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Humana

HUM · Health Care

Last earnings Jul 29, 2026

Important announcements

n e w s r e l e a s eOct 13, 2026

Key results

Revenuequarter

90.1%

Benefit Ratio Insurance segment no change GAAP 90.1% to 90.5% Ratio calculation benefits expense as a percent of premiums revenues.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

AI analysis

Q2 2025 · reported Jul 30, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Headline figures

MetricQ2 2025Prior qtrYear ago
Revenue90.1%——

EX-99 · Jul 30, 2025

Guidance · company-stated

Direction: Raised

EPS

“2 FY 2025 Earnings Guidance Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $13.77' from 'approximately $14.68', while also increasing its Adjusted EPS guidance to 'approximately $17.00' from the previous guidance of 'approximately $16.25'.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

EPS$2.4B
Capex$650M

Downgrades in Humana s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

ET question and answer session to discuss its financial results for the quarter and expectations for future earnings LOUISVILLE

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

EPS: “2 FY 2025 Earnings Guidance Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $13.77' from 'approximately $14.68', while also increasing its Adjusted EPS guidance to 'approximately $17.00' from the previous guidance of 'approximately $16.25'.”

EPS — Raised (“increasing”)
“2 FY 2025 Earnings Guidance Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $13.77' from 'approximately $14.68', while also increasing its Adjusted EPS guidance to 'approximately $17.00' from the previous guidance of 'approximately $16.25'.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Downgrades in Humana s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Humana's debt-to-total capitalization at June 30 , 2025 de creased 210 basis points to 40.7 percent fro m 42.8 p ercent at March 31 , 2025 primarily driven by the repayment of senior notes and the impact of 2Q25 earnings.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Share repurchases YTD 2025 Total number of shares repurchased 425,600 Average price paid per share $ 233.73 Remaining repurchase authorization as of July 29, 2025 $2.83 billion Humana s Insurance Segment This segment is comprised of insurance products serving Medicare and state-based contract beneficiaries, as well as individuals and employers.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Share Count for Diluted EPS approximately 121 million approximately 121.5 million Cash flows from operations no change GAAP $2.4 billion to $2.9 billion Capital expenditures no change approximately $650 million 13 Humana Inc.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

For the three and six months ended June 30, 2026, we had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the condensed consolidated balance sheet.

SEC original ↗Humana — 10-Q Quarterly report10-QJul 29, 2026

Treasury and agency obligations $ 2,572 $ $ ( 66 ) $ 2,506 Mortgage-backed securities 4,407 3 ( 376 ) 4,034 Tax-exempt municipal securities 419 ( 11 ) 408 Mortgage-backed securities: Residential 451 ( 47 ) 404 Commercial 1,131 1 ( 48 ) 1,084 Asset-backed securities 1,107 2 ( 17 ) 1,092 Corporate debt securities 8,514 10 ( 424 ) 8,100 Total debt securities $ 18,601 $ 16 $ ( 989 ) $ 17,628 December 31, 2025 U.

SEC original ↗Humana — 10-Q Quarterly report10-QJul 29, 2026

Strategy & priorities

It reinforces our strategy to continue investing in improved outcomes, operational excellence and a better experience for our customers and investors.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Value creation initiatives - These charges relate to the company's ongoing initiative to drive additional value for the enterprise through cost saving, productivity initiatives, and value creation from previous investments, and primarily consist of asset impairment, severance charges, and external consulting spend specific to these initiatives.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company s business may be materially adversely affected.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems, to protect Humana s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company s business may be materially adversely affected.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

This was partially offset by the following items 4 administrative cost efficiencies resulting from the company's value creation initiatives, net of charges related to the company's ongoing initiatives, and operating leverage associated with increased revenues from the impact of the IRA as described above.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Risks & headwinds

Humana has filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, but there is no assurance that the company will prevail in this lawsuit.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company s revenues, operating results, and cash flows.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Increased litigation and negative publicity could also increase the company s cost of doing business.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts governmental audits and investigations potential inadequacy of government determined payment rates potential restrictions on profitability, including by comparison of profitability of the company s Medicare Advantage business to non-Medicare Advantage business or other changes in the governmental programs in which Humana participates.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Further, managing succession for, and retention of, key executives is critical to the Company s success, and its failure to do so could adversely affect the Company s businesses, operating results and or future performance.

SEC original ↗Humana — Earnings release (8-K exhibit)EX-99Jul 30, 2025

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Gilead Sciences (GILD) Health CareGenmab (GMAB) Health CareAlcon (ALC) Health CareArgenx (ARGX) Health CareSanofi (SNY) Health CareMerck & Co. (MRK) Health CareXencor Inc (XNCR) Health CareIllumina, Inc. (ILMN) Health Care
Documents

Filings

72 documents

Earnings releases

32 documents

Presentations

0 documents

No presentations for Humana are held in this edition of the library.

Transcripts

0 documents

No transcripts for Humana are held in this edition of the library.

Mentioned by

4 companies

Other tracked companies whose held documents mention Humana by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.