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Humana Reports First Quarter 2026 Financial Results; Affirms Full Year 2026 Adjusted Financial Guidance

HUM
  • Humana reported 1Q26 GAAP EPS of $9.83 & Adjusted EPS of $10.31, with Adjusted EPS at the high end of its guidance relative to full year 2026 expectations.
  • The Insurance segment recorded a 1Q26 GAAP benefit ratio of 89.4 percent, which was slightly favorable to guidance, while affirming the full year 2026 guidance of 92.75 percent plus or minus 25 basis points.
  • The company revised its full year 2026 GAAP EPS guidance down to "at least $8.36" from "at least $8.89" but affirmed the Adjusted EPS guidance of "at least $9.00".
  • Full year 2026 individual Medicare Advantage membership growth is affirmed at approximately 25 percent over 2025, driven by new sales, improved retention, & customer service strategy changes.
  • CenterWell Senior Primary Care achieved sequential patient growth of 110,500 (over 22 percent), including roughly 59,000 patients from the recently acquired MaxHealth business.
  • Strategic growth continues through the integration of new contracts in CenterWell & state-based businesses to expand the national footprint.
  • State-based contracts membership grew by approximately 50,000 in 1Q26, driven by new programs in Michigan, Illinois, & South Carolina.
  • CenterWell Pharmacy & Cost Plus are partnering to develop new end-to-end employer prescription drug solutions.
  • Leadership transition confirms George Renaudin will retire as Insurance Segment President on June 29, 2026, with Aaron Martin taking over day-to-day management & succeeding Renaudin, while John Barger begins leading Medicare Advantage operations immediately.
  • Full year 2026 Adjusted EPS guidance anticipates a year-over-year decline due to Star Ratings headwinds for Bonus Year 2026, net of mitigation efforts.
  • Consolidated pretax results for 1Q26 were $1,595 million on a GAAP basis & $1,670 million on an Adjusted basis, compared to $1,691 million & $1,893 million respectively in 1Q25.
  • Humana posted prepared management remarks ahead of an 8:00 a.m. ET investor question-and-answer session to discuss results & future earnings expectations.