Table 2
"Big Five" Medicaid Revenue Results, Q2 2025
Note: CVS Health/Aetna and Elevance Health do not report any of these financial metrics. Number in brackets represents company's market capitalization as of the close of 8/14/2025.
* Centene defines the Health Benefits Ratio (HBR) as "medical costs divided by premium revenue." Molina defines the Medical Care Ratio (MCR) as the "amount of medical care costs as a percentage of premium revenue." These ratios differ from the Medicaid Medical Loss Ratio (MLR).
* Centene defines the Health Benefits Ratio (HBR) as "medical costs divided by premium revenue." Molina defines the Medical Care Ratio (MCR) as the "amount of medical care costs as a percentage of premium revenue." These ratios differ from the Medicaid Medical Loss Ratio (MLR).
