Humana (HUM) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$6.97

$1.61$7.68

vs $6.27+11.2%

24 analysts

Next Qtr

$-0.21

$-2.15$1.73

vs $3.24-106.4%

24 analysts

Current Yr

$8.84

$6.00$10.71

vs $17.14-48.4%

26 analysts

Next Yr

$15.71

$11.57$20.00

vs $8.84+77.8%

26 analysts

Revenue Estimates

Current Qtr

$40.56B

$40.00B$41.30B

vs $32.39B+25.2%

18 analysts

Next Qtr

$40.80B

$40.25B$41.42B

vs $32.65B+25.0%

18 analysts

Current Yr

$162.31B

$160.88B$165.15B

vs $129.66B+25.2%

21 analysts

Next Yr

$170.28B

$160.48B$185.36B

vs $162.31B+4.9%

21 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for HUM on EDGAR.

HUM filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	Humana reported Q1 2026 total revenues of $39.6 billion, a 23.5% increase driven by Medicare membership growth, higher CMS benchmark funding, and Inflation Reduction Act (IRA) Part D subsidies. Net income attributable to the company was $1.19 billion, down from $1.24 billion in Q1 2025. The consolidated benefit ratio rose 240 basis points to 89.4%, pressured by BY 2026 Star Ratings headwinds and higher utilization among new Medicare Advantage members. Conversely, the operating cost ratio improved to 10.2% due to operating leverage and a multi-year transformation program aimed at re-aligning the company's cost structure and technology footprint. Strategically, Humana acquired Florida-based primary care platform MaxHealth for $908 million to expand its CenterWell segment. The company continues shifting toward value-based care, with 64% of individual Medicare Advantage members now in integrated care delivery relationships. Key financial risks include the phase-in of the v28 risk model revision and potential regulatory restrictions on vertical integration and reimbursement rates. To manage liquidity, Humana issued $1.0 billion in junior subordinated notes in March 2026. The company recorded $98 million in charges this quarter related to workforce optimization and asset impairments as part of its value creation initiatives.
Feb 19, 2026	business	Humana Inc. operates as a health insurance and healthcare services provider through its Humana insurance services and CenterWell health care services segments. The company primarily serves Medicare and Medicaid participants, individuals, and military personnel. As of December 31, 2025, Humana maintained approximately 15 million members in its medical benefit plans and 4.7 million members in its specialty products. The company exhibits significant revenue concentration with the federal government, which provided 83% of total premiums and services revenue in 2025. A critical component of this government dependency is the company's individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services (CMS), which accounted for 14% of total revenue and covered approximately 1.0 million members.
Feb 19, 2026	mda	Humana reported 2025 total revenues of $129.7 billion, a 10.1% increase driven by a 9.6% rise in insurance premiums and 39% growth in CenterWell services revenue. Net income remained stable at $1.2 billion. The company finalized its exit from the Employer Group Commercial Medical Products business and is executing a multi-year transformation program to align its cost structure, recording $449 million in 2025 charges for workforce optimization and asset impairments. The consolidated benefit ratio increased to 90.2%, reflecting a shift toward state-based contracts and stand-alone PDPs, alongside the impact of the Inflation Reduction Act (IRA), which eliminated the Medicare Part D coverage gap. Individual Medicare Advantage membership declined 7.3% as the company exited unprofitable plans and counties. CenterWell experienced growth in primary care and pharmacy solutions, though results were tempered by the v28 risk model revision. Liquidity strengthened with cash and equivalents rising to $4.2 billion, supported by $1.5 billion in new senior notes issued in March 2025. Key risks include CMS reimbursement volatility, regulatory restrictions on subsidiary dividends, and the ongoing implementation of IRA-mandated benefit design changes.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

Humana reported Q1 2026 total revenues of $39.6 billion, a 23.5% increase driven by Medicare membership growth, higher CMS benchmark funding, and Inflation Reduction Act (IRA) Part D subsidies. Net income attributable to the company was $1.19 billion, down from $1.24 billion in Q1 2025. The consolidated benefit ratio rose 240 basis points to 89.4%, pressured by BY 2026 Star Ratings headwinds and higher utilization among new Medicare Advantage members. Conversely, the operating cost ratio improved to 10.2% due to operating leverage and a multi-year transformation program aimed at re-aligning the company's cost structure and technology footprint. Strategically, Humana acquired Florida-based primary care platform MaxHealth for $908 million to expand its CenterWell segment. The company continues shifting toward value-based care, with 64% of individual Medicare Advantage members now in integrated care delivery relationships. Key financial risks include the phase-in of the v28 risk model revision and potential regulatory restrictions on vertical integration and reimbursement rates. To manage liquidity, Humana issued $1.0 billion in junior subordinated notes in March 2026. The company recorded $98 million in charges this quarter related to workforce optimization and asset impairments as part of its value creation initiatives.

Feb 19, 2026

business

Humana Inc. operates as a health insurance and healthcare services provider through its Humana insurance services and CenterWell health care services segments. The company primarily serves Medicare and Medicaid participants, individuals, and military personnel. As of December 31, 2025, Humana maintained approximately 15 million members in its medical benefit plans and 4.7 million members in its specialty products. The company exhibits significant revenue concentration with the federal government, which provided 83% of total premiums and services revenue in 2025. A critical component of this government dependency is the company's individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services (CMS), which accounted for 14% of total revenue and covered approximately 1.0 million members.

Feb 19, 2026

mda

Humana reported 2025 total revenues of $129.7 billion, a 10.1% increase driven by a 9.6% rise in insurance premiums and 39% growth in CenterWell services revenue. Net income remained stable at $1.2 billion. The company finalized its exit from the Employer Group Commercial Medical Products business and is executing a multi-year transformation program to align its cost structure, recording $449 million in 2025 charges for workforce optimization and asset impairments. The consolidated benefit ratio increased to 90.2%, reflecting a shift toward state-based contracts and stand-alone PDPs, alongside the impact of the Inflation Reduction Act (IRA), which eliminated the Medicare Part D coverage gap. Individual Medicare Advantage membership declined 7.3% as the company exited unprofitable plans and counties. CenterWell experienced growth in primary care and pharmacy solutions, though results were tempered by the v28 risk model revision. Liquidity strengthened with cash and equivalents rising to $4.2 billion, supported by $1.5 billion in new senior notes issued in March 2025. Key risks include CMS reimbursement volatility, regulatory restrictions on subsidiary dividends, and the ongoing implementation of IRA-mandated benefit design changes.

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HUM filing events and research context

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