01—Abstract
Summary
Summary of the 8-K filed August 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Humana Inc. said in a Regulation FD disclosure that members of its senior management team are scheduled to meet with investors and analysts between September 1, 2025 and September 30, 2025.
At these meetings, the company intends to reaffirm its full-year 2025 guidance of approximately $13.77a in diluted earnings per common share (EPS) and approximately $17.00 in adjusted earnings per common share (Adjusted EPS). The company states this guidance is consistent with the guidance in its July 30, 2025 press release. Humana also said it will not comment on its 2026 Medicare Advantage (MA) Star Ratings (Bonus Year 2027) until the Centers for Medicare and Medicaid Services (CMS) releases final 2026 MA Star Ratings data in October.
The company noted this position was indicated on its second quarter 2025 earnings call on July 30, 2025. The filing includes a reconciliation of GAAP to non-GAAP Adjusted EPS for FY 2025.
Adjustments include amortization of identifiable intangibles of $0.49b, put/call valuation adjustments tied to non-consolidating minority interest investments of $3.01, value creation initiatives of $0.44, impairment charges of $0.26, and a cumulative net tax impact of $(0.97) per share. The company states that its FY 2025 GAAP and Adjusted EPS guidance exclude the impact of future value changes to items that are not yet probable or cannot be reasonably estimated.
02—Key points
Key Highlights
- Humana reaffirmed FY 2025 diluted EPS guidance of approximately $13.77 and Adjusted EPS guidance of approximately $17.00, consistent with its July 30, 2025 press release.
- Senior management plans to reaffirm this guidance at investor and analyst meetings held between September 1, 2025 and September 30, 2025.
- Humana will not comment on its 2026 MA Star Ratings (Bonus Year 2027) until CMS releases final data in October.
- The Adjusted EPS reconciliation adds back $3.01 per share for put/call valuation adjustments on non-consolidating minority interest investments, the largest adjustment listed.
- Other adjustments include $0.49 for amortization of identifiable intangibles, $0.44 for value creation initiatives, and $0.26 for impairment charges, offset by a $(0.97) cumulative net tax impact.
- Guidance excludes the future impact of value changes to items that are not yet probable or cannot be reasonably estimated.
03—Questions
Frequently Asked Questions
Is Humana changing its 2025 earnings guidance?
No. The filing states that management intends to reaffirm FY 2025 guidance of approximately $13.77 diluted EPS and approximately $17.00 Adjusted EPS, consistent with the July 30, 2025 press release.
When will Humana management meet with investors?
Members of senior management are scheduled to meet with investors and analysts at various meetings between September 1, 2025 and September 30, 2025.
Why won't Humana comment on its 2026 Star Ratings now?
The company said it will not comment on its 2026 MA Star Ratings (Bonus Year 2027) until CMS releases final 2026 MA Star Ratings data in October. The company noted this was indicated on its July 30, 2025 earnings call.
What is the difference between GAAP EPS and Adjusted EPS for Humana?
Adjusted EPS is a non-GAAP measure. The reconciliation adds back amortization of identifiable intangibles ($0.49), put/call valuation adjustments on non-consolidating minority interest investments ($3.01), value creation initiatives ($0.44), and impairment charges ($0.26), and subtracts a cumulative net tax impact of $(0.97). Management says Adjusted EPS is used to evaluate core operating performance and for incentive compensation, and should be considered in addition to, not as a substitute for, GAAP EPS.
04—Continue