Humana reaffirms FY 2026 EPS guidance

Humana Inc. is reaffirming its full-year 2026 earnings guidance as senior management meets with investors and analysts in June.

Rhea-AI Filing Summary

Humana Inc. is reaffirming its full-year 2026 earnings guidance as senior management meets with investors and analysts in June. The company continues to project at least $8.36 in diluted earnings per common share on a GAAP basis and at least $9.00 in Adjusted (non-GAAP) EPS for FY 2026.

The adjustment from GAAP EPS to Adjusted EPS reflects amortization of identifiable intangibles of $0.30, put/call valuation adjustments of $(0.28), value creation initiatives of $0.81, and a cumulative net tax impact of $(0.19). Humana emphasizes that Adjusted EPS is used alongside GAAP EPS to assess core operations, plan the business, and determine incentive compensation, while noting that these forward-looking figures remain subject to risks and uncertainties outlined in its SEC risk factors.

Insights

Equity research analyst

Humana reaffirms FY 2026 EPS outlook with clear GAAP-to-non-GAAP bridge.

Humana is keeping its FY 2026 earnings view intact while engaging with investors in June. Management projects diluted GAAP EPS of at least $8.36 and Adjusted (non-GAAP) EPS of at least $9.00, consistent with its late-April communication.

The reconciliation shows how non-operating items and strategic initiatives affect reported earnings: intangibles amortization adds back $0.30, put/call valuation adjustments subtract $0.28, value creation initiatives add $0.81, and tax effects subtract $0.19. This clarifies the gap between GAAP and Adjusted EPS.

Humana states it does not expect changes to its FY 2026 Adjusted EPS guidance but does anticipate potential changes to GAAP EPS as value creation and other strategic initiatives evolve. Actual results will depend on factors highlighted in its risk factor disclosures, and future updates would come through subsequent company communications.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

FY 2026 GAAP EPS guidance: at least $8.36 per share FY 2026 Adjusted EPS guidance: at least $9.00 per share Amortization of identifiable intangibles: $0.30 per share +3 more

6 metrics

FY 2026 GAAP EPS guidance at least $8.36 per share Diluted earnings per common share, FY 2026 guidance

FY 2026 Adjusted EPS guidance at least $9.00 per share Adjusted (non-GAAP) EPS, FY 2026 projected

Amortization of identifiable intangibles $0.30 per share Adjustment in FY 2026 EPS reconciliation

Put/call valuation adjustments $(0.28) per share Non-consolidating minority interest investments adjustment

Value creation initiatives $0.81 per share Adjustment in FY 2026 EPS reconciliation

Cumulative net tax impact $(0.19) per share Tax impact within FY 2026 EPS reconciliation

Key Terms

Adjusted (non-GAAP) EPS, GAAP EPS, value creation initiatives, forward-looking statements, +1 more

5 terms

Adjusted (non-GAAP) EPS financial

"The Company has included Adjusted (non-GAAP) EPS in this , a financial measure that is not in accordance with Generally Accepted Accounting Principles"

GAAP EPS financial

"Adjusted (non-GAAP) EPS should be considered in addition to, but not as a substitute for, or superior to, GAAP EPS."

GAAP EPS is the profit per share a company reports using U.S. Generally Accepted Accounting Principles, the standard rules for preparing financial statements. It shows how much net income is attributable to each share after recognized costs like operating expenses, taxes and long-term cost allocations, much like a household reporting its monthly savings after following a fixed budgeting checklist. Investors rely on GAAP EPS to compare profitability consistently across companies and reporting periods.

value creation initiatives financial

"Value creation initiatives (a) | 0.81"

Value creation initiatives are concrete actions a company takes to increase its worth for investors, such as cutting waste, improving operations, launching new products, selling noncore assets, or reallocating capital. Think of it like renovating a house before putting it on the market: the goal is to boost long‑term cash flow and profits so the business is more attractive and can command a higher price, which matters because it directly affects returns to shareholders.

forward-looking statements regulatory

"includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Private Securities Litigation Reform Act of 1995 regulatory

"includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What FY 2026 earnings guidance did Humana (HUM) reaffirm?

Humana reaffirmed FY 2026 diluted GAAP EPS guidance of at least $8.36 and Adjusted (non-GAAP) EPS of at least $9.00. This guidance matches the outlook previously issued in its April 29, 2026 press release.

How does Humana reconcile GAAP EPS to Adjusted (non-GAAP) EPS for 2026?

Humana starts with GAAP EPS of at least $8.36, then adjusts for $0.30 amortization of intangibles, $(0.28) put/call valuation adjustments, $0.81 value creation initiatives, and a $(0.19) cumulative net tax impact to reach at least $9.00 Adjusted EPS.

Why does Humana use Adjusted (non-GAAP) EPS in addition to GAAP EPS?

Humana uses Adjusted EPS alongside GAAP EPS to better analyze core operating performance over time. Management relies on this measure for business planning, decision-making, and determining incentive compensation, while cautioning it should not replace or be viewed as superior to GAAP EPS.

Is Humana expecting changes to its FY 2026 earnings guidance?

Humana does not expect changes to its FY 2026 Adjusted (non-GAAP) EPS guidance. However, it does expect potential changes to FY 2026 GAAP EPS guidance as its ongoing value creation and other strategic initiatives affect items included in reported earnings.

What risks could affect Humana’s 2026 earnings targets?

Humana notes that its forward-looking EPS targets are subject to risks, uncertainties, and assumptions. These include factors described in the company’s SEC risk factor disclosures, meaning actual FY 2026 results could differ from current guidance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 06:37 AM Learn about SEC filing dates

0000049071false00000490712026-06-012026-06-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 1, 2026 (June 1, 2026)

Humana Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-5975			61-0647538
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

101 East Main Street, Louisville, Kentucky 40202

(Address of principal executive offices, including zip code)

(502) 580-1000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock			HUM			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01. Regulation FD Disclosure.

Members of Humana Inc.’s (the “Company”) senior management team are scheduled to meet with investors and analysts at various meetings between June 1, 2026 and June 30, 2026. During these meetings, the Company intends to reaffirm its guidance of at least $8.36 in diluted earnings per common share (“EPS”) or at least $9.00 in adjusted earnings per common share (“Adjusted EPS”), in each case for the year ending December 31, 2026 (“FY 2026”). This guidance is consistent with the guidance issued in Humana’s press release dated April 29, 2026.

The Company has included Adjusted (non-GAAP) EPS in this current report, a financial measure that is not in accordance with Generally Accepted Accounting Principles (“GAAP”). Management believes that this measure, when presented in conjunction with the comparable measure of GAAP EPS, provides a comprehensive perspective to more accurately compare and analyze the Company’s core operating performance over time. Consequently, management uses Adjusted (non-GAAP) EPS as a consistent indicator of the Company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Adjusted (non-GAAP) EPS should be considered in addition to, but not as a substitute for, or superior to, GAAP EPS. Adjusted (non-GAAP) EPS is subject to inherent limitations and may differ from the similarly titled measure used by other companies. A reconciliation of GAAP EPS to Adjusted (non-GAAP) EPS follows:

Diluted earnings per share			FY 2026 Guidance
GAAP			at least $8.36
Amortization of identifiable intangibles			0.30
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (a)			(0.28)
Value creation initiatives (a)			0.81
Cumulative net tax impact			(0.19)
Adjusted (non-GAAP) – FY 2026 projected (a)			at least $9.00

(a)FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of value changes to items that have not yet been recognized or cannot currently be reasonably estimated at this time. The Company does not expect changes to its FY 2026 Adjusted (non-GAAP) EPS guidance. The Company does expect potential changes to its FY 2026 GAAP EPS guidance due to its ongoing value creation and other strategic initiatives.

Cautionary Statement

This Current Report on Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, generally including the words or phrases like “expects,” “believes,” “anticipates,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions that are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the Company’s SEC filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

HUMANA INC.
BY:			/s/ John-Paul W. Felter
			John-Paul W. Felter
			Senior Vice President, Chief Accounting Officer & Controller
			(Principal Accounting Officer)

Dated: June 1, 2026

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