Company Profile
Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and
Medicare programs and through the state insurance marketplaces. Molina Healthcare served approximately 5.5 million
members as of December 31, 2024. For more information about Molina Healthcare, please visit molinahealthcare.com.
Line of Business Profile
Membership by Line of Business
Premium by Line of Business
Historical Highlights
Annual Meeting
See the reconciliation of GAAP to Adjusted Net Income per Share on Page A3
The annual meeting of stockholders will be held on Wednesday, April 30, 2025, at 10:00 a.m. Eastern Time live via the
internet at www.virtualshareholdermeeting.com/MOH2025.
38,627
32,529
30,883
26,855
18,299
'24
'23
'22
'21
'20
Premium Revenue
($ Millions)
$20.42
$18.77
$13.55
$11.25
$11.23
'24
'23
'22
'21
'20
Diluted GAAP Net
Income per Share
$22.65
$20.88
$17.92
$13.54
$10.67
'24
'23
'22
'21
'20
Diluted Adjusted Net
Income per Share
79%
Medicaid
7%
Marketplace
14%
Medicare
88%
Medicaid
5%
Marketplace
7%
Medicare
To Our Stockholders:
We are pleased to report that we continued to deliver strong results for all our stakeholders this year, producing pre-tax income
margins within our long-term target range while effectively growing premium revenue.
Our management team and our nearly 18,500 associates worked tirelessly in our mission to improve the health and lives of
the 5.5 million members we serve by delivering high quality, affordable healthcare. Their commitment is unwavering and drives
successes across the enterprise, from serving our existing members, to growing business in existing states, winning new
business in new states, and integrating our recently acquired health plans.
We continue to execute our strategy for sustaining profitable growth.
We generated 19 percent premium revenue growth that was well
balanced between organic growth and bolt-on acquisitions. Our
earnings per share fell short of our 2024 guidance primarily due to
higher than expected medical costs in our Medicaid and Medicare
segments. Our pre-tax margin, however, was squarely within our long-
term target range. During the year, we closed the acquisition of the
Bright Health California Medicare business, and launched new
Medicaid health plans in Nebraska, New Mexico, and Texas. We also
agreed to acquire the ConnectiCare business from Emblem Health,
which we closed in early 2025.
2024 was also a highly successful year on the Medicaid and Medicare Duals procurement front. In Medicaid, we successfully
reprocured contracts in Florida, Michigan, and Wisconsin, and were awarded a new contract in Georgia – a new state in our
portfolio. In our Medicare Duals integrated product business – a strategic focus for us – we successfully procured new contracts
in Idaho, Massachusetts, Michigan, and Ohio. Collectively, these acquisitions and organic revenue growth achievements
represent approximately $10 billion of annual premium revenue when all these contracts are in force.
I am extremely pleased with the momentum we created through our operational and financial successes during 2024. We
continue to see sustainable, profitable growth opportunities to expand our pure-play government managed care franchise into
2025 and beyond.
Thank you for your ongoing support and interest in our Company. We are most grateful for the confidence you express in our
team and the Company’s mission, as demonstrated by your continued ownership.
Sincerely,
Joseph M. Zubretsky
President and Chief Executive Officer
“We continue to
execute our
strategy for
sustaining
profitable growth.”
Reconciliation of GAAP to Adjusted Net Income per Diluted Share
2024
2023
2022
2021
2020
Net Income
20.42
$
18.77
$
13.55
$
11.25
$
11.23
$
Adjustments:
Amortization of intangible assets
1.43
1.47
1.32
0.83
0.26
Acquisition-related expenses (1)
1.14
0.12
0.83
1.59
0.37
Impairment (2)
-
-
3.56
-
-
Loss (gain) of debt repayment
-
-
-
0.43
0.26
Marketplace risk corridor judgment
-
-
-
-
(2.14)
Other (3)
0.28
1.17
-
0.16
0.51
Subtotal, adjustments
2.85
2.76
5.71
3.01
(0.74)
Income tax effect
(0.62)
(0.65)
(1.34)
(0.72)
0.18
Adjustments, net of tax effect
2.23
2.11
4.37
2.29
(0.56)
Adjusted net income
22.65
$
20.88
$
17.92
$
13.54
$
10.67
$
(1) Reflects non-recurring costs associated with acquisitions, including various transaction and certain
integration costs.
(2) Impairment attributable to the Company's plan to reduce its leased real estate footprint.
(3) 2024 includes non-recurring litigation. 2023 includes a non-recurring credit loss on 2022 Marketplace
risk adjustment receivables due to the insolvency of an issuer in the Texas risk pool, non-recurring
litigation costs and one-time termination benefits. 2022 includes certain non-recurring costs associated
with gain on lease termination and disposal of fixed assets. 2021 includes change in premium deficiency
reserve, loss on sale of property, and restructuring costs. 2020 includes charitable contribution, premium
deficiency reserves, and restructuring costs.
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