For the year ending 2025-12-31, MOH had -$393M decrease in cash & cash equivalents over the period. -$636M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Operating income | 69 | -43 | -38 | -166 |
| Interest expense | 192 | 118 | 109 | 110 |
| Other expenses, net | - | - | 0 | 0 |
| Loss before income tax (benefit) expense and equity in net earnings of subsidiaries | -123 | -161 | -147 | -276 |
| Income tax (benefit) expense | -36 | 7 | -7 | -42 |
| Net loss before equity in net earnings of subsidiaries | -87 | -168 | -140 | -234 |
| Equity in net earnings of subsidiaries | 559 | 1,347 | 1,231 | 1,026 |
| Net income | 472 | 1,179 | 1,091 | 792 |
| Depreciation and amortization | 195 | 186 | 171 | 176 |
| Deferred income taxes | -43 | -53 | 31 | 66 |
| Share-based compensation | 47 | 116 | 115 | 103 |
| Loss on debt repayment | - | - | 0 | 0 |
| Impairment | - | 0 | 0 | 208 |
| Other, net | -3 | 8 | 2 | 8 |
| Receivables | 145 | 78 | 778 | 95 |
| Prepaid expenses and other current assets | -52 | 57 | 69 | 124 |
| Medical claims and benefits payable | -132 | -40 | 580 | 153 |
| Amounts due government agencies | -591 | -453 | 196 | -428 |
| Accounts payable, accrued liabilities and other | -221 | 115 | 328 | 55 |
| Deferred revenue | -51 | -367 | 59 | -11 |
| Income taxes | -201 | -18 | -2 | 2 |
| Net cash (used in) provided by operating activities | -535 | 644 | 1,662 | 773 |
| Purchases of investments | 751 | 1,132 | 1,433 | 1,913 |
| Proceeds from sales and maturities of investments | 1,408 | 1,111 | 772 | 1,398 |
| Net cash paid in business combinations | 245 | 344 | 3 | 134 |
| Purchases of property, equipment and capitalized software | 101 | 100 | 84 | 91 |
| Other, net | -1 | -1 | -4 | 50 |
| Net cash provided by (used in) investing activities | 312 | -464 | -744 | -790 |
| Proceeds from borrowings under credit facility | - | 300 | - | 0 |
| Repayment of senior notes | - | - | 0 | 0 |
| Proceeds from borrowings under credit facility and term loans | 1,100 | - | - | - |
| Cash paid for partial termination of warrants | - | - | - | 0 |
| Repayment of credit facility and term loans | 1,100 | 300 | - | 0 |
| Cash paid for partial settlement of conversion option | - | - | - | 0 |
| Contingent consideration liabilities settled | - | 0 | 0 | 20 |
| Common stock purchases | 1,000 | 1,000 | 0 | 400 |
| Cash received for partial settlement of call option | - | - | - | 0 |
| Proceeds from senior notes offerings, net of issuance costs | 838 | 740 | 0 | 0 |
| Repayment of principal amount of convertible senior notes | - | - | - | 0 |
| Common stock withheld to settle employee tax obligations | 37 | 57 | 60 | 54 |
| Other, net | 29 | -30 | 2 | 33 |
| Net cash used in financing activities | -170 | -347 | -58 | -441 |
| Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents | -393 | -167 | 860 | -458 |
| Cash and cash equivalents at beginning of period | 4,741 | 4,908 | 4,048 | 4,506 |
| Cash and cash equivalents at end of period | 4,348 | 4,741 | 4,908 | 4,048 |
MOLINA HEALTHCARE, INC. (MOH)
MOLINA HEALTHCARE, INC. (MOH)