Specifically, HCA Healthcare ($HCA) and Centene Corp. ($CNC) both filed their first-quarter 2025 earnings releases on Friday morning; while Molina Healthcare ($MOH) filed its release yesterday. 

Calcbench specifically wanted to study the revenues each firm has been receiving from Medicaid, the U.S. federal government’s health insurance program for low-income residents. All three firms report Medicaid spending as a distinct operating segment, so we charted out quarterly Medicaid revenues each one has reported since the start of 2022. See Figure 1, below. 

Obviously Centene is the kingpin here, with more than double the Medicaid revenues of Molina and HCA combined. That said, Moline and HCA have both seen faster growth in Medicaid revenue (roughly 36 percent each) than Centene (9.8 percent) over the last three years. 

In fact, to better understand that growth, Figure 2 shows Medicaid spending for HCA and Molina only, so we can examine the numbers more clearly. 

(Please note that we don’t have Q1-2025 revenues for HCA yet because we pulled Molina and Centene numbers from their earnings releases; HCA only reports its Medicaid segment in its 10-Q, which it had yet to file. To that point, HCA actually discloses two separate Medicaid segments, from the federal government and from states; our numbers above reflect both segments added together.)

Why are Medicaid revenues worth tracking? Keep in mind that cuts to Medicaid spending are a political hot potato that lawmakers in Congress have been tossing back and forth for years. Indeed, Congress will be back in session next week, with further debate about fiscal 2026 spending on the agenda. If lawmakers ever do enact extensive cuts to Medicaid — and it’s not at all clear that they will — that could have implications for healthcare companies that depend on Medicaid spending for their revenue streams.

Calcbench subscribers can dig up healthcare firms’ revenue from Medicaid (as well as Medicare and other insurance plans) in several ways:

• Our Segments and Rollforwards database, where you can search by operating segment; usually Medicaid will come up immediately as its own segment.

• Our Recent Filings page, where you can use the Earnings Model option on the right side of the company listing that catches your eye. 

• Our Disclosures and Footnotes database, where you can pull up a company’s latest quarterly filing and read the full Segments footnote.