Humana 2Q26: revenue up 26.2%, adjusted EPS $7.61, guidance held
Humana's second quarter was a revenue story with a profit caveat: sales rose 26.2% to $40.867 billion and adjusted EPS of $7.61 beat the $7.29 consensus, while the Insurance benefit ratio worsened to 91.2% from 89.9%. Management held full-year adjusted EPS at 'at least $9.00' but cut GAAP EPS guidance to 'at least $6.52'. View: Neutral, because growth is real but the Star Ratings hit and the second-half guidance gap keep us cautious.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $5.73 versus $4.51, and adjusted EPS was $7.61 versus $6.27, beating the $7.29 consensus by about $0.32. The $1.88 gap between GAAP and adjusted EPS comes mostly from $1.74 of put/call valuation adjustments and $0.46 of value creation initiatives, so part of the headline beat is add-backs rather than operations.
Revenue rose 26.2% to $40.867 billion from $32.388 billion a year ago, helped by Medicare membership growth and higher per-member Medicare Advantage and stand-alone PDP premiums. Insurance revenue was $39.14 billion and CenterWell $6.79 billion; those add to $45.93 billion, so the $40.867 billion consolidated figure reflects large intercompany eliminations.
Management kept FY2026 revenue at 'at least $160 billion' and FY2026 adjusted EPS at 'at least $9.00', which is still a steep drop from the $17.14 reported for 2025. GAAP EPS guidance was cut to 'at least $6.52' from 'at least $8.36'. Year-to-date GAAP EPS is already $15.55, so that floor implies a weak second half.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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