Molina Healthcare will exit the Medicare Advantage Part D business in 2027, the company announced alongside its fourth quarter and full year 2025 earnings report published Feb. 5.
The MAPD product represents approximately $1 billion in annual premiums. Molina said the product does not align with its strategic shift to focus exclusively on its $5 billion dual eligible business, and that underperformance in MAPD is costing it an estimated $1.00 per diluted share in 2026.
For the full year 2025, Molina reported total revenues of $45.4 billion, up 12% year over year. Premium revenue was $43.1 billion, up 11%. Net income was $472 million, down 60% from $1.2 billion in 2024. Adjusted earnings per diluted share were $11.03, down 51% year over year.
The company’s medical loss ratio was 91.7% for the full year, up from 89.1% in 2024, reflecting higher utilization across all segments. The Medicare MLR was 92.4%, driven by higher utilization among high-acuity members, and the marketplace MLR was 90.6%, up sharply from 75.4% in 2024.
As of Dec. 31, Molina had 5.5 million total members, including 4.6 million in Medicaid, 262,000 in Medicare, and 655,000 in marketplace plans.
For 2026, Molina expects premium revenue of approximately $42 billion, a decline of roughly 2%, and adjusted earnings of at least $5.00 per diluted share. The company said its 2026 guidance is burdened by a combined $2.50 per share from a new Florida Medicaid contract implementation and MAPD losses.
