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Humana (NYSE: HUM) grows Q2 profit but cuts 2026 GAAP EPS outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Humana Inc. reported stronger second-quarter 2026 results, with revenue of $40.9 billion, up from $32.4 billion a year earlier. GAAP income before income taxes was $952 million and adjusted pretax income $1.25 billion. GAAP EPS rose to $5.73 and adjusted EPS to $7.61, both above 2025 levels.

Insurance segment revenue increased to $39.1 billion, with a benefit ratio of 91.2% and operating cost ratio of 7.1%. CenterWell revenue reached $6.8 billion and adjusted income from operations $514 million. Year-to-date operating cash flow was $3.22 billion, up from $1.60 billion, and total medical membership reached about 17.9 million, up from 14.8 million a year earlier.

Humana revised 2026 GAAP EPS guidance to at least $6.52 from at least $8.36, while affirming adjusted EPS guidance of at least $9.00 and key benefit and cost-ratio targets. The outlook reflects a year-over-year decline tied to the BY 2026 Star Ratings headwind and continued growth in Medicare Advantage and Medicaid membership.

Positive

  • Q2 2026 adjusted EPS $7.61 rose from $6.27 in Q2 2025, alongside GAAP EPS of $5.73 versus $4.51 and adjusted pretax income of $1.248 billion versus $1.017 billion.
  • Q2 2026 revenue $40.9 billion increased from $32.4 billion, driven by Medicare membership growth, higher per-member premiums and expansion of the CenterWell platform, while the consolidated adjusted operating cost ratio improved to 9.7% from 10.9%.
  • Operating cash flows $3.22 billion YTD 2026 nearly doubled from $1.60 billion YTD 2025, supported by higher earnings and favorable working capital, including an approximately $1.05 billion Medicaid state-directed payment.

Negative

  • FY 2026 GAAP EPS guidance cut to at least $6.52 from at least $8.36; FY 2026 adjusted EPS guidance of at least $9.00 is below 2025 adjusted EPS of $17.14, reflecting the BY 2026 Star Ratings headwind.
  • Benefit ratios increased, with the consolidated figure at 91.1% versus 89.7% and the Insurance segment at 91.2% versus 89.9%, pressured by the BY 2026 Star Ratings revenue headwind, higher-cost new Medicare Advantage members and lower prior-period reserve development.
  • Debt-to-total capitalization rose to 42.7% at June 30, 2026 from 40.7% a year earlier, reflecting higher gross debt including commercial paper and pre-capitalized trust security arrangements, partly offset by earnings-driven growth in equity.

Filing Explained

June 30 liquidity included $6,893 million cash and $1,500 million of contingent trust arrangements, while the arrangements left 42.7% debt-to-capitalization unchanged.

This July 29 Form 8-K is a completed quarterly-results disclosure: it reports Humana’s quarter ended June 30 results and shows $6,893 million of cash and cash equivalents at that date, plus $1,500 million of pre-capitalized trust arrangements for contingent liquidity.

Those arrangements enhance financial flexibility but do not affect debt-to-total capitalization as of June 30; they are liquidity support, not a change to the reported capitalization ratio.

At June 30, parent-company cash and short-term investments were $1,590 million, short-term debt was $2,268 million, long-term debt was $11,979 million, and debt-to-total capitalization was 42.7%.

The company says parent-company cash was favorably affected by an approximately $1,050 million Medicaid state-directed payment that settled shortly after the quarter, so that cash figure includes a timing effect.

The next named milestone is Humana’s December 10, 2026 investor update, which will mark its framework against the 2025 Investor Day plan through 2028.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $40,867 million Consolidated revenue for the quarter ended June 30, 2026, up from $32,388 million in Q2 2025.
Q2 2026 GAAP EPS $5.73 Diluted earnings per share for Q2 2026, up from $4.51 in Q2 2025.
Q2 2026 Adjusted EPS $7.61 Adjusted (non-GAAP) diluted EPS for Q2 2026, up from $6.27 in Q2 2025.
YTD 2026 Operating Cash Flows $3,220 million GAAP operating cash flows for the six months ended June 30, 2026, versus $1,602 million in YTD 2025.
FY 2026 GAAP EPS Guidance at least $6.52 Revised from at least $8.36; FY 2025 GAAP EPS was $9.84.
FY 2026 Adjusted EPS Guidance at least $9.00 Compared with 2025 adjusted EPS of $17.14; guidance anticipates a year-over-year decline due to BY 2026 Star Ratings headwind.
Debt-to-Total Capitalization 42.7% Ratio at June 30, 2026, versus 40.7% at June 30, 2025.
Individual Medicare Advantage Membership 6,453.7 thousand Members as of June 30, 2026, up from 5,229.3 thousand at June 30, 2025.
benefit ratio financial
"Benefit ratio represents benefits expense as a percentage of premiums revenue."
Operating cost ratio financial
"Operating cost ratio represents operating costs excluding depreciation and amortization as a percent of revenues."
Operating cost ratio is the share of a company's revenue that is used to cover its regular operating expenses, found by dividing operating costs (such as wages, rent, utilities and routine maintenance) by total sales or revenue. It matters to investors because it shows how much of each dollar of sales is consumed by day-to-day business running costs—like how much of a paycheck gets eaten by monthly bills—so a lower ratio generally indicates healthier profit potential while a higher or rising ratio can signal shrinking margins or inefficiency.
Days in Claims Payable (DCP) financial
"Days in claims payable (DCP) of 33.1 days at June 30, 2026 represented a decrease of 3.4 days year over year."
Star Ratings financial
"The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year 2026."
Star ratings are a simple, usually one-to-five symbol summary that communicates an analyst’s or service’s view of a stock, fund, credit, or financial product—more stars signal stronger expected performance or lower perceived risk. They serve as a quick snapshot, like a restaurant review, helping investors compare options at a glance, but scales and criteria vary so they should be used alongside deeper research.
value creation initiatives financial
"Value creation initiatives charges relate to the company's multi-year transformation program with defined scope and milestones."
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.
non-GAAP financial
"Adjusted (non-GAAP) financial measures are used as consistent indicators of the company’s core business operations."
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
Revenue 2Q26 $40,867 million up from $32,388 million in 2Q25
GAAP EPS 2Q26 $5.73 up from $4.51 in 2Q25
Adjusted EPS 2Q26 $7.61 up from $6.27 in 2Q25
Insurance benefit ratio 2Q26 91.2% up from 89.9% in 2Q25
Guidance

For FY 2026, Humana revised GAAP EPS guidance to at least $6.52 from at least $8.36 and affirmed adjusted EPS guidance of at least $9.00; guidance anticipates a year-over-year decline due to the Bonus Year 2026 Star Ratings headwind.

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FAQ

What were Humana (HUM) Q2 2026 earnings and revenue?
Humana reported Q2 2026 revenue of $40.9 billion and GAAP diluted EPS of $5.73. Adjusted EPS was $7.61, with GAAP income before income taxes of $952 million and adjusted pretax income of $1.248 billion, both higher than in Q2 2025.

How did Humana (HUM) adjusted EPS change versus Q2 2025?
Adjusted EPS for Q2 2026 was $7.61, up from $6.27 in Q2 2025. Year-to-date 2026 adjusted EPS reached $17.91 compared with $17.85 for the first half of 2025, reflecting higher pretax income and non-GAAP adjustments such as value creation initiatives and put/call valuation effects.

What is Humana (HUM) FY 2026 EPS guidance on a GAAP and adjusted basis?
For FY 2026, Humana guides GAAP EPS to at least $6.52 and adjusted EPS to at least $9.00

What 2026 revenue and membership growth does Humana (HUM) expect?
Humana targets at least $160 billion consolidated revenue in 2026, including at least $155 billion for the Insurance segment and $25 billion for CenterWell. It expects individual Medicare Advantage membership growth of approximately 25%, about 1,000,000 more stand-alone PDP members and additional state-based contract growth.

How did Humana (HUM) operating cash flow perform year-to-date 2026?
Year-to-date 2026 GAAP operating cash flows were $3.22 billion, compared with $1.60 billion in year-to-date 2025. The increase reflected favorable working capital movements, including a higher incurred-but-not-reported claims balance and timing of an approximately $1.05 billion Medicaid state-directed payment, plus modest earnings growth.

What were key Q2 2026 Insurance segment ratios for Humana (HUM)?
The Insurance segment posted a Q2 2026 benefit ratio of 91.2% and operating cost ratio of 7.1%. These compared with 89.9% and 8.3% in Q2 2025, reflecting BY 2026 Star Ratings pressure and higher-cost new Medicare Advantage members, partly offset by pricing, clinical initiatives and cost efficiencies.

How is Humana (HUM) expanding its CenterWell and primary care footprint?
CenterWell revenue reached $6.79 billion in Q2 2026, up from $5.54 billion a year earlier. Year-to-date, CenterWell Primary Care added about 130,900 patients, a 27% increase, supported by acquisitions such as MaxHealth, while total primary care patients served grew to roughly 622,000 across 398 centers.
0000049071false00000490712026-07-292026-07-29

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): July 29, 2026 (July 29, 2026)
Humana Inc.
(Exact name of registrant as specified in its charter)
Delaware1-597561-0647538
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
101 East Main Street, Louisville, KY 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 (see General Instruction A.2. below):
☐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 classTrading Symbol(s)Name of each exchange on which registered
Common StockHUMNew 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 2.02    Results of Operations and Financial Condition.
Item 7.01    Regulation FD Disclosure.
Humana Inc. (the "Company") issued a press release this morning reporting financial results for the quarter ended June 30, 2026, and posted a detailed earnings release related to the same period to the Investor Relations portion of the Company’s website at www.humana.com. A copy of each release is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and each release is incorporated herein by reference. Additionally, a copy of management's prepared remarks on the Company's financial results for the quarter ended June 30, 2026 and expectations for future earnings, is attached hereto as Exhibit 99.3, and incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits.
(d)Exhibits:
Exhibit No.Description
99.1
Press Release
99.2
Earnings Release and Statistical Pages
99.3
Prepared Management Remarks
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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: July 29, 2026


n e w s r e l e a s e
Exhibit 99.1
Humana Inc.
101 East Main Street
P.O. Box 1438
Louisville, KY 40202
http://www.humana.com
FOR MORE INFORMATION CONTACT:
Lisa Stoner
Humana Investor Relations
(502) 580-2652
e-mail: LStamper@humana.com
humanalogoa05a.jpg
Mark Taylor
Humana Corporate Communications
(317) 753-0345
e-mail: MTaylor108@humana.com

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

•Reports 2Q26 earnings per share (EPS) of $5.73 on a GAAP basis, Adjusted EPS of $7.61; reports year to date (YTD) 2026 EPS of $15.55 on a GAAP basis, $17.91 on an Adjusted basis
•2Q26 Insurance segment GAAP benefit ratio of 91.2 percent, in line with management's guidance of 'slightly above 91 percent'; affirms full year (FY) 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points
•Affirms FY 2026 Adjusted EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $6.52' from the previous estimate of 'at least $8.36'
•Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025; driven by new sales and improved retention from the company's customer-led benefit strategy and changes to its customer service approach
•Continued strategic expansion of the company's CenterWell and Medicaid footprints
◦YTD growth of 130,900 patients, or 27 percent, in CenterWell Senior Primary Care
◦Broadened Illinois Medicaid footprint with the award of a statewide Illinois Medicaid managed care contract expected to go live in January 2027; Humana was the only new entrant awarded along with five incumbents
•Publishes prepared management remarks to Investor Relations page of www.humana.com ahead of this morning's 8:00 a.m. ET question and answer session to discuss its financial results for the quarter and expectations for future earnings


LOUISVILLE, KY (July 29, 2026) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2026 (2Q26) versus the quarter ended June 30, 2025 (2Q25) and for the six months ended June 30, 2026 (YTD 2026) versus the six months ended June 30, 2025 (YTD 2025) as noted in the tables below.

Consolidated income before income taxes and equity in net losses (pretax results) In millions
2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
Generally Accepted Accounting Principles (GAAP)$952 $741 $2,547 $2,432 
Amortization associated with identifiable intangibles8 15 19 30 
Put/call valuation adjustments associated with company's non-consolidating minority interest investments211 200 177 363 
Value creation initiatives56 29 154 53 
Impairment charges21 32 21 32 
Adjusted (non-GAAP)$1,248 $1,017 $2,918 $2,910 


1


Diluted earnings per share (EPS)2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
GAAP$5.73 $4.51 $15.55 $14.81 
Amortization associated with identifiable intangibles0.07 0.12 0.16 0.24 
Put/call valuation adjustments associated with company's non-consolidating minority interest investments1.74 1.66 1.47 3.01 
Value creation initiatives0.46 0.24 1.27 0.44 
Impairment charges0.17 0.27 0.17 0.26 
Cumulative net tax impact of non-GAAP adjustments(0.56)(0.53)(0.71)(0.91)
Adjusted (non-GAAP)$7.61 $6.27 $17.91 $17.85 
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.
Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.

"The first half of the year went well, and we're right where we said we'd be at Investor Day last year," said Humana President and CEO Jim Rechtin. "When we get the clinical care right and run the business more efficiently, everything else follows—stronger earnings and better health and experiences for the people we serve.”

FY 2026 Earnings Guidance
Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'. The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year (BY) 2026, net of mitigation.

Diluted earnings per share (a)
FY 2026
 Guidance		FY 2025
GAAPat least $6.52$9.84 
Amortization associated with identifiable intangibles0.30 0.42 
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)1.47 4.25 
Value creation initiatives (b)1.27 3.72 
Impact of exit of employer group commercial medical products business (b)— (0.52)
Settlement of certain litigation expenses (b)— 0.13 
Loss on sale of business (b)— 0.55 
Impairment charges (b)0.17 2.09 
Cumulative net tax impact(0.73)(3.34)
Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reportedat least $9.00$17.14 
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations.
Detailed Press Release
Humana’s full earnings press release, including the statistical pages, has been posted to the company’s Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company’s website).

2

Conference Call

Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results).

A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/. 

If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BI18085d824058461aa3c6b8b2af27cb40.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.
Footnotes
The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators 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. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.

(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.
•Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes the exclusion of this non-cash expense provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS, and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment:

Amortization
(in millions)
2Q262Q25YTD 2026YTD 2025
Insurance segment$4$4$8$9
CenterWell segment$4$11$11$21

•Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These non-cash amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business performance. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS.
•Value creation initiatives - These charges relate to the company's multi-year transformation program, as approved by management with defined scope and milestones. The intent of the program is to re-align the company’s cost structure, operating model, and technology footprint with evolving market conditions. These costs primarily include severance and associate exit costs, asset impairments, and external consulting expenses incurred to execute the program. These charges were recorded at the corporate level and not allocated to the segments. The company has consistently applied this adjustment across
3

all periods. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.
•Impairment charges - During 2Q26, the company recognized non-cash impairment charges related to investments for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. In 2Q25, the company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. These charges were recorded at the corporate level and not allocated to the segments. For 2Q26 and YTD 2026, GAAP measures affected include consolidated pretax results, EPS, and consolidated revenues. For 2Q25 and YTD 2025, GAAP measures affected included consolidated pretax results, EPS, and the consolidated operating cost ratio. The FY 2025 GAAP EPS measure was also impacted by this adjustment.
•Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense at the applicable marginal rate related to the aforementioned items excluded from the applicable GAAP measures. For FY 2025, the tax adjustment reflects the impact of the loss on sale of business, which exceeded the book loss. The related tax benefit from the loss on sale of business is realizable via capital loss carryback. The tax impact of the aforementioned items differs from the statutory rates due to jurisdictional mix, limitations on deductibility, and other factors. The cumulative tax impact is not intended to represent a normalized effective tax rate or expected future tax outcomes. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.
•Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023.
•Settlement of certain litigation expenses - These charges relate to expenses the company recognized in connection with a discrete legal matter. The nature and magnitude of this settlement are not indicative of the company’s ongoing operations.
•Loss on sale of business - This discrete disposition is not part of the company's ordinary course operations and the impacts recognized from the disposal do not reflect core operational performance. The loss primarily reflects the difference between the carrying value and proceeds at the time of sale.

In addition to the reconciliations shown on pages 1 and 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

Revenues
CONSOLIDATED
Revenues
(in millions)
2Q262Q25YTD 2026YTD 2025
GAAP$40,867$32,388$80,515$64,500
Impairment charges21 — 21 — 
Adjusted (non-GAAP)$40,888$32,388$80,536$64,500

Operating cost ratio
CONSOLIDATED
Operating cost ratio 		2Q262Q25YTD 2026YTD 2025
GAAP9.8 %11.0 %10.0 %10.8 %
Value creation initiatives(0.1)%— %(0.2)%(0.1)%
Impairment charges— %(0.1)%— %— %
Adjusted (non-GAAP)9.7 %10.9 %9.8 %10.7 %

4

Insurance Segment - Income from operations
INSURANCE SEGMENT
Income from operations
(in millions)
2Q262Q25YTD 2026YTD 2025
GAAP$820$766$2,255$2,340
Amortization associated with identifiable intangibles4489
Adjusted (non-GAAP)$824$770$2,263$2,349

(b) 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 and cannot currently be reasonably estimated at this time.
Cautionary Statement
This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions 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, a summary of which includes but is not limited to the following:
•If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient.
•If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected.
•The number of Humana’s Medicare Advantage plans rated 4-star or higher significantly declined in 2025. Humana filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company has appealed that decision, there can be no assurances that it will ultimately prevail in the lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years.
•If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems (including systems powered by or incorporating artificial intelligence (AI) or machine learning (ML)), or to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or
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prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected.
•Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business.
•As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows.
•Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows.
•Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows.
•If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.
•Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance.
•Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses.
•Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.
•Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.
•Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.
•Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.
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Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:
•Form 10-K for the year ended December 31, 2025;
•Form 10-Q for the quarter ended March 31, 2026; and
•Form 8-Ks filed during 2026.
About Humana
Humana (NYSE: HUM) is a leading U.S. healthcare company. Through our Humana insurance services and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.


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n e w s r e l e a s e
                                        

Exhibit 99.2
Humana Inc.
101 East Main Street
P.O. Box 1438
Louisville, KY 40202
http://www.humana.com
FOR MORE INFORMATION CONTACT:
humanalogoa051a.jpg
Lisa Stoner
Humana Investor Relations
(502) 580-2652
e-mail: LStamper@humana.com
Mark Taylor
Humana Corporate Communications
(317) 753-0345
e-mail: MTaylor108@humana.com

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

•Reports 2Q26 earnings per share (EPS) of $5.73 on a GAAP basis, Adjusted EPS of $7.61; reports year to date (YTD) 2026 EPS of $15.55 on a GAAP basis, $17.91 on an Adjusted basis
•2Q26 Insurance segment GAAP benefit ratio of 91.2 percent, in line with management's guidance of 'slightly above 91 percent'; affirms full year (FY) 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points
•Affirms FY 2026 Adjusted EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $6.52' from the previous estimate of 'at least $8.36'
•Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025; driven by new sales and improved retention from the company's customer-led benefit strategy and changes to its customer service approach
•Continued strategic expansion of the company's CenterWell and Medicaid footprints
◦YTD growth of 130,900 patients, or 27 percent, in CenterWell Senior Primary Care
◦Broadened Illinois Medicaid footprint with the award of a statewide Illinois Medicaid managed care contract expected to go live in January 2027; Humana was the only new entrant awarded along with five incumbents
•Publishes prepared management remarks to Investor Relations page of www.humana.com ahead of this morning's 8:00 a.m. ET question and answer session to discuss its financial results for the quarter and expectations for future earnings

LOUISVILLE, KY (July 29, 2026) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2026 (2Q26) versus the quarter ended June 30, 2025 (2Q25) and for the six months ended June 30, 2026 (YTD 2026) versus the six months ended June 30, 2025 (YTD 2025) as noted in the tables below.




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Consolidated income before income taxes and equity in net losses (pretax results) In millions
2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
Generally Accepted Accounting Principles (GAAP)$952 $741 $2,547 $2,432 
Amortization associated with identifiable intangibles8 15 19 30 
Put/call valuation adjustments associated with company's non-consolidating minority interest investments211 200 177 363 
Value creation initiatives56 29 154 53 
Impairment charges21 32 21 32 
Adjusted (non-GAAP)$1,248 $1,017 $2,918 $2,910 
Diluted earnings per share (EPS)2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
GAAP$5.73 $4.51 $15.55 $14.81 
Amortization associated with identifiable intangibles0.07 0.12 0.16 0.24 
Put/call valuation adjustments associated with company's non-consolidating minority interest investments1.74 1.66 1.47 3.01 
Value creation initiatives0.46 0.24 1.27 0.44 
Impairment charges0.17 0.27 0.17 0.26 
Cumulative net tax impact of non-GAAP adjustments(0.56)(0.53)(0.71)(0.91)
Adjusted (non-GAAP)$7.61 $6.27 $17.91 $17.85 
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.
Please refer to the tables above, as well as the consolidated and segment highlight sections that follow for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.
"The first half of the year went well, and we're right where we said we'd be at Investor Day last year," said Humana President and CEO Jim Rechtin. "When we get the clinical care right and run the business more efficiently, everything else follows—stronger earnings and better health and experiences for the people we serve.”
FY 2026 Earnings Guidance
Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'. The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year (BY) 2026, net of mitigation. Additional FY 2026 guidance points are included on page 12 of this earnings release.

Diluted earnings per share (a)
FY 2026
 Guidance		FY 2025
GAAPat least $6.52$9.84 
Amortization associated with identifiable intangibles0.30 0.42 
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)1.47 4.25 
Value creation initiatives (b)1.27 3.72 
Impact of exit of employer group commercial medical products business (b)— (0.52)
Settlement of certain litigation expenses (b)— 0.13 
Loss on sale of business (b)— 0.55 
Impairment charges (b)0.17 2.09 
Cumulative net tax impact(0.73)(3.34)
Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reportedat least $9.00$17.14 
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well
as reconciliations.

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Humana Consolidated Highlights
Humana Inc. Summary of Results
($ in millions, except per share amounts)
2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
Revenues$40,867$32,388$80,515$64,500
Revenues - Adjusted (non-GAAP)$40,888$32,388$80,536$64,500
Pretax results$952$741$2,547$2,432
Pretax results - Adjusted (non-GAAP)$1,248$1,017$2,918$2,910
EPS$5.73$4.51$15.55$14.81
EPS - Adjusted (non-GAAP)$7.61$6.27$17.91$17.85
Benefit ratio91.1 %89.7 %90.2 %88.4 %
Operating cost ratio9.8 %11.0 %10.0 %10.8 %
Operating cost ratio - Adjusted (non-GAAP)9.7 %10.9 %9.8 %10.7 %
Operating cash flows$3,220$1,602
Parent company cash and short-term investments (c)$1,590$1,334
Debt-to-total capitalization42.7 %40.7 %
Days in Claims Payable (DCP)33.136.5
Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.
Consolidated Revenues
The favorable year-over-year quarterly and YTD GAAP consolidated revenues comparisons were primarily driven by the following:
•membership growth across the company's Medicare businesses in 2026,
•higher per member MA and stand-alone PDP premiums largely driven by an increase in MA benchmark funding from the Centers for Medicare and Medicaid Services (CMS) and the increased Part D direct subsidy as a result of the Inflation Reduction Act (IRA), and
•increased payor-agnostic client base across the CenterWell platform, partially offset by the final year of the v28 risk model revision phase-in.
These factors were partially offset by the previously disclosed BY 2026 Star Ratings headwind.
Consolidated Benefit Ratio
The year-over-year increases in the quarterly and YTD GAAP consolidated benefit ratios primarily reflected the following:
•the BY 2026 Star Ratings revenue headwind,
•the effect of the individual MA membership growth during the most recent Annual Election Period (AEP) and Open Enrollment Period (OEP) as the new members, on average, run at a higher benefit ratio as compared to retained members (excluding the impact of the BY 2026 Star Ratings headwind), and
•the anticipated lower favorable prior period medical claims reserve development (prior period development) in 2026. Prior period development was $53 million favorable in 2Q26 compared to $161 million favorable in 2Q25; YTD 2026 prior period development was $442 million compared to $638 million in YTD 2025. This development does not
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directly correspond to the company's operating results as a portion is attributable to provider risk-sharing arrangements, which are accounted for separately based on contractual terms.
These factors were partially offset by the following:
•2026 individual MA pricing, inclusive of the MA funding environment (excluding the BY 2026 Star Ratings headwind) combined with the company's ongoing clinical excellence efforts, more than offsetting the assumption of claims trend (with largely stable benefits year over year), and
•the benefit of the company's group MA recontracting efforts for the 2026 plan year.
Consolidated Operating Cost Ratio
The year-over-year improvement in the quarterly and YTD GAAP operating cost ratios from 2Q25 and YTD 2025, respectively, primarily resulted from the following:
•operating leverage associated with increased revenues from membership growth across the company's Medicare businesses in 2026 combined with an improved MA benchmark funding rate and increased Part D direct subsidy resulting from the IRA, and
•the company's progress on its previously discussed tactical cost cutting and transformation initiatives combined with the beneficial impact of prior value creation initiatives that have driven administrative cost efficiencies.
These factors were partially offset by the following:
•impact of the previously disclosed BY 2026 Star Ratings headwind,
•higher charges associated with the company's value creation initiatives, and
•for the YTD 2026 period, a higher CenterWell operating cost ratio.
Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) consolidated operating cost ratios for the respective periods.
Balance sheet
•Days in claims payable (DCP) of 33.1 days at June 30, 2026 represented a decrease of 0.8 days from 33.9 days at March 31, 2026 and a decrease of 3.4 days from 36.5 days at June 30, 2025.
The sequential decline was primarily driven by a reduction in processed claims inventories as of June 30, 2026.

The year-over-year decline in DCP from June 30, 2025 was also impacted by a reduction in processed claims inventories, along with a relative reduction in provider-capitation accruals, including the timing of payments to providers in accordance with the respective risk-sharing arrangements.

In addition to the factors above, the comparisons continue to reflect an increasing proportion of prescription drug benefits expense due to structural changes associated with the previous implementation of the IRA and pharmacy cost trend that is outpacing medical cost trend on a relative basis, as expected. Pharmacy claims are processed more quickly than medical claims leading to a lower benefits payable for claims incurred but not reported (IBNR) and DCP.
•Humana's debt-to-total capitalization at June 30, 2026 decreased 30 basis points to 42.7 percent from 43.0 percent at March 31, 2026, primarily reflecting the impact of the 2Q26 net earnings, partially offset by a commercial paper issuance.
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•During the quarter, the company entered into $1.50 billion of pre-capitalized trust security arrangements, enhancing financial flexibility and contingent liquidity. These arrangements do not impact the company's debt-to-total capitalization as of June 30, 2026.
Operating cash flows
YTD 2026 GAAP operating cash flows increased from YTD 2025 as a result of favorable working capital activity, primarily associated with an increase in the IBNR balance and the favorable timing impact of an approximately $1.05 billion Medicaid state-directed payment (which settled shortly after 2Q26), combined with a modest increase in YTD 2026 earnings.
Humana’s Insurance Segment
This segment is comprised of insurance products serving Medicare and state-based contract beneficiaries, as well as individuals and employers. The segment also includes the company's Pharmacy Benefit Manager, or PBM, business.

Insurance Segment Results
($ in millions)
2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
Revenues$39,140$31,094$77,199$62,031
Benefit ratio91.2 %89.9 %90.3 %88.7 %
Operating cost ratio7.1 %8.3 %7.2 %8.3 %
Income from operations$820$766$2,255$2,340
Income from operations - Adjusted (non-GAAP)$824$770$2,263$2,349
Refer to the "Footnotes" section included herein for further explanation of the disclosure for the Adjusted (non-GAAP) financial measure, as well as the reconciliation.

Insurance Segment Revenues
The year-over-year increases in the quarterly and YTD GAAP segment revenues from the respective 2025 periods primarily reflected the following:
•membership growth across the company's Medicare businesses in 2026, and
•higher per member MA and stand-alone PDP premiums largely driven by an increase in MA benchmark funding from CMS and the increased Part D direct subsidy as a result of the IRA.
These factors were partially offset by the previously disclosed BY 2026 Star Ratings headwind.
Insurance Segment Benefit Ratio
The year-over-year increases in the quarterly and YTD GAAP segment benefit ratio from the respective 2025 periods primarily reflected the following:
•the BY 2026 Star Ratings revenue headwind,
•the effect of the individual MA membership growth during the most recent AEP and OEP as the new members, on average, run at a higher benefit ratio as compared to retained members (excluding the impact of the BY 2026 Star Ratings headwind), and
•the anticipated lower favorable prior period development in 2026.
These factors were partially offset by the following factors:
•2026 individual MA pricing, inclusive of the MA funding environment (excluding the BY 2026 Star Ratings headwind) combined with the company's ongoing clinical excellence efforts, more than offsetting the assumption of claims trend (with largely stable benefits year over year), and
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•the benefit of the company's group MA recontracting efforts for the 2026 plan year.
Insurance Segment Operating Cost Ratio
The significant year-over-year decreases in the quarterly and YTD GAAP segment operating cost ratios from the respective 2025 periods primarily related to the following:
•operating leverage associated with increased revenues from membership growth across the company's Medicare businesses in 2026 combined with an improved MA benchmark funding rate and the increased Part D direct subsidy resulting from the IRA, and
•the company's progress on its tactical cost cutting and transformation initiatives combined with the beneficial impact of prior value creation initiatives that have driven administrative cost efficiencies.
These factors were partially offset by the impact of the previously disclosed BY 2026 Star Ratings headwind.
Humana’s CenterWell Segment
This segment includes pharmacy solutions (excluding the PBM operations), primary care, and home solutions. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs.
CenterWell Segment Results
($ in millions)
2Q262Q25YTD 2026YTD 2025
Revenues$6,790$5,537$12,890$10,632
Operating cost ratio92.4 %92.7 %93.4 %92.0 %
Income from operations$466$344$755$736
Income from operations - Adjusted (non-GAAP) (d)$514$404$852$855
Refer to the "Footnotes" section included herein for further explanation of the disclosure for the Adjusted (non-GAAP) financial measure, as well as the reconciliation.
CenterWell Segment Revenues
The favorable year-over-year quarterly and YTD CenterWell GAAP segment revenues comparisons were primarily driven by the following:
•higher revenues associated with growth in each of the CenterWell business lines resulting from increased Medicare membership in 2026, and
•continued expansion of the company's payor-agnostic client base, primarily associated with the company's primary care business as a result of recent acquisitions.
These factors were partially offset by the impact of the final year of the phase-in of the v28 risk model revision.
CenterWell Segment Operating Cost Ratio
The year-over-year decrease in the segment's quarterly GAAP operating cost ratio from 2Q25 primarily resulted from the following:
•continued maturation of the v28 mitigation activities within the primary care business, and
•the company's progress on its tactical cost cutting and transformation initiatives combined with the beneficial impact of prior value creation initiatives that have driven administrative cost efficiencies.
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These factors were partially offset by the following:
•the impact of the final year of the phase-in of the v28 risk model revision, and
•the uptick of volume within CenterWell Specialty Pharmacy, which carries a higher operating cost ratio than the traditional pharmacy business.
The year-over-year increase in the segment's YTD 2026 GAAP operating cost ratio from YTD 2025 primarily reflected the net unfavorable impact of the items noted above affecting the quarterly comparison, along with the following items:
•the anticipated headwind in the first quarter of 2026 associated with the acquisition of The Villages Health, which closed in November 2025, and
•transaction and integration costs associated with the recent acquisition of MaxHealth in the first quarter of 2026.
See additional operational metrics for the CenterWell segment on pages S-13 and S-14 of the statistical supplement included in this earnings release.
Conference Call

Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results).

A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/. 

If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BI18085d824058461aa3c6b8b2af27cb40.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.
Footnotes
The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators 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. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.
(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.
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•Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes the exclusion of this non-cash expense provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS, and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment:
Amortization
(in millions)
2Q262Q25YTD 2026YTD 2025
Insurance segment$4$4$8$9
CenterWell segment$4$11$11$21

•Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These non-cash amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business performance. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS.
•Value creation initiatives - These charges relate to the company's multi-year transformation program, as approved by management with defined scope and milestones. The intent of the program is to re-align the company’s cost structure, operating model, and technology footprint with evolving market conditions. These costs primarily include severance and associate exit costs, asset impairments, and external consulting expenses incurred to execute the program. These charges were recorded at the corporate level and not allocated to the segments. The company has consistently applied this adjustment across all periods. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.
•Impairment charges - During 2Q26, the company recognized non-cash impairment charges related to investments for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. In 2Q25, the company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. These charges were recorded at the corporate level and not allocated to the segments. For 2Q26 and YTD 2026, GAAP measures affected include consolidated pretax results, EPS, and consolidated revenues. For 2Q25 and YTD 2025, GAAP measures affected included consolidated pretax results, EPS, and the consolidated operating cost ratio. The FY 2025 GAAP EPS measure was also impacted by this adjustment.
•Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense at the applicable marginal rate related to the aforementioned items excluded from the applicable GAAP measures. For FY 2025, the tax adjustment reflects the impact of the loss on sale of business, which exceeded the book loss. The related tax benefit from the loss on sale of business is realizable via capital loss carryback. The tax impact of the aforementioned items differs from the statutory rates due to jurisdictional mix, limitations on deductibility, and other factors. The cumulative tax impact is not intended to represent a normalized effective tax rate or expected future tax outcomes. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.
•Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023.
•Settlement of certain litigation expenses - These charges relate to expenses the company recognized in connection with a discrete legal matter. The nature and magnitude of this settlement are not indicative of the company’s ongoing operations.
•Loss on sale of business - This discrete disposition is not part of the company's ordinary course operations and the impacts recognized from the disposal do not reflect core operational performance. The loss primarily reflects the difference between the carrying value and proceeds at the time of sale.

In addition to the reconciliations shown on page 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

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Revenues
CONSOLIDATED
Revenues
(in millions)
2Q262Q25YTD 2026YTD 2025
GAAP$40,867$32,388$80,515$64,500
Impairment charges21 — 21 — 
Adjusted (non-GAAP)$40,888$32,388$80,536$64,500

Operating cost ratio
CONSOLIDATED
Operating cost ratio 		2Q262Q25YTD 2026YTD 2025
GAAP9.8 %11.0 %10.0 %10.8 %
Value creation initiatives(0.1)%— %(0.2)%(0.1)%
Impairment charges— %(0.1)%— %— %
Adjusted (non-GAAP)9.7 %10.9 %9.8 %10.7 %

Insurance Segment - Income from operations
INSURANCE SEGMENT
Income from operations
(in millions)
2Q262Q25YTD 2026YTD 2025
GAAP$820$766$2,255$2,340
Amortization associated with identifiable intangibles4489
Adjusted (non-GAAP)$824$770$2,263$2,349

(b) 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 and cannot currently be reasonably estimated at this time.

(c) Parent company cash and short-term investments as of June 30, 2026 were favorably impacted by the timing of an approximately $1.05 billion Medicaid state-directed payment that settled shortly after 2Q26.

(d) The CenterWell segment non-GAAP (Adjusted) income from operations includes an adjustment to add back depreciation and amortization expense to the segment's GAAP income from operations since such an adjustment is commonly utilized for valuation purposes within the healthcare delivery industry.

CENTERWELL SEGMENT
Income from operations
(in millions)
2Q262Q25YTD 2026YTD 2025
GAAP$466$344$755$736
Depreciation and amortization expense48 60 97 119 
Adjusted (non-GAAP)$514 $404 $852 $855 
Cautionary Statement
This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.
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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, a summary of which includes but is not limited to the following:
•If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient.
•If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected.
•The number of Humana’s Medicare Advantage plans rated 4-star or higher significantly declined in 2025. Humana filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company has appealed that decision, there can be no assurances that it will ultimately prevail in the lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years.
•If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems (including systems powered by or incorporating artificial intelligence (AI) or machine learning (ML)), or to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected.
•Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business.
•As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative
10

Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows.
•Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows.
•Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows.
•If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.
•Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance.
•Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses.
•Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.
•Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.
•Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.
•Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.
Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:
•Form 10-K for the year ended December 31, 2025;
•Form 10-Q for the quarter ended March 31, 2026; and
•Form 8-Ks filed during 2026.
About Humana
Humana (NYSE: HUM) is a leading U.S. healthcare company. Through our Humana insurance services and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.
11

Humana Inc. FY 2026 Guidance - As of July 29, 2026
no changes from initial FY 2026 guidance provided as of February 11, 2026, with the exception of GAAP EPS
Diluted earnings per common share (EPS)
GAAP: 'at least $6.52'
(previously 'at least $8.36')
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 and cannot currently be reasonably estimated at this time.
Non-GAAP: 'at least $9.00'
Total Revenues
ConsolidatedAt least $160 billionConsolidated and segment level revenue projections include expected net investment income.
Segment level revenues include amounts that eliminate in consolidation.
Insurance segmentAt least $155 billion
CenterWell segmentAt least $25 billion
Change in year-end medical membership from prior year-end
Individual Medicare Advantagegrowth of approximately 25 percent
Group Medicare Advantagegrowth of approximately 150,000
Individual Medicare stand-alone PDPgrowth of approximately 1,000,000
State-based contractsgrowth of 25,000 to 100,000State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin.
Benefit Ratio
Insurance segment
GAAP: 92.75% +/- 25 bps
Ratio calculation: benefits expense as a percent of premiums revenues.
Operating Cost Ratio Consolidated
GAAP: 10.0% +/- 25 bps
Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding net investment income.
Segment Results
Insurance segment income from operations
GAAP: approximately breakeven
CenterWell segment income from operations
GAAP: $1.3B to $1.8B
Non-GAAP: $1.5B to $2.0B
CenterWell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization.
Effective Tax Rate
GAAP: approximately 25.5%
Weighted Avg. Share Count for Diluted EPSapproximately 121 million
Cash flows from operations
GAAP: $2.5 billion to $2.9 billion
Capital expendituresapproximately $650 million
12



Humana Inc.
Statistical Schedules
and
Supplementary Information
2Q26 Earnings Release



S-1






Humana Inc.
Statistical Schedules and Supplementary Information
2Q26 Earnings Release
(S-3)Summary of Results - Consolidated and Segments - Quarter & YTD
(S-4)Consolidated Statements of Income - Quarter & YTD
(S-5)Consolidated Balance Sheets
(S-6)Consolidated Statements of Cash Flows - YTD
(S-7) - (S-8)Consolidating Statements of Income - Quarter
(S-9) - (S-10)Consolidating Statements of Income - YTD
(S-11) Membership Detail
(S-12)Premiums and Services Revenue Detail
(S-13) - (S-14)CenterWell Segment - Pharmacy & Home Solutions and Primary Care
(S-15)Footnotes
S-2

Humana Inc. Summary of Results
($ in millions, except per share amounts)
2Q26 (a)2Q25 (a)YTD 2026 (a)YTD 2025 (a)
CONSOLIDATED
Revenues$40,867$32,388$80,515$64,500
Revenues - Adjusted (non-GAAP)$40,888$32,388$80,536$64,500
Pretax results$952$741$2,547$2,432
Pretax results - Adjusted (non-GAAP)$1,248$1,017$2,918$2,910
EPS$5.73$4.51$15.55$14.81
EPS - Adjusted (non-GAAP)$7.61$6.27$17.91$17.85
Benefit ratio91.1 %89.7 %90.2 %88.4 %
Operating cost ratio9.8 %11.0 %10.0 %10.8 %
Operating cost ratio - Adjusted (non-GAAP)9.7 %10.9 %9.8 %10.7 %
Operating cash flows$3,220$1,602
Parent company cash and short-term investments (c)$1,590$1,334
Debt-to-total capitalization42.7 %40.7 %
Days in Claims Payable (DCP)33.136.5
INSURANCE SEGMENT
Revenues$39,140$31,094$77,199$62,031
Benefit ratio91.2 %89.9 %90.3 %88.7 %
Operating cost ratio7.1 %8.3 %7.2 %8.3 %
Income from operations$820$766$2,255$2,340
Income from operations - Adjusted (non-GAAP)$824$770$2,263$2,349
CENTERWELL SEGMENT
Revenues$6,790$5,537$12,890$10,632
Operating cost ratio92.4 %92.7 %93.4 %92.0 %
Income from operations$466$344$755$736
Income from operations - Adjusted (non-GAAP) (d)$514$404$852$855
Refer to the "Footnotes" section included in the previous narrative portion of this release (beginning on page 7) for further explanation of disclosures for
Adjusted (non-GAAP) financial measures, as well as reconciliations.





S-3


Humana Inc.
Consolidated Statements of Income (Unaudited)
Dollars in millions, except per common share results
 For the three months ended 
June 30,		For the six months ended
June 30,
 2026202520262025
Revenues:
Premiums$38,834 $30,716 $76,543 $61,230 
Services1,780 1,400 3,457 2,734 
Net investment income253 272 515 536 
Total revenues40,867 32,388 80,515 64,500 
Operating expenses:
Benefits35,370 27,565 69,077 54,100 
Operating costs3,978 3,547 8,002 6,927 
Depreciation and amortization159 178 322 361 
Total operating expenses39,507 31,290 77,401 61,388 
Income from operations1,360 1,098 3,114 3,112 
Interest expense197 157 390 317 
Other expense, net211 200 177 363 
Income before income taxes and equity in net losses952 741 2,547 2,432 
Provision for income taxes238 179 633 585 
Equity in net losses (A)(21)(19)(37)(62)
Net income693 543 1,877 1,785 
Net loss attributable to noncontrolling interests1 2 3 4 
Net income attributable to Humana$694 $545 $1,880 $1,789 
Basic earnings per common share$5.78 $4.52 $15.64 $14.83 
Diluted earnings per common share$5.73 $4.51 $15.55 $14.81 
Shares used in computing basic earnings per common share (000’s)120,066 120,539 120,199 120,602 
Shares used in computing diluted earnings per common share (000’s)121,135 120,745 120,893 120,794 

S-4

Humana Inc.
Consolidated Balance Sheets (Unaudited)
Dollars in millions, except share amounts
 June 30,December 31,
 20262025
Assets
Current assets:
Cash and cash equivalents$6,893 $4,200 
Investment securities16,978 15,703 
Receivables, net5,695 3,270 
Other current assets10,520 9,560 
Total current assets40,086 32,733 
Property and equipment, net2,098 2,231 
Long-term investment securities650 493 
Equity method investments627 638 
Goodwill10,485 9,686 
Other long-term assets3,250 3,128 
Total assets$57,196 $48,909 
Liabilities and Stockholders’ Equity
Current liabilities:
Benefits payable$12,876 $9,967 
Trade accounts payable and accrued expenses7,263 5,717 
Book overdraft351 306 
Unearned revenues249 356 
Short-term debt2,268 — 
Total current liabilities23,007 16,346 
Long-term debt11,979 12,369 
Other long-term liabilities2,933 2,457 
Total liabilities37,919 31,172 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1 par; 10,000,000 shares authorized, none issued— — 
Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,719,832 issued at June 30, 202633 33 
Capital in excess of par value3,701 3,600 
Retained earnings30,741 29,075 
Accumulated other comprehensive loss(751)(633)
Treasury stock, at cost, 78,639,524 shares at June 30, 2026(14,511)(14,418)
Total stockholders’ equity19,213 17,657 
Noncontrolling interests64 80 
Total equity19,277 17,737 
Total liabilities and equity$57,196 $48,909 
Debt-to-total capitalization ratio42.7 %41.1 %
S-5

Humana Inc.
Consolidated Statements of Cash Flows (Unaudited) Dollars in millions
For the six months ended June 30,
 20262025
Cash flows from operating activities
Net income$1,877 $1,785 
Adjustments to reconcile net income to net cash provided by operating activities:
Losses (gains) on investment securities, net26 (13)
Equity in net losses37 62 
Stock-based compensation116 110 
Depreciation363 396 
Amortization19 30 
Impairment of property and equipment25 14 
Impairment of indefinite-lived intangible assets— 32 
Changes in operating assets and liabilities, net of effect of businesses acquired and disposed:
Receivables(2,392)(1,800)
Other assets(902)(658)
Benefits payable2,909 620 
Other liabilities1,241 1,010 
Unearned revenues(107)14 
Other, net8 — 
Net cash provided by operating activities3,220 1,602 
Cash flows from investing activities
Acquisitions, net of cash acquired(930)(1)
Proceeds from sale of business, net40 — 
Purchases of property and equipment, net(253)(209)
Changes in securities lending collateral receivable(64)(48)
Purchases of investment securities(4,230)(1,941)
Proceeds from maturities of investment securities1,561 1,617 
Proceeds from sales of investment securities1,050 1,243 
Net cash (used in) provided by investing activities(2,826)661 
Cash flows from financing activities
Receipts (payments) from contract deposits, net547 (579)
Proceeds from issuance of notes, net990 1,481 
Repayments of notes(281)(771)
Proceeds (repayments) from issuance of commercial paper, net1,300 (5)
Debt issue costs(16)(5)
Change in book overdraft45 (105)
Common stock repurchases(108)(109)
Dividends paid(214)(214)
Change in securities lending payable64 48 
Change in rebate factor payable— (123)
Other(28)(62)
Net cash provided by (used in) financing activities2,299 (444)
Increase in cash and cash equivalents2,693 1,819 
Cash and cash equivalents at beginning of period4,200 2,221 
Cash and cash equivalents at end of period $6,893 $4,040 
S-6

Humana Inc.
Consolidating Statements of Income—For the three months ended June 30, 2026 (Unaudited)
In millions

InsuranceCenterWellEliminations/
Corporate		Consolidated
Revenues—external customers premiums:
Individual Medicare Advantage$28,875 $— $— $28,875 
Group Medicare Advantage2,851 — — 2,851 
Medicare stand-alone PDP2,995 — — 2,995 
Total Medicare34,721 — — 34,721 
State-based contracts and other3,501 — — 3,501 
Specialty benefits268 — — 268 
 Medicare Supplement344 — — 344 
Total premiums38,834 — — 38,834 
Services revenue:
Home solutions— 360 — 360 
Primary care— 839 — 839 
Pharmacy solutions— 382 — 382 
Military services and other199 — — 199 
Total services revenue199 1,581 — 1,780 
Total revenues—external customers39,033 1,581 — 40,614 
Intersegment revenues2 5,209 (5,211)— 
Net investment income105 — 148 253 
Total revenues39,140 6,790 (5,063)40,867 
Operating expenses:
Benefits35,423 — (53)35,370 
Operating costs2,758 6,276 (5,056)3,978 
Depreciation and amortization139 48 (28)159 
Total operating expenses38,320 6,324 (5,137)39,507 
Income from operations$820 $466 $74 $1,360 
Benefit ratio91.2 %91.1 %
Operating cost ratio7.1 %92.4 %9.8 %
Benefit ratio represents benefits expense as a percentage of premiums revenue.
Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.
S-7

Humana Inc.
Consolidating Statements of Income—For the three months ended June 30, 2025 (Unaudited)
In millions

InsuranceCenterWellEliminations/
Corporate		Consolidated
Revenues—external customers premiums:
Individual Medicare Advantage$22,764 $— $— $22,764 
Group Medicare Advantage2,260 — — 2,260 
Medicare stand-alone PDP1,721 — — 1,721 
Total Medicare26,745 — — 26,745 
State-based contracts and other 3,460 — — 3,460 
Specialty benefits246 — — 246 
 Medicare Supplement
265 — — 265 
Total premiums30,716 — — 30,716 
Services revenue:
Home solutions— 360 — 360 
Primary care— 513 — 513 
Pharmacy solutions— 321 — 321 
Military services and other206 — — 206 
Total services revenue206 1,194 — 1,400 
Total revenues—external customers30,922 1,194 — 32,116 
Intersegment revenues1 4,343 (4,344)— 
Net investment income171 — 101 272 
Total revenues31,094 5,537 (4,243)32,388 
Operating expenses:
Benefits27,621 — (56)27,565 
Operating costs2,558 5,133 (4,144)3,547 
Depreciation and amortization149 60 (31)178 
Total operating expenses30,328 5,193 (4,231)31,290 
Income (loss) from operations$766 $344 $(12)$1,098 
Benefit ratio89.9 %89.7 %
Operating cost ratio8.3 %92.7 %11.0 %
Benefit ratio represents benefits expense as a percentage of premiums revenue.
Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.


S-8


Humana Inc.
Consolidating Statements of Income—For the six months ended June 30, 2026 (Unaudited)
In millions
InsuranceCenterWellEliminations/
Corporate		Consolidated
Revenues—external customers premiums:
Individual Medicare Advantage$57,127 $— $— $57,127 
Group Medicare Advantage5,762 — — 5,762 
Medicare stand-alone PDP5,612 — — 5,612 
Total Medicare68,501 — — 68,501 
State-based contracts and other6,833 — — 6,833 
Specialty benefits 536 — — 536 
Medicare Supplement673 — — 673 
Total premiums76,543 — — 76,543 
Services revenue:
Home solutions — 703 — 703 
Primary care— 1,627 — 1,627 
Pharmacy solutions — 679 — 679 
Military services and other446 — 2 448 
Total services revenue446 3,009 2 3,457 
Total revenues—external customers76,989 3,009 2 80,000 
Intersegment revenues3 9,881 (9,884)— 
Net investment income207 — 308 515 
Total revenues77,199 12,890 (9,574)80,515 
Operating expenses:
Benefits69,121 — (44)69,077 
Operating costs5,542 12,038 (9,578)8,002 
Depreciation and amortization281 97 (56)322 
Total operating expenses74,944 12,135 (9,678)77,401 
Income from operations$2,255 $755 $104 $3,114 
Benefit ratio90.3 %90.2 %
Operating cost ratio7.2 %93.4 %10.0 %
Benefit ratio represents benefits expense as a percentage of premiums revenue.
Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-9

Humana Inc.
Consolidating Statements of Income—For the six months ended June 30, 2025 (Unaudited)
In millions
InsuranceCenterWellEliminations/
Corporate		Consolidated
Revenues—external customers premiums:
Individual Medicare Advantage$45,445 $— $— $45,445 
Group Medicare Advantage4,582 — — 4,582 
Medicare stand-alone PDP3,169 — — 3,169 
Total Medicare53,196 — — 53,196 
State-based contracts and other7,028 — — 7,028 
Specialty benefits490 — — 490 
Medicare Supplement516 — — 516 
Total premiums61,230 — — 61,230 
Services revenue:
Home solutions— 695 — 695 
Primary care— 982 — 982 
Pharmacy solutions— 599 — 599 
Military services and other458 — — 458 
Total services revenue458 2,276 — 2,734 
Total revenues—external customers61,688 2,276 — 63,964 
Intersegment revenues2 8,356 (8,358)— 
Net investment income341 — 195 536 
Total revenues62,031 10,632 (8,163)64,500 
Operating expenses:
Benefits54,296 — (196)54,100 
Operating costs5,092 9,777 (7,942)6,927 
Depreciation and amortization303 119 (61)361 
Total operating expenses59,691 9,896 (8,199)61,388 
Income from operations$2,340 $736 $36 $3,112 
Benefit ratio88.7 %88.4 %
Operating cost ratio8.3 %92.0 %10.8 %
Benefit ratio represents benefits expense as a percentage of premiums revenue.
Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-10

Humana Inc.
Membership Detail (Unaudited)
In thousands
Members may not be unique to each product since members have the ability to enroll in more than one product.
 June 30, 2026Average 2Q26June 30, 2025December 31, 2025
Medical Membership:
Individual Medicare Advantage*6,453.7 6,446.3 5,229.3 5,249.3 
Group Medicare Advantage (B)727.2 727.4 570.0 568.4 
Total Medicare Advantage7,180.9 7,173.7 5,799.3 5,817.7 
Medicare stand-alone PDP (B)3,946.4 3,913.5 2,427.1 2,462.6 
Total Medicare11,127.3 11,087.2 8,226.4 8,280.3 
Medicare Supplement551.5 546.4 444.1 498.4 
State-based contracts and other (C)1,603.2 1,610.3 1,582.9 1,615.6 
Military services4,630.2 4,630.2 4,588.8 4,605.4 
Total Medical Membership17,912.2 17,874.1 14,842.2 14,999.7 
Specialty Membership: 
Dental—fully-insured (D)2,192.5 2,197.6 2,096.5 2,107.6 
Dental—ASO314.1 314.4 309.7 307.5 
Total Dental2,506.6 2,512.0 2,406.2 2,415.1 
Vision1,969.4 1,969.0 1,909.7 1,926.2 
Other supplemental benefits422.8 422.1 384.2 401.3 
Total Specialty Membership4,898.8 4,903.1 4,700.1 4,742.6 
June 30, 2026Member Mix
June 30, 2026		June 30, 2025Member Mix
June 30, 2025
Individual Medicare Advantage Membership
HMO3,213.8 50 %2,644.8 51 %
PPO/PFFS3,239.9 50 %2,584.5 49 %
Total Individual Medicare Advantage
6,453.7 100 %5,229.3 100 %
Individual Medicare Advantage Membership
Shared Risk (E)2,093.1 33 %1,947.4 37 %
Path to Risk (F)2,025.6 31 %1,594.9 31 %
Total Value-based4,118.7 64 %3,542.3 68 %
Other2,335.0 36 %1,687.0 32 %
Total Individual Medicare Advantage6,453.7 100 %5,229.3 100 %
*Individual Medicare Advantage membership includes 959,900 Dual Eligible Special Need Plan (D-SNP) members as of June 30, 2026, a net increase of 173,900, or 22 percent, from 786,000 as of June 30, 2025, and up 199,400, or 26 percent, from 760,500 as of December 31, 2025.
S-11


Humana Inc.
Premiums and Services Revenue Detail (Unaudited)
Dollars in millions, except per member per month; includes intersegment revenues

 For the three months ended 
June 30,		For the six months ended
June 30,		Per Member per Month (J)
For the three months ended June 30,		Per Member per Month (J)
For the six months ended June 30,
 20262025202620252026202520262025
Insurance
Individual Medicare Advantage$28,875 $22,764 $57,127 $45,445 $1,493 $1,452 $1,488 $1,449 
Group Medicare Advantage2,851 2,260 5,762 4,582 1,306 1,320 1,318 1,334 
Medicare stand-alone PDP2,995 1,721 5,612 3,169 255 236 241 218 
State-based contracts and other (G)3,501 3,460 6,833 7,028 715 688 706 698 
Specialty benefits (H)268 246 536 490 19 19 19 19 
Medicare Supplement344 265 673 516 210 203 208 202 
Military and other (I)201 207 449 460 
Total 39,035 30,923 76,992 61,690 
CenterWell
Pharmacy solutions3,793 3,135 6,945 5,979 
Primary care2,008 1,479 3,930 2,898 
Home solutions 989 923 2,015 1,755 
Total6,790 5,537 12,890 10,632 









S-12

Humana Inc.
CenterWell Segment - Pharmacy & Home Solutions (Unaudited)

Pharmacy Solutions
For the three months 
ended June 30, 2026		For the six months 
ended June 30, 2026		For the three months ended June 30, 2025For the six months
 ended June 30, 2025		For the three months 
ended March 31, 2026
Generic Dispense Rate
Total Medicare90.6 %90.8 %90.7 %90.8 %91.0 %
Mail-Order Penetration
Total Medicare23.8 %23.8 %26.0 %26.0 %23.8 %

Home Solutions
For the three months 
ended June 30, 2026		For the six months 
ended June 30, 2026		For the three months ended June 30, 2025For the six months
 ended June 30, 2025		Quarterly Year-over-Year Growth
YTD
Year-over-Year Growth
Episodic Admissions (K)83,150 168,800 78,760 160,906 5.6%4.9%
Total Admissions -
Same Store (L)		110,893 225,398 107,620 218,185 3.0%3.3%











S-13


Humana Inc.
CenterWell Segment - Primary Care (M) (Unaudited)

As of June 30, 2026As of June 30, 2025Year-over-Year Change
PrimaryPrimaryPrimary
CenterCarePatientsCenterCarePatientsCenterCarePatients
CountProvidersServed (N)CountProvidersServed (N)CountProvidersServed
De novo146 450137,300 141 37599,500 3.5 %20.0 %38.0 %
Wholly-owned2521,028 374,400 194759257,800 29.9 %35.4 %45.2 %
Independent Physician Associations110,300 73,000 51.1 %
Total3981,478 622,000 3351,134 430,300 18.8 %30.3 %44.6 %


As of December 31, 2025 (1)Year to Date Change
PrimaryPrimary
CenterCarePatientsCenterCarePatients
CountProvidersServed (N)CountProvidersServed
De novo146 445111,400 — %1.1 %23.2 %
Wholly-owned204874304,900 23.5 %17.6 %22.8 %
Independent Physician Associations74,800 47.5 %
Total3501,319 491,100 13.7 %12.1 %26.7 %






(1) Includes 8 primary care centers and approximately 32,000 patients associated with the acquisition of The Villages Health, which closed in November 2025.
S-14

Humana Inc.
Footnotes to Statistical Schedules and Supplementary Information
2Q26 Earnings Release

A.Net losses associated with the company's non-consolidated minority interest investments.
B.The 2026 group Medicare Advantage and stand-alone PDP membership totals reflect the impact of certain of the company's group Medicare Advantage contracts decoupling its beneficiaries' Medicare Part D prescription drug coverage from the related medical coverage via the group Medicare Advantage plan. This impacts approximately 350,000 members which appear in both the group Medicare Advantage and stand-alone PDP membership ending medical membership balances as of June 30, 2026. The financial impact for the Part D prescription drug coverage of these members is reflected only in the Medicare stand-alone PDP results while their medical coverage is included within the group Medicare Advantage results.
C.Beginning in 2026, members enrolled in a highly integrated dual eligible (HIDE) or fully integrated dual eligible (FIDE) special needs plan (SNP) are considered aligned dual eligibles, and as such, are simultaneously included in the company's state-based contracts membership, as well as in a dual eligible special need plan (DSNP) which is included as part of the individual Medicare Advantage membership. For these members, Humana receives premium revenue from both the respective states with the HIDE and FIDE SNP contracts and from CMS to cover the distinctly different benefits managed.
D.Fully-insured dental membership as reported does not include Humana members that have a Medicare Advantage plan that includes an embedded dental benefit.
E.In certain circumstances, the company contracts with providers to accept financial risk for a defined set of Medicare Advantage membership. For these Downside Risk arrangements, the provider is measured against a medical expense ratio target and the company may share savings from reduction to the total cost of care of the defined membership. The result is a high level of engagement on the part of the provider. Under these arrangements, the company may contract with providers to accept partial, full, or global financial risk. In certain instances (capitated shared risk) of these arrangements, the company may choose to prepay these providers a monthly fixed-fee per member to coordinate substantially all of the medical care for their Medicare Advantage members assigned or attributed to their provider panel, including some health benefit administrative functions and claims processing.
F.A Path to Risk provider is one who has a high level of engagement and has contracted with the company to participate in an Upside Only/Shared Savings total cost of care arrangement and/or in one of Humana’s Quality Bonus programs (Model Practice), through which the company rewards the provider for achieving quality and utilization targets. Providers who are contracted in an Upside Only/Shared Savings arrangement may receive a portion of achieved surpluses when the actual cost of the medical services provided to patients assigned or attributed to their panel is less than the agreed upon medical expense targets. These contracts may also include a Downside Risk trigger (future date or membership threshold) which has not yet been met.
G.Per Member per Month (PMPM) shown reflects only Medicaid premiums and average Medicaid membership for the period. The 2025 periods include the impact of dual eligible demonstration members; all dual eligible demonstration programs sunset at the end of 2025.
H.Specialty per member per month is computed based on reported specialty premiums and average fully-insured specialty membership for the period.
I.The amounts primarily reflect services revenues under the TRICARE East Region contract that generally are contracted on a per-member basis.
J.Computed based on average membership for the period (i.e. monthly ending membership during the period divided by the number of months in the period).
K.Reflects patient admissions under the Patient Driven Groupings Model (PDGM) payment model.
L.Reflects all patient admissions regardless of reimbursement model. Same store is defined as care centers that have been owned and operated at least the last twelve months and startups that are an expansion of a same store care center, net of the impact of the consolidation of care centers that occurred during the last twelve months.
M.De novo refers to all new centers opened or acquired since 2020 under a Welsh, Carson, Anderson & Stowe (WCAS) joint venture. Wholly-owned refers to all centers outside a WCAS joint venture.
N.Represents Medicare Advantage (MA) risk, MA path to risk, MA value-based, Direct Contracting Entity, and Accountable Care Organization patients.

S-15
    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026
image_0a.jpg
Please view these remarks in conjunction with our 2Q 2026 earnings release that can be found on our website at www.humana.com under the Investors section, or via the following link: https://humana.gcs-web.com/financial-information/quarterly-results.

We also invite you to listen to our live question and answer webcast with our President and Chief Executive Officer, Jim Rechtin, and Chief Financial Officer, Celeste Mellet, which will begin today at 8:00 a.m. Eastern Time and will be available via the following link: https://humana.gcs-web.com/events-and-presentations/upcoming-events. For those unable to listen to the live event, the archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page via the following link: https://humana.gcs-web.com/events-and-presentations.

Cautionary Statement
Certain of the matters discussed in these prepared remarks are forward-looking and are subject to a number of risks, uncertainties and assumptions. Actual results could differ materially.
Investors are advised to read the detailed risk factors discussed in our latest Form 10-K, our other filings with the Securities and Exchange Commission, and our 2Q 2026 earnings release as they relate to forward-looking statements along with other risks discussed in our SEC filings. We undertake no obligation to publicly address or update any forward-looking statements in future filings or communications regarding our business or results.
Today’s release, our historical financial news releases and our filings with the SEC are all also available on our Investor Relations site.
These remarks include financial measures that are not in accordance with generally accepted accounting principles, or GAAP.
Management's explanation for the use of these non-GAAP measures and reconciliations of GAAP to non-GAAP financial measures are included in today’s release which can be found via the following link: https://humana.gcs-web.com/financial-information/quarterly-results.
Finally, any references to earnings per share or EPS made within these remarks refer to diluted earnings per common share.



1

    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Executive Summary
•Delivered solid results in the second quarter (2Q26) and reaffirmed our full year (FY) 2026 Adjusted EPS guidance
•Expect that our approach to 2027 individual MA bids will drive meaningful progress against our commitment of returning to a sustainable pre-tax margin of at least 3% in 2028
•Believe we are well positioned to deliver on our commitment of unlocking the earnings potential of the business by 2028 as laid out at our 2025 Investor Day, supported by our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued discipline across pricing, clinical excellence, operating efficiencies and capital allocation
•Will hold a virtual investor update on December 10th, 2026, to provide a mark to market against the framework laid out at our 2025 Investor Day, including the initiatives expected to support earnings growth through 2028
Expanded Key Messages
•Delivered solid 2Q26 results:
o2Q26 Adjusted EPS of $7.61 is at the high end of our guidance expectations of 80% to 85% of FY earnings, supported by solid performance across our Insurance and CenterWell segments
oInsurance segment benefit ratio of 91.2%, consistent with our expectations of ‘slightly above 91%’
Based on information available to date, medical and pharmacy cost trends are in line with our expectations of ‘high single digit’ trend, across both new and existing membership
There are certain areas where we have seen slight favorability, particularly in the inpatient space, with favorability more heavily concentrated in members engaged with value-based providers
o2Q26 Adjusted consolidated operating cost ratio of 9.7% and Insurance segment operating cost ratio of 7.1%, each representing a 120-basis point (bps) reduction year over year
Reduction driven by operating leverage from membership and revenue growth, along with tactical cost cutting and transformation efforts, which remain on track
•Affirmed our FY 2026 guidance, including:
oAdjusted EPS outlook of ‘at least $9.00’ and segment level income from operations
oInsurance segment benefit ratio guidance of 92.75%, plus or minus 25 bps, and consolidated operating cost ratio of 10.0%, plus or minus 25 bps
oMedicare and Medicaid membership growth expectations
•Continue to strategically expand our CenterWell and Medicaid platforms, including:
o2Q26 year to date (YTD) patient growth of approximately 130,900, or 27%, in CenterWell Primary Care
Integration of the recently completed MaxHealth acquisition is progressing in line with expectations
o2Q26 YTD Medicaid member growth of approximately 93,000, largely driven by the start of programs in Michigan, Illinois and South Carolina
In addition, Humana was recently awarded a statewide Illinois HealthChoice Medicaid managed care contract, expected to begin operations in January 2027
•Efforts to strengthen our Stars program have progressed as anticipated as we focus on achieving Top Quartile Stars results in Bonus Year (BY) 2028
oSee Appendix A for a BY2028 performance update which highlights a BY2028 rate of improvement that outpaced the 4-year historical compound annual growth rate (CAGR) across 11 of the 12 selected HEDIS and Patient Safety measures


2

    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026
Detailed Discussion:
Insurance
Delivered solid 2Q26 Insurance segment results with membership and revenue, including member risk scores, tracking in line with expectations and Insurance segment benefit ratio of 91.2%, consistent with our expectations of ‘slightly above 91%’. Based on information available to date, medical and pharmacy cost trends are in line with our expectations of ‘high single digit’ trend, across both new and existing membership. There are certain areas where we have seen slight favorability, particularly in the inpatient space, with favorability more heavily concentrated in members engaged with value-based providers.
Individual MA
•2Q26 YTD membership increase of approximately 1,204,000, or 23%, is tracking in line with our FY 2026 expectation of approximately 25% membership growth
oMembership growth expected to further fuel our ability to unlock the earnings potential of the business by 2028 as laid out at our 2025 Investor Day
Group MA
•2Q26 YTD membership growth of approximately 159,000, or 28%, is in line with expectations of growth of approximately 150,000 members in FY 2026

Individual Stand-Alone Part D (PDP)
•2Q26 YTD membership growth of approximately 1,139,000, or 50%, which is largely concentrated in our Basic and Value PDP plans, is tracking in line with our FY 2026 expectation of approximately 1 million member growth
Medicaid
•2Q26 YTD membership growth of approximately 93,000 is in line with expectations; we continue to anticipate 25,000 to 100,000 member growth for FY 2026, representing an increase of approximately 4% for the year at the midpoint, largely driven by new contract starts on January 1st
•We were pleased with the recent award of a statewide Illinois HealthChoice Medicaid managed care contract, expected to begin operations in January 2027
•Our contract in Florida, our largest Medicaid state, was recently extended for an additional 4 years (through January 31, 2035)
•We continue to navigate procurement challenges related to our recent awards in Texas and Georgia. We remain bullish on these awards and our ability to win new business and successfully deliver value for our members and state partners

CenterWell
2Q26 CenterWell results reflect solid growth across each line of business driven by Humana membership growth and continued agnostic expansion.


3

    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026
Primary Care
•Serving approximately 622,000 patients as of June 30, 2026, an increase of 130,900 patients, or 27%, from December 31, 2025. 2Q26 YTD patient growth includes:
o25,900 patients, or 23% growth, in our de novo centers
o69,500 patients, or 23% growth, in our more mature wholly-owned centers; and
o35,500 patients, or 47% growth, in our Independent Physician Associations (IPA) business
•Our robust patient growth is supported by a 40-basis point year over year improvement in our already strong retention rate, which together with a 200-basis point year over year improvement in Net Promoter Score (NPS), demonstrate increased patient satisfaction and engagement    
•Operating 398 centers as of June 30, 2026, representing growth of 63 centers, or 19%, year over year, while representing an increase of 48 centers, or 14%, from December 31, 2025
oThe year over year and sequential increase in centers is largely driven by recently completed acquisitions, including The Villages Health (4Q25) and MaxHealth (1Q26)
•We still anticipate we will mitigate the ultimate impact of the v28 risk model changes over the three-year phase in through a multi-pronged plan including numerous operational efficiencies such as centralizing and streamlining administrative functions, standardizing the clinic operating model, and improving clinician productivity to increase capacity
oThe impact of v28 and our related mitigation efforts are tracking in line with expectations to date
Home
•Within our CenterWell Home Health fee-for-service business, 2Q26 YTD same store admissions grew just over 3% year over year, with solid growth partially offset by efforts to optimize our payer mix
•Our comprehensive initiative to drive productivity and efficiency within our home operating model to offset reimbursement and other pressures is driving the intended results

Pharmacy
•CenterWell Pharmacy has driven strong results 2Q26 YTD with increased year over year volumes driven by:
oHumana’s membership growth and continued industry leading mail order penetration
oContinued expansion of our agnostic client base with a significant year over year increase in Specialty, Direct to Consumer, and Direct to Employer volumes
•CenterWell Specialty Pharmacy has been honored with the MMIT Specialty Pharmacy Patient Choice Award for the 8th time in 9 years



4

    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026
Earnings Seasonality
•We expect third quarter Adjusted EPS to be approximately ($1.00) or just over negative 10% of FY Adjusted EPS
•Third quarter Insurance segment benefit ratio expected to be slightly above 94%
•Finally, we expect that the third quarter consolidated benefit ratio will be slightly above the Insurance segment benefit ratio

Capital Deployment & Balance Sheet
•We have continued our efforts to increase the efficiency of our balance sheet and fortify our foundation, including the establishment of $1.5 billion in contingent capital facilities utilizing pre-capitalized trust securities (P-Caps) in May 2026
•We have also maintained a prudent capital deployment approach, including:
oPursuing non-core asset divestitures, as evidenced by our recently announced agreement to divest all or substantially all of our minority interest in Gentiva, which is valued at approximately $900 million
oMaintaining our debt to capitalization ratio near our long-term target of approximately 40%
As of June 30, 2026, our debt to capitalization ratio is 42.7%, down 30 bps from 43.0% at March 31, 2026 reflective of the impact of 2Q26 net earnings partially offset by commercial paper issuance
•All in, our capital efficiency efforts are delivering results, and our capital levels provide a prudent buffer above regulatory and rating agency requirements
oConsistent with this disciplined approach, we continue to evaluate a pipeline of initiatives to further strengthen the balance sheet
Conclusion
•We have delivered solid YTD results and affirmed our FY 2026 guidance
•We expect that our approach to 2027 individual MA bids will drive meaningful progress against our commitment of returning to a sustainable pre-tax margin of at least 3% in 2028
•We believe we are well positioned to deliver on our commitment of unlocking the earnings potential of the business by 2028 as laid out at our 2025 Investor Day, supported by our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued discipline across pricing, clinical excellence, operating efficiencies and capital allocation





5

    Exhibit 99.3     
Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026
Appendix A
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6

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