Humana Q2 Adjusted EPS $7.61 Beats Estimates, But Cuts Full-Year GAAP Profit Outlook

Humana reported second-quarter 2026 adjusted earnings per share of $7.61, beating market expectations, according to an SEC Form 8-K filing.

📊 Price at time of writing (July 30, 2026, 1:24 AM KST)
$364.23 ▼ -6.30%
≈ ₩528,862 KRW (at an exchange rate of 1,452)

Q2 Results at a Glance

Humana's adjusted pretax income for the second quarter rose to $1.248 billion, up from $1.017 billion in the same period last year. GAAP pretax income also increased, to $952 million from $741 million a year earlier. The insurance segment's benefit ratio (claims paid as a share of premiums) came in at 91.2%, in line with the company's guidance of 'slightly above 91%.' Revenue figures were not disclosed separately in this release.

• Pretax income (adjusted): $1.248 billion, up about 22.7% year-over-year
• EPS: $5.73 GAAP, $7.61 adjusted — adjusted EPS beat market expectations
• First-half (YTD) cumulative: $17.91 adjusted EPS, $15.55 GAAP EPS
• CenterWell senior primary care patients: up 130,900 in the first half (+27% year-over-year)

Full-Year Outlook

Humana kept its full-year 2026 adjusted EPS guidance unchanged at 'at least $9.00.' However, the company lowered its GAAP EPS guidance for the year, from 'at least $8.36' to 'at least $6.52.' Humana said the change reflects the impact of lower Medicare Star ratings (the U.S. government's insurance quality rating system) for the 2026 bonus year. The insurance segment's benefit ratio guidance for the year was left unchanged at 92.75% (plus or minus 0.25 percentage points). Humana CEO Jim Rechtin said, 'Our first-half results played out as planned, and we remain on the trajectory we outlined at last year's Investor Day.' He added, 'If we manage clinical care well and run the business efficiently, the rest follows naturally.' The company also maintained its outlook for individual Medicare Advantage membership to grow about 25% compared with 2025.

Market Reaction

Humana shares fell after the earnings release. As of 1:24 a.m. KST on July 30, 2026, the stock traded at $364.23, down 6.30% from the previous close. While media outlets noted that adjusted EPS topped market expectations, they pointed to the lower Medicare Star ratings — the driver behind the reduced GAAP profit outlook — as the reason for the stock's decline. Medicare Star ratings are a U.S. government quality-rating system for Medicare Advantage insurance plans; lower ratings reduce the government subsidies and bonus payments insurers receive.

This article was automatically generated based on the original SEC Form 8-K filing and media reports, with the goal of quickly delivering key data right after the announcement. Readers are advised to check the company's official filing before making trading decisions. The quoted price reflects the time this article was written and may differ from the current price.