HUMANA INC

Humana Q2 FY26 — On Track for 2028 Margin Goal and Stars Improvement

• Strength Q2 consolidated operating cost ratio decreased by 120 basis points year-over-year, with a full-year reduction of approximately 150 basis points expected.
• Watch Planned MA exits for 2027 are anticipated to impact approximately 600,000 members.

Humana Q1 FY26 — On Track for 2028 Margin Target Despite Funding Headwinds

• Strength Medicare Advantage members, both new and existing, are performing in line to better than guidance for Q1 FY26.
• Watch Medical cost trend continues to outpace program funding, creating a larger gap for the FY27 bid season compared to a year ago.

Humana Q4 FY25 — Strong Membership Growth and FY25 Performance Offset by 2026 Stars Headwind

• Strength Reported adjusted EPS of $17.14 for FY25, exceeding initial guidance of $16.25.
• Watch Projected full year 2026 adjusted EPS of at least $9, a significant year-over-year decline driven by Stars headwind.

Humana Q3 FY25 — Solid Performance and Reaffirmed FY25 EPS Outlook

• Strength Third quarter medical cost trends were in line with expectations, supporting the full-year EPS outlook.
• Watch Bonus year '27 Stars results were disappointing, though consistent with baseline planning and prior outlook.

Humana Q2 FY25 — Raised FY25 EPS Outlook on Strong Performance

• Strength Raised full-year 2025 EPS outlook from approximately $16.25 to approximately $17.00.
• Watch Stars litigation case was dismissed on administrative grounds, requiring refiling, though operational progress continues.

Humana Q1 FY25 — Solid Start, Reaffirmed Guidance, and Strategic Focus

• Strength Reaffirmed full-year adjusted EPS guidance of approximately $16.25, reflecting a solid start to the year.
• Watch GAAP EPS revised lower by approximately $1.20 or 8% due to a put call valuation adjustment for CenterWell primary care centers, though management states no structural impairment.

Humana Q4 FY24 — Reaffirms 2025 Outlook Amidst MA Repricing and Stars Recovery Focus

• Strength 2024 adjusted EPS was in line with initial guidance, including investments in Stars and growth.
• Watch Experienced membership losses, particularly in the D-SNP space, though largely consistent with strategy.