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Humana 8-K Report, Financial Results (Feb 11, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 11, 2026
Period End
February 11, 2026
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. Material agreement8-K · Dec ’16Dec ’16
  2. Leadership change8-K · Jan ’19Jan ’19
  3. Leadership change8-K · Mar ’21Mar ’21
  4. Material agreement8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Humana Inc. (NYSE: HUM) reported fourth-quarter 2025 results on February 11, 2026, with a GAAP net loss per share of $6.61a (Adjusted net loss per share of $3.96) and full-year 2025 GAAP EPS of $9.84 (Adjusted $17.14).

Fourth-quarter GAAP pretax results were a loss of $1,011 millionb, driven by $221 million in impairment charges and $129 million in value creation initiative costs, among other adjustments. The Insurance segment GAAP benefit ratio was 93.1% for 4Q25 and 90.4% for full-year 2025, the latter described as slightly better than the top end of guidance of 90.1% to 90.5%. Full-year 2025 operating cash flow was $921 million, down from $2,966 million in 2024, and debt-to-total capitalization rose to 41.1% from 40.3% at September 30, 2025.

For 2026, Humana introduced GAAP EPS guidance of at least $8.89c and Adjusted EPS guidance of at least $9.00, with management attributing the year-over-year decline to the Bonus Year 2026 Star Ratings headwind, net of mitigation. Management anticipates individual Medicare Advantage membership growth of approximately 25% over 2025. January 2026 individual Medicare Advantage membership approximated 6,280,000, up 1,030,700, or 20%, from December 31, 2025, following the 2026 Annual Election Period.

The company also projects 2026 Insurance segment benefit ratio of 92.75% (plus or minus 25 basis points), consolidated operating cost ratio of 10.0% (plus or minus 25 basis points), and cash flows from operations of $2.5 billion to $2.9 billiond. The filing also highlights continued growth in CenterWell and Medicaid, with CenterWell Senior Primary Care patients growing by 100,600 (over 25%) in 2025, including about 32,000 from The Villages Health acquisition, and Medicaid operations now spanning 13 states. Management's prepared remarks note that the company's 2026 individual MA margin outlook is slightly below breakeven after accounting for the Star Ratings headwind, and that first-quarter 2026 earnings are expected to be approximately 110% to 115% of expected full-year 2026 Adjusted earnings.

02—Key points

Key Highlights

  1. 4Q25 GAAP net loss per share of $6.61 versus $5.76 in 4Q24; Adjusted net loss per share of $3.96 versus $2.16 in 4Q24.
  2. FY 2025 GAAP diluted EPS of $9.84 (vs. $9.98 in FY 2024); Adjusted EPS of $17.14 (vs. $16.21).
  3. FY 2026 guidance: GAAP EPS of at least $8.89 and Adjusted EPS of at least $9.00, reflecting a year-over-year decline tied to the Bonus Year 2026 Star Ratings headwind, net of mitigation.
  4. January 2026 individual Medicare Advantage membership of approximately 6,280,000, up 20% from December 31, 2025, reflecting 2026 Annual Election Period gains.
  5. 4Q25 pretax loss of $1,011 million included $221 million in impairment charges and $129 million in value creation initiative costs (excluded from Adjusted results).
  6. Operating cash flow fell to $921 million in FY 2025 from $2,966 million in FY 2024, primarily reflecting timing impacts including IRA-related receivables growth.
  7. Debt-to-total capitalization increased to 41.1% at December 31, 2025 from 40.3% at September 30, 2025, driven by the 4Q25 net loss.

03—Questions

Frequently Asked Questions

  1. Why is Humana guiding to lower earnings in 2026?

    The company attributes the anticipated year-over-year EPS decline to the Star Ratings headwind for Bonus Year 2026, net of mitigation. The filing states that 2026 guidance of at least $8.89 GAAP and at least $9.00 Adjusted reflects this headwind.

  2. How did Humana's Medicare Advantage membership change in early 2026?

    January 2026 individual Medicare Advantage membership approximated 6,280,000, up 1,030,700, or 20%, from December 31, 2025, reflecting net gains during the 2026 Annual Election Period. Management expects full-year 2026 individual MA membership growth of approximately 25% over 2025.

  3. What drove the large fourth-quarter 2025 loss?

    Consolidated GAAP pretax loss for 4Q25 was $1,011 million. Management's Adjusted reconciliation excludes items including $221 million in impairment charges, $129 million in value creation initiative costs, and $53 million in put/call valuation adjustments, among others, yielding an Adjusted pretax loss of $596 million.

  4. What are the key operating targets for 2026?

    The filing projects a 2026 Insurance segment benefit ratio of 92.75% (plus or minus 25 basis points), a consolidated operating cost ratio of 10.0% (plus or minus 25 basis points), an effective tax rate of approximately 25.5%, and approximately 121 million weighted average diluted shares. Capital expenditures are expected to be approximately $650 million.

  5. How much debt leverage does Humana carry following the 4Q25 results?

    Debt-to-total capitalization was 41.1% at December 31, 2025, up from 40.3% at September 30, 2025 and 41.9% at December 31, 2024 is not cited as a change; the filing attributes the sequential increase to the 4Q25 net loss, partially offset by repayment of senior notes in 4Q25. Management states a long-term target of approximately 40%.

04—Continue

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