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Humana 8-K Report, Regulation FD Disclosure (Oct 9, 2026)

Reports
Regulation FD
Filing Date
Filed October 9, 2026
Period End
October 9, 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 · May ’17May ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed October 9, 2026. Cited figures are marked; the original filing is the authoritative source.

Humana Inc. reported in this Form 8-K, under Regulation FD, that based on final 2027 Medicare Advantage (MA) Star Ratings data (Bonus Year 2028) provided by the Centers for Medicare and Medicaid Services (CMS) on October 8, 2026, it has exceeded its goal of Top Quartile results.

The company defines Top Quartile as Stars revenue per member per month (PMPM) 10% above the peer group median, with peers including Centene, CVS, Elevance, HCSC, and United. The comparison normalizes for plan design, geographic mix, and membership mix using a consistent 3.0 benchmark of $1,370,a a risk score of 1.15, and a $222 rebate for all payers. Humana cautions that actual 2028 Stars revenue PMPM will differ based on 2028 membership, contract mix, risk scores, benchmark, and rebates.

Humana expects to manage its product and benefit structure to approximate Top Quartile results. It anticipates that part of its 2028 outperformance relative to Top Quartile will be one-time in nature, and expects a 2028 benefit that it will use for one-time investments and return to shareholders. The company will provide more detail on the size and use of this benefit once it has more 2028 information, and intends to do so before or when it gives detailed 2028 guidance on its fourth quarter 2027 earnings call.

Humana also states it is well positioned to deliver on its commitment to unlock earnings potential by 2028, as laid out at its 2025 Investor Day. It will hold a virtual investor update on December 10, 2026. For 2026, Humana affirmed its guidance of at least $9.00b in adjusted earnings per common share (Adjusted EPS), consistent with its July 29, 2026 press release and its September 1, 2026 Form 8-K.

The company is still completing its financial close for the three and nine months ended September 30, 2026, so it cannot yet reconcile Adjusted EPS guidance to GAAP diluted EPS without unreasonable effort. It does not expect changes to Adjusted EPS guidance but does expect potential changes to its GAAP EPS guidance due to ongoing value creation and other strategic initiatives.

02—Key points

Key Highlights

  1. Humana states it has exceeded its goal of Top Quartile Stars results based on final 2027 MA Star Ratings (Bonus Year 2028) data from CMS issued October 8, 2026.
  2. Top Quartile is defined as Stars revenue PMPM 10% above the peer group median; peers are Centene, CVS, Elevance, HCSC, and United.
  3. Normalized comparison assumes a 3.0 benchmark of $1,370, a risk score of 1.15, and a $222 rebate for all payers.
  4. Humana expects part of its BY28 outperformance above Top Quartile to be one-time, and expects a 2028 benefit to fund one-time investments and shareholder returns.
  5. Detailed 2028 benefit sizing and 2028 guidance are expected on or before the fourth quarter 2027 earnings call; a virtual investor update is scheduled for December 10, 2026.
  6. 2026 Adjusted EPS guidance of at least $9.00 is affirmed and not expected to change, while GAAP EPS guidance may change.
  7. Humana cannot yet reconcile 2026 Adjusted EPS guidance to GAAP EPS without unreasonable effort because its Q3 2026 financial close is ongoing.

03—Questions

Frequently Asked Questions

  1. What did Humana announce about its 2027 Medicare Advantage Star Ratings?

    Based on final 2027 MA Star Ratings data (Bonus Year 2028) provided by CMS on October 8, 2026, Humana states it has exceeded its goal of Top Quartile results, defined as Stars revenue PMPM 10% above the peer group median.

  2. Will the 2028 Stars benefit be permanent?

    Humana anticipates that some of its BY28 outperformance relative to Top Quartile will be one-time in nature, and it will manage expenses accordingly. It expects a 2028 benefit to be used for one-time investments and return to shareholders, with details to follow once it has more 2028 information.

  3. When will Humana provide more detail on 2028 financial guidance?

    Humana intends to share more on the level and use of the one-time benefit, along with competitive, rate, regulatory, membership, and contract mix insights, before or when it gives detailed 2028 financial guidance on its fourth quarter 2027 earnings call. It will also hold a virtual investor update on December 10, 2026.

  4. Has Humana changed its 2026 earnings guidance?

    No. Humana affirmed its guidance of at least $9.00 in Adjusted EPS for fiscal year 2026, consistent with its July 29, 2026 press release and September 1, 2026 Form 8-K. It does not expect changes to Adjusted EPS guidance but does expect potential changes to its GAAP EPS guidance.

  5. Why can't Humana reconcile its 2026 Adjusted EPS guidance to GAAP EPS?

    Humana is still completing the financial close process for the three and nine months ended September 30, 2026. Without unreasonable effort, it cannot yet provide the reconciliation, and its guidance remains preliminary and subject to change.

04—Continue

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