Welcome to our dedicated page for Humana SEC filings (Ticker: HUM), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Humana’s latest 10-K stretches well past 300 pages—packed with medical-loss ratios, Medicare Advantage Star Ratings, and CMS audit risk disclosures that can overwhelm even seasoned analysts. If you have ever tried to pinpoint how pharmacy benefit margins or risk-adjustment revenue affect earnings, you know the challenge.
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Humana Inc. is reaffirming its full-year 2025 profit outlook as senior management meets with investors and analysts in December 2025. The company continues to project approximately $12.26 in GAAP diluted earnings per share (EPS) and approximately $17.00 in adjusted (non-GAAP) EPS for FY 2025, consistent with guidance issued on November 5, 2025.
The adjusted EPS figure reflects several items added to or subtracted from GAAP EPS, including amortization of identifiable intangibles, put/call valuation adjustments related to minority interest investments, value creation initiatives, the exit of the employer group commercial products business, litigation settlements, loss on sale of a business, impairment charges, and a cumulative net tax impact. Management states that adjusted EPS helps them analyze core operating performance over time and use it for planning and incentive compensation, while emphasizing it should be considered alongside GAAP EPS.
Humana Inc. reported third‑quarter results and updates in its September 30, 2025 Form 10‑Q. Total revenues were $32.649 billion, up from $29.397 billion a year ago, as premiums rose to $30.711 billion. Net income was $194 million versus $480 million, reflecting a $63 million loss on a business sale and Value Creation charges of $267 million recorded in operating costs. Diluted EPS was $1.62.
For the nine months, revenues reached $97.149 billion (from $88.548 billion) and net income was $1.979 billion (from $1.897 billion). The effective tax rate for the quarter was (77.3)%, driven by a tax loss on sale of business realizable via capital loss carryback.
Liquidity strengthened: cash and cash equivalents were $5.388 billion (from $2.221 billion at year‑end). Humana issued $1.481 billion of senior notes in March 2025, repaid $577 million notes at maturity, and ended with long‑term debt of $12.607 billion. Shareholder returns included $0.885 per‑share quarterly dividends and $100 million of repurchases year‑to‑date; remaining repurchase authorization was $2.8 billion as of November 4, 2025. Medicare Part D changes effective January 1, 2025 capped beneficiary out‑of‑pocket costs at $2,000.
Humana Inc. furnished an 8-K announcing it issued a press release reporting financial results for the quarter ended September 30, 2025, and posted a detailed earnings release on its investor relations website. The company also provided management’s prepared remarks covering the quarter’s performance and expectations for future earnings.
The materials are attached as Exhibits 99.1 (press release), 99.2 (earnings release and statistical pages), and 99.3 (prepared remarks), with Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure) noted in the report.
Humana Inc. (HUM) director Gordon Smith reported insider activity on 11/01/2025. He acquired 765 shares of Humana common stock via transaction code M at a reported price of $0, bringing his directly held common shares to 765.
The filing also lists deferred equity: 783 restricted stock units tied to the annual director fee and 378 stock units from electing to convert cash fees, each generally payable in Humana common stock on a 1‑for‑1 basis per the director’s elections.
George Renaudin II, an officer of Humana Inc. (HUM), reported changes in his beneficial ownership on transactions dated 10/01/2025. The filing shows 609 restricted stock units vested/added (transaction code M) and a disposition of 240 shares sold at $253.12, leaving him with 16,071 shares directly beneficially owned after the sale.
The Form 4 also discloses outstanding equity awards: stock options covering 4,162 shares with a conversion/exercise price of $510.2425 (exercisable 02/24/2030) and 6,966 shares with a $367.21 exercise price (exercisable 02/21/2031). The filing notes 11,165 restricted stock units included in the total and 172 phantom stock units held indirectly under the company plans.
David T. Feinberg, a director of Humana Inc. (HUM), reported changes in his beneficial ownership on a Form 4 covering transactions dated 09/30/2025. The filing shows a disposition of 441 shares of Humana common stock. It also reports holdings and movements in restricted stock units: 1,593 restricted stock units described as annual director fees deferred, an acquisition of 69 restricted stock units at a reported price of $257.7925, and 17 additional shares/units. The director elected to defer cash fees and dividend payments into stock units, which will be paid 1-for-1 in common stock upon his resignation.
Humana Inc. reaffirmed its full-year 2025 earnings guidance of approximately $13.77 diluted GAAP EPS and $17.00 adjusted EPS. Management explained that Adjusted EPS is a non-GAAP measure used to present core operating performance alongside GAAP EPS and that a reconciliation is provided in the filing.
The company said it is not satisfied with 2026 Medicare Advantage (MA) Star Ratings but reported tactical operational improvements during the final months of the 2026 measurement period and a strategic, data-driven shift in its Stars program. Humana expects a return to Top Quartile MA Star Ratings for 2027 after incorporating updated thresholds into forecasts and executing a MA contract diversification strategy that it says will materially raise the share of members in contracts rated four stars and above versus the current ~20% level. The company also remains confident in its 2026 Individual MA pricing and benefit design and expects to double individual MA pre-tax margin in 2026 (excluding Stars) and to return to membership growth in 2026.
Kurt J. Hilzinger, a director of Humana Inc. (HUM), reported changes in beneficial ownership on Form 4. The filing shows previously held Humana common shares and restricted stock units (RSUs) that are deferred and payable 1-for-1 in common stock upon his resignation as a director. The report records 24,034 RSUs and 2,753 deferred dividend stock units previously held, and a transaction on 09/30/2025 acquiring 364 RSUs at a price of $257.7925, resulting in 15,408 shares reported as beneficially owned following the transaction. Explanations state these RSUs arise from annual director fees, dividend reinvestment, and an elected conversion of cash fees into stock units, all deferred under the company plan and claimed exempt under Rule 16(b)-3.
Gordon Smith, a director of Humana Inc. (HUM), reported changes in his holdings of Humana restricted stock units and common stock rights. The Form 4 discloses transactions dated 09/30/2025: 124 restricted stock units were acquired at a reported unit value of $257.7925, representing a right to receive one share per unit. The filing also shows a disposition of 765 restricted stock units and reports 783 restricted stock units held that represent deferred annual director fees and contingent rights to receive one share per unit under the company’s 2019 Amended & Restated Stock Incentive Plan.
The filing explains that some stock units arise from annual director fees deferred by election and from conversion of cash fees into stock units; all such units are payable one-for-one in Humana common stock when paid and some are exempt under Rule 16b-3.
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