01—Abstract
Summary
Summary of the 8-K filed September 1, 2026. Cited figures are marked; the original filing is the authoritative source.
Humana Inc. (HUM) disclosed in a Regulation FD Current Report filed September 1, 2026 that members of its senior management team are scheduled to meet with investors and analysts between September 1, 2026 and September 30, 2026.
During these meetings, the Company intends to reaffirm its FY 2026 guidance of at least $6.52a in diluted earnings per common share (EPS) or at least $9.00 in adjusted earnings per common share (Adjusted EPS). The guidance is consistent with the outlook issued in Humana's press release dated July 29, 2026. The filing notes that the Company will not comment on its 2027 Medicare Advantage (MA) Star Ratings (Bonus Year 2028) until the Centers for Medicare and Medicaid Services (CMS) releases final 2027 MA Star Ratings data in October.
Investors should therefore not expect Star Ratings commentary during the September meetings. The filing also includes a reconciliation from GAAP EPS to Adjusted (non-GAAP) EPS for FY 2026.
The reconciling items are amortization of identifiable intangibles ($0.30b), put/call valuation adjustments on non-consolidating minority interest investments ($1.47), value creation initiatives ($1.27), impairment charges ($0.17), and a cumulative net tax impact of $(0.73). The Company states that FY 2026 Adjusted EPS guidance is not expected to change, while GAAP EPS guidance may change due to ongoing value creation and strategic initiatives.
02—Key points
Key Highlights
- Reaffirmed FY 2026 guidance: at least $6.52 diluted GAAP EPS and at least $9.00 Adjusted (non-GAAP) EPS, consistent with the July 29, 2026 press release.
- Investor and analyst meetings are scheduled for September 1 through September 30, 2026, where management intends to reaffirm guidance.
- No commentary on 2027 MA Star Ratings (Bonus Year 2028) until CMS releases final data in October.
- GAAP-to-Adjusted EPS bridge: amortization of intangibles $0.30, put/call valuation adjustments $1.47, value creation initiatives $1.27, impairment charges $0.17, cumulative net tax impact $(0.73).
- Company does not expect changes to FY 2026 Adjusted EPS guidance but may revise GAAP EPS guidance due to value creation and strategic initiatives.
- Adjusted EPS is a non-GAAP measure used by management for planning and incentive compensation, and is not intended to normalize earnings or represent future performance.
03—Questions
Frequently Asked Questions
What EPS guidance is Humana reaffirming for fiscal 2026?
Humana intends to reaffirm guidance of at least $6.52 in diluted GAAP EPS and at least $9.00 in Adjusted (non-GAAP) EPS for the year ending December 31, 2026. This guidance is consistent with the July 29, 2026 press release.
Will Humana discuss its 2027 Medicare Advantage Star Ratings during the September meetings?
No. The Company states it will not comment on 2027 MA Star Ratings (Bonus Year 2028) until CMS releases final 2027 MA Star Ratings data in October.
Why might GAAP EPS guidance change while Adjusted EPS guidance does not?
The filing says the Company does not expect changes to FY 2026 Adjusted EPS guidance. It does expect potential changes to FY 2026 GAAP EPS guidance due to its ongoing value creation and other strategic initiatives, which are among the items excluded from Adjusted EPS.
What items reconcile GAAP EPS to Adjusted EPS for FY 2026?
The reconciliation includes amortization of identifiable intangibles ($0.30), put/call valuation adjustments on non-consolidating minority interest investments ($1.47), value creation initiatives ($1.27), impairment charges ($0.17), and a cumulative net tax impact of $(0.73).
Is Adjusted EPS a substitute for GAAP EPS?
No. The Company states Adjusted (non-GAAP) EPS should be considered in addition to, but not as a substitute for or superior to, GAAP EPS. It is not intended to normalize earnings, eliminate volatility, or represent future performance.
04—Continue