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Humana 8-K Report, Financial Results (Nov 5, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed November 5, 2025
Period End
November 5, 2025
Security
HUM
In the record · 2016–202610-K1110-Q328-K199

HUM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 199 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Humana Inc. reported third-quarter 2025 results on November 5, 2025, with GAAP diluted EPS of $1.62a and Adjusted EPS of $3.24, compared with $3.98 GAAP and $4.16 Adjusted in 3Q24.

Year-to-date GAAP EPS was $16.43b and Adjusted EPS was $21.10. Consolidated revenues were $32,649 million for the quarter versus $29,397 million a year earlier, and GAAP pretax results were $134 million versus $651 million. The Insurance segment benefit ratio was 91.1% for the quarter, in line with the company's prior expectation of 'just above 91 percent.' The filing's non-GAAP adjustments include $267 million of value creation initiative charges and a $63 million loss on sale of business in 3Q25.

Humana lowered its FY 2025 GAAP EPS guidance to approximately $12.26c from approximately $13.77, while affirming Adjusted EPS guidance of approximately $17.00. It affirmed the FY 2025 Insurance segment benefit ratio range of 90.1% to 90.5%. Management said the Adjusted EPS outlook now includes approximately $150 million of incremental investments.

The company now expects an individual Medicare Advantage membership decline of approximately 425,000, improved from a decline of up to 500,000, citing stronger retention and better-than-expected sales. It expects a fourth-quarter Insurance segment benefit ratio of approximately 93.5%d. Balance sheet and cash metrics were mixed.

Days in claims payable fell to 33.2 days from 40.7 days a year earlier, and the company attributed much of the decline to timing items and a shift toward pharmacy claims rather than reserve levels. Debt-to-total capitalization was 40.3%, and year-to-date operating cash flows were $2,573 million versus $3,494 million. The filing also notes that a federal court rejected Humana's challenge to its 2025 Star Ratings on October 14, 2025, and that the company is considering its options, which could affect its 2026 quality bonus payments.

02—Key points

Key Highlights

  1. 3Q25 GAAP EPS was $1.62 and Adjusted EPS was $3.24; YTD GAAP EPS was $16.43 and YTD Adjusted EPS was $21.10.
  2. FY 2025 GAAP EPS guidance was cut to approximately $12.26 from approximately $13.77, while Adjusted EPS guidance was affirmed at approximately $17.00.
  3. 3Q25 Insurance segment benefit ratio was 91.1%; FY 2025 guidance is 90.1% to 90.5%, with the fourth quarter expected at approximately 93.5%.
  4. Individual Medicare Advantage membership decline for FY 2025 is now expected at approximately 425,000, improved from up to 500,000, and Medicaid membership growth guidance was lowered to approximately 160,000 from 175,000 to 250,000.
  5. 3Q25 included $267 million of value creation initiative charges and a $63 million loss on sale of business, both excluded from Adjusted results.
  6. Days in claims payable declined to 33.2 days from 40.7 days a year earlier; debt-to-total capitalization was 40.3%.
  7. CenterWell Primary Care grew by 56,600 patients, or nearly 15%, year to date, and the company expects 2026 individual MA pretax margin to roughly double, normalizing for Stars.

03—Questions

Frequently Asked Questions

  1. Why did Humana cut its GAAP EPS guidance while affirming Adjusted EPS guidance?

    The filing states that GAAP EPS guidance was revised to approximately $12.26 from approximately $13.77 due to charges incurred to date and charges that could be recorded from the company's ongoing value creation and strategic initiatives. Adjusted EPS guidance of approximately $17.00 excludes these items and was affirmed.

  2. How did Humana's core Insurance segment perform in the quarter?

    The Insurance segment benefit ratio was 91.1% in 3Q25, in line with the company's previously disclosed expectation of 'just above 91 percent.' Insurance segment income from operations was $251 million on a GAAP basis, compared with $274 million in 3Q24, and $270 million on an Adjusted basis, compared with $329 million.

  3. What is the outlook for Medicare Advantage membership and margins?

    Humana now expects a FY 2025 individual Medicare Advantage membership decline of approximately 425,000, driven by stronger retention and better-than-expected sales. Management said it is committed to achieving an individual MA pretax margin of 'at least 3%' over time and anticipates doubling individual MA pretax margin in 2026, normalizing for Stars, though detailed 2026 guidance will come in early 2026.

  4. What risks did the filing highlight related to Star Ratings?

    The filing states that the number of Medicare Advantage plans rated 4-star or higher will significantly decline in 2025. On October 14, 2025, the court rejected Humana's lawsuit challenging the 2025 Star Ratings. Humana is considering its options, and if it is not successful, the decline will negatively affect its 2026 quality bonus payments from CMS and may adversely affect revenues, operating results, and cash flows.

04—Continue

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