The Q4 2025 results for the “Big Five” Medicaid managed care companies are now available. These publicly-held companies—Centene, CVSHealth/Aetna, Elevance, Molina, and UnitedHealth Group—together control about half of the Medicaid managed care market, so their performance matters to tens of millions of Medicaid beneficiaries. (The results for prior quarters in 2025 are here, here, and…