Humana Reports Second Quarter 2026 Financial Results; Affirms Full Year 2026 Adjusted Financial Guidance
LOUISVILLE, Ky.--( BUSINESS WIRE)--Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2026 (2Q26) versus the quarter ended June 30, 2025 (2Q25) and for the six months ended June 30, 2026 (YTD 2026) versus the six months ended June 30, 2025 (YTD 2025) as noted in the tables below.
Consolidated income before income taxes and equity in net losses (pretax results) In millions
2Q26 (a)
2Q25 (a)
YTD 2026 (a)
YTD 2025 (a)
Generally Accepted Accounting Principles (GAAP)
$
952
$
741
$
2,547
$
2,432
Amortization associated with identifiable intangibles
8
15
19
30
Put/call valuation adjustments associated with company's non-consolidating minority interest investments
211
200
177
363
Value creation initiatives
56
29
154
53
Impairment charges
21
32
21
32
Adjusted (non-GAAP)
$
1,248
$
1,017
$
2,918
$
2,910
Diluted earnings per share (EPS)
2Q26 (a)
2Q25 (a)
YTD 2026 (a)
YTD 2025 (a)
GAAP
$
5.73
$
4.51
$
15.55
$
14.81
Amortization associated with identifiable intangibles
0.07
0.12
0.16
0.24
Put/call valuation adjustments associated with company's non-consolidating minority interest investments
1.74
1.66
1.47
3.01
Value creation initiatives
0.46
0.24
1.27
0.44
Impairment charges
0.17
0.27
0.17
0.26
Cumulative net tax impact of non-GAAP adjustments
(0.56
)
(0.53
)
(0.71
)
(0.91
)
Adjusted (non-GAAP)
$
7.61
$
6.27
$
17.91
$
17.85
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.
Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.
"The first half of the year went well, and we're right where we said we'd be at Investor Day last year," said Humana President and CEO Jim Rechtin. "When we get the clinical care right and run the business more efficiently, everything else follows—stronger earnings and better health and experiences for the people we serve.”
FY 2026 Earnings Guidance
Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'. The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year (BY) 2026, net of mitigation.
Diluted earnings per share (a)
FY 2026
Guidance
FY 2025
GAAP
at least $6.52
$
9.84
Amortization associated with identifiable intangibles
0.30
0.42
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)
1.47
4.25
Value creation initiatives (b)
1.27
3.72
Impact of exit of employer group commercial medical products business (b)
—
(0.52
)
Settlement of certain litigation expenses (b)
—
0.13
Loss on sale of business (b)
—
0.55
Impairment charges (b)
0.17
2.09
Cumulative net tax impact
(0.73
)
(3.34
)
Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported
at least $9.00
$
17.14
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations.
Detailed Press Release
Humana’s full earnings press release, including the statistical pages, has been posted to the company’s Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company’s website).
Conference Call
Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page ( https://humana.gcs-web.com/financial-information/quarterly-results).
A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.
If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BI18085d824058461aa3c6b8b2af27cb40.
Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.
The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.
Footnotes
The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators of the company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.
(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.
Amortization
(in millions)
2Q26
2Q25
YTD 2026
YTD 2025
Insurance segment
$
4
$
4
$
8
$
9
CenterWell segment
$
4
$
11
$
11
$
21
The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.
In addition to the reconciliations shown on pages 1 and 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:
Revenues
CONSOLIDATED
Revenues
(in millions)
2Q26
2Q25
YTD 2026
YTD 2025
GAAP
$
40,867
$
32,388
$
80,515
$
64,500
Impairment charges
21
—
21
—
Adjusted (non-GAAP)
$
40,888
$
32,388
$
80,536
$
64,500
Operating cost ratio
CONSOLIDATED
Operating cost ratio
2Q26
2Q25
YTD 2026
YTD 2025
GAAP
9.8
%
11.0
%
10.0
%
10.8
%
Value creation initiatives
(0.1
)%
—
%
(0.2
)%
(0.1
)%
Impairment charges
—
%
(0.1
)%
—
%
—
%
Adjusted (non-GAAP)
9.7
%
10.9
%
9.8
%
10.7
%
Insurance Segment - Income from operations
INSURANCE SEGMENT
Income from operations
(in millions)
2Q26
2Q25
YTD 2026
YTD 2025
GAAP
$
820
$
766
$
2,255
$
2,340
Amortization associated with identifiable intangibles
4
4
8
9
Adjusted (non-GAAP)
$
824
$
770
$
2,263
$
2,349
(b) FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized and cannot currently be reasonably estimated at this time.
Cautionary Statement
This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following:
In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.
Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:
About Humana
Humana (NYSE: HUM) is a leading U.S. healthcare company. Through our Humana insurance services and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.