Humana Reports Q3 2026 Financial Results and Raises Full-Year Adjusted EPS Guidance

Executive Summary

On November 6, 2026, Humana Inc. (NYSE: HUM) filed a Form 8-K under Items 2.02 (Results of Operations and Financial Condition) and 7.01 (Regulation FD Disclosure) detailing its financial results for the third quarter ended September 30, 2026, and raising its full-year 2026 earnings outlook.

Key Financial Highlights

• Q3 2026 Diluted EPS:
  • GAAP EPS: $1.33 (compared to $1.62 in Q3 2025).
  • Adjusted (Non-GAAP) EPS: Loss of $(0.70) (compared to income of $3.24 in Q3 2025), driven by put/call valuation adjustments associated with non-consolidating minority interest investments and value creation initiatives.
• Year-to-Date (9 Months) 2026 Diluted EPS:
  • GAAP EPS: $16.84 (versus $16.43 in YTD 2025).
  • Adjusted EPS: $17.17 (versus $21.10 in YTD 2025).
• Benefit Ratio Performance:
  • Insurance segment GAAP benefit ratio came in at 93.7%, beating management's guidance of "slightly above 94%."

Updated Full-Year 2026 Guidance

Humana raised its full-year 2026 guidance metrics:

• Adjusted EPS: Raised to at least $9.50, up from the prior guidance of at least $9.00.
• GAAP EPS: Raised significantly to at least $15.09, up from the previous forecast of at least $6.52.
• Management noted that the full-year Adjusted EPS outlook continues to reflect anticipated headwinds from Medicare Advantage Star Ratings for Bonus Year 2026, net of mitigation actions.

Operational & Strategic Developments

• CenterWell Expansion: CenterWell Senior Primary Care added 146,800 patients year-to-date, representing a 30% increase.
• BlackRock Partnership: Established a strategic joint venture with BlackRock, replacing previous JVs with Welsh, Carson, Anderson & Stowe. The arrangement improves capital efficiency, lowers the cost of capital, and funds forward expansion.
• Medicaid Growth: Increased Medicaid enrollment by 103,600 members (+7% YTD), driven by dual-eligible program rollouts across Michigan, Illinois, and South Carolina.