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Humana 8-K Report, Financial Results (Jul 29, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 29, 2026
Period End
July 29, 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. Leadership change8-K · Aug ’17Aug ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed July 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Humana Inc. (NYSE: HUM) reported second quarter 2026 results on July 29, 2026, furnishing the press release, detailed earnings release with statistical pages, and prepared management remarks as Exhibits 99.1, 99.2 and 99.3.

GAAP diluted EPS was $5.73a for 2Q26 versus $4.51 in 2Q25, and Adjusted EPS was $7.61 versus $6.27. Year-to-date GAAP diluted EPS was $15.55 and Adjusted EPS was $17.91. Consolidated revenues were $40.87 billion for the quarter, compared with $32.39 billion a year earlier.

The Insurance segment benefit ratio was 91.2%, in line with management's guidance of 'slightly above 91 percent'. The company revised its FY 2026 GAAP EPS guidance to 'at least $6.52b' from 'at least $8.36', while affirming Adjusted EPS guidance of 'at least $9.00'. The filing states that the Adjusted EPS outlook anticipates a year-over-year decline because of the Star Ratings headwind for Bonus Year 2026, net of mitigation.

Management also affirmed individual Medicare Advantage membership growth of approximately 25% for 2026 and expects third-quarter Adjusted EPS of approximately ($1.00c). Full-year guidance for the Insurance segment benefit ratio is 92.75%, plus or minus 25 basis points. Other developments include a statewide Illinois Medicaid managed care contract expected to go live in January 2027, growth of 130,900 patients (27%) in CenterWell Senior Primary Care year to date, and $1.50 billion of pre-capitalized trust security arrangements entered during the quarter.

Debt-to-total capitalization was 42.7% at June 30, 2026. Management also said it will hold a virtual investor update on December 10, 2026, and referenced a pending agreement to divest its minority interest in Gentiva, valued at approximately $900 milliond.

02—Key points

Key Highlights

  1. 2Q26 GAAP diluted EPS of $5.73 vs. $4.51 in 2Q25; Adjusted EPS of $7.61 vs. $6.27
  2. YTD 2026 GAAP diluted EPS of $15.55 and Adjusted EPS of $17.91
  3. FY 2026 GAAP EPS guidance revised to 'at least $6.52' from 'at least $8.36'; Adjusted EPS guidance affirmed at 'at least $9.00'
  4. 2Q26 Insurance segment benefit ratio of 91.2%, in line with guidance; FY 2026 benefit ratio guidance of 92.75% plus or minus 25 basis points
  5. Individual Medicare Advantage membership of 6,453.7 thousand at June 30, 2026, versus 5,229.3 thousand a year earlier; FY 2026 growth expected to be approximately 25%
  6. Awarded statewide Illinois Medicaid managed care contract, expected to go live in January 2027
  7. Debt-to-total capitalization of 42.7% at June 30, 2026, versus 40.7% a year earlier; $1.50 billion of pre-capitalized trust security arrangements entered during the quarter

03—Questions

Frequently Asked Questions

  1. Why was the GAAP EPS guidance lowered while Adjusted EPS guidance was held?

    The filing states that FY 2026 GAAP EPS guidance is 'at least $6.52' versus the prior 'at least $8.36', while Adjusted EPS guidance remains 'at least $9.00'. The GAAP-to-Adjusted reconciliation adds back items including value creation initiatives ($1.27 per share), put/call valuation adjustments ($1.47 per share), amortization ($0.30 per share) and impairment charges ($0.17 per share), with a cumulative net tax impact of $(0.73). The Adjusted guidance anticipates a year-over-year decline due to the Star Ratings headwind for Bonus Year 2026, net of mitigation.

  2. What does management expect for third-quarter earnings?

    Management's prepared remarks state that third-quarter Adjusted EPS is expected to be approximately ($1.00), or just over negative 10% of FY Adjusted EPS. The third-quarter Insurance segment benefit ratio is expected to be slightly above 94%, and the consolidated benefit ratio is expected to be slightly above the Insurance segment benefit ratio.

  3. How did medical cost trends and membership growth look in the quarter?

    Management said medical and pharmacy cost trends are in line with expectations of 'high single digit' trend across new and existing membership, with slight favorability in inpatient care. Year-to-date individual Medicare Advantage membership increased by approximately 1,204,000, and management said this is tracking in line with the full-year expectation of approximately 25% growth.

  4. What did the company say about its longer-term targets?

    Management reiterated its commitment to returning to a sustainable pre-tax margin of at least 3% in 2028 and to unlocking the earnings potential of the business by 2028, as laid out at its 2025 Investor Day. The company will hold a virtual investor update on December 10, 2026, to provide a mark to market against that framework.

  5. What is the status of the Star Ratings and related lawsuit?

    The filing states that the number of Medicare Advantage plans rated 4-star or higher significantly declined in 2025 and that the Star Ratings headwind affects Bonus Year 2026. Humana sued to set aside the 2025 Star Ratings, and the Court rejected that challenge on October 14, 2025. The company has appealed, and the filing states there can be no assurance it will prevail. Management said its focus is on achieving Top Quartile Stars results in Bonus Year 2028.

04—Continue

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