Humana Q3 2026 earnings review

Adjusted loss per share of ($0.70) beat the MarketBeat consensus, and Humana raised 2026 adjusted EPS guidance.

Humana Inc. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Humana Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Humana (HUM) Q3 2026 earnings review

Adjusted loss per share of ($0.70) beat the MarketBeat consensus, and Humana raised 2026 adjusted EPS guidance

  1. 1.Adjusted LPS of ($0.70) beat MarketBeat at ($1.00); revenues of $41,155M beat $40,870M
  2. 2.Insurance benefit ratio of 93.7% was favorable to management guidance of slightly above 94%
  3. 3.FY2026 adjusted EPS guidance rose +$0.50 to at least $9.50
  4. 4.CenterWell SPC patients rose 146.8 thousand YTD (30%)
  5. 5.Shares closed at $411.79 on Nov 5; Nov 6 pre-market was $410.76, -0.3% vs. the Nov 5 close

Note: SPC is Senior Primary Care. Adjusted figures follow the company reconciliation. LPS is loss per share.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; MarketBeat, Nov 6, 2026; Yahoo Finance, Nov 6, 2026; analysis of company data

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2 · Executive summary

Q3 adjusted LPS of ($0.70) beat the MarketBeat consensus of ($1.00) by +$0.30

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
Adjusted EPS vs. MarketBeat($0.70)($1.00)+$0.30 / +30.0%Beat
Revenues vs. MarketBeat$41,155M$40,870M+$285M / +0.7%Beat

Share price, Nov 4 close to Nov 6 pre-market (Yahoo Finance)

MeasureNov 4 closeNov 5 closeNov 6 pre-marketChange vs. Nov 5
Humana (NYSE: HUM)$417.42$411.79$410.76-$1.03 / -0.3%

Note: EPS % uses the absolute value of the MarketBeat loss estimate as the base. Nov 5 is the regular-session close (about 4:00 PM ET). Nov 6 pre-market is as of 8:56 AM ET on Nasdaq, labelled pre-market, not a close. Results were released before the Nov 6 open.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; MarketBeat, Nov 6, 2026; Yahoo Finance, Nov 6, 2026; analysis of company data

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3 · Q3 results vs. consensus

Humana raised FY2026 adjusted EPS guidance by +$0.50 to at least $9.50

FY2026 guidance, Jul 29 vs. Nov 6

MetricJul 29Nov 6Change
Adjusted EPSAt least $9.00At least $9.50+$0.50
GAAP diluted EPSAt least $6.52At least $15.09+$8.57

Implied fourth-quarter floor

MetricValue
Adjusted EPS, nine months 2026$17.17
FY2026 adjusted EPS guidance, at least$9.50
Implied Q4 adjusted EPS floor($7.67)

Note: Guidance values are floors. A named FY2026 Street consensus was not verified for this deck.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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4 · FY 2026 guidance

Total revenues rose 26.1% to $41,155M, while adjusted pretax swung to a ($104M) loss

  1. Revenue grew on Medicare membershipTotal revenues rose 26.1% to $41,155M.
  2. Benefit ratio roseInsurance benefit ratio rose to 93.7% from 91.1%, still favorable to guidance.
  3. Operating costs fell as a share of revenueAdjusted operating cost ratio fell to 11.2% from 11.8%.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Total revenues$32,649M$41,155M26.1%
GAAP pretax income$134M$216M61.2%
Adjusted pretax income$527M($104M)(119.7%)
GAAP diluted EPS ($)$1.62$1.33(17.9%)
Adjusted diluted EPS ($)$3.24($0.70)(121.6%)

Note: Adjusted pretax and EPS follow the company non-GAAP reconciliation.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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5 · Q3 key financials

Insurance revenues rose 25.3%, while Insurance adjusted income swung to a $299M loss

Segment revenues, income and ratios

$M unless noted, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026Change
Insurance revenues$31,189M$39,083M25.3%
Insurance adjusted income$270M($299M)n.m.
Insurance benefit ratio91.1%93.7%260 bps
CenterWell revenues$5,879M$7,157M21.7%
CenterWell adjusted income$358M$291M(18.7%)
CenterWell operating cost ratio93.9%95.9%n.m.
Insurance income fell on a higher benefit ratio and Star Ratings headwind

Note: Income is adjusted (non-GAAP) income from operations. Segment revenues include amounts that eliminate in consolidation.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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6 · Segment results

Insurance revenues rose $7,894M, and CenterWell revenues rose $1,278M

Segment revenues

$M, Q3 2025 vs. Q3 2026

Insurance · Q3 2025: 3118900.0%Insurance · Q3 2026: 3908300.0%CenterWell · Q3 2025: 587900.0%CenterWell · Q3 2026: 715700.0%Q3 2025Q3 2026$0M$10,000M$20,000M$30,000M$40,000M

InsuranceCenterWell

Consolidated revenues rose 26.1% to $41,155M

Note: Segment revenues include intersegment amounts that eliminate in consolidation.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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7 · Revenue by segment

Individual Medicare Advantage membership rose 1,207.6 thousand since Dec 31, 2025

Selected membership change since Dec 31, 2025

Thousands, to Sep 30, 2026

thousands · Individual MA: 1,208thousands · Group MA: 160thousands · Stand-alone PDP: 1,565thousands · Sum of lines: 2,932Individual MAGroup MAStand-alone PDPSum of lines01,0002,0003,0003,5001,2081601,5652,932
Medicaid membership rose 103.6 thousand, or about 7%, YTD

Note: Bars are company-reported YTD membership changes for selected Medicare lines. Medicaid change is from the press release.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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8 · Membership growth

Insurance adjusted income fell to a $299M loss, and CenterWell adjusted income fell 18.7%

Adjusted segment income from operations

$M, Q3 2025 vs. Q3 2026

Insurance · Q3 2025: 27000.0%Insurance · Q3 2026: -29900.0%CenterWell · Q3 2025: 35800.0%CenterWell · Q3 2026: 29100.0%Q3 2025Q3 2026$0M$100M$200M$300M$400M

InsuranceCenterWell

CenterWell adjusted income was $291M, down from $358M

Note: Adjusted CenterWell income adds back depreciation and amortization per the company definition.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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9 · Segment operating income

Insurance benefit ratio rose 260 bps to 93.7%, still below management guidance

Insurance benefit ratio

% of Insurance premiums, Q3 2025 vs. Q3 2026

Insurance · Q3 2025: 91.1%Insurance · Q3 2026: 93.7%Q3 2025Q3 20260.0%25.0%50.0%75.0%96.0%91.1%93.7%

Insurance

Management guided to slightly above 94%; prior-period development was $67M favorable

Note: Benefit ratio is benefits expense as a percentage of premiums revenue.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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10 · Benefit ratio

Adjusted operating cost ratio fell 60 bps to 11.2%

Consolidated adjusted operating cost ratio

% of revenues, Q3 2025 vs. Q3 2026

Consolidated · Q3 2025: 11.8%Consolidated · Q3 2026: 11.2%Q3 2025Q3 20260.0%2.5%5.0%7.5%10.0%13.0%11.8%11.2%

Consolidated

Insurance operating cost ratio fell to 7.7% from 9.1%

Note: Adjusted operating cost ratio excludes value creation and related items per the company reconciliation.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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11 · Operating cost ratio

CenterWell Senior Primary Care patients rose 30% YTD to about 638.0 thousand

Membership and CenterWell operating metrics

Period-end unless noted

MetricDec 31, 2025 / priorSep 30, 2026Change
Individual MA (thousands)5,249.36,456.91,207.6
Group MA (thousands)568.4728.3159.9
Medicare PDP (thousands)2,462.64,027.51,564.9
CenterWell SPC patients (thousands)n.m.638.0146.8
Primary care centersn.m.39949
YTD Medicaid membership rose 103.6 thousand, or about 7%, on Duals program starts

Note: MA is Medicare Advantage; PDP is prescription drug plan. Membership from the statistical supplement. CenterWell patient and center counts from prepared remarks.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.3, Nov 6, 2026; analysis of company data

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12 · Membership and CenterWell

Debt-to-total capitalization fell to 40.9% from 42.7% at Jun 30

Capital position

Dec 31, 2025 vs. Sep 30, 2026

MeasureDec 31, 2025Sep 30, 2026
Cash and cash equivalents ($M)$4,200M$6,935M
Total debt ($M)$12,369M$12,504M
Stockholders equity ($M)$17,657M$18,825M
Debt-to-total capitalization41.1%40.9%
YTD operating cash flow was $5,383M, up from $2,573M a year earlier

Note: Debt-to-cap also fell 180 bps from 42.7% at Jun 30, 2026. BlackRock JV is expected to reduce the ratio further in Q4.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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13 · Balance sheet and debt

FY2026 adjusted EPS guidance of at least $9.50 still implies a year-over-year decline vs. FY2025 adjusted EPS of $17.14

Indicator
What to watch
Implication
Q3 reading
Medical costs
Q4 benefit ratio
Margin pressure
Q4 guide just above 95.5%
Star Ratings
BY 2026 headwind
Lower quality bonus
Appeal pending; BY 2028 Stars industry-leading
New MA members
Higher initial benefit ratio
Near-term margin drag
Individual MA +1,207.6 thousand YTD
CenterWell primary care
Patient and plan mix
Cost pressure in one geography
Operating cost ratio 95.9%

Note: Watch points only. FY2025 adjusted EPS $17.14 is from company guidance.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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14 · Key risks to guidance

15 · Appendix: Segment detail

16 · Appendix: Profit and margins

Appendix: guidance and capital

ClaimEvidenceCalculation
Adjusted EPS raisedAt least $9.50, up +$0.50From at least $9.00 on Jul 29
GAAP EPS raisedAt least $15.09, up +$8.57Includes put/call and JV items
Debt-to-cap40.9% at Sep 30, down from 42.7% at Jun 30Commercial paper repayment
BlackRock JVExpected about 130 bps further debt-to-cap reduction in Q4Replaces WCAS puts; no BlackRock put

Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; Humana Form 8-K Ex. 99.3, Nov 6, 2026; analysis of company data

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17 · Appendix: Guidance and capital

Appendix: membership and patients

ClaimEvidenceCalculation
Individual MA6,456.9 thousand, +1,207.6 thousand YTDTracking about 25% FY growth target
Group MA728.3 thousand, +159.9 thousand YTDIn line with about 150 thousand FY goal
Stand-alone PDP4,027.5 thousand, +1,564.9 thousand YTDAhead of about 1 million FY growth goal
SPC patientsAbout 638.0 thousand, +30% YTD399 centers at Sep 30

MA is Medicare Advantage; PDP is prescription drug plan; SPC is Senior Primary Care. Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.3, Nov 6, 2026; analysis of company data

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18 · Appendix: Membership growth

Appendix: revenue and non-GAAP detail

Revenues and ratios

$M unless notedQ3 2025Q3 2026YoY
Total revenues$32,649M$41,155M26.1%
Insurance revenues$31,189M$39,083M25.3%
CenterWell revenues$5,879M$7,157M21.7%
Insurance benefit ratio91.1%93.7%260 bps

Earnings, $M and per share

$M unless notedQ3 2025Q3 2026YoY
GAAP pretax income$134M$216M61.2%
Adjusted pretax income$527M($104M)(119.7%)
GAAP diluted EPS ($)$1.62$1.33(17.9%)
Adjusted diluted EPS ($)$3.24($0.70)(121.6%)

Note: Adjusted measures follow the company reconciliations in Ex. 99.1 and Ex. 99.2.Source: Humana Form 8-K Ex. 99.1, Nov 6, 2026; Humana Form 8-K Ex. 99.2, Nov 6, 2026; analysis of company data

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19 · Appendix: Revenue and non-GAAP

Appendix: sources

  • Filing index: Humana Form 8-K, Nov 6, 2026 — https://www.sec.gov/Archives/edgar/data/49071/000004907126000064/0000049071-26-000064-index.htm
  • Earnings release brief, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/49071/000004907126000064/hum-2026q3xex99x1briefxsep.htm
  • Detailed release and statistical supplement (Ex. 99.2) — https://www.sec.gov/Archives/edgar/data/49071/000004907126000064/hum-2026q3xex99x2detailedx.htm
  • Prepared management remarks (Ex. 99.3) — https://www.sec.gov/Archives/edgar/data/49071/000004907126000064/a3q2026humanaincpostedrema.htm
  • Business Wire release, Nov 6, 2026 — https://www.businesswire.com/news/home/20261106239340/en/Humana-Reports-Third-Quarter-2026-Financial-Results-Raises-Full-Year-2026-Adjusted-EPS-Guidance
  • Prior guidance: Q2 2026 Form 8-K, Jul 29, 2026 — https://www.sec.gov/Archives/edgar/data/49071/000004907126000045/hum-20260729.htm
  • Q3 EPS and revenue consensus: MarketBeat, Nov 6, 2026 — https://www.marketbeat.com/earnings/reports/2026-11-6-humana-inc-stock/
  • Share price: Yahoo Finance HUM Nov 4–5 closes; Nasdaq Nov 6 pre-market 8:56 AM ET (not a close) — https://finance.yahoo.com/quote/HUM/

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Humana Inc. Form 8-K of November 6, 2026 (Exhibits 99.1, 99.2 and 99.3) and, for prior guidance, its Form 8-K of July 29, 2026. Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, Star Ratings commentary, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted revenues, adjusted pretax results, adjusted EPS, adjusted operating cost ratios and adjusted segment income follow Humana own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Humana Inc. and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available on November 6, 2026, with the Nov 5 regular-session close (Yahoo Finance) and the Nov 6 pre-market quote as of about 8:56 AM US Eastern time (Nasdaq; pre-market, not a close). It will not be updated for later events, and views may change without notice.

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21 · Disclosures

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