Humana (NYSE: HUM) reiterates FY 2026 GAAP and Adjusted EPS targets

Rhea-AI Filing Summary

Humana Inc. filed an update stating that senior management will meet with investors and analysts between March 2 and March 31, 2026, and will reaffirm its full-year 2026 earnings guidance. The company continues to project at least $8.89 in diluted GAAP EPS for FY 2026.

Humana also reiterates projected Adjusted (non-GAAP) EPS of at least $9.00 for FY 2026, reflecting adjustments for $0.15 of amortization of identifiable intangibles and a $(0.04) cumulative net tax impact. Management states that Adjusted EPS is used to assess core operations and to inform planning and incentive compensation.

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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): March 2, 2026 (March 2, 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 March 2, 2026 and March 31, 2026. During these meetings, the Company intends to reaffirm its guidance of at least $8.89 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 February 11, 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 $8.89
Amortization of identifiable intangibles			0.15
Cumulative net tax impact			(0.04)
Adjusted (non-GAAP) – FY 2026 projected			at least $9.00

(a)FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized or cannot currently be reasonably estimated. 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: March 2, 2026

FAQ

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

Humana reaffirmed full-year 2026 guidance of at least $8.89 in diluted GAAP EPS and at least $9.00 in Adjusted (non-GAAP) EPS. This guidance matches the outlook previously issued in its February 11, 2026 press release, signaling no change in expectations.

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

For FY 2026, Humana starts with diluted GAAP EPS of at least $8.89, adds $0.15 for amortization of identifiable intangibles, and subtracts a $0.04 cumulative net tax impact. This results in projected Adjusted (non-GAAP) EPS of at least $9.00.

Why does Humana (HUM) use Adjusted (non-GAAP) EPS?

Humana uses Adjusted EPS to provide what management views as a more consistent indicator of core operating performance over time. It is presented alongside GAAP EPS for comparability, and is used in internal planning, decision-making, and determining incentive compensation for the business.

Will Humana’s FY 2026 EPS guidance change based on current plans?

Humana states it 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 due to ongoing value creation and other strategic initiatives that may affect reported results.

When will Humana (HUM) discuss its FY 2026 guidance with investors?

Members of Humana’s senior management team plan to meet with investors and analysts from March 2, 2026 through March 31, 2026. During these meetings, they intend to reaffirm the previously issued FY 2026 diluted EPS and Adjusted EPS guidance figures.

What risks are associated with Humana’s FY 2026 forward-looking statements?

Humana notes its FY 2026 guidance involves forward-looking statements subject to risks, uncertainties, and assumptions. It points investors to the Risk Factors section of its SEC filings, emphasizing that these projections are not guarantees of future performance or results.

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