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Molina Healthcare cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$196M in Q3 2026 · $238M over twelve months

Operating cash flow−$159M
Capital spending−$37.0M
Free cash flow−$196M
Cash / net income-4.2×
Cash conversion cycle17 days

Analysis

In Q3 2026, Molina Healthcare generated −$159M of operating cash flow and spent $37.0M on capital projects, leaving free cash flow of −$196M. That is $33.0M less than in Q3 2025 (−$163M).

Over the twelve months to Sep 30, 2026, operating cash flow was $331M; the largest uses were net borrowing (+) / repaid (−) ($740M), capital spending ($93.0M), other investing ($5.0M); besides operations, cash came from other financing ($801M); the cash balance rose by $294M.

Operating cash flow was −$159M against net income of $38.0M — -4.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables +$126M, depreciation & amortization +$38.0M, income taxes payable −$29.0M.

Its cash conversion cycle was 17 days (receivables 28 + inventory 0 − payables 11).

Free cash flow

Molina Healthcare: free cash flow by quarterMolina Healthcare: free cash flow by quarter−$235MQ4 2024$168MQ1 2025−$344MQ2 2025−$163MQ3 2025−$297MQ4 2025$1.1BQ1 2026−$324MQ2 2026−$196MQ3 2026
Operating cash flow less capital spending.
Molina Healthcare: operating cash flow against capital spendingMolina Healthcare: operating cash flow against capital spendingOperating cash flowCapital spending−$224M$11.0MQ4 2024$190M$22.0MQ1 2025−$302M$42.0MQ2 2025−$125M$38.0MQ3 2025−$298M−$1.0MQ4 2025$1.1B$27.0MQ1 2026−$294M$30.0MQ2 2026−$159M$37.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$159M, Capital spending $37.0M.

Capital allocation, year by year

Molina Healthcare: where the cash came from (up) and went (down), by fiscal yearMolina Healthcare: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.1BFY2021: Net borrowing −$1.0MFY2021: Capital spending −$77.0MFY2021: Acquisitions −$129MFY2021: Buybacks −$128M$2.1BFY2021FY2022: Operating cash flow $773MFY2022: Net borrowing −$15.0MFY2022: Capital spending −$91.0MFY2022: Acquisitions −$134MFY2022: Buybacks −$400M$773MFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing −$24.0MFY2023: Capital spending −$84.0MFY2023: Acquisitions −$3.0M$1.7BFY2023FY2024: Operating cash flow $644MFY2024: Net borrowing $716MFY2024: Capital spending −$100MFY2024: Acquisitions −$344MFY2024: Buybacks −$1.0B$1.4BFY2024FY2025: Operating cash flow −$535MFY2025: Net borrowing $812MFY2025: Capital spending −$101MFY2025: Acquisitions −$245MFY2025: Buybacks −$1.0B$812MFY2025
Over these 5 years operating cash flow totalled $4.7B; the largest uses were buybacks ($2.5B) and acquisitions ($855M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.6B
Debt$3.8B
Net cash$4.8B
Cash runwaymore than 10 years

Molina Healthcare is burning cash: its operations consume cash, a free cash flow of −$784M a year at the current rate against $8.6B of cash and investments: a runway of more than ten years at that rate before any new financing.

Molina Healthcare: debt maturities by year (FY2024)Molina Healthcare: debt maturities by year (FY2024)$800MYear 4$2.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $8.6B of cash and investments now.

Where the cash came from and went

Molina Healthcare: sources (+) and uses (−) of cash, Q3 2026Molina Healthcare: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$475MOther investing−$272MOperating cash flow−$159MCapital spending−$37.0MOther financing−$7.0M
Molina Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Molina Healthcare: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$801MNet borrowing (+) / repaid (−)−$740MOperating cash flow$331MCash drawn (+) / kept (−)−$294MCapital spending−$93.0MOther investing−$5.0M

From profit to cash

Molina Healthcare: net income to operating cash flow, Q3 2026Molina Healthcare: net income to operating cash flow, Q3 2026Net income$38.0MDepreciation & amortization$38.0MStock-based pay$26.0MReceivables$126MPayables$22.0MDeferred revenue$13.0MPrepaid and other assets$2.0MIncome taxes payable−$29.0MOperating cash flow−$159M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202628—1117
Q2 202629—1118
Q1 202629—1118
Q4 202529—1018
Q3 202530—1019
Q2 202529—1019
Q1 202527—1216
Q4 202429—1316

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$159M−$37.0M———$475M−$196M
Q2 2026−$294M−$30.0M———$328M−$324M
Q1 2026$1.1B−$27.0M———−$1.1B$1.1B
Q4 2025−$298M$1.0M——−$740M−$24.0M−$297M
Q3 2025−$125M−$38.0M—−$500M$290M$268M−$163M
Q2 2025−$302M−$42.0M———$363M−$344M
Q1 2025$190M−$22.0M−$245M−$500M$650M−$214M$168M
Q4 2024−$224M−$11.0M—−$500M−$150M$138M−$235M

Molina Healthcare: income statement and cash flow

Molina Healthcare, Q3 2026: revenue $11.1B (-3% year over year), operating margin 1.0%. The chart follows the revenue to costs, profit and cash.

Molina Healthcare: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.