Humana (HUM) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Health Care· Feb 11, 2026

Source: earnings call transcript

Humana delivered solid FY25 results with adjusted EPS above initial guidance, driven by robust AEP membership growth and improved retention. Despite this momentum, the company faces a substantial $3.5 billion Stars headwind in 2026, leading to a projected decline in adjusted EPS and individual MA margins slightly below breakeven. Management remains committed to unlocking the business's earnings potential by 2028 through operational efficiencies, capital optimization, and adapting to the funding environment.

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HUM operating KPIs by quarter

HUM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Employees	65K I also just want to thank the 65,000 associates that we have who are serving our members and patients every day. Source: earnings call transcript	65K I also want to thank our 65,000 associates who serve our members and patients every day. Source: earnings call transcript	65K And finally, I want to thank our 65,000 associates who serve our members and patients every day. Source: earnings call transcript	65K With that, I would thank you for joining us this morning and for your interest in Humana, and I want to thank -- say thanks to our 65,000 associates who serve our members and our patients every day. Source: earnings call transcript	65K And I also want to say thank you to our 65,000 associates who serve our members and our patients every day. Source: earnings call transcript	65K And I also want to thank, as we always do, the 65,000 associates who make this place work, who serve our members, who serve our patients each and every day. Source: earnings call transcript	0%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.