Company, its Chief Executive Officer, and Chief Financial Officer (the “Securities Action”). The Securities Action was brought on behalf of a putative class who allegedly acquired Company securities between February 5, 2025 and July 23, 2025 and asserts violations of federal securities laws relating to the Company’s disclosures including those involving earnings guidance. At the time of this filing, competing motions for lead plaintiff and lead counsel were pending with the court, and the complaint may be amended. On December 12, 2025, a shareholder derivative suit captioned Taylor v. Wolf, et al. was filed in the United States District Court for the Central District of California against the Company’s directors and certain officers (“Derivative Action”). The Derivative Action asserts among other things claims for breach of fiduciary duty and violation of securities laws in connection with the same statements and events at issue in the Securities Action. The Company intends to vigorously contest each lawsuit, which will require legal expenses. At this time, the Company cannot predict the outcome or provide a reasonable estimate or range of estimates of the possible outcome or loss, if any, in the Securities Action or the Derivative Action. Professional Liability Insurance We carry medical professional liability insurance for healthcare services rendered in our primary care locations and throughout the communities we serve. In addition, we carry managed care errors and omissions insurance for all managed care services that we provide.

Stockholders' Equity - Fair Value of Awards Granted and Vested (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted shares vested	$ 102	$ 154	$ 152
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted shares vested	62	86	62
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted shares vested	$ 40	$ 68	$ 90

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-sale, securities maturities and redemptions	$ 1,181	$ 1,012	$ 513
Debt securities, sale	227	99	$ 259
Restricted investments by health plan	299	$ 286
Amortized cost, due in one year or less	261
Amortized cost, due one year through five years	34
Amortized cost, due after five years	$ 4

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following table summarizes our outstanding debt obligations:


	December 31,
	2025		2024

	(In millions)




Non-current long-term debt:
4.375% Notes due June 15, 2028	$	800	$	800
3.875% Notes due November 15, 2030	650		650
6.500% Notes due February 15, 2031	850		—
3.875% Notes due May 15, 2032	750		750
6.250% Notes due January 15, 2033	750		750


Deferred debt issuance costs	(34)		(27)
Total	$	3,766	$	2,923

Schedule of Maturities of Long-Term Debt

Contractual maturities of the principal amounts of our outstanding debt obligations, as of December 31, 2025, are illustrated in the following table.


	Total		2026		2027		2028		2029		2030		Thereafter

	(In millions)
4.375% Notes due 2028	$	800	$	—	$	—	$	800	$	—	$	—	$	—
3.875% Notes due 2030	650		—		—		—		—		650		—
6.500% Notes due 2031	850		—		—		—		—		—		850
3.875% Notes due 2032	750		—		—		—		—		—		750
6.250% Notes due 2033	750		—		—		—		—		—		750

Total	$	3,800	$	—	$	—	$	800	$	—	$	650	$	2,350

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ROU assets
Other assets	$ 30	$ 35
Lease liabilities
Accounts payable and accrued liabilities (current)	15	15
Other long-term liabilities (non-current)	56	68
Total operating lease liabilities	71	83
ROU assets
Property, equipment, and capitalized software, net	61	65
Lease liabilities
Accounts payable and accrued liabilities (current)	25	23
Finance lease liabilities (non-current)	184	195
Total finance lease liabilities	$ 209	$ 218
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 4,248	$ 4,662
Investments	4,008	4,325
Receivables	3,533	3,299
Prepaid expenses and other current assets	655	487
Total current assets	12,444	12,773
Property, equipment, and capitalized software, net	301	288
Goodwill and intangible assets, net	2,195	1,938
Restricted investments	299	286
Deferred income taxes, net	178	207
Other assets	147	138
Total assets	15,564	15,630
Current liabilities:
Medical claims and benefits payable	4,887	4,640
Amounts due government agencies	1,326	1,874
Accounts payable, accrued liabilities and other	1,093	1,331
Deferred revenue	66	51
Total current liabilities	7,372	7,896
Long-term debt	3,766	2,923
Finance lease liabilities	184	195
Other long-term liabilities	173	120
Total liabilities	11,495	11,134
Stockholders’ equity:
Common stock, $0.001 par value per share; 150 million shares authorized; outstanding: 51 million shares at December 31, 2025, and 56 million at December 31, 2024	0	0
Preferred stock, $0.001 par value per share; 20 million shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	452	462
Accumulated other comprehensive income (loss)	15	(57)
Retained earnings	3,602	4,091
Total stockholders’ equity	4,069	4,496
Total liabilities and stockholders’ equity	$ 15,564	$ 15,630

Condensed Financial Information of Registrant - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Net income	$ 472	$ 1,179	$ 1,091
Other comprehensive income:
Unrealized investment income	95	33	102
Less: effect of income taxes	23	8	24
Other comprehensive income, net of tax	72	25	78
Comprehensive income	544	1,204	1,169
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net income	472	1,179	1,091
Other comprehensive income:
Unrealized investment income	95	33	102
Less: effect of income taxes	23	8	24
Other comprehensive income, net of tax	72	25	78
Comprehensive income	$ 544	$ 1,204	$ 1,169

- Definition

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the fair values assigned to assets acquired and liabilities assumed, in millions.


Assets acquired:
Current assets	$	474
Goodwill	287
Intangible assets	61
Other long-term assets	62
Liabilities assumed:
Medical claims and benefits payable	(379)
Amounts due government agencies	(43)
Accounts payable, accrued and other long-term liabilities	(112)
Fair value of net assets acquired	$	350

Schedule of Intangible Assets

The table below presents intangible assets acquired, by major class, for the ConnectiCare acquisition. The weighted-average amortization period, in the aggregate, is 9.8 years.


	Fair Value		Life

	(In millions)		(Years)
Contract rights - member list	$	36	7
Trade Name	19		15
Provider network	6		10
	$	61

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Income from continuing operations, before income tax expense (benefit) consisted of the following:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Federal	$	589	$	1,582	$	1,464
Foreign	—		7		—
Total	$	589	$	1,589	$	1,464

Income tax expense (benefit) from continuing operations consisted of the following:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Current:
Federal	$	58	$	298	$	349
State	16		59		55

Total current	74		357		404
Deferred:
Federal	39		47		(28)
State	4		6		(3)

Total deferred	43		53		(31)
Total income tax expense (benefit)
Federal	97		345		321
State	20		65		52
Total income tax expense (benefit)	$	117	$	410	$	373

Schedule of Effective Income Tax Rate Reconciliation to The Statutory Federal Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the combined effective income tax rate for continuing operations is as follows:


	Year Ended December 31,
	2025				2024				2023
	(In millions)
Income from continuing operations, before income tax expense	$	589			$	1,589			$	1,464
Tax provision at the U.S. federal statutory rate	124		21.0	%	334		21.0	%	308		21.0	%
Federal
Tax Credits
Transferable energy-related tax credits	(19)		(3.2)		—		—		—		—

Nontaxable or nondeductible items
Nondeductible compensation	1		0.2		17		1.1		20		1.4
Other nontaxable or nondeductible items	4		0.7		4		0.3		5		0.3
Other	(9)		(1.6)		3		0.2		(1)		—

Foreign tax effects
Puerto Rico
Tax provision at Puerto Rico statutory rate(1)	—		—		3		0.2		—		—
Changes in valuation allowances	—		—		(3)		(0.2)		—		—
State income taxes, net of federal benefit(2)	16		2.7		52		3.2		41		2.8
Income tax expense	$	117	19.8	%	$	410	25.8	%	$	373	25.5	%

_______________________________

(1) The Company’s Puerto Rico subsidiary is dually incorporated in the United States and the Commonwealth of Puerto Rico.

(2) During the tax year ended December 31, 2025, state taxes in California comprised greater than 50% of the tax effect in this category. During the tax year ended December 31, 2024, state taxes in California and New York City comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California, Illinois and New York City comprised greater than 50% of the tax effect in this category.

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024

	(In millions)
Accrued expenses and reserve liabilities	$	92	$	99
Deferred compensation	16		9
Other accrued medical costs	27		25
Net operating losses	9		5

Lease liabilities	66		79
Unrealized losses	—		18
Fixed assets and intangibles	28		32
Tax credit carryover	5		5
Other	—		6
Valuation allowance	(19)		(19)
Total deferred income tax assets, net of valuation allowance	224		259

Right-of-use assets	(16)		(26)
Prepaid expenses	(30)		(26)


Total deferred income tax liabilities	(46)		(52)
Net deferred income tax asset	$	178	$	207

Schedule of Unrecognized Tax Benefits Roll Forward

The roll forward of our unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Gross unrecognized tax benefits at beginning of period	$	(5)	$	(5)	$	(5)




Settlements	5		—		—

Gross unrecognized tax benefits at end of period	$	—	$	(5)	$	(5)

Schedule of Income Taxes Paid

Income taxes paid are as follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
U.S. Federal (1)	$	237	$	312	$	357
California	15		28		*
Other (2)	23		39		48
Total U.S. State and Local	38		67		48
Total income taxes paid, net	$	275	$	379	$	405

_______________________________

(1) Includes $237 million paid to purchase transferable tax credits during the year ended December 31, 2025.

(2) Includes $6 million, $10 million and $3 million paid to purchase transferable tax credits during the years ended December 31, 2025, 2024 and 2023, respectively.

* The amount of income taxes paid during the year ended December 31, 2023 does not meet the 5% disaggregation threshold.

Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,248	$ 4,662	$ 4,848
Investments	4,008	4,325
Receivables	3,533	3,299
Prepaid expenses and other current assets	655	487
Total current assets	12,444	12,773
Property, equipment, and capitalized software, net	301	288
Goodwill and intangible assets, net	2,195	1,938
Total assets	15,564	15,630
Current liabilities:
Accounts payable, accrued liabilities and other	1,093	1,331
Total current liabilities	7,372	7,896
Long-term debt	3,766	2,923
Finance lease liabilities	184	195
Other long-term liabilities	173	120
Total liabilities	11,495	11,134
Stockholders’ equity:
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 51 million shares at December 31, 2025 and 56 million at December 31, 2024	0	0
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	452	462
Accumulated other comprehensive income (loss)	15	(57)
Retained earnings	3,602	4,091
Total stockholders’ equity	4,069	4,496	$ 4,215	$ 2,964
Total liabilities and stockholders’ equity	15,564	15,630
Parent Company
Current assets:
Cash and cash equivalents	205	414
Investments	18	31
Receivables	4	4
Prepaid expenses and other current assets	270	218
Total current assets	742	778
Property, equipment, and capitalized software, net	269	250
Goodwill and intangible assets, net	1,638	1,348
Investments in subsidiaries	5,732	5,697
Advances to related parties and other assets	125	102
Total assets	8,506	8,175
Current liabilities:
Accounts payable, accrued liabilities and other	374	473
Total current liabilities	374	473
Long-term debt	3,766	2,923
Finance lease liabilities	184	195
Deferred income taxes, net	49	34
Other long-term liabilities	64	54
Total liabilities	4,437	3,679
Stockholders’ equity:
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 51 million shares at December 31, 2025 and 56 million at December 31, 2024	0	0
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	452	462
Accumulated other comprehensive income (loss)	15	(57)
Retained earnings	3,602	4,091
Total stockholders’ equity	4,069	4,496
Total liabilities and stockholders’ equity	8,506	8,175
Parent Company \| Affiliated Entity
Current assets:
Due from affiliates	$ 245	$ 111

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (loss) from continuing operations before income
Federal	$ 589	$ 1,582	$ 1,464
Foreign	0	7	0
Income before income tax expense	589	1,589	1,464
Current:
Federal	58	298	349
State	16	59	55
Total current	74	357	404
Deferred:
Federal	39	47	(28)
State	4	6	(3)
Total deferred	43	53	(31)
Total income tax expense (benefit)
Federal	97	345	321
State	20	65	52
Total income tax expense (benefit)	$ 117	$ 410	$ 373

Business Combinations - Additional Information (Details) - USD ($) $ in Millions	Feb. 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill		$ 1,958	$ 1,671		$ 1,241
Medicare
Business Combination [Line Items]
Goodwill		700	633		203
Marketplace
Business Combination [Line Items]
Goodwill		220	$ 0		$ 0
ConnectiCare Holding Company, Inc.
Business Combination [Line Items]
Issued and outstanding capital stock acquisition, percentage	100.00%
Preliminary closing adjustments	$ 350
Acquisition costs		$ 3
Goodwill				$ 287
ConnectiCare Holding Company, Inc. \| Medicare
Business Combination [Line Items]
Goodwill	67
ConnectiCare Holding Company, Inc. \| Marketplace
Business Combination [Line Items]
Goodwill	$ 220

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Medical Claims and Benefits Payable - Reconciliation of Claims Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Incurred claims and allocated claims adjustment expenses	$ 103,729
Less: cumulative paid claims and allocated claims adjustment expenses	(99,621)
All outstanding liabilities before 2023	4
Acquired balances	379
Non-risk and other provider payables	396
Medical claims and benefits payable	$ 4,887	$ 4,640	$ 4,204	$ 3,528

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income	$ 472	$ 1,179	$ 1,091
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	195	186	171
Deferred income taxes	43	53	(31)
Share-based compensation	47	116	115
Other, net	(3)	8	2
Changes in operating assets and liabilities, net of the effect of acquisitions:
Receivables	(145)	(78)	(778)
Prepaid expenses and other current assets	52	(57)	(69)
Medical claims and benefits payable	(132)	(40)	580
Amounts due government agencies	(591)	(453)	196
Accounts payable, accrued liabilities and other	(221)	115	328
Deferred revenue	(51)	(367)	59
Income taxes	(201)	(18)	(2)
Net cash (used in) provided by operating activities	(535)	644	1,662
Investing activities:
Purchases of investments	(751)	(1,132)	(1,433)
Proceeds from sales and maturities of investments	1,408	1,111	772
Net cash paid in business combinations	(245)	(344)	(3)
Purchases of property, equipment and capitalized software	(101)	(100)	(84)
Other, net	1	1	4
Net cash provided by (used in) investing activities	312	(464)	(744)
Financing activities:
Proceeds from borrowings under credit facility and term loans	1,100	300	0
Repayment of credit facility and term loans	(1,100)	(300)	0
Common stock purchases	(1,000)	(1,000)	0
Proceeds from senior notes offerings, net of issuance costs	838	740	0
Common stock withheld to settle employee tax obligations	(37)	(57)	(60)
Other, net	29	(30)	2
Net cash used in financing activities	(170)	(347)	(58)
Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents	(393)	(167)	860
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of period	4,741	4,908	4,048
Cash and cash equivalents, and restricted cash and cash equivalents at end of period	4,348	4,741	4,908
Supplemental cash flow information:
Cash paid during the period for interest	$ 181	$ 121	$ 108

Investments - Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 584
Due after one year through five years	1,656
Due after five years through ten years	612
Due after ten years	1,136
Amortized Cost	3,988	$ 4,400
Estimated Fair Value
Due in one year or less	584
Due after one year through five years	1,675
Due after five years through ten years	623
Due after ten years	1,126
Amortized Cost	$ 4,008	$ 4,325

Medical Claims and Benefits Payable

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Medical Claims and Benefits Payable

The following tables present the components of the change in our medical claims and benefits payable for the periods indicated. The amounts presented for “Components of medical care costs related to: Prior years” represent the amount by which our original estimate of medical claims and benefits payable at the beginning of the year varied

from the actual liabilities, based on information (principally the payment of claims) developed since those liabilities were first reported.


	Year Ended December 31, 2025
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	3,667	$	722	$	251	$	—	$	4,640
Components of medical care costs related to:
Current year	29,693		5,814		4,003		76		39,586
Prior years	(105)		(54)		61		—		(98)
Total medical care costs	29,588		5,760		4,064		76		39,488
Payments for medical care costs related to:
Current year	26,544		5,271		3,609		80		35,504
Prior years	3,110		697		327		20		4,154
Total paid	29,654		5,968		3,936		100		39,658
Acquired balances, net of post-acquisition adjustments	—		173		168		38		379
Change in non-risk and other provider payables	37		1		—		—		38
Medical claims and benefits payable, ending balance	$	3,638	$	688	$	547	$	14	$	4,887


	Year Ended December 31, 2024
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	3,444	$	532	$	228	$	—	$	4,204
Components of medical care costs related to:
Current year	28,211		5,000		1,892		—		35,103
Prior years	(611)		(61)		(3)		—		(675)
Total medical care costs	27,600		4,939		1,889		—		34,428
Payments for medical care costs related to:
Current year	24,950		4,464		1,646		—		31,060
Prior years	2,258		761		220		—		3,239
Total paid	27,208		5,225		1,866		—		34,299
Acquired balances, net of post-acquisition adjustments	—		476		—		—		476
Change in non-risk and other provider payables	(169)		—		—		—		(169)
Medical claims and benefits payable, ending balance	$	3,667	$	722	$	251	$	—	$	4,640


	Year Ended December 31, 2023
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	2,815	$	452	$	261	$	—	$	3,528
Components of medical care costs related to:
Current year	23,749		3,802		1,545		—		29,096
Prior years	(395)		(11)		(21)		—		(427)
Total medical care costs	23,354		3,791		1,524		—		28,669
Payments for medical care costs related to:
Current year	20,999		3,293		1,323		—		25,615
Prior years	2,069		431		234		—		2,734
Total paid	23,068		3,724		1,557		—		28,349
Acquired balances, net of post-acquisition adjustments	82		14		—		—		96
Change in non-risk and other provider payables	261		(1)		—		—		260
Medical claims and benefits payable, ending balance	$	3,444	$	532	$	228	$	—	$	4,204

Incurred but not paid (“IBNP”) plus expected development on reported claims as of December 31, 2025 was $3,211 million. IBNP includes the costs of claims incurred as of the balance sheet date which have been reported to us, and our best estimate of the cost of claims incurred but not yet reported to us. Our estimates of medical claims and benefits payable recorded at December 31, 2024, 2023 and 2022 developed favorably by approximately $98 million, $675 million and $427 million in 2025, 2024 and 2023, respectively.

The favorable prior year development recognized in 2025 was primarily attributable to lower than expected utilization of medical services by our members. On a consolidated basis, the ultimate costs recognized in 2025, as claims payments were processed, were lower than our estimates in 2024; however, medical costs in our Marketplace segment were higher than our original estimates. Consequently, the ultimate costs recognized in 2025 for Marketplace, as claims payments were processed, were higher than our estimates in 2024 due to higher than expected utilization.

The favorable prior year development recognized in 2024 was primarily due to lower than expected utilization of medical services by our members and improved operating performance, including claim payment recoveries related to prior year dates of service, mainly in the Medicaid segment. Consequently, the ultimate costs recognized in 2024, as claims payments were processed, were lower than our estimates in 2023.

The favorable prior year development recognized in 2023 was primarily due to lower than expected utilization of medical services by our members and improved operating performance, including claim payment recoveries related to prior year dates of service, mainly in the Medicaid segment. Consequently, the ultimate costs recognized in 2023, as claims payments were processed, were lower than our estimates in 2022.

The following tables provide information about our consolidated incurred and paid claims development as of December 31, 2025, as well as cumulative claims frequency and the total of incurred but not paid claims liabilities. The pattern of incurred and paid claims development is consistent across each of our segments. The cumulative claim frequency is measured by claim event, and includes claims covered under capitated arrangements.


Incurred Claims and Allocated Claims Adjustment Expenses							Total IBNP		Cumulative number of reported claims
Benefit Year	2023		2024		2025

	(Unaudited)		(Unaudited)
	(In millions)
2023	$	29,497	$	28,939	$	28,909	$	24	137
2024			35,274		35,234		95		140
2025					39,586		3,088		143
					$	103,729	$	3,207


Cumulative Paid Claims and Allocated Claims Adjustment Expenses
Benefit Year	2023		2024		2025

	(Unaudited)		(Unaudited)
	(In millions)
2023	$	25,615	$	28,887	$	28,885
2024			31,060		35,232
2025					35,504
					$	99,621

The following table represents a reconciliation of claims development to the aggregate carrying amount of the liability for medical claims and benefits payable.


	2025

	(In millions)
Incurred claims and allocated claims adjustment expenses	$	103,729
Less: cumulative paid claims and allocated claims adjustment expenses	(99,621)
All outstanding liabilities before 2023	4
Acquired balances	379
Non-risk and other provider payables	396
Medical claims and benefits payable	$	4,887

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 472	$ 1,179	$ 1,091
Other comprehensive income:
Unrealized investment income	95	33	102
Less: effect of income taxes	23	8	24
Other comprehensive income, net of tax	72	25	78
Comprehensive income	$ 544	$ 1,204	$ 1,169

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Property, Equipment, and Capitalized Software, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Depreciation and Amortization Recognized

A summary of property, equipment, and capitalized software is as follows:


	December 31,
	2025		2024

	(In millions)
Capitalized software	$	876	$	788
Property and equipment	200		205
Building and improvements	38		35
Land	1		1

Total cost	1,115		1,029
Less: accumulated amortization - capitalized software	(681)		(612)
Less: accumulated depreciation and amortization - property, equipment, building, and improvements	(194)		(194)
Total accumulated depreciation and amortization	(875)		(806)
ROU assets - finance leases	61		65
Property, equipment, and capitalized software, net	$	301	$	288

The following table presents all depreciation and amortization recognized in our consolidated statements of income:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Amortization of intangible assets	$	91	$	82	$	85
Amortization of capitalized software	77		69		58
Amortization of finance leases	20		19		18
Depreciation and amortization of property, equipment, building, and improvements	7		16		10
Total depreciation and amortization	$	195	$	186	$	171

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Available-for-Sale

We consider all of our investments classified as current assets to be available-for-sale. The following tables summarize our current investments as of the dates indicated:


	December 31, 2025
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,437	$	35	$	7	$	2,465
Mortgage-backed securities	963		11		21		953
Asset-backed securities	363		3		2		364
Municipal securities	158		2		1		159
U.S. Treasury notes	20		—		—		20


Other	47		1		1		47
Total	$	3,988	$	52	$	32	$	4,008


	December 31, 2024
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,769	$	10	$	35	$	2,744
Mortgage-backed securities	953		2		41		914
Asset-backed securities	435		2		6		431
Municipal securities	188		—		5		183
U.S. Treasury notes	5		—		—		5


Other	50		—		2		48
Total	$	4,400	$	14	$	89	$	4,325

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The contractual maturities of our current investments as of December 31, 2025 are summarized below:


	Amortized Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	584	$	584
Due after one year through five years	1,656		1,675
Due after five years through ten years	612		623
Due after ten years	1,136		1,126
Total	$	3,988	$	4,008

In the years ended December 31, 2025, 2024, and 2023, maturities and redemptions of available-for-sale securities amounted to $1,181 million, $1,012 million, and $513 million, respectively, and sales amounted to $227 million, $99 million, and $259 million, respectively. Gross realized gains and losses from sales of available-for-sale securities are calculated under the specific identification method and are included in investment income. Gross realized investment gains and losses were insignificant in the years ended December 31, 2025, 2024 and 2023.

We have determined that unrealized losses at December 31, 2025, 2024 and 2023 primarily resulted from fluctuating interest rates, rather than a deterioration of the creditworthiness of the issuers. Further, as of December 31, 2025, we do not intend to sell, and it is not likely that we will be required to sell these investments prior to the recovery of their amortized cost basis. Therefore, we determined that an allowance for credit losses was not necessary.

The following table segregates those available-for-sale investments that have been in a continuous loss position for less than 12 months, and those that have been in a continuous loss position for 12 months or more as of December 31, 2025:


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	106	$	1	83	$	372	$	6	205
Mortgage-backed securities	—		—		—	315		21		212
Asset-backed securities	—		—		—	80		2		41
Municipal securities	—		—		—	42		1		49


Other	—		—		—	14		1		16

Total	$	106	$	1	83	$	823	$	31	523


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	811	$	10	541	$	935	$	25	449
Mortgage-backed securities	271		5		197	406		36		244
Asset-backed securities	84		1		48	143		5		73
Municipal securities	38		1		27	95		4		89


Other	—		—		—	15		2		16

Total	$	1,204	$	17	813	$	1,594	$	72	871

Restricted Investments Held-to-Maturity

Pursuant to the regulations governing our state health plan subsidiaries, we maintain statutory deposits and deposits required by government authorities primarily in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities. We also maintain restricted investments as protection against the insolvency of certain capitated providers. The use of these funds is limited as required by regulations in the various states in which we operate, or as needed in the event of insolvency of capitated providers. Therefore, such investments are reported as “Restricted investments” in the accompanying consolidated balance sheets, and totaled $299 million and $286 million at December 31, 2025 and 2024, respectively.

We have the intent and ability to hold these restricted investments until maturity, and as a result, we expect to collect the contractual cash flows associated with these investments and do not recognize interim fluctuations in fair value. Accordingly, our held-to-maturity restricted investments are carried at amortized cost, which approximates fair value, of which $261 million will mature in one year or less, $34 million will mature in one through five years, and $4 million will mature after five years.

The following table presents the balances of restricted investments:


	December 31,
	2025		2024

	(In millions)
Cash and cash equivalents	$	100	$	79
U.S. Treasury notes	186		191
Corporate debt and other securities	13		16
Total restricted investments	$	299	$	286

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The following table presents the changes in the carrying amounts of goodwill by segment, for the periods presented.


	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Balance, December 31, 2023	$	994	$	203	$	—	$	44	$	1,241
Acquisitions and measurement period adjustments	—		430		—		—		430


Balance, December 31, 2024	994		633		—		44		1,671




Acquisitions and measurement period adjustments	—		67		220		—		287


Balance, December 31, 2025	$	994	$	700	$	220	$	44	$	1,958

The changes in the carrying amounts of both goodwill and intangible assets, net, in 2025, were due to the acquisition described in Note 4, “Business Combinations.”

Intangible Assets, Net

The following table provides the details of identified intangible assets, by major class, for the periods presented.


	December 31, 2025						December 31, 2024
	Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount

	(In millions)
Contract rights and licenses	$	660	$	504	$	156	$	624	$	429	$	195
Trade names	73		18		55		54		12		42
Provider networks	70		44		26		64		34		30
Total	$	803	$	566	$	237	$	742	$	475	$	267

As of December 31, 2025, we estimate that our intangible asset amortization will be approximately $46 million in 2026, $35 million in 2027, $27 million in 2028 and 2029, and $26 million in 2030.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The restricted cash and cash equivalents presented below are included in “Restricted investments” in the accompanying consolidated balance sheets.


	December 31,
	2025		2024		2023

	(In millions)
Cash and cash equivalents	$	4,248	$	4,662	$	4,848
Restricted cash and cash equivalents	100		79		60
Total cash and cash equivalents, and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	4,348	$	4,741	$	4,908

Schedule of Restricted Cash and Cash Equivalents

The restricted cash and cash equivalents presented below are included in “Restricted investments” in the accompanying consolidated balance sheets.


	December 31,
	2025		2024		2023

	(In millions)
Cash and cash equivalents	$	4,248	$	4,662	$	4,848
Restricted cash and cash equivalents	100		79		60
Total cash and cash equivalents, and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$	4,348	$	4,741	$	4,908

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
U.S. Federal	$ 237	$ 312	$ 357
Total U.S. State and Local	38	67	48
Total income taxes paid, net	275	379	405
Tax credits purchased, federal	237
Tax credits purchased, state and local	6	10	3
California
Effective Income Tax Rate Reconciliation [Line Items]
Total U.S. State and Local	15	28
Other
Effective Income Tax Rate Reconciliation [Line Items]
Total U.S. State and Local	$ 23	$ 39	$ 48

Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant

The condensed balance sheets as of December 31, 2025 and 2024, and the related condensed statements of income, comprehensive income and cash flows for each of the three years in the period ended December 31, 2025 for our parent company Molina Healthcare, Inc. (the “Registrant”), are presented below.

Condensed Balance Sheets


	December 31,
	2025		2024

	(In millions, except per-share data)
ASSETS
Current assets:
Cash and cash equivalents	$	205	$	414
Investments	18		31
Receivables	4		4
Due from affiliates	245		111
Prepaid expenses and other current assets	270		218
Total current assets	742		778
Property, equipment, and capitalized software, net	269		250
Goodwill and intangible assets, net	1,638		1,348
Investments in subsidiaries	5,732		5,697

Advances to related parties and other assets	125		102
Total assets	$	8,506	$	8,175
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued liabilities and other	$	374	$	473
Total current liabilities	374		473
Long-term debt	3,766		2,923
Finance lease liabilities	184		195
Deferred income taxes, net	49		34
Other long-term liabilities	64		54
Total liabilities	4,437		3,679
Stockholders’ equity:
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 51 million shares at December 31, 2025 and 56 million at December 31, 2024	—		—
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	—		—
Additional paid-in capital	452		462
Accumulated other comprehensive income (loss)	15		(57)
Retained earnings	3,602		4,091
Total stockholders’ equity	4,069		4,496
Total liabilities and stockholders’ equity	$	8,506	$	8,175

See accompanying notes.

Condensed Statements of Income


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Revenue:
Administrative services fees	$	2,347	$	2,145	$	2,038
Investment income and other revenue	9		19		27
Total revenue	2,356		2,164		2,065
Expenses:
General and administrative expenses	2,127		2,039		1,952
Depreciation and amortization	153		139		131

Other	7		29		20
Total operating expenses	2,287		2,207		2,103
Operating income (loss)	69		(43)		(38)
Interest expense	192		118		109


Loss before income tax (benefit) expense and equity in net earnings of subsidiaries	(123)		(161)		(147)
Income tax (benefit) expense	(36)		7		(7)
Net loss before equity in net earnings of subsidiaries	(87)		(168)		(140)
Equity in net earnings of subsidiaries	559		1,347		1,231
Net income	$	472	$	1,179	$	1,091

Condensed Statements of Comprehensive Income


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Net income	$	472	$	1,179	$	1,091
Other comprehensive income:
Unrealized investment income	95		33		102
Less: effect of income taxes	23		8		24
Other comprehensive income, net of tax	72		25		78
Comprehensive income	$	544	$	1,204	$	1,169

See accompanying notes.

Condensed Statements of Cash Flows


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Operating activities:
Net cash (used in) provided by operating activities	$	(42)	$	63	$	81
Investing activities:
Capital contributions to subsidiaries	(439)		(490)		(221)
Dividends received from subsidiaries	985		997		705
Purchases of investments	—		—		(2)
Proceeds from sales and maturities of investments	14		17		1
Purchases of property, equipment and capitalized software	(99)		(97)		(79)
Net cash paid in business combinations	(350)		(489)		(74)
Change in amounts due to/from affiliates	(110)		60		5
Other, net	2		6		7
Net cash provided by investing activities	3		4		342
Financing activities:
Proceeds from borrowings under credit facility and term loans	1,100		300		—
Repayment of credit facility and term loans	(1,100)		(300)		—
Common stock purchases	(1,000)		(1,000)		—
Proceeds from senior notes offering, net of issuance costs	838		740		—
Common stock withheld to settle employee tax obligations	(37)		(57)		(60)






Other, net	29		(30)		2
Net cash used in financing activities	(170)		(347)		(58)
Net (decrease) increase in cash and cash equivalents	(209)		(280)		365
Cash and cash equivalents at beginning of period	414		694		329
Cash and cash equivalents at end of period	$	205	$	414	$	694

Notes to Condensed Financial Information of Registrant

Note A - Basis of Presentation

The Registrant was incorporated in 2002. Prior to that date, Molina Healthcare of California (formerly known as Molina Medical Centers) operated as a California health plan and as the parent company for three other state health plans. In June 2003, the employees and operations of the corporate entity were transferred from Molina Healthcare of California to the Registrant.

The Registrant’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The accompanying condensed financial information of the Registrant should be read in conjunction with the consolidated financial statements and accompanying notes.

Note B - Transactions with Subsidiaries

The Registrant provides certain centralized medical and administrative services to our subsidiaries pursuant to administrative services agreements that include, but are not limited to, information technology, product development and administration, underwriting, claims processing, customer service, certain care management services, human resources, marketing, purchasing, risk management, actuarial, finance, accounting, compliance, legal and public relations. Fees are based on the fair market value of services rendered and are recorded as operating revenue. Payment is subordinated to the subsidiaries’ ability to comply with minimum capital and other restrictive financial requirements of the states in which they operate. Charges in 2025, 2024, and 2023 for these services amounted to $2,347 million, $2,145 million, and $2,038 million, respectively, and are included in operating revenue.

The Registrant and its subsidiaries are included in the consolidated federal and state income tax returns filed by the Registrant. Income taxes are allocated to each subsidiary in accordance with an intercompany tax allocation agreement. The agreement allocates income taxes in an amount generally equivalent to the amount which would be expensed by the subsidiary if it filed a separate tax return. Net operating loss benefits are paid to the subsidiary by the Registrant to the extent such losses are utilized in the consolidated tax returns.

Note C - Dividends and Capital Contributions

When the Registrant receives dividends from its subsidiaries, such amounts are recorded as a reduction to the investments in the respective subsidiaries.

For all periods presented, the Registrant made capital contributions to certain subsidiaries primarily to comply with minimum net worth requirements and to fund business combinations. Such amounts have been recorded as an increase in investment in the respective subsidiaries.

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Postemployment Benefits [Abstract]
Maximum matching contribution by employer under defined contribution plan	4.00%
Expense recognized in connection with contributions	$ 63	$ 61	$ 54
Deferred compensation plan	$ 61	$ 50

Fair Value Measurements - Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 3,766	$ 2,923
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 3,708	2,726
Senior Notes \| 4.375% Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	4.375%
Senior Notes \| 4.375% Notes due 2028 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 797	795
Senior Notes \| 4.375% Notes due 2028 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 786	759
Senior Notes \| 3.875% Notes due November 15, 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	3.875%
Senior Notes \| 3.875% Notes due November 15, 2030 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 646	645
Senior Notes \| 3.875% Notes due November 15, 2030 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 603	578
Senior Notes \| 6.500% Notes due February 15, 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	6.50%
Senior Notes \| 6.500% Notes due February 15, 2031 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 838	0
Senior Notes \| 6.500% Notes due February 15, 2031 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 873	0
Senior Notes \| 3.875% Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	3.875%
Senior Notes \| 3.875% Notes due 2032 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 744	743
Senior Notes \| 3.875% Notes due 2032 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 682	648
Senior Notes \| 6.250% Notes due 2033
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	6.25%
Senior Notes \| 6.250% Notes due 2033 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 741	740
Senior Notes \| 6.250% Notes due 2033 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 764	$ 741

Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets


	December 31,
	2025		2024

	(In millions, except per-share data)
ASSETS
Current assets:
Cash and cash equivalents	$	205	$	414
Investments	18		31
Receivables	4		4
Due from affiliates	245		111
Prepaid expenses and other current assets	270		218
Total current assets	742		778
Property, equipment, and capitalized software, net	269		250
Goodwill and intangible assets, net	1,638		1,348
Investments in subsidiaries	5,732		5,697

Advances to related parties and other assets	125		102
Total assets	$	8,506	$	8,175
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued liabilities and other	$	374	$	473
Total current liabilities	374		473
Long-term debt	3,766		2,923
Finance lease liabilities	184		195
Deferred income taxes, net	49		34
Other long-term liabilities	64		54
Total liabilities	4,437		3,679
Stockholders’ equity:
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 51 million shares at December 31, 2025 and 56 million at December 31, 2024	—		—
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding	—		—
Additional paid-in capital	452		462
Accumulated other comprehensive income (loss)	15		(57)
Retained earnings	3,602		4,091
Total stockholders’ equity	4,069		4,496
Total liabilities and stockholders’ equity	$	8,506	$	8,175

Schedule of Condensed Statements of Income

Condensed Statements of Income


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Revenue:
Administrative services fees	$	2,347	$	2,145	$	2,038
Investment income and other revenue	9		19		27
Total revenue	2,356		2,164		2,065
Expenses:
General and administrative expenses	2,127		2,039		1,952
Depreciation and amortization	153		139		131

Other	7		29		20
Total operating expenses	2,287		2,207		2,103
Operating income (loss)	69		(43)		(38)
Interest expense	192		118		109


Loss before income tax (benefit) expense and equity in net earnings of subsidiaries	(123)		(161)		(147)
Income tax (benefit) expense	(36)		7		(7)
Net loss before equity in net earnings of subsidiaries	(87)		(168)		(140)
Equity in net earnings of subsidiaries	559		1,347		1,231
Net income	$	472	$	1,179	$	1,091

Schedule of Condensed Statements of Comprehensive Income

Condensed Statements of Comprehensive Income


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Net income	$	472	$	1,179	$	1,091
Other comprehensive income:
Unrealized investment income	95		33		102
Less: effect of income taxes	23		8		24
Other comprehensive income, net of tax	72		25		78
Comprehensive income	$	544	$	1,204	$	1,169

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Operating activities:
Net cash (used in) provided by operating activities	$	(42)	$	63	$	81
Investing activities:
Capital contributions to subsidiaries	(439)		(490)		(221)
Dividends received from subsidiaries	985		997		705
Purchases of investments	—		—		(2)
Proceeds from sales and maturities of investments	14		17		1
Purchases of property, equipment and capitalized software	(99)		(97)		(79)
Net cash paid in business combinations	(350)		(489)		(74)
Change in amounts due to/from affiliates	(110)		60		5
Other, net	2		6		7
Net cash provided by investing activities	3		4		342
Financing activities:
Proceeds from borrowings under credit facility and term loans	1,100		300		—
Repayment of credit facility and term loans	(1,100)		(300)		—
Common stock purchases	(1,000)		(1,000)		—
Proceeds from senior notes offering, net of issuance costs	838		740		—
Common stock withheld to settle employee tax obligations	(37)		(57)		(60)






Other, net	29		(30)		2
Net cash used in financing activities	(170)		(347)		(58)
Net (decrease) increase in cash and cash equivalents	(209)		(280)		365
Cash and cash equivalents at beginning of period	414		694		329
Cash and cash equivalents at end of period	$	205	$	414	$	694

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents the changes in the carrying amounts of goodwill by segment, for the periods presented.


	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Balance, December 31, 2023	$	994	$	203	$	—	$	44	$	1,241
Acquisitions and measurement period adjustments	—		430		—		—		430


Balance, December 31, 2024	994		633		—		44		1,671




Acquisitions and measurement period adjustments	—		67		220		—		287


Balance, December 31, 2025	$	994	$	700	$	220	$	44	$	1,958

Schedule of Identified Intangible Assets, by Major Class

The following table provides the details of identified intangible assets, by major class, for the periods presented.


	December 31, 2025						December 31, 2024
	Cost		Accumulated Amortization		Carrying Amount		Cost		Accumulated Amortization		Carrying Amount

	(In millions)
Contract rights and licenses	$	660	$	504	$	156	$	624	$	429	$	195
Trade names	73		18		55		54		12		42
Provider networks	70		44		26		64		34		30
Total	$	803	$	566	$	237	$	742	$	475	$	267

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net cash (used in) provided by operating activities	$ (535)	$ 644	$ 1,662
Investing activities:
Purchases of investments	(751)	(1,132)	(1,433)
Proceeds from sales and maturities of investments	1,408	1,111	772
Purchases of property, equipment and capitalized software	(101)	(100)	(84)
Other, net	1	1	4
Net cash provided by (used in) investing activities	312	(464)	(744)
Financing activities:
Repayment of credit facility and term loans	(1,100)	(300)	0
Common stock purchases	(1,000)	(1,000)	0
Proceeds from senior notes offerings, net of issuance costs	838	740	0
Common stock withheld to settle employee tax obligations	(37)	(57)	(60)
Other, net	29	(30)	2
Net cash used in financing activities	(170)	(347)	(58)
Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents	(393)	(167)	860
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of period	4,741	4,908	4,048
Cash and cash equivalents, and restricted cash and cash equivalents at end of period	4,348	4,741	4,908
Parent Company
Operating activities:
Net cash (used in) provided by operating activities	(42)	63	81
Investing activities:
Capital contributions to subsidiaries	(439)	(490)	(221)
Dividends received from subsidiaries	985	997	705
Purchases of investments	0	0	(2)
Proceeds from sales and maturities of investments	14	17	1
Purchases of property, equipment and capitalized software	(99)	(97)	(79)
Net cash paid in business combinations	(350)	(489)	(74)
Change in amounts due to/from affiliates	(110)	60	5
Other, net	2	6	7
Net cash provided by (used in) investing activities	3	4	342
Financing activities:
Proceeds from borrowings under credit facility and term loans	1,100	300	0
Repayment of credit facility and term loans	(1,100)	(300)	0
Common stock purchases	(1,000)	(1,000)	0
Proceeds from senior notes offerings, net of issuance costs	838	740	0
Common stock withheld to settle employee tax obligations	(37)	(57)	(60)
Other, net	29	(30)	2
Net cash used in financing activities	(170)	(347)	(58)
Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents	(209)	(280)	365
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of period	414	694	329
Cash and cash equivalents, and restricted cash and cash equivalents at end of period	$ 205	$ 414	$ 694

Fair Value Measurements - Financial Instruments on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	$ 4,008	$ 4,325
Total assets	4,008	4,325
Corporate debt securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	2,465	2,744
Mortgage-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	953	914
Asset-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	364	431
Municipal securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	159	183
U.S. Treasury notes
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	20	5
Other
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	47	48
Level 1
Fair value of assets measured on recurring basis
Total assets	0	0
Level 1 \| Corporate debt securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 1 \| Mortgage-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 1 \| Asset-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 1 \| Municipal securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 1 \| U.S. Treasury notes
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 1 \| Other
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 2
Fair value of assets measured on recurring basis
Total assets	4,008	4,325
Level 2 \| Corporate debt securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	2,465	2,744
Level 2 \| Mortgage-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	953	914
Level 2 \| Asset-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	364	431
Level 2 \| Municipal securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	159	183
Level 2 \| U.S. Treasury notes
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	20	5
Level 2 \| Other
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	47	48
Level 3
Fair value of assets measured on recurring basis
Total assets	0	0
Level 3 \| Corporate debt securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 3 \| Mortgage-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 3 \| Asset-backed securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 3 \| Municipal securities
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 3 \| U.S. Treasury notes
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	0	0
Level 3 \| Other
Fair value of assets measured on recurring basis
Debt securities, available-for-sale	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Accrued expenses and reserve liabilities	$ 92	$ 99
Deferred compensation	16	9
Other accrued medical costs	27	25
Net operating losses	9	5
Lease liabilities	66	79
Unrealized losses	0	18
Fixed assets and intangibles	28	32
Tax credit carryover	5	5
Other	0	6
Valuation allowance	(19)	(19)
Total deferred income tax assets, net of valuation allowance	224	259
Right-of-use assets	(16)	(26)
Prepaid expenses	(30)	(26)
Total deferred income tax liabilities	(46)	(52)
Net deferred income tax asset	$ 178	$ 207

Business Combinations - Schedule of The Provisional Fair Values Assigned To Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Assets acquired:
Goodwill	$ 1,958	$ 1,671		$ 1,241
ConnectiCare Holding Company, Inc.
Assets acquired:
Current assets			$ 474
Goodwill			287
Intangible assets			61
Other long-term assets			62
Liabilities assumed:
Medical claims and benefits payable			(379)
Amounts due government agencies			(43)
Accounts payable, accrued and other long-term liabilities			(112)
Fair value of net assets acquired			$ 350

Income Taxes - Reconciliation of the U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income from continuing operations, before income tax expense	$ 589	$ 1,589	$ 1,464
Tax provision at the U.S. federal statutory rate	124	334	308
Transferable energy-related tax credits	(19)	0	0
Nondeductible compensation	1	17	20
Other nontaxable or nondeductible items	4	4	5
Other	(9)	3	(1)
State income taxes, net of federal benefit	16	52	41
Total income tax expense (benefit)	$ 117	$ 410	$ 373
Percent
Tax provision at the U.S. federal statutory rate	21.00%	21.00%	21.00%
Energy-related tax credits	(3.20%)	0.00%	0.00%
Nondeductible compensation	0.20%	1.10%	1.40%
Other nontaxable or nondeductible items	0.70%	0.30%	0.30%
Other	(1.60%)	0.20%	0.00%
State income taxes, net of federal benefit	2.70%	3.20%	2.80%
Income tax expense	19.80%	25.80%	25.50%
PUERTO RICO
Amount
Statutory income tax rate differential	$ 0	$ 3	$ 0
Changes in valuation allowances	$ 0	$ (3)	$ 0
Percent
Statutory income tax rate differential		0.20%
Changes in valuation allowances		(0.20%)

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Consolidation and Presentation	Consolidation and Presentation The consolidated financial statements include the accounts of Molina Healthcare, Inc., and its subsidiaries. In the opinion of management, these financial statements reflect all normal recurring adjustments, which are considered necessary for a fair presentation of the results as of the dates presented. All significant inter-company balances and transactions have been eliminated. Financial information related to subsidiaries acquired during any year is included only for periods subsequent to their acquisition.
Reclassifications	Reclassifications We have reclassified certain 2024 amounts in the components of the net deferred tax asset table in Note 12, “Income Taxes,” to conform to line 2025 presentation. There was no impact on previously reported stockholders’ equity or net income.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term, highly liquid investments that are both readily convertible into known amounts of cash and have a maturity of three months or less on the date of purchase. The following table provides a reconciliation of cash and cash equivalents, and restricted cash and cash equivalents reported within the accompanying consolidated balance sheets that sum to the total of the same such amounts presented in the accompanying consolidated statements of cash flows.
Investments	Investments Our investments are principally held in debt securities, which are grouped into two separate categories for accounting and reporting purposes: available-for-sale securities and held-to-maturity securities. Available-for-sale (“AFS”) securities are recorded at fair value and unrealized gains and losses, if any, are recorded in stockholders’ equity as other comprehensive income, net of applicable income taxes. Held-to-maturity (“HTM”) securities are recorded at amortized cost, which approximates fair value, and unrealized holding gains or losses are not generally recognized. Realized gains and losses and unrealized losses arising from credit-related factors with respect to AFS and HTM securities are included in the determination of net income. The cost of securities sold is determined using the specific-identification method. Our investment policy requires that all of our investments have final maturities of less than 15 years, or less than 15 years average life for structured securities. Investments and restricted investments are subject to interest rate risk and will decrease in value if market interest rates increase. Declines in market interest rates over time will reduce our investment income. In general, our AFS securities are classified as current assets without regard to the securities’ contractual maturity dates because they may be readily liquidated. We monitor our investments for credit-related impairment.
Receivables	Receivables Receivables consist primarily of premium amounts due from government agencies, which are subject to potential retroactive adjustments, as well as pharmacy rebates and other receivables. Government receivables amounted to $2,365 million and $2,223 million at December 31, 2025 and 2024, respectively. We apply the current expected credit loss model to measure expected credit losses on our receivables based on available information about past events and reasonable and supportable forecasts. Because substantially all of our receivable amounts are readily determinable and substantially all of our creditors are governmental authorities, our allowance for credit losses is insignificant. Any amounts determined to be uncollectible are charged to expense when such determination is made.
Business Combinations	Business Combinations We account for business combinations using the acquisition method of accounting, which requires us to recognize the assets acquired and the liabilities assumed at their acquisition date fair values. As discussed below, the excess of the purchase consideration transferred over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Measurement period adjustments are recorded in the period in which they are determined, as if they had been completed at the acquisition date. Upon the conclusion of the final determination of the values of assets acquired or liabilities assumed, or one year after the date of acquisition, whichever comes first, any subsequent adjustments are recorded within our consolidated results of operations.
Long-Lived Assets, including Intangible Assets	Long-Lived Assets, including Intangible Assets Long-lived assets consist primarily of property, equipment, capitalized software (see Note 7, “Property, Equipment, and Capitalized Software, Net”), and intangible assets resulting from acquisitions. Long-lived assets are subject to impairment tests when events or circumstances indicate that the asset’s (or asset group’s) carrying value may not be recoverable. Finite-lived, separately-identified intangible assets acquired in business combinations are assets that represent future expected benefits but lack physical substance (such as purchased contract rights and provider contracts). Intangible assets are initially recorded at fair value and are then amortized on a straight-line basis over their expected useful lives, generally between five and 16 years. Determining the useful life of an intangible asset also requires judgment, as different types of intangible assets will have different useful lives. The most significant intangible asset we typically record in a business combination is contract rights associated with membership acquired. In determining the estimated fair value of the intangible assets, we typically apply the income approach, which discounts the projected future net cash flows using an appropriate discount rate that reflects the risk associated with such projected future cash flows. The most critical assumptions used in determining the fair value of contract rights include forecasted operating margins and the weighted average cost of capital. Property and equipment are stated at historical cost. Replacements and major improvements are capitalized, and repairs and maintenance are charged to expense as incurred. Software developed for internal use is capitalized. Property and equipment are generally depreciated using the straight-line method over estimated useful lives ranging from three to seven years. Software is generally amortized over its estimated useful life of three years. Leasehold improvements are amortized over the term of the lease, or over their useful lives from five to 10 years, whichever is shorter. Buildings are depreciated over their estimated useful lives of 31.5 to 40 years.
Intangible Assets	Our intangible assets are subject to impairment tests when events or circumstances indicate that a finite-lived intangible asset’s (or asset group’s) carrying value may not be recoverable. Consideration is given to a number of potential impairment indicators, including the ability of our health plan subsidiaries to obtain the renewal by amendment of their contracts in each state prior to the actual expiration of their contracts. However, there can be no assurance that these contracts will continue to be renewed. Following the identification of any potential impairment indicators, to determine whether an impairment exists, we would compare the carrying amount of a finite-lived intangible asset with the greater of the undiscounted cash flows that are expected to result from the use of the asset or related group of assets, or its value under the asset liquidation method. If it is determined that the carrying amount of the asset is not recoverable, the amount by which the carrying value exceeds the estimated fair value is recorded as an impairment. Determining the fair value of separately identifiable intangible assets requires management to make estimates, which are based on all available information and in some cases assumptions with respect to the timing and amount of future revenues and expenses associated with an asset. Refer to Note 9, “Goodwill and Intangible Assets, Net,” for further details.
Goodwill	Goodwill Goodwill represents the excess of the purchase consideration over the fair value of net assets acquired in business combinations. Goodwill is not amortized but is tested for impairment at the reporting unit level on an annual basis, and more frequently if impairment indicators are present. Impairment indicators may include declines, or expected declines, in operating performance or cash-flows, significant losses of membership, state funding, or state contracts, adverse regulatory changes, or other declines in market conditions, such as a decline in the company’s market capitalization. Goodwill is impaired if the carrying amount of a reporting unit exceeds its estimated fair value. This excess is recorded as an impairment loss and adjusted if necessary for the impact of tax-deductible goodwill. The loss recognized may not exceed the total goodwill allocated to the reporting unit. When testing goodwill for impairment, we may first assess qualitative factors, such as industry and market factors, the dynamic economic and political environments in which we operate, cost factors, or any of the potential impairment indicators noted above, to determine if it is more likely than not that the carrying value of our reporting units exceed their estimated fair values. If our qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, we perform the quantitative assessment. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative assessment. If performing a quantitative assessment, we generally estimate the fair values of our reporting units by applying the income approach, using discounted cash flows. The assumptions used in the reporting units’ discounted cash flows are derived from the annual financial planning process, which commences in the fourth quarter of the year, and our long-range business planning process. We also consider a market approach using the guideline public company comparable information to estimate our reporting units’ fair values. Due to the recent decline in market conditions and our operating performance, mainly driven by a temporal imbalance between premium rates and medical trend, potential adverse implications from the One Big Beautiful Bill Act in July 2025, and a decline in our market capitalization, we bypassed the qualitative assessment and performed a quantitative assessment of the goodwill related to our reporting units in the fourth quarter of 2025. As a result of the assessment, we determined that the estimated fair values of our reporting units continue to exceed their carrying value with significant excess, and no impairment to goodwill was required.
Leases	Leases Right-of-use (“ROU”) assets represent our right to use the underlying assets over the lease term, and lease liabilities represent our obligation for lease payments arising from the related leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease terms may include options to extend or terminate the lease when we believe it is reasonably certain that we will exercise such options. If applicable, we account for lease and non-lease components within a lease as a single lease component. Because most of our leases do not provide an implicit interest rate, we generally use our incremental borrowing rate to determine the present value of lease payments. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term, and the related ROU assets and liabilities are reduced to the present value of the remaining lease payments at the end of each period. Finance lease payments reduce finance lease liabilities, the related ROU assets are amortized on a straight-line basis over the lease term, and interest expense is recognized using the effective interest method. The significant majority of our operating leases consist of long-term operating leases for office space. Short-term leases (those with terms of 12 months or less) are not recorded as ROU assets or liabilities in the consolidated balance sheets. For certain leases that represent a portfolio of similar assets, such as a fleet of vehicles, we apply a portfolio approach to account for the related ROU assets and liabilities, rather than account for such assets and the related liabilities individually. A nominal number of our lease agreements include rental payments that adjust periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Medical Claims and Benefits Payable	Medical Claims and Benefits Payable Medical care costs are recognized in the period in which services are provided and include fee-for-service claims, pharmacy benefits, capitation payments to providers, and various other medically-related costs. Under fee-for-service claims arrangements with providers, we retain the financial responsibility for medical care provided and incur costs based on actual utilization of hospital and physician services. Such medical care costs include both amounts paid by us and estimated medical claims and benefits payable for costs that were incurred but not yet paid as of the reporting date (“IBNP”). Pharmacy benefits represent payments for members' prescription drug costs, net of rebates from drug manufacturers, with rebates estimated using historical and current prescription drug utilization and contractual provisions. Capitation payments represent monthly contractual fees paid to providers responsible for providing medical care to members, which could include medical or ancillary costs like dental, vision and other supplemental health benefits. Capitation costs are fixed prior to the coverage period and are not subject to significant accounting estimates. Other medical care costs include all medically-related administrative costs, amounts owed to providers under risk-sharing or incentive arrangements, provider claims, recoveries from claim overpayments, and other healthcare expenses. Medically-related administrative costs include expenses relating to health education, quality assurance, case management, care coordination, disease management, and 24-hour on-call nurse services. Additionally, our medical claims and benefit liability includes an estimate for the cost of settling claims incurred but not yet paid through the reporting date. Medical claims and benefits payable consist mainly of fee-for-service IBNP, unpaid pharmacy claims, capitation costs, other medical costs, including amounts payable to providers based on risk-sharing or incentive arrangements, and amounts payable to providers on behalf of certain state agencies for certain state assessments where we do not assume financial risk. IBNP includes both the costs of claims incurred but not yet paid as of the balance sheet date which has been reported to us, and our best estimate of the cost of claims incurred but not yet reported to us. When more complete claims payment information and healthcare cost trend data becomes available, we reflect changes in these estimates as an increase or decrease to medical care costs in the consolidated results of operations in the period in which they are determined. The estimation of the IBNP liability requires considerable judgment in applying actuarial methods, determining the appropriate assumptions, and considering numerous factors. Of those factors, we consider estimated completion factors and the assumed healthcare cost trend to be the most critical assumptions. Other relevant factors also include, but are not limited to, utilization and unit cost trends, claim inventory levels, changes in membership, product mix, seasonality, benefit changes, changes in fee schedules, provider contract changes, prior authorizations, prevalence of high-cost catastrophic cases, and the incidence of influenza-like illnesses. Because of the significant degree of judgment involved in estimation of our IBNP liability, there is considerable variability and uncertainty inherent in such estimates. Each reporting period, the recognized IBNP liability represents our best estimate of the total amount of unpaid claims incurred as of the balance sheet date using a consistent methodology in estimating our IBNP liability, including a provision for moderately adverse conditions for each current period. We believe our current estimates are reasonable and adequate; however, the development of our estimate is a continuous process that we monitor and update as more complete claims payment information and healthcare cost trend data becomes available. Actual medical care costs may be less than we previously estimated (favorable development) or more than we previously estimated (unfavorable development), and any differences could be material. Any adjustments to reflect favorable development would be recognized as a decrease to medical care costs, and any adjustments to reflect unfavorable development would be recognized as an increase to medical care costs, in the period in which the adjustments are determined. Refer to Note 10, “Medical Claims and Benefits Payable,” for a table presenting the components of the change in our medical claims and benefits payable, for all periods presented in the accompanying consolidated financial statements. Premium Revenue Recognition and Amounts Due Government Agencies Premium revenue is generated from our contracts with state and federal agencies, in connection with our participation in the Medicaid, Medicare, and Marketplace programs. Premium revenue is generally received based on per member per month (“PMPM”) rates established in advance of the periods covered. These premium revenues are recognized in the month that members are entitled to receive healthcare services, and premiums collected in advance are deferred. Many of our contracts contain provisions that may adjust or limit revenue or profit, as described below. Consequently, we recognize premium revenue as it is earned under such provisions. Liabilities accrued for premiums to be returned under such provisions are reported in the aggregate as “Amounts due government agencies” in the accompanying consolidated balance sheets. State Medicaid programs and the federal Medicare program periodically adjust premium rates, including certain components of premium revenue that are subject to accounting estimates further discussed below. Minimum MLR, Medical Cost Corridors and Profit Sharing. A portion of our Medicaid premium revenue may be returned if certain minimum amounts are not spent on defined medical care costs as a percentage of premium revenue, or minimum medical loss ratio (“Minimum MLR”). Under certain medical cost corridor provisions, the health plans may receive additional premiums if amounts spent on medical care costs exceed a defined maximum threshold. Our contracts with certain states contain profit sharing provisions under which we refund amounts to the states if our health plans generate profit above a certain specified percentage. In some cases, we are limited in the amount of administrative costs that we may deduct in calculating the refund, if any. The Affordable Care Act (“ACA”) established a Minimum MLR of 85% for Medicare. Federal regulations define what constitutes medical costs and premium revenue. If the Minimum MLR is not met, we may be required to pay rebates to the federal government. Our dual-eligible plans may also be subject to state-specific Minimum MLRs, medical cost corridors, and profit-sharing provisions. We recognize estimated rebates as an adjustment to premium revenue in our consolidated statements of income. We recorded a liability under the terms of such contract provisions of $28 million and $32 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets. The ACA established a Minimum MLR of 80% for the Marketplace. If the Minimum MLR is not met, we may be required to pay rebates to our Marketplace policyholders. The Marketplace risk adjustment program discussed below is taken into consideration when computing the Minimum MLR. We recognize estimated rebates under the Minimum MLR as an adjustment to premium revenue in our consolidated statements of income. We recorded a liability under the terms of such contract provisions of $12 million and $30 million at December 31, 2025 and 2024, respectively, to “Amounts due government agencies” in the accompanying consolidated balance sheets. Risk Adjustment. Our Medicare premiums are subject to retroactive increase or decrease based on the health status of our members (as measured by member risk score). We estimate our members’ risk scores and the related amount of Medicare revenue that will ultimately be realized for the periods presented based on our knowledge of our members’ health status, risk scores and CMS practices. We also estimate amounts owed to CMS for Part D settlements. We recorded a liability under the terms of such contract provisions of $66 million and $115 million at December 31, 2025 and 2024, respectively, to Our Marketplace premiums are also subject to increases based on the health status of members. Our health plans’ composite risk scores are compared with the overall average risk score for the relevant state and market pool. Generally, our health plans will make a risk adjustment payment into the pool if their composite risk scores are below the average risk score (risk adjustment payable), and will receive a risk adjustment payment from the pool if their composite risk scores are above the average risk score (risk adjustment receivable). We estimate our ultimate premium based on insurance policy year-to-date experience, and recognize estimated premiums relating to the risk adjustment program as an adjustment to premium revenue in our consolidated statements of income. Other Premium Adjustments. State Medicaid programs periodically adjust premium revenues on a retroactive basis for rate changes and changes in membership and eligibility data. In certain states, adjustments are made based on the health status of our members (as measured through a risk score). In these cases, we adjust our premium revenue in the period in which we determine that the adjustment is probable and reasonably estimable, based on our best estimate of the ultimate premium we expect to realize for the period being adjusted. Quality Incentives At many of our health plans, revenue ranging from approximately 1% to 4% of certain health plan premiums is earned only if certain performance measures are met. Such performance measures are generally found in our Medicaid and MMP contracts. Quality incentive premium revenue is recognized when it is earned under such provisions.
Reinsurance	Reinsurance We bear underwriting and reserving risks associated with our health plan subsidiaries. In certain cases, we limit our risk of significant catastrophic losses by maintaining high deductible reinsurance coverage with a highly-rated, unaffiliated insurance company (the “third-party reinsurer”). Because we remain liable for losses in the event the third-party reinsurer is unable to pay its portion of the losses, we continually monitor the third-party reinsurer’s financial condition, including its ability to maintain high credit ratings. We report reinsurance premiums as a reduction to premium revenue, while related reinsurance recoveries are reported as a reduction to medical care costs.
Premium Deficiency Reserves on Loss Contracts	Premium Deficiency Reserve on Loss Contracts We assess the profitability of our contracts to determine if it is probable that a loss will be incurred in the future by reviewing current results and forecasts. For purposes of this assessment, contracts are grouped in a manner consistent with our method of acquiring, servicing and measuring the profitability of such contracts. A premium deficiency reserve (“PDR”) is recognized if anticipated future medical care and administrative costs exceed anticipated future premium revenue, investment income and reinsurance recoveries.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized.
Premium Taxes	Premium Taxes Certain of our health plans are assessed a tax based on premium revenue collected. The premium revenues we receive from these states include reimbursement for the premium tax assessment. We have reported these taxes on a gross basis, as premium tax revenue and as premium tax expenses in the consolidated statements of income.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investments, receivables, and restricted investments. Our investments and a portion of our cash equivalents are managed by professional portfolio managers operating under documented investment guidelines. Our portfolio managers must obtain our prior approval before selling investments where the loss position of those investments exceeds certain levels. Our investments consist primarily of investment-grade debt securities with final maturities of less than 15 years, or less than 15 years average life for structured securities. Restricted investments are invested principally in cash, cash equivalents, U.S. Treasury securities, and corporate debt securities. Concentration of credit risk with respect to accounts receivable is limited because our payors consist principally of the federal government, and governments of each state in which our health plan subsidiaries operate.
Risks and Uncertainties	Risks and Uncertainties Our profitability depends in large part on our ability to accurately predict and effectively manage medical care costs. We continually review our medical costs in light of our underlying claims experience and revised actuarial data. However, several factors could adversely affect medical care costs. These factors, which include changes in healthcare practices, inflation, new technologies, major epidemics, natural disasters, and malpractice litigation, are beyond our control and may have an adverse effect on our ability to accurately predict and effectively control medical care costs. Costs in excess of those anticipated could have a material adverse effect on our financial condition, results of operations, or cash flows. We operate health plans primarily as a direct contractor with the states, and in Los Angeles County, California, as a subcontractor to another health plan holding a direct contract with the state. We are therefore dependent upon a relatively small number of contracts to support our revenue. The loss of any one of those contracts could have a material adverse effect on our financial position, results of operations, or cash flows. In addition, our ability to arrange for the provision of medical services to our members is dependent upon our ability to develop and maintain adequate provider networks. Our inability to develop or maintain such networks might, in certain circumstances, have a material adverse effect on our financial position, results of operations, or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures, which requires incremental income tax disclosures on an annual basis for all public entities. The amendments require that public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items meeting a quantitative threshold. The amendments also require disclosure of income taxes paid to be disaggregated by jurisdiction, and disclosure of income tax expense disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual reporting beginning with the fiscal year ended December 31, 2025. We have adopted this ASU, with the incremental disclosures presented in Note 12, “Income Taxes”. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which will require disclosure of additional information about specific expense categories in the notes to financial statements for all public business entities. ASU 2024-03 is effective for annual reporting beginning with the fiscal year ending December 31, 2027, and for interim periods thereafter. Early adoption is permitted. We are currently evaluating the incremental disclosures that will be required in the footnotes to our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs to better align with the way that software is currently developed. The update removes all reference to the project stages of software development and establishes two criteria that must be met to begin capitalizing software costs. ASU 2025-06 is effective for annual reporting beginning with the fiscal year ending December 31, 2028, and for interim periods therein. It can be adopted using a prospective, modified, or retrospective approach, and early adoption is permitted. We are currently evaluating the impact of the update to our consolidated financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the Securities and Exchange Commission (“SEC”) did not have, nor does management expect such pronouncements to have, a significant impact on our present or future consolidated financial statements.
Fair Value Measurements	Fair Value Measurements We consider the carrying amounts of current assets and current liabilities to approximate their fair values because of the relatively short period of time between the origination of these instruments and their expected realization or payment. For our financial instruments measured at fair value on a recurring basis, we prioritize the inputs used in measuring fair value according to a three-tier fair value hierarchy as follows: Level 1 — Observable Inputs. Level 1 financial instruments are actively traded and therefore the fair value for these securities is based on quoted market prices for identical securities in active markets. Level 2 — Directly or Indirectly Observable Inputs. Fair value for these investments is determined using a market approach based on quoted prices for similar securities in active markets or quoted prices for identical securities in inactive markets. Level 3 — Unobservable Inputs. Level 3 financial instruments are valued using unobservable inputs that represent management’s best estimate of what market participants would use in pricing the financial instrument at the measurement date.

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash used in operating activities:
Operating leases	$ 19	$ 24	$ 28
Finance leases	14	15	15
Cash used in financing activities:
Finance leases	26	24	24
ROU assets recognized in exchange for lease obligations:
Operating leases	11	5	12
Finance leases	$ 16	$ 17	$ 13

Stockholders' Equity - Restricted and Performance Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSAs
RSAs and PSUs
Unvested balance, beginning of period (in shares)	487,647
Granted (in shares)	353,833
Vested (in shares)	(209,450)
Forfeited (in shares)	(58,718)
Unvested balance, shares end of period (in shares)	573,312	487,647
Weighted Average Grant Date Fair Value
Unvested balance, beginning balance (in dollars per share)	$ 325.91
Granted (in dollars per share)	285.38	$ 382.23	$ 277.37
Vested (in dollars per share)	309.25
Forfeited (in dollars per share)	316.48
Unvested balance, ending balance (in dollars per share)	$ 307.95	$ 325.91
PSUs
RSAs and PSUs
Unvested balance, beginning of period (in shares)	529,082
Granted (in shares)	167,620
Vested (in shares)	(131,785)
Forfeited (in shares)	(16,443)
Unvested balance, shares end of period (in shares)	548,474	529,082
Weighted Average Grant Date Fair Value
Unvested balance, beginning balance (in dollars per share)	$ 328.77
Granted (in dollars per share)	288.81	$ 353.44	$ 233.50
Vested (in dollars per share)	303.54
Forfeited (in dollars per share)	326.35
Unvested balance, ending balance (in dollars per share)	$ 322.69	$ 328.77

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	Apr. 30, 2025	Oct. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased of common stock			$ 1,000,000,000	$ 1,000,000,000
Stock purchase excise tax			$ 9,000,000	$ 8,000,000
Forfeiture rate			7.00%
Stock option expiration period			4 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee purchase price as a percentage of stock price			85.00%
Offering period			6 months
Maximum annual contribution per employee			$ 25,000
Risk-free interest rate, minimum			4.20%	4.20%	4.20%
Risk-free interest rate, maximum			5.40%	5.40%	5.40%
Minimum expected volatility rate inputs for fair value measurement			25.00%	25.00%	25.00%
Maximum expected volatility rate inputs for fair value measurement			45.00%	45.00%	45.00%
Dividend yield			0.00%	0.00%	0.00%
Expected term of awards			6 months	6 months	6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period			4 years
Granted (in dollars per share)			$ 285.38	$ 382.23	$ 277.37
Unrecognized compensation expense			$ 106,000,000
Weighted average period for recognition			2 years 2 months 12 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award vesting period			3 years
Granted (in dollars per share)			$ 288.81	$ 353.44	$ 233.50
2019 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under ESPP (in shares)						1,800,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased of common stock (in shares)			5,000,000	3,000,000
Share-based compensation (in shares)				1,000,000
Common Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation (in shares)			361,000	360,000
Common Stock Repurchase Program, October 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized (in shares)								$ 1,000,000,000
Repurchases of common stock (in shares)		1,679,000
Repurchased of common stock		$ 500,000,000
Common stock purchases (in dollars per share)		$ 297.83
Common Stock Repurchase Program, April 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized (in shares)							$ 1,000,000,000
Common stock purchases (in dollars per share)	$ 175.5
Repurchased of common stock (in shares)	2,849,000
Repurchased of common stock	$ 500,000,000

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statutory Accounting Practices [Line Items]
Net assets of subsidiaries subject to restrictions	$ 4,400
Aggregate statutory capital and surplus	4,600
Required minimum statutory capital surplus	3,100
Parent Company
Statutory Accounting Practices [Line Items]
Cash, cash equivalents, and investments	$ 223	$ 445

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

Our financial instruments measured at fair value on a recurring basis at December 31, 2025, were as follows:


	Total		Level 1		Level 2		Level 3

	(In millions)
Corporate debt securities	$	2,465	$	—	$	2,465	$	—
Mortgage-backed securities	953		—		953		—
Asset-backed securities	364		—		364		—
Municipal securities	159		—		159		—
U.S. Treasury notes	20		—		20		—


Other	47		—		47		—
Total assets	$	4,008	$	—	$	4,008	$	—

Our financial instruments measured at fair value on a recurring basis at December 31, 2024, were as follows:


	Total		Level 1		Level 2		Level 3

	(In millions)
Corporate debt securities	$	2,744	$	—	$	2,744	$	—
Mortgage-backed securities	914		—		914		—
Asset-backed securities	431		—		431		—
Municipal securities	183		—		183		—
U.S. Treasury notes	5		—		5		—


Other	48		—		48		—
Total assets	$	4,325	$	—	$	4,325	$	—

Schedule of Fair Value Measurements of Senior Notes


	December 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

	(In millions)
4.375% Notes due 2028	$	797	$	786	$	795	$	759
3.875% Notes due 2030	646		603		645		578
6.500% Notes due 2031	838		873		—		—
3.875% Notes due 2032	744		682		743		648
6.250% Notes due 2033	741		764		740		741

Total	$	3,766	$	3,708	$	2,923	$	2,726

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Postemployment Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We sponsor defined contribution 401(k) plans that cover substantially all employees of our company and its subsidiaries. Eligible employees are permitted to contribute up to the maximum amount allowed by law. We match up to the first 4% of compensation contributed by employees. Expense recognized in connection with our contributions to the 401(k) plans amounted to $63 million, $61 million, and $54 million in the years ended December 31, 2025, 2024, and 2023, respectively. We also have a non-qualified deferred compensation plan for certain key employees. Under this plan, eligible participants may defer portions of their base salary and bonus to provide tax-deferred growth. The deferrals are distributable based upon termination of employment or other periods, as elected under the plan, and were $61 million and $50 million as of December 31, 2025 and 2024, respectively.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 19	$ 19
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	122
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	7
Tax credit carryovers	$ 5

Condensed Financial Information of Registrant - Condensed Balance Sheets - Additional Information (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, outstanding (in shares)	51,000,000	56,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Parent Company
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, outstanding (in shares)	51,000,000	56,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized tax benefits roll forward
Gross unrecognized tax benefits at beginning of period	$ (5)	$ (5)	$ (5)
Settlements	5	0	0
Gross unrecognized tax benefits at end of period	$ 0	$ (5)	$ (5)

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

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

______________________

(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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 31, 2025 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares)	150,000,000
Common stock, shares, outstanding (in shares)	51,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
CommonStockSharesIssuedNotDisclosed	true

Medical Claims and Benefits Payable - Components of the Change (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and benefits payable, beginning balance	$ 4,640	$ 4,204	$ 3,528
Components of medical care costs related to:
Current year	39,586	35,103	29,096
Prior years	(98)	(675)	(427)
Incurred Claims and Allocated Claims Adjustment Expenses	39,488	34,428	28,669
Payments for medical care costs related to:
Current year	35,504	31,060	25,615
Prior years	4,154	3,239	2,734
Total paid	39,658	34,299	28,349
Acquired balances, net of post-acquisition adjustments	379	476	96
Change in non-risk and other provider payables	38	(169)	260
Medical claims and benefits payable, ending balance	4,887	4,640	4,204
Medicaid
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and benefits payable, beginning balance	3,667	3,444	2,815
Components of medical care costs related to:
Current year	29,693	28,211	23,749
Prior years	(105)	(611)	(395)
Incurred Claims and Allocated Claims Adjustment Expenses	29,588	27,600	23,354
Payments for medical care costs related to:
Current year	26,544	24,950	20,999
Prior years	3,110	2,258	2,069
Total paid	29,654	27,208	23,068
Acquired balances, net of post-acquisition adjustments	0	0	82
Change in non-risk and other provider payables	37	(169)	261
Medical claims and benefits payable, ending balance	3,638	3,667	3,444
Medicare
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and benefits payable, beginning balance	722	532	452
Components of medical care costs related to:
Current year	5,814	5,000	3,802
Prior years	(54)	(61)	(11)
Incurred Claims and Allocated Claims Adjustment Expenses	5,760	4,939	3,791
Payments for medical care costs related to:
Current year	5,271	4,464	3,293
Prior years	697	761	431
Total paid	5,968	5,225	3,724
Acquired balances, net of post-acquisition adjustments	173	476	14
Change in non-risk and other provider payables	1	0	(1)
Medical claims and benefits payable, ending balance	688	722	532
Marketplace
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and benefits payable, beginning balance	251	228	261
Components of medical care costs related to:
Current year	4,003	1,892	1,545
Prior years	61	(3)	(21)
Incurred Claims and Allocated Claims Adjustment Expenses	4,064	1,889	1,524
Payments for medical care costs related to:
Current year	3,609	1,646	1,323
Prior years	327	220	234
Total paid	3,936	1,866	1,557
Acquired balances, net of post-acquisition adjustments	168	0	0
Change in non-risk and other provider payables	0	0	0
Medical claims and benefits payable, ending balance	547	251	228
Other
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Medical claims and benefits payable, beginning balance	0	0	0
Components of medical care costs related to:
Current year	76	0	0
Prior years	0	0	0
Incurred Claims and Allocated Claims Adjustment Expenses	76	0	0
Payments for medical care costs related to:
Current year	80	0	0
Prior years	20	0	0
Total paid	100	0	0
Acquired balances, net of post-acquisition adjustments	38	0	0
Change in non-risk and other provider payables	0	0	0
Medical claims and benefits payable, ending balance	$ 14	$ 0	$ 0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Premium revenue	$ 43,052	$ 38,627	$ 32,529
Premium tax revenue	1,863	1,486	1,069
Investment income	420	452	394
Other revenue	91	85	80
Total revenue	45,426	40,650	34,072
Operating expenses:
Medical care costs	39,488	34,428	28,669
General and administrative expenses	3,009	2,743	2,462
Premium tax expenses	1,863	1,486	1,069
Depreciation and amortization	195	186	171
Other	90	100	128
Total operating expenses	44,645	38,943	32,499
Operating income	781	1,707	1,573
Interest expense	192	118	109
Income before income tax expense	589	1,589	1,464
Income tax expense	117	410	373
Net income	$ 472	$ 1,179	$ 1,091
Net income per share:
Basic (in dollars per share)	$ 8.93	$ 20.52	$ 18.91
Diluted (in dollars per share)	$ 8.92	$ 20.42	$ 18.77
Weighted average shares outstanding:
Basic (in shares)	52.8	57.4	57.7
Diluted (in shares)	52.9	57.7	58.1

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt obligations:


	December 31,
	2025		2024

	(In millions)




Non-current long-term debt:
4.375% Notes due June 15, 2028	$	800	$	800
3.875% Notes due November 15, 2030	650		650
6.500% Notes due February 15, 2031	850		—
3.875% Notes due May 15, 2032	750		750
6.250% Notes due January 15, 2033	750		750


Deferred debt issuance costs	(34)		(27)
Total	$	3,766	$	2,923

Contractual maturities of the principal amounts of our outstanding debt obligations, as of December 31, 2025, are illustrated in the following table.


	Total		2026		2027		2028		2029		2030		Thereafter

	(In millions)
4.375% Notes due 2028	$	800	$	—	$	—	$	800	$	—	$	—	$	—
3.875% Notes due 2030	650		—		—		—		—		650		—
6.500% Notes due 2031	850		—		—		—		—		—		850
3.875% Notes due 2032	750		—		—		—		—		—		750
6.250% Notes due 2033	750		—		—		—		—		—		750

Total	$	3,800	$	—	$	—	$	800	$	—	$	650	$	2,350

Senior Notes

Each of these notes are senior unsecured obligations of the Parent corporation, Molina Healthcare, Inc., and rank equally in right of payment with all existing and future senior debt, and senior to all existing and future subordinated debt of Molina Healthcare, Inc. The senior note indentures contain customary non-financial covenants and change of control provisions. As of December 31, 2025, we were in compliance with all non-financial covenants in the indentures governing the senior notes.

The indentures governing the senior notes contain cross-default provisions that are triggered upon default by us or any of our subsidiaries on any indebtedness in excess of the amount specified in the applicable indenture. As discussed below, no amounts were outstanding under the New Credit Agreement as of December 31, 2025, so there is no risk of a cross-default under the senior notes.

On November 20, 2025, we completed the private offering of $850 million aggregate principal amount of senior notes (the “6.500% Notes due 2031”), which are due February 15, 2031, unless earlier redeemed. We used the net proceeds for repayment of $740 million in term loan debt related to the Prior Credit Agreement (see discussion below) and for general corporate purposes. The 6.500% Notes due 2031 contain optional early redemption provisions, with redemption prices in excess of par. Interest, at a rate of 6.500% per annum, is payable semiannually in arrears on February 15 and August 15 of each year, commencing August 15, 2026. Deferred issuance costs amounted to $12 million.

Credit Agreement

On November 20, 2025, we entered into a Credit Agreement (the “New Credit Agreement”) which replaced our prior credit agreement dated as of June 8, 2020, as amended from time to time prior to November 20, 2025, (the “Prior Credit Agreement”). The terms of the New Credit Agreement are substantially similar to the terms of the Prior Credit Agreement, except that certain covenants are amended in a manner favorable to us. The New Credit Agreement includes a revolving credit facility (“New Credit Facility”) of $1.25 billion, a $15 million swingline sub-facility, a $100 million letter of credit sub-facility, as well as uncommitted capacity to incur incremental term loans to finance certain acquisitions up to $800 million. Borrowings under the New Credit Agreement bear interest based, at our election, on a base rate or other defined rate, plus in each case, the applicable margin. In addition to interest payable on the principal amount of indebtedness outstanding from time to time under the New Credit Agreement, we are required to pay a quarterly commitment fee. The New Credit Agreement has a term of five years, and all amounts outstanding will be due and payable on November 20, 2030.

The New Credit Agreement contains customary non-financial and financial covenants, including maintenance of a minimum Interest Coverage Ratio threshold of 3.0 to 1.0, and a maximum Consolidated Total Debt to Capital Ratio of 60%, with a step-up to 65% for four fiscal quarters following a material acquisition or series of related acquisitions (i.e., $500 million or greater cash consideration). As of December 31, 2025, we were in compliance with all non-financial and financial covenants under the New Credit Agreement. Subsequently, we executed an amendment to the New Credit Agreement on February 4, 2026 that temporarily reduces the Interest Coverage Ratio threshold to (a) with respect to each fiscal quarter ending March 31, 2026 through and including December 31, 2026, 1.75:1.00, (b) with respect to fiscal quarter ending March 31, 2027, 2.00:1.00, (c) with respect to fiscal quarter ending June 30, 2027, 2.50:1.00 and (d) with respect to fiscal quarter ending September 30, 2027, 2.75:1.00.

As of December 31, 2025, no amounts were outstanding under the New Credit Agreement.

During the year ended December 31, 2025, we borrowed $950 million in term loan debt and $150 million in credit facility borrowings related to the Prior Credit Agreement. We repaid all amounts borrowed, including the $740 million repaid with the net proceeds from the issuance of the 6.500% Notes due 2031 discussed above. We recognized $2 million in expense for unamortized deferred issuance costs in conjunction with the repayment of the term loan debt related to the Prior Credit Agreement.

Segments - Reconciliation of Gross Margin to Consolidated Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Premium revenue	$ 43,052	$ 38,627	$ 32,529
Service revenue	87	81	76
Revenue from external customers	43,139	38,708	32,605
Other operating revenues	2,287	1,942	1,467
Total revenue	45,426	40,650	34,072
Operating Expenses:
Medical care costs	39,488	34,428	28,669
Cost of service revenue	78	73	67
Segment expenses	39,566	34,501	28,736
Other operating expenses	5,079	4,442	3,763
Operating income	781	1,707	1,573
Less: interest expense	192	118	109
Income before income tax expense	589	1,589	1,464
Medical margin
Operating Expenses:
Segment Margin:	3,564	4,199	3,860
Service margin
Operating Expenses:
Segment Margin:	9	8	9
Operating Segments \| Medicaid
Revenue:
Premium revenue	32,240	30,579	26,327
Service revenue	0	0	0
Revenue from external customers	32,240	30,579	26,327
Operating Expenses:
Medical care costs	29,588	27,600	23,354
Cost of service revenue	0	0	0
Segment expenses	29,588	27,600	23,354
Operating Segments \| Medicaid \| Medical margin
Operating Expenses:
Segment Margin:	2,652	2,979	2,973
Operating Segments \| Medicaid \| Service margin
Operating Expenses:
Segment Margin:	0	0	0
Operating Segments \| Medicare
Revenue:
Premium revenue	6,235	5,542	4,179
Service revenue	0	0	0
Revenue from external customers	6,235	5,542	4,179
Operating Expenses:
Medical care costs	5,760	4,939	3,791
Cost of service revenue	0	0	0
Segment expenses	5,760	4,939	3,791
Operating Segments \| Medicare \| Medical margin
Operating Expenses:
Segment Margin:	475	603	388
Operating Segments \| Medicare \| Service margin
Operating Expenses:
Segment Margin:	0	0	0
Operating Segments \| Marketplace
Revenue:
Premium revenue	4,487	2,506	2,023
Service revenue	0	0	0
Revenue from external customers	4,487	2,506	2,023
Operating Expenses:
Medical care costs	4,064	1,889	1,524
Cost of service revenue	0	0	0
Segment expenses	4,064	1,889	1,524
Operating Segments \| Marketplace \| Medical margin
Operating Expenses:
Segment Margin:	423	617	499
Operating Segments \| Marketplace \| Service margin
Operating Expenses:
Segment Margin:	0	0	0
Operating Segments \| Other
Revenue:
Premium revenue	90	0	0
Service revenue	87	81	76
Revenue from external customers	177	81	76
Operating Expenses:
Medical care costs	76	0	0
Cost of service revenue	78	73	67
Segment expenses	154	73	67
Operating Segments \| Other \| Medical margin
Operating Expenses:
Segment Margin:	14	0	0
Operating Segments \| Other \| Service margin
Operating Expenses:
Segment Margin:	$ 9	$ 8	$ 9

Property, Equipment, and Capitalized Software, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment, and Capitalized Software, Net

Property and equipment are stated at historical cost. Replacements and major improvements are capitalized, and repairs and maintenance are charged to expense as incurred. Software developed for internal use is capitalized. Property and equipment are generally depreciated using the straight-line method over estimated useful lives ranging from three to seven years. Software is generally amortized over its estimated useful life of three years. Leasehold improvements are amortized over the term of the lease, or over their useful lives from five to 10 years, whichever is shorter. Buildings are depreciated over their estimated useful lives of 31.5 to 40 years.

A summary of property, equipment, and capitalized software is as follows:


	December 31,
	2025		2024

	(In millions)
Capitalized software	$	876	$	788
Property and equipment	200		205
Building and improvements	38		35
Land	1		1

Total cost	1,115		1,029
Less: accumulated amortization - capitalized software	(681)		(612)
Less: accumulated depreciation and amortization - property, equipment, building, and improvements	(194)		(194)
Total accumulated depreciation and amortization	(875)		(806)
ROU assets - finance leases	61		65
Property, equipment, and capitalized software, net	$	301	$	288

The following table presents all depreciation and amortization recognized in our consolidated statements of income:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Amortization of intangible assets	$	91	$	82	$	85
Amortization of capitalized software	77		69		58
Amortization of finance leases	20		19		18
Depreciation and amortization of property, equipment, building, and improvements	7		16		10
Total depreciation and amortization	$	195	$	186	$	171

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Medical Claims and Benefits Payable - Incurred Claims and Allocated Adjustment Expense (Details) claim in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) claim	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Incurred Claims and Allocated Claims Adjustment Expenses	$ 39,488	$ 34,428	$ 28,669
Incurred Claims and Allocated Claims Adjustment Expenses	103,729
Total IBNP	3,207
Claims paid	99,621
Benefit Year 2023
Product Information [Line Items]
Incurred Claims and Allocated Claims Adjustment Expenses	28,909	28,939	29,497
Total IBNP	$ 24
Cumulative number of reported claims (in claim) \| claim	137
Claims paid	$ 28,885	28,887	$ 25,615
Benefit Year 2024
Product Information [Line Items]
Incurred Claims and Allocated Claims Adjustment Expenses	35,234	35,274
Total IBNP	$ 95
Cumulative number of reported claims (in claim) \| claim	140
Claims paid	$ 35,232	$ 31,060
Benefit Year 2025
Product Information [Line Items]
Incurred Claims and Allocated Claims Adjustment Expenses	39,586
Total IBNP	$ 3,088
Cumulative number of reported claims (in claim) \| claim	143
Claims paid	$ 35,504

Business Combinations - Intangible Assets (Details) - ConnectiCare Holding Company, Inc. $ in Millions	Jan. 01, 2024 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted-average life	9 years 9 months 18 days
Intangible assets	$ 61
Contract rights - member list
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 36
Useful life	7 years
Trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 19
Useful life	15 years
Provider network
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 6
Useful life	10 years

Investments - Available-for-Sale (Details) $ in Millions	Dec. 31, 2025 USD ($) position	Dec. 31, 2024 USD ($) position
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 106	$ 1,204
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 1	$ 17
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	83	813
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 823	$ 1,594
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 31	$ 72
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	523	871
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 106	$ 811
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 1	$ 10
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	83	541
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 372	$ 935
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 6	$ 25
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	205	449
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 0	$ 271
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 0	$ 5
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	0	197
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 315	$ 406
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 21	$ 36
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	212	244
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 0	$ 84
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 0	$ 1
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	0	48
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 80	$ 143
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 2	$ 5
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	41	73
Municipal securities
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 0	$ 38
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 0	$ 1
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	0	27
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 42	$ 95
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 1	$ 4
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	49	89
Other
Debt Securities, Available-for-sale [Line Items]
In a Continuous Loss Position for Less than 12 Months, Estimated Fair Value	$ 0	$ 0
In a Continuous Loss Position for Less than 12 Months, Gross Unrealized Losses	$ 0	$ 0
In a Continuous Loss Position for Less than 12 Months, Total Number of Positions \| position	0	0
In a Continuous Loss Position for 12 Months or More, Estimated Fair Value	$ 14	$ 15
In a Continuous Loss Position for 12 Months or More, Gross Unrealized Losses	$ 1	$ 2
In a Continuous Loss Position for 12 Months or More, Total Number of Positions \| position	16	16

Debt - Credit Agreement (Details)		12 Months Ended
Debt - Credit Agreement (Details)	Nov. 20, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 04, 2026
Line of Credit Facility [Line Items]
Proceeds from borrowings under credit facility and term loans		$ 1,100,000,000	$ 300,000,000	$ 0
Repayment from borrowings under credit facility and term loan		1,100,000,000	$ 300,000,000	$ 0
Line of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,250,000,000
Agreement term	5 years
Interest coverage ratio	3.0
Amount outstanding under letter of credit		0
Proceeds from borrowings under credit facility and term loans		150,000,000
Repayment from borrowings under credit facility and term loan	$ 740,000,000	740,000,000
Line of Credit \| Credit Facility \| Covenant Period One \| Subsequent Event
Line of Credit Facility [Line Items]
Interest coverage ratio					1.75
Line of Credit \| Credit Facility \| Covenant Period Two \| Subsequent Event
Line of Credit Facility [Line Items]
Interest coverage ratio					2.00
Line of Credit \| Credit Facility \| Covenant Period Three \| Subsequent Event
Line of Credit Facility [Line Items]
Interest coverage ratio					2.50
Line of Credit \| Credit Facility \| Covenant Period Four \| Subsequent Event
Line of Credit Facility [Line Items]
Interest coverage ratio					2.75
Line of Credit \| Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, covenant, debt to capitalization ratio	0.60
Line of Credit \| Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, covenant, debt to capitalization ratio	0.65
Cash consideration amount	$ 500,000,000
Line of Credit \| Letter Of Credit Sub-Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000
Line of Credit \| Swingline Sub Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	15,000,000
Delayed Draw Term Loan (DDTL) \| Term Loan
Line of Credit Facility [Line Items]
Incremental term loans	$ 800,000,000
Proceeds from borrowings under credit facility and term loans		950,000,000
Unamortized issuance cost		2,000,000
Senior Notes \| 6.500% Notes due February 15, 2031
Line of Credit Facility [Line Items]
Incremental term loans		$ 850,000,000
Debt instrument, interest rate, stated percentage		6.50%
6.500% Notes due February 15, 2031 \| Term Loan
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		6.50%

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Maturity period (less than)	15 years
Interest receivable	$ 51	$ 56
Receivables	3,533	3,299
Minimum MLR, medical cost corridors and profit sharing liability	$ 457	$ 1,006
Percent due to medicare, medical loss ratio	85.00%	85.00%
Government agencies liability	$ 28	$ 32
Percent due to medicare, medical loss ratio of marketplace	80.00%	80.00%
Medical loss ratio of marketplace	$ 12	$ 30
Risk adjustments liability	66	115
Risk adjustment payable	517	290
Risk adjustment receivable	106	192
Risk adjustment, net payable	411
Risk adjustment, net receivable		98
Prepaid reinsurance premiums	10	8	$ 11
Reinsurance recoveries	31	20	$ 21
Reinsurance recoverable	31	21
Government Receivables
Property, Plant and Equipment [Line Items]
Receivables	$ 2,365	$ 2,223
California
Property, Plant and Equipment [Line Items]
Premium revenue percentage	10.00%
TEXAS
Property, Plant and Equipment [Line Items]
Premium revenue percentage	13.00%
WASHINGTON
Property, Plant and Equipment [Line Items]
Premium revenue percentage	10.00%
Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum \| Premium revenue
Property, Plant and Equipment [Line Items]
Revenue ranging	1.00%
Maximum
Property, Plant and Equipment [Line Items]
Useful life	16 years
Maximum \| Premium revenue
Property, Plant and Equipment [Line Items]
Revenue ranging	4.00%
Structured Securities
Property, Plant and Equipment [Line Items]
Average maturity period (less than)	15 years

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

ConnectiCare. Effective February 1, 2025, we closed on our acquisition of 100% of the issued and outstanding capital stock of ConnectiCare Holding Company, Inc. (“ConnectiCare”) for $350 million in cash. For this transaction, we applied the acquisition method of accounting, where the total purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed, based on their fair values as of the acquisition date. The pro forma effects of this acquisition for prior periods were not material to our consolidated results of operations. Acquisition costs amounted to $3 million in the aggregate for the year ended December 31, 2025, and were recorded as “General and administrative expenses” in the accompanying consolidated statements of income.

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Such assets include synergies we expect to achieve as a result of the transaction, such as the use of our existing infrastructure to support the added membership, and future economic benefits arising from the assembled workforce. We allocated goodwill in the amounts of $67 million to the Medicare segment and $220 million to the Marketplace segments. The goodwill is not deductible for income tax purposes. The following table summarizes the fair values assigned to assets acquired and liabilities assumed, in millions.


Assets acquired:
Current assets	$	474
Goodwill	287
Intangible assets	61
Other long-term assets	62
Liabilities assumed:
Medical claims and benefits payable	(379)
Amounts due government agencies	(43)
Accounts payable, accrued and other long-term liabilities	(112)
Fair value of net assets acquired	$	350

The table below presents intangible assets acquired, by major class, for the ConnectiCare acquisition. The weighted-average amortization period, in the aggregate, is 9.8 years.


	Fair Value		Life

	(In millions)		(Years)
Contract rights - member list	$	36	7
Trade Name	19		15
Provider network	6		10
	$	61

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization and Operations Molina Healthcare, Inc. provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the “Marketplace”). 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. As of December 31, 2025, we served approximately 5.5 million members eligible for government-sponsored healthcare programs, located across 21 states. Our state Medicaid contracts typically have terms of three years to five years, contain renewal options exercisable by the state Medicaid agency, and allow either the state or the health plan to terminate the contract with or without cause. Such contracts are subject to risk of loss in states that issue requests for proposal (“RFP”) open to competitive bidding by other health plans. If one of our health plans is not a successful responsive bidder to a state RFP, its contract may not be renewed. In addition to contract renewal, our state Medicaid contracts may be periodically amended to include or exclude certain health benefits (such as pharmacy services, behavioral health services, or long-term care services); populations such as the aged, blind or disabled (“ABD”); and regions or service areas. In Medicare, we enter into Medicare Advantage-Part D (“MAPD”) contracts with the Centers for Medicare and Medicaid Services (“CMS”) annually, and for dual-eligible programs, we enter into contracts with CMS, in partnership with each state’s department of health and human services. Such contracts typically have terms of one year to three years. In early February 2026, we determined that the MAPD product does not align with our strategic shift to focus exclusively on dual eligible members in Medicare and we intend to exit this product for 2027. This development does not reflect conditions existing as of the December 31, 2025, balance sheet date, but arose subsequently. Therefore, our December 31, 2025, financial statements are not impacted. We will address the accounting impacts in the first quarter of 2026, including an estimated pre-tax impairment charge of approximately $93 million, attributable to intangible assets associated with the MAPD product. Our MAPD contracts represented approximately 117,000 members as of December 31, 2025, and approximately $1,566 million, or 25%, of Medicare segment premium revenue in 2025. In Marketplace, we enter into contracts with CMS, which end on December 31 each year and must be renewed annually. Consolidation and Presentation The consolidated financial statements include the accounts of Molina Healthcare, Inc., and its subsidiaries. In the opinion of management, these financial statements reflect all normal recurring adjustments, which are considered necessary for a fair presentation of the results as of the dates presented. All significant inter-company balances and transactions have been eliminated. Financial information related to subsidiaries acquired during any year is included only for periods subsequent to their acquisition. Reclassifications We have reclassified certain 2024 amounts in the components of the net deferred tax asset table in Note 12, “Income Taxes,” to conform to line 2025 presentation. There was no impact on previously reported stockholders’ equity or net income. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Debt - Senior Notes (Details) - USD ($)		12 Months Ended
Debt - Senior Notes (Details) - USD ($)	Nov. 20, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayment from borrowings under credit facility and term loan		$ 1,100,000,000	$ 300,000,000	$ 0
Deferred issuance costs		34,000,000	$ 27,000,000
New Credit Agreement \| Credit Facility
Debt Instrument [Line Items]
Amount outstanding under letter of credit		0
Senior Notes \| 6.500% Notes due February 15, 2031
Debt Instrument [Line Items]
Aggregate principal amount of notes outstanding		$ 850,000,000
Percentage of contractual interest rate on notes		6.50%
Deferred issuance costs		$ 12,000,000
Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Amount outstanding under letter of credit		0
Repayment from borrowings under credit facility and term loan	$ 740,000,000	$ 740,000,000

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Stock Purchase Programs

In October 2024, our board of directors authorized the purchase of up to $1 billion of our common stock. This new program extended through December 31, 2025 and superseded the stock purchase program previously approved by our board of directors in September 2023. Under this program, pursuant to a Rule 10b5-1 trading plan, we purchased approximately 1,679,000 shares for $500 million in the first quarter of 2025 (average cost of $297.83 per share). These first quarter purchases exhausted the funds available under the board’s October 2024 $1 billion repurchase authorization.

In April 2025, our board of directors authorized the purchase of up to an additional $1 billion of our common stock. This new program extends through December 31, 2026. Under this program, pursuant to a Rule 10b5-1 trading plan, we purchased approximately 2,849,000 shares for $500 million in the third quarter of 2025 (average cost of $175.50 per share).

We have accrued a stock repurchase excise tax of $9 million related to the share repurchase programs as of December 31, 2025. As of December 31, 2024, we had accrued a stock repurchase excise tax of $8 million related to the prior year share repurchase program. These amounts are located in “Accounts payable, accrued liabilities and other” and “Additional paid-in capital” in the accompanying consolidated balance sheets.

Share-Based Compensation

In connection with our employee stock plans, approximately 361,000 shares and 360,000 shares of common stock were issued, net of shares used to settle employees’ income tax obligations, during the years ended December 31, 2025, and 2024, respectively. Total share-based compensation expense is reported in “General and administrative expenses” in the accompanying consolidated statements of income, and summarized below.


	Year Ended December 31,
	2025				2024				2023

	(In millions)
	Pretax Charges		Net-of-Tax Amount		Pretax Charges		Net-of-Tax Amount		Pretax Charges		Net-of-Tax Amount
RSAs and PSUs (defined below)	$	38	$	35	$	109	$	100	$	108	$	102
Employee stock purchase plan	9		8		7		7		7		7
Total	$	47	$	43	$	116	$	107	$	115	$	109

Equity Incentive Plan

In the second quarter of 2025, our stockholders approved the Molina Healthcare, Inc. 2025 Equity Incentive Plan (the “2025 EIP”). The 2025 EIP provides for awards, in the form of restricted stock awards (“RSAs”), performance stock units (“PSUs”), stock options and other stock- or cash-based awards, to eligible persons who perform services for us. The 2025 EIP provides for the issuance of up to approximately 1.8 million shares of our common stock.

Stock-based awards. RSAs and PSUs are granted based on the fair value of the stock on the grant date, and generally vest in equal annual installments over periods up to four years from the date of grant. PSUs vest in their entirety at the end of three-year performance periods, if their performance conditions are met. We generally recognize expense for RSAs and PSUs on a straight-line basis. The weighted-average grant date fair value of our RSAs was $285.38 in 2025, $382.23 in 2024, and $277.37 in 2023. The weighted-average grant date fair value of our PSUs was $288.81 in 2025, $353.44 in 2024, and $233.50 in 2023. Activity for stock-based awards in the year ended December 31, 2025, is summarized below.


	RSAs	Weighted Average Grant Date Fair Value		PSUs	Weighted Average Grant Date Fair Value
Unvested balance, December 31, 2024	487,647	$	325.91	529,082	$	328.77
Granted	353,833	285.38		167,620	288.81
Vested	(209,450)	309.25		(131,785)	303.54
Forfeited	(58,718)	316.48		(16,443)	326.35
Unvested balance, December 31, 2025	573,312	$	307.95	548,474	$	322.69

As of December 31, 2025, total unrecognized compensation expense was $106 million, which we expect to recognize over a remaining weighted-average period of 2.2 years. This unrecognized compensation cost assumes an estimated forfeiture rate of 7% for non-executive employees as of December 31, 2025, based on actual forfeitures over the last 4 years.

The total fair value of awards vested is presented in the following table.


	Year Ended December 31,
	2025		2024		2023

	(In millions)





RSAs	$	62	$	86	$	62
PSUs	40		68		90
Total vested	$	102	$	154	$	152

Employee Stock Purchase Plans (“ESPP”)

Under our ESPP, eligible employees may purchase common shares at 85% of the lower of the fair market value of our common stock on either the first or last trading day of each six-month offering period. Each participant is limited to a maximum purchase of $25,000 (as measured by the fair value of the stock acquired) per year through payroll deductions. We estimate the fair value of the stock issued using a standard option pricing model. For the years ended December 31, 2025, 2024, and 2023, the inputs to this model were as follows: risk-free interest rates of approximately 4.2% to 5.4%; expected volatility of approximately 25% to 45%, dividend yields of 0%, and an average expected life of 0.5 years.

- Definition

The entire disclosure for equity.

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+ Details

Organization and Basis of Presentation (Details) member in Thousands, $ in Millions		12 Months Ended
	Feb. 10, 2026 USD ($)	Dec. 31, 2025 USD ($) segment member state
Basis Of Presentation [Line Items]
Number of reportable segments \| segment		4
Health Plans
Basis Of Presentation [Line Items]
Number of members eligible for the health care programs \| member		5,500
Number of states with programs \| state		21
Medicaid \| Minimum
Basis Of Presentation [Line Items]
Contract term		3 years
Medicaid \| Maximum
Basis Of Presentation [Line Items]
Contract term		5 years
Medicare
Basis Of Presentation [Line Items]
Number of members in MAPD \| member		117
Total Revenue \| $		$ 1,566
Medicare segment revenue percentage		25.00%
Medicare \| Subsequent Event
Basis Of Presentation [Line Items]
Impairment Of Intangible Asset, Finite-Lived, Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	true
Impairment of intangible assets \| $	$ 93
Medicare \| Minimum
Basis Of Presentation [Line Items]
Contract term		1 year
Medicare \| Maximum
Basis Of Presentation [Line Items]
Contract term		3 years

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 472	$ 1,179	$ 1,091
Denominator:
Shares outstanding at the beginning of the period (in shares)		55,000,000.0	57,800,000	57,400,000
Weighted-average number of shares issued:
Stock purchases (in shares)	(2,400,000)	(600,000)	0
Stock-based compensation (in shares)	200,000	200,000	300,000
Denominator for basic net income per share (in shares)	52,800,000	57,400,000	57,700,000
Effect of dilutive securities:
Stock-based compensation (in shares)	100,000	300,000	400,000
Denominator for diluted net income per share (in shares)	52,900,000	57,700,000	58,100,000
Net income per share:
Net income per share - Basic (in dollars per share)	$ 8.93	$ 20.52	$ 18.91
Net income per share - Diluted (in dollars per share)	$ 8.92	$ 20.42	$ 18.77
Potentially dilutive common shares (in shares)	358,000	108,000

Medical Claims and Benefits Payable - Cumulative Paid Claims and Allocated Claims Adjustment Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Claims paid	$ 99,621
Benefit Year 2023
Product Information [Line Items]
Claims paid	28,885	$ 28,887	$ 25,615
Benefit Year 2024
Product Information [Line Items]
Claims paid	35,232	$ 31,060
Benefit Year 2025
Product Information [Line Items]
Claims paid	$ 35,504

Condensed Financial Information of Registrant - Condensed Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Revenues	$ 45,426	$ 40,650	$ 34,072
Expenses:
General and administrative expenses	3,009	2,743	2,462
Depreciation and amortization	195	186	171
Total operating expenses	44,645	38,943	32,499
Operating income	781	1,707	1,573
Income tax (benefit) expense	117	410	373
Net income	472	1,179	1,091
Parent Company
Revenue:
Administrative services fees	2,347	2,145	2,038
Investment income and other revenue	9	19	27
Revenues	2,356	2,164	2,065
Expenses:
General and administrative expenses	2,127	2,039	1,952
Depreciation and amortization	153	139	131
Other	7	29	20
Total operating expenses	2,287	2,207	2,103
Operating income	69	(43)	(38)
Interest expense	192	118	109
Loss before income tax (benefit) expense and equity in net earnings of subsidiaries	(123)	(161)	(147)
Income tax (benefit) expense	(36)	7	(7)
Net loss before equity in net earnings of subsidiaries	(87)	(168)	(140)
Equity in net earnings of subsidiaries	559	1,347	1,231
Net income	$ 472	$ 1,179	$ 1,091

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning Balance (in shares) at Dec. 31, 2022		58
Beginning Balance at Dec. 31, 2022	$ 2,964	$ 0	$ 328	$ (160)	$ 2,796
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,091				1,091
Other comprehensive income (loss), net	78			78
Share-based compensation	82		82
Ending Balance (in shares) at Dec. 31, 2023		58
Ending Balance at Dec. 31, 2023	4,215	$ 0	410	(82)	3,887
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,179				1,179
Repurchased of common stock (in shares)		(3)
Common stock purchases	(1,000)		(25)		(975)
Stock purchase excise tax	(8)		(8)
Other comprehensive income (loss), net	25			25
Share-based compensation (in shares)		1
Share-based compensation	$ 85		85
Ending Balance (in shares) at Dec. 31, 2024	56	56
Ending Balance at Dec. 31, 2024	$ 4,496	$ 0	462	(57)	4,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	472				472
Repurchased of common stock (in shares)		(5)
Common stock purchases	(1,000)		(39)		(961)
Stock purchase excise tax	(10)		(10)
Other comprehensive income (loss), net	72			72
Share-based compensation	$ 39		39
Ending Balance (in shares) at Dec. 31, 2025	51	51
Ending Balance at Dec. 31, 2025	$ 4,069	$ 0	$ 452	$ 15	$ 3,602

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Denominators for The Computation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted net income per share:


	Year Ended December 31,
	2025		2024		2023

	(In millions, except net income per share)
Numerator:
Net income	$	472	$	1,179	$	1,091
Denominator:
Shares outstanding at the beginning of the period	55.0		57.8		57.4
Weighted-average number of shares issued:
Stock purchases	(2.4)		(0.6)		—
Stock-based compensation	0.2		0.2		0.3
Denominator for basic net income per share	52.8		57.4		57.7
Effect of dilutive securities: (1)
Stock-based compensation	0.1		0.3		0.4

Denominator for diluted net income per share	52.9		57.7		58.1

Net income per share - Basic (2)	$	8.93	$	20.52	$	18.91
Net income per share - Diluted (2)	$	8.92	$	20.42	$	18.77

_______________________________

(2) Source data for calculations in thousands.

Leases - Additional Information (Details)	Dec. 31, 2025
Leases [Abstract]
Operating lease, remaining lease term	21 years
Operating lease renewal term	10 years
Operating leases, weighted average remaining lease term	8 years
Finance lease, remaining lease term	13 years
Finance lease renewal term	25 years
Finance leases, weighted average remaining lease term	10 years
Operating leases, weighted average discount rate	5.20%
Finance leases, weighted average discount rate	6.50%

Property, Equipment, and Capitalized Software, Net - Additional Information (Details)	Dec. 31, 2025
Property and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	3 years
Property and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	7 years
Capitalized software
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	3 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	10 years
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	31 years 6 months
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property plant and equipment	40 years

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income from continuing operations, before income tax expense (benefit) consisted of the following:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Federal	$	589	$	1,582	$	1,464
Foreign	—		7		—
Total	$	589	$	1,589	$	1,464

Income tax expense (benefit) from continuing operations consisted of the following:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Current:
Federal	$	58	$	298	$	349
State	16		59		55

Total current	74		357		404
Deferred:
Federal	39		47		(28)
State	4		6		(3)

Total deferred	43		53		(31)
Total income tax expense (benefit)
Federal	97		345		321
State	20		65		52
Total income tax expense (benefit)	$	117	$	410	$	373

A reconciliation of the U.S. federal statutory income tax rate to the combined effective income tax rate for continuing operations is as follows:


	Year Ended December 31,
	2025				2024				2023
	(In millions)
Income from continuing operations, before income tax expense	$	589			$	1,589			$	1,464
Tax provision at the U.S. federal statutory rate	124		21.0	%	334		21.0	%	308		21.0	%
Federal
Tax Credits
Transferable energy-related tax credits	(19)		(3.2)		—		—		—		—

Nontaxable or nondeductible items
Nondeductible compensation	1		0.2		17		1.1		20		1.4
Other nontaxable or nondeductible items	4		0.7		4		0.3		5		0.3
Other	(9)		(1.6)		3		0.2		(1)		—

Foreign tax effects
Puerto Rico
Tax provision at Puerto Rico statutory rate(1)	—		—		3		0.2		—		—
Changes in valuation allowances	—		—		(3)		(0.2)		—		—
State income taxes, net of federal benefit(2)	16		2.7		52		3.2		41		2.8
Income tax expense	$	117	19.8	%	$	410	25.8	%	$	373	25.5	%

_______________________________

(1) The Company’s Puerto Rico subsidiary is dually incorporated in the United States and the Commonwealth of Puerto Rico.

Income taxes paid are as follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
U.S. Federal (1)	$	237	$	312	$	357
California	15		28		*
Other (2)	23		39		48
Total U.S. State and Local	38		67		48
Total income taxes paid, net	$	275	$	379	$	405

_______________________________

(1) Includes $237 million paid to purchase transferable tax credits during the year ended December 31, 2025.

(2) Includes $6 million, $10 million and $3 million paid to purchase transferable tax credits during the years ended December 31, 2025, 2024 and 2023, respectively.

* The amount of income taxes paid during the year ended December 31, 2023 does not meet the 5% disaggregation threshold.

Deferred tax assets and liabilities are classified as non-current. Significant components of our deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	December 31,
	2025		2024

	(In millions)
Accrued expenses and reserve liabilities	$	92	$	99
Deferred compensation	16		9
Other accrued medical costs	27		25
Net operating losses	9		5

Lease liabilities	66		79
Unrealized losses	—		18
Fixed assets and intangibles	28		32
Tax credit carryover	5		5
Other	—		6
Valuation allowance	(19)		(19)
Total deferred income tax assets, net of valuation allowance	224		259

Right-of-use assets	(16)		(26)
Prepaid expenses	(30)		(26)


Total deferred income tax liabilities	(46)		(52)
Net deferred income tax asset	$	178	$	207

At December 31, 2025, we had state net operating loss carryforwards of $122 million, which begin expiring in 2037 with some having an indefinite carryforward period, and foreign net operating loss carryforwards of $7 million, which begin expiring in 2031. Additionally, as of December 31, 2025, we had foreign tax credit carryovers of $5 million, which expire in 2030.

We evaluate the need for a valuation allowance taking into consideration the ability to carry back and carry forward tax credits and losses, available tax planning strategies and future income, including reversal of temporary differences. We have determined that as of December 31, 2025 and December 31, 2024, $19 million of deferred tax assets did not satisfy the recognition criteria.

We recognize tax benefits only if the tax position is more likely than not to be sustained. We are subject to income taxes in the United States, Puerto Rico, and numerous state jurisdictions. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We adjust these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate.

The roll forward of our unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Gross unrecognized tax benefits at beginning of period	$	(5)	$	(5)	$	(5)




Settlements	5		—		—

Gross unrecognized tax benefits at end of period	$	—	$	(5)	$	(5)

Settlements reflect the resolution of a state refund claim that had no net impact on our financial statements.

Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits in income tax expense. Amounts accrued for the payment of interest and penalties as of December 31, 2025, 2024 and 2023 were insignificant.

With a few exceptions, which are immaterial in the aggregate, we are no longer subject to federal, state, local, and Puerto Rico tax examinations for years before 2021.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Investments - Balances of Restricted Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Schedule of Held-to-maturity Securities [Line Items]
Restricted investments	$ 299	$ 286
Cash and cash equivalents
Schedule of Held-to-maturity Securities [Line Items]
Restricted investments	100	79
U.S. Treasury notes
Schedule of Held-to-maturity Securities [Line Items]
Restricted investments	186	191
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Restricted investments	$ 13	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Medical Claims and Benefits Payable (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Schedule of Components of The Change in Medical Claims and Benefits Payable

from the actual liabilities, based on information (principally the payment of claims) developed since those liabilities were first reported.


	Year Ended December 31, 2025
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	3,667	$	722	$	251	$	—	$	4,640
Components of medical care costs related to:
Current year	29,693		5,814		4,003		76		39,586
Prior years	(105)		(54)		61		—		(98)
Total medical care costs	29,588		5,760		4,064		76		39,488
Payments for medical care costs related to:
Current year	26,544		5,271		3,609		80		35,504
Prior years	3,110		697		327		20		4,154
Total paid	29,654		5,968		3,936		100		39,658
Acquired balances, net of post-acquisition adjustments	—		173		168		38		379
Change in non-risk and other provider payables	37		1		—		—		38
Medical claims and benefits payable, ending balance	$	3,638	$	688	$	547	$	14	$	4,887


	Year Ended December 31, 2024
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	3,444	$	532	$	228	$	—	$	4,204
Components of medical care costs related to:
Current year	28,211		5,000		1,892		—		35,103
Prior years	(611)		(61)		(3)		—		(675)
Total medical care costs	27,600		4,939		1,889		—		34,428
Payments for medical care costs related to:
Current year	24,950		4,464		1,646		—		31,060
Prior years	2,258		761		220		—		3,239
Total paid	27,208		5,225		1,866		—		34,299
Acquired balances, net of post-acquisition adjustments	—		476		—		—		476
Change in non-risk and other provider payables	(169)		—		—		—		(169)
Medical claims and benefits payable, ending balance	$	3,667	$	722	$	251	$	—	$	4,640


	Year Ended December 31, 2023
	Medicaid		Medicare		Marketplace		Other		Consolidated

	(In millions)
Medical claims and benefits payable, beginning balance	$	2,815	$	452	$	261	$	—	$	3,528
Components of medical care costs related to:
Current year	23,749		3,802		1,545		—		29,096
Prior years	(395)		(11)		(21)		—		(427)
Total medical care costs	23,354		3,791		1,524		—		28,669
Payments for medical care costs related to:
Current year	20,999		3,293		1,323		—		25,615
Prior years	2,069		431		234		—		2,734
Total paid	23,068		3,724		1,557		—		28,349
Acquired balances, net of post-acquisition adjustments	82		14		—		—		96
Change in non-risk and other provider payables	261		(1)		—		—		260
Medical claims and benefits payable, ending balance	$	3,444	$	532	$	228	$	—	$	4,204

Schedule of Incurred and Paid Claims Development


Incurred Claims and Allocated Claims Adjustment Expenses							Total IBNP		Cumulative number of reported claims
Benefit Year	2023		2024		2025

	(Unaudited)		(Unaudited)
	(In millions)
2023	$	29,497	$	28,939	$	28,909	$	24	137
2024			35,274		35,234		95		140
2025					39,586		3,088		143
					$	103,729	$	3,207


Cumulative Paid Claims and Allocated Claims Adjustment Expenses
Benefit Year	2023		2024		2025

	(Unaudited)		(Unaudited)
	(In millions)
2023	$	25,615	$	28,887	$	28,885
2024			31,060		35,232
2025					35,504
					$	99,621

Schedule of Reconciliation of Claims Development to Liability

The following table represents a reconciliation of claims development to the aggregate carrying amount of the liability for medical claims and benefits payable.


	2025

	(In millions)
Incurred claims and allocated claims adjustment expenses	$	103,729
Less: cumulative paid claims and allocated claims adjustment expenses	(99,621)
All outstanding liabilities before 2023	4
Acquired balances	379
Non-risk and other provider payables	396
Medical claims and benefits payable	$	4,887

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 12	$ 14	$ 15
Finance lease expense:
Amortization of ROU assets	20	19	18
Interest on lease liabilities	14	15	15
Total finance lease expense	$ 34	$ 34	$ 33

Goodwill and Intangible Assets, Net - Intangible Assets Balances (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Cost	$ 803	$ 742
Accumulated Amortization	566	475
Carrying Amount	237	267
Contract rights and licenses
Finite-Lived Intangible Assets [Line Items]
Cost	660	624
Accumulated Amortization	504	429
Carrying Amount	156	195
Trade names
Finite-Lived Intangible Assets [Line Items]
Cost	73	54
Accumulated Amortization	18	12
Carrying Amount	55	42
Provider networks
Finite-Lived Intangible Assets [Line Items]
Cost	70	64
Accumulated Amortization	44	34
Carrying Amount	$ 26	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Lease Expense and Supplemental Consolidated Cash flow Information

The components of lease expense for the years ended December 31, 2025, 2024, and 2023 are presented in the following table.


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Operating lease expense	$	12	$	14	$	15

Finance lease expense:
Amortization of ROU assets	$	20	$	19	$	18
Interest on lease liabilities	14		15		15
Total finance lease expense	$	34	$	34	$	33

Supplemental consolidated cash flow information related to leases follows:


	Year Ended December 31,
	2025		2024		2023

	(In millions)
Cash used in operating activities:
Operating leases	$	19	$	24	$	28
Finance leases	14		15		15
Cash used in financing activities:
Finance leases	26		24		24
ROU assets recognized in exchange for lease obligations:
Operating leases	11		5		12
Finance leases	16		17		13

Schedule of Supplemental Lease Information

Supplemental information related to leases, including location of amounts reported in the accompanying consolidated balance sheets, follows:


	December 31,
	2025		2024

	(In millions)
Operating leases:
ROU assets
Other assets	$	30	$	35
Lease liabilities
Accounts payable and accrued liabilities (current)	$	15	$	15
Other long-term liabilities (non-current)	56		68
Total operating lease liabilities	$	71	$	83
Finance leases:
ROU assets
Property, equipment, and capitalized software, net	$	61	$	65
Lease liabilities
Accounts payable and accrued liabilities (current)	$	25	$	23
Finance lease liabilities (non-current)	184		195
Total finance lease liabilities	$	209	$	218

Schedule of Operating Lease Maturities

Maturities of lease liabilities as of December 31, 2025, were as follows:


	Operating		Finance
	Leases		Leases

	(In millions)
2026	$	18	$	38
2027	11		33
2028	8		28
2029	7		25
2030	7		18
Thereafter	37		151
Subtotal - undiscounted lease payments	88		293
Less imputed interest	(17)		(84)
Total	$	71	$	209

Schedule of Finance Lease Maturities

Maturities of lease liabilities as of December 31, 2025, were as follows:


	Operating		Finance
	Leases		Leases

	(In millions)
2026	$	18	$	38
2027	11		33
2028	8		28
2029	7		25
2030	7		18
Thereafter	37		151
Subtotal - undiscounted lease payments	88		293
Less imputed interest	(17)		(84)
Total	$	71	$	209

Condensed Financial Information of Registrant - Notes to Condensed Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total revenue	$ 45,426	$ 40,650	$ 34,072
Parent Company
Related Party Transaction [Line Items]
Total revenue	2,356	2,164	2,065
Parent Company \| Affiliated Entity
Related Party Transaction [Line Items]
Total revenue	$ 2,347	$ 2,145	$ 2,038

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Medical Claims and Benefits Payable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Incurred but not paid	$ 3,211
Prior period claims, favorable development	$ 98	$ 675	$ 427

Debt - Maturities (Details) - Senior Notes	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 3,800,000,000
2026	0
2027	0
2028	800,000,000
2029	0
2030	650,000,000
Thereafter	$ 2,350,000,000
4.375% Notes due 2028
Debt Instrument [Line Items]
Percentage of contractual interest rate	4.375%
Long-Term Debt, Gross	$ 800,000,000
2026	0
2027	0
2028	800,000,000
2029	0
2030	0
Thereafter	$ 0
3.875% Notes due November 15, 2030
Debt Instrument [Line Items]
Percentage of contractual interest rate	3.875%
Long-Term Debt, Gross	$ 650,000,000
2026	0
2027	0
2028	0
2029	0
2030	650,000,000
Thereafter	$ 0
6.500% Notes due February 15, 2031
Debt Instrument [Line Items]
Percentage of contractual interest rate	6.50%
Long-Term Debt, Gross	$ 850,000,000
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	$ 850,000,000
3.875% Notes due 2032
Debt Instrument [Line Items]
Percentage of contractual interest rate	3.875%
Long-Term Debt, Gross	$ 750,000,000
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	$ 750,000,000
6.250% Notes due 2033
Debt Instrument [Line Items]
Percentage of contractual interest rate	6.25%
Long-Term Debt, Gross	$ 750,000,000
2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	$ 750,000,000

Investments - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,988	$ 4,400
Gross Unrealized Gains	52	14
Gross Unrealized Losses	32	89
Estimated Fair Value	4,008	4,325
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,437	2,769
Gross Unrealized Gains	35	10
Gross Unrealized Losses	7	35
Estimated Fair Value	2,465	2,744
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	963	953
Gross Unrealized Gains	11	2
Gross Unrealized Losses	21	41
Estimated Fair Value	953	914
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	363	435
Gross Unrealized Gains	3	2
Gross Unrealized Losses	2	6
Estimated Fair Value	364	431
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	158	188
Gross Unrealized Gains	2	0
Gross Unrealized Losses	1	5
Estimated Fair Value	159	183
U.S. Treasury notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20	5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	20	5
Other
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	47	50
Gross Unrealized Gains	1	0
Gross Unrealized Losses	1	2
Estimated Fair Value	$ 47	$ 48

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following tables summarize our current investments as of the dates indicated:


	December 31, 2025
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,437	$	35	$	7	$	2,465
Mortgage-backed securities	963		11		21		953
Asset-backed securities	363		3		2		364
Municipal securities	158		2		1		159
U.S. Treasury notes	20		—		—		20


Other	47		1		1		47
Total	$	3,988	$	52	$	32	$	4,008


	December 31, 2024
	Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses

	(In millions)
Corporate debt securities	$	2,769	$	10	$	35	$	2,744
Mortgage-backed securities	953		2		41		914
Asset-backed securities	435		2		6		431
Municipal securities	188		—		5		183
U.S. Treasury notes	5		—		—		5


Other	50		—		2		48
Total	$	4,400	$	14	$	89	$	4,325

Schedule of Contractual Maturities of Investments

The contractual maturities of our current investments as of December 31, 2025 are summarized below:


	Amortized Cost		Estimated Fair Value

	(In millions)
Due in one year or less	$	584	$	584
Due after one year through five years	1,656		1,675
Due after five years through ten years	612		623
Due after ten years	1,136		1,126
Total	$	3,988	$	4,008

Schedule of Available-for-Sale Investments


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	106	$	1	83	$	372	$	6	205
Mortgage-backed securities	—		—		—	315		21		212
Asset-backed securities	—		—		—	80		2		41
Municipal securities	—		—		—	42		1		49


Other	—		—		—	14		1		16

Total	$	106	$	1	83	$	823	$	31	523


	In a Continuous Loss Position for Less than 12 Months					In a Continuous Loss Position for 12 Months or More
	Estimated Fair Value		Unrealized Losses		Total Number of Positions	Estimated Fair Value		Unrealized Losses		Total Number of Positions

	(Dollars in millions)
Corporate debt securities	$	811	$	10	541	$	935	$	25	449
Mortgage-backed securities	271		5		197	406		36		244
Asset-backed securities	84		1		48	143		5		73
Municipal securities	38		1		27	95		4		89


Other	—		—		—	15		2		16

Total	$	1,204	$	17	813	$	1,594	$	72	871

Schedule of Balances of Restricted Investments

The following table presents the balances of restricted investments:


	December 31,
	2025		2024

	(In millions)
Cash and cash equivalents	$	100	$	79
U.S. Treasury notes	186		191
Corporate debt and other securities	13		16
Total restricted investments	$	299	$	286

Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,248	$ 4,662	$ 4,848
Restricted cash and cash equivalents	100	79	60
Total cash and cash equivalents, and restricted cash and cash equivalents presented in the consolidated statements of cash flows	$ 4,348	$ 4,741	$ 4,908	$ 4,048