MOLINA HEALTHCARE, INC.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
MOH$209.49-0.2%Stored close · as of Nov 13, 2026
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Item 8. Consolidated Statements of Cash Flows
Checking your notes…
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| 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 | — |
| Repayment of credit facility and term loans | (1,100) | (300) | — |
| Common stock purchases | (1,000) | (1,000) | — |
| Proceeds from senior notes offerings, 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, 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 |
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