Jun 2026 (Q2 FY26) — Jul 29, 2026
Humana Q2 FY26 — On Track for 2028 Margin Goal and Stars Improvement
Read the full callHumana (HUM) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Humana earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 39,648 | +23.5% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 4.4 | −1.8 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,186 | −4.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Disclosure of bonus year 2028 Stars operating results after the hybrid season | Provide additional visibility into final Stars operating results once the hybrid season completes | Sep 2025 | Now that the measurement period for BY '28 is complete, we are pleased to be able to share some tangible examples to demonstrate the progress. I would point you to Appendix A within our posted remarks. | Achieved |
| Individual Medicare Advantage pretax margin of at least 3% | At least 3% individual MA pretax margin, originally targeted for 2027 | Sep 2024 | We expect that our approach to 2027 MA bids will drive solid progress against our goal of delivering a sustainable pretax margin of at least 3% in 2028. | Delayed |
| Full-year adjusted EPS | At least $9.00 | Dec 2025 | our goal is to deliver on our commitment to you in terms of our '26 results and more importantly, continue to make progress on our 2028 commitments | On Track |
2 of HUMANA INC's 34 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Q2 consolidated operating cost ratio decreased by 120 basis points year-over-year, with a full-year reduction of approximately 150 basis points expected.
- Operating model efforts have yielded hundreds of millions of dollars in value so far in 2026.
- Rate of improvement for Bonus Year '28 Stars outpaced historical CAGR across 11 of 12 HEDIS and patient safety metrics.
- Secured a statewide Illinois Medicaid managed care contract, set to go live in January 2027.
- Established $1.5 billion in contingent capital facilities (PCAPs) to enhance liquidity and balance sheet efficiency.
Qualified
- Planned MA exits for 2027 are anticipated to impact approximately 600,000 members.
- IBNR remained flat from last quarter, despite expectations for it to decrease as the year progresses.
- The sunsetting of the Part D premium stabilization program will unfortunately have a greater impact on members than on the company.
Price
$414.98 +0.44% · +$1.82
Performance +50.9% 1Y
1Y: $275.01 on 17 Oct 2025 → $414.98. High $433.5 (12 Oct 2026), low $163.67 (12 Mar 2026).
- Previous close
- $413.16
- 52-week range
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- One year
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Overview
- Symbol
- HUM
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 14 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Disclosure of bonus year 2028 Stars operating results after the hybrid season | Provide additional visibility into final Stars operating results once the hybrid season completes | Sep 2025 | Now that the measurement period for BY '28 is complete, we are pleased to be able to share some tangible examples to demonstrate the progress. I would point you to Appendix A within our posted remarks. | Achieved |
| Individual Medicare Advantage pretax margin of at least 3% | At least 3% individual MA pretax margin, originally targeted for 2027 | Sep 2024 | We expect that our approach to 2027 MA bids will drive solid progress against our goal of delivering a sustainable pretax margin of at least 3% in 2028. | Delayed |
| Full-year adjusted EPS | At least $9.00 | Dec 2025 | our goal is to deliver on our commitment to you in terms of our '26 results and more importantly, continue to make progress on our 2028 commitments | On Track |
Claimed
- Q2 consolidated operating cost ratio decreased by 120 basis points year-over-year, with a full-year reduction of approximately 150 basis points expected.
- Operating model efforts have yielded hundreds of millions of dollars in value so far in 2026.
- Rate of improvement for Bonus Year '28 Stars outpaced historical CAGR across 11 of 12 HEDIS and patient safety metrics.
- Secured a statewide Illinois Medicaid managed care contract, set to go live in January 2027.
- Established $1.5 billion in contingent capital facilities (PCAPs) to enhance liquidity and balance sheet efficiency.
Qualified
- Planned MA exits for 2027 are anticipated to impact approximately 600,000 members.
- IBNR remained flat from last quarter, despite expectations for it to decrease as the year progresses.
- The sunsetting of the Part D premium stabilization program will unfortunately have a greater impact on members than on the company.
The full ledger
Open HUMANA INC’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Humana Q1 FY26 — On Track for 2028 Margin Target Despite Funding Headwinds
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
Humana Q4 FY25 — Strong Membership Growth and FY25 Performance Offset by 2026 Stars Headwind
Read the full callEvery analysed call
Humana earnings calls (HUM)
Financials
What the filings say
Net profit, year on year: −5% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 29,540 | 29,397 | 29,213 | 32,112 | 32,388 | 32,649 | 32,515 | 39,648 |
| Operating profit | 1,141 | 728 | -543 | 2,014 | 1,098 | 400 | -808 | 1,754 |
| Operating margin | 3.9% | 2.5% | −1.9% | 6.3% | 3.4% | 1.2% | −2.5% | 4.4% |
| Interest | 168 | 169 | 164 | 160 | 157 | 168 | 146 | 193 |
| Profit before tax | 918 | 651 | -862 | 1,691 | 741 | 134 | -1,011 | 1,595 |
| Tax rate | 24.3% | 23.8% | 25.1% | 24.0% | 24.2% | −64.2% | 24.6% | 24.8% |
| Net profit | 679 | 480 | -693 | 1,244 | 545 | 195 | -796 | 1,186 |
| EPS ($ per share) | 5.63 | 3.99 | — | 10.31 | 4.52 | 1.62 | — | 9.85 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 33 | 33 | 33 | 33 | 33 | 33 | 33 | 33 |
| Reserves | 15,072 | 17,483 | 20,517 | 23,086 | 25,492 | 27,540 | 28,317 | 29,075 |
| Total liabilities | 15,252 | 17,037 | 21,241 | 28,255 | 27,685 | 30,747 | 30,034 | 31,172 |
| Fixed assets | 1,735 | 1,955 | 2,371 | 3,073 | 3,221 | 3,030 | 2,532 | 2,231 |
| Investments | — | 10,972 | 12,554 | 13,192 | 13,881 | 16,626 | 18,214 | 15,703 |
| Total assets | 25,413 | 29,074 | 34,969 | 44,358 | 43,055 | 47,065 | 46,479 | 48,909 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,173 | 5,284 | 5,639 | 2,262 | 4,587 | 3,981 | 2,966 | 921 |
| Cash from investing | -3,087 | -1,278 | -3,065 | -6,556 | -1,006 | -3,492 | -2,952 | 2,273 |
| Cash from financing | -785 | -2,295 | -1,955 | 3,015 | -1,914 | -856 | -2,487 | -1,215 |
| Net cash flow | -1,699 | 1,711 | 619 | -1,279 | 1,667 | -367 | -2,473 | 1,979 |
| Capital expenditure | -612 | -736 | -964 | -1,342 | -1,137 | -1,004 | -575 | -546 |
| Free cash flow | 1,561 | 4,548 | 4,675 | 920 | 3,450 | 2,977 | 2,391 | 375 |
HUM revenue by segment
Insurance shrank from 19% to 11% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Center Well | 17% | 13% | 81% | 85% | 83% | 81% | 85% | 89% | +32.4% |
| Insurance | 97% | 101% | 19% | 15% | 17% | 19% | 15% | 11% | -3.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
HUM operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Employees | 65KI 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 | 65KI also want to thank our 65,000 associates who serve our members and patients every day.Source: earnings call transcript | 65KAnd finally, I want to thank our 65,000 associates who serve our members and patients every day.Source: earnings call transcript | 65KWith 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 | 65KAnd 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 | 65KAnd 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.
Insider filings
62 filings between Nov 1, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
$150.0K
1 purchase by 1 insider
Sales
None
No insider sold shares.
Compensation
not trading decisions- 16
- Award — granted as compensation
- 23
- Option exercise — converted options into shares
- 22
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Shetty Sanjay K | $150.0K | — | Feb 23, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | Nundy Shantanu Chief Medical Officer | Award | 2,549 | $0 |
| Aug 1, 2026 | Smith Paul John Director | Award | 544 | $0 |
| Aug 1, 2026 | Crawford Frederick John Director | Award | 544 | $0 |
| May 1, 2026 | Shetty Sanjay K President, CenterWell | Award | 9,945 | $0 |
| May 1, 2026 | Mellet Celeste Chief Financial Officer | Award | 15,387 | $0 |
| May 1, 2026 | Rechtin James A. President & CEO | Award | 35,633 | $0 |
| May 1, 2026 | Field Robert Stuart Director | Award | 852 | $0 |
| May 1, 2026 | Martin Aaron President, Medicare Advantage | Award | 8,206 | $0 |
| May 1, 2026 | Dintenfass David President, Enterprise Growth | Award | 11,273 | $0 |
| May 1, 2026 | O'Hara Michelle A. Chief Human Resources Officer | Award | 10,485 | $0 |
| May 1, 2026 | Ventura Joseph C Chief Legal Officer | Award | 10,318 | $0 |
| May 1, 2026 | Mehta Japan Chief Information Officer | Award | 9,448 | $0 |
| Apr 1, 2026 | Shetty Sanjay K President, CenterWell | Option exercise | 887 | $0 |
| Apr 1, 2026 | Shetty Sanjay K President, CenterWell | Tax withheld | 401 | $70.4K |
| Feb 24, 2026 | Renaudin George II President, Insurance | Tax withheld | 419 | $74.2K |
| Feb 24, 2026 | Ventura Joseph C Chief Legal Officer | Tax withheld | 478 | $84.6K |
| Feb 24, 2026 | Renaudin George II President, Insurance | Option exercise | 1,035 | $0 |
| Feb 24, 2026 | Ventura Joseph C Chief Legal Officer | Option exercise | 1,035 | $0 |
| Feb 24, 2026 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Option exercise | 165 | $0 |
| Feb 24, 2026 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Tax withheld | 84 | $14.9K |
| Feb 23, 2026 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Award | 5,669 | $0 |
| Feb 23, 2026 | Shetty Sanjay K President, CenterWell | Purchase | 810 | $150.0K |
| Feb 21, 2026 | Dintenfass David President, Enterprise Growth | Option exercise | 3,858 | $0 |
| Feb 21, 2026 | Dintenfass David President, Enterprise Growth | Tax withheld | 1,182 | $224.2K |
| Feb 13, 2026 | Mellet Celeste Chief Financial Officer | Option exercise | 7,763 | $0 |
| Feb 13, 2026 | Mellet Celeste Chief Financial Officer | Tax withheld | 4,204 | $762.8K |
| Feb 13, 2026 | Mehta Japan Chief Information Officer | Tax withheld | 430 | $78.0K |
| Feb 13, 2026 | Mehta Japan Chief Information Officer | Option exercise | 1,682 | $0 |
| Feb 12, 2026 | Martin Aaron President, Medicare Advantage | Award | 17,031 | $0 |
| Jan 8, 2026 | Rechtin James A. President & CEO | Tax withheld | 980 | $273.6K |
| Jan 8, 2026 | Rechtin James A. President & CEO | Option exercise | 2,183 | $0 |
| Jan 2, 2026 | Mesquita Jorge S. Director | Award | 766 | $0 |
| Jan 2, 2026 | Feinberg David T Director | Award | 766 | $0 |
| Jan 1, 2026 | O'Hara Michelle A. Chief Human Resources Officer | Option exercise | 2,353 | $0 |
| Jan 1, 2026 | O'Hara Michelle A. Chief Human Resources Officer | Tax withheld | 1,093 | $282.9K |
| Dec 15, 2025 | Renaudin George II President, Insurance | Tax withheld | 142 | $38.4K |
| Dec 15, 2025 | Renaudin George II President, Insurance | Option exercise | 360 | $0 |
| Dec 15, 2025 | Renaudin George II President, Insurance | Tax withheld | 830 | $224.2K |
| Dec 15, 2025 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Tax withheld | 53 | $14.3K |
| Dec 15, 2025 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Option exercise | 115 | $0 |
| Dec 15, 2025 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Tax withheld | 209 | $56.5K |
| Dec 15, 2025 | Felter John-Paul W. SVP, Chief Accting Off & Cont. | Option exercise | 455 | $0 |
| Dec 15, 2025 | O'Hara Michelle A. Chief Human Resources Officer | Tax withheld | 632 | $170.7K |
| Dec 15, 2025 | O'Hara Michelle A. Chief Human Resources Officer | Option exercise | 1,401 | $0 |
| Dec 15, 2025 | Ventura Joseph C Chief Legal Officer | Tax withheld | 164 | $44.3K |
| Dec 15, 2025 | Renaudin George II President, Insurance | Option exercise | 2,106 | $0 |
| Dec 15, 2025 | Ventura Joseph C Chief Legal Officer | Option exercise | 360 | $0 |
| Dec 15, 2025 | Ventura Joseph C Chief Legal Officer | Tax withheld | 933 | $252.1K |
| Dec 15, 2025 | Ventura Joseph C Chief Legal Officer | Option exercise | 2,046 | $0 |
| Dec 15, 2025 | Mellet Celeste Chief Financial Officer | Tax withheld | 1,222 | $330.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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