How are Humana’s Medicare Advantage and other memberships trending in 2026?

Humana projects individual Medicare Advantage membership growth of approximately 25% over 2025. In 1Q26 it reported total medical membership of 17.7 million , with significant gains in individual Medicare Advantage, Part D prescription drug plans, and state-based Medicaid contracts.

Humana (NYSE: HUM) grows Q1 2026 revenue, cuts GAAP EPS outlook but keeps adjusted target

Q: How did Humana (HUM) perform financially in the first quarter of 2026?

Humana reported strong revenue growth to $39.6 billion in 1Q26 from $32.1 billion a year earlier. GAAP EPS was $9.83 and Adjusted EPS was $10.31 , both below 1Q25, reflecting margin pressure despite higher membership and premiums.

Q: What earnings guidance did Humana (HUM) provide for full-year 2026?

Humana now expects 2026 GAAP EPS of at least $8.36 , reduced from at least $8.89, and reaffirmed Adjusted EPS guidance of at least $9.00 . Management also targets an Insurance segment benefit ratio of 92.75% plus or minus 25 basis points for the year.

Q: What were key margin metrics such as benefit ratio and operating cost ratio for Humana?

In 1Q26, Humana’s consolidated benefit ratio was 89.4% , up from 87.0%, and the Insurance segment benefit ratio also stood at 89.4% . The consolidated operating cost ratio improved to 10.2% , or 10.0% on an Adjusted basis, down from 10.6% and 10.5% respectively.

Q: How did Humana’s CenterWell segment perform in the first quarter of 2026?

CenterWell revenue increased to $6.1 billion from $5.1 billion , with growth across pharmacy, primary care, and home solutions. However, its operating cost ratio rose to 94.5% from 91.1%, pressured by risk-model changes, mix shift to specialty pharmacy, and recent acquisitions like MaxHealth.

Q: What does Humana say about cash flow and balance sheet strength in 1Q26?

Humana generated $1.25 billion in operating cash flow in 1Q26, up from $331 million in 1Q25, supported by higher incurred-but-not-reported claims reserves. Debt-to-total capitalization was 43.0% , reflecting a $1.0 billion public debt offering partly offset by quarterly net earnings.

Q: What insurance leadership changes has Humana announced for 2026?

Humana confirmed that Insurance Segment President George Renaudin will retire effective June 29, 2026 . Aaron Martin , currently President of Medicare Advantage, will assume Insurance Segment leadership, while John Barger will lead Medicare Advantage operations and later become President of Medicare Advantage.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Humana Inc. reported first quarter 2026 revenue of $39.6 billion, up from $32.1 billion a year earlier, with GAAP diluted EPS of $9.83 versus $10.30 and Adjusted EPS of $10.31 versus $11.58. The Insurance segment benefit ratio was 89.4%, slightly better than guidance of “just under 90%,” while the consolidated operating cost ratio improved to 10.2% (10.0% Adjusted). Operating cash flow rose to $1.25 billion from $331 million. For full-year 2026, Humana cut GAAP EPS guidance to at least $8.36 from $8.89 but reaffirmed Adjusted EPS guidance of at least $9.00 and expects individual Medicare Advantage membership to grow about 25%. The CenterWell segment delivered revenue growth to $6.1 billion but faced higher operating cost ratios as it absorbed recent acquisitions and risk-model changes.

Insights

Solid top-line growth with margin pressure and a modest GAAP guidance cut.

Humana grew 1Q26 revenue to $39.6 billion from $32.1 billion, driven by Medicare membership expansion and higher premiums. However, GAAP pretax income slipped to $1.60 billion and GAAP EPS to $9.83, with Adjusted EPS at $10.31, below 1Q25.

The Insurance segment benefit ratio rose to 89.4% from 87.4%, reflecting Star Ratings headwinds and newer Medicare Advantage members who initially run at higher medical costs. Operating efficiency improved, with the consolidated Adjusted operating cost ratio falling to 10.0%, aided by cost-cutting and transformation initiatives.

For FY 2026, management trimmed GAAP EPS guidance to at least $8.36 but reaffirmed Adjusted EPS of at least $9.00 and an Insurance benefit ratio of 92.75% ±25 bps. The company continues to target approximately 25% individual Medicare Advantage membership growth and emphasizes Stars recovery and CenterWell scaling as key levers for its medium-term earnings path.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

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.

Key Figures

Q1 2026 Revenue: $39,648 million Q1 2026 GAAP EPS: $9.83 per share Q1 2026 Adjusted EPS: $10.31 per share +5 more

8 metrics

Q1 2026 Revenue $39,648 million Consolidated revenues for quarter ended March 31, 2026

Q1 2026 GAAP EPS $9.83 per share Diluted earnings per share for quarter ended March 31, 2026

Q1 2026 Adjusted EPS $10.31 per share Adjusted (non-GAAP) diluted EPS for quarter ended March 31, 2026

FY 2026 GAAP EPS guidance At least $8.36 Revised full-year 2026 GAAP EPS outlook

FY 2026 Adjusted EPS guidance At least $9.00 Full-year 2026 Adjusted (non-GAAP) EPS outlook

Insurance benefit ratio Q1 2026 89.4% Insurance segment GAAP benefit ratio for quarter ended March 31, 2026

Operating cash flows Q1 2026 $1,254 million GAAP operating cash flows for quarter ended March 31, 2026

Debt-to-total capitalization 43.0% As of March 31, 2026

Key Terms

benefit ratio, operating cost ratio, Adjusted (non-GAAP), Star Ratings headwind, +2 more

6 terms

benefit ratio financial

"1Q26 Insurance segment GAAP benefit ratio of 89.4 percent, slightly favorable to management's guidance"

operating cost ratio financial

"Operating cost ratio | 10.2 % | 10.6 %"

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.

Adjusted (non-GAAP) financial

"Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported | at least $9.00 | $17.14"

Adjusted (non-GAAP) numbers are company-reported financial figures that start with standard accounting results and then add back or remove certain items—like one-time costs, stock-based pay, or restructuring charges—to present a different view of performance. Investors care because these adjustments can make underlying trends clearer, like cleaning a blurry photo to see the subject, but they can also be used to make results look better than the standard figures, so scrutiny is needed.

Star Ratings headwind financial

"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"

Medicare Advantage financial

"Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025"

Medicare Advantage is a type of health insurance plan offered by private companies that covers services traditionally provided by government-run Medicare. Think of it as a bundled package that combines hospital, doctor, and other medical care into one plan, often with added benefits. For investors, it matters because the popularity and profitability of these plans can influence healthcare companies and the broader health insurance industry.

value creation initiatives financial

"Value creation initiatives | 98 | | 24 | Adjusted (non-GAAP)"

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.

Earnings Snapshot

Revenue: $39,648 million · Guidance included

Q1 2026

Revenue $39,648 million

GAAP EPS $9.83

Adjusted EPS $10.31

Pretax results $1,595 million

Adjusted pretax results $1,670 million

Guidance

For FY 2026, Humana guides to GAAP EPS of at least $8.36 and Adjusted EPS of at least $9.00, with an Insurance segment GAAP benefit ratio of 92.75% plus or minus 25 basis points.

Understanding 8-K Material Events →

04/29/2026 - 06:06 AM

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): April 29, 2026 (April 29, 2026)

Humana Inc.


(Exact name of registrant as specified in its charter)


Delaware	1-5975	61-0647538
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	HUM	New York Stock Exchange

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

Emerging growth company ☐

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

Item 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 March 31, 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 March 31, 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
104			Cover 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: April 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

Mark Taylor

Humana Corporate Communications

(317) 753-0345

e-mail: MTaylor108@humana.com

Humana Reports First Quarter 2026 Financial Results;

Affirms Full Year 2026 Adjusted Financial Guidance

•Reports 1Q26 earnings per share (EPS) of $9.83 on a GAAP basis, Adjusted EPS of $10.31; at the high end of the company's guidance of approximately 110 percent to 115 percent of full year (FY) 2026 Adjusted EPS

•1Q26 Insurance segment GAAP benefit ratio of 89.4 percent, slightly favorable to management's guidance of 'just under 90 percent'; affirms FY 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points

•Affirms Adjusted FY 2026 GAAP EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $8.36' from the previous estimate of 'at least $8.89'

•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 execution of strategic growth initiatives and integration of new contracts within CenterWell and state-based contracts businesses, respectively, to expand the company's national footprint

◦Sequential growth of 110,500 patients, or over 22 percent, in CenterWell Senior Primary Care, including approximately 59,000 patients and 54 centers associated with the recently completed acquisition of MaxHealth

◦CenterWell Pharmacy and Cost Plus partnering to develop new, end-to-end employer prescription drug solutions

◦1Q26 state-based contracts membership growth of approximately 50,000, driven by the start of programs in Michigan, Illinois, and South Carolina

•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 (April 29, 2026) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended March 31, 2026 (1Q26) versus the quarter ended March 31, 2025 (1Q25) as noted in the tables below.


Consolidated income before income taxes and equity in net losses (pretax results) in millions	1Q26 (a)	1Q25 (a)
Generally Accepted Accounting Principles (GAAP)	$1,595	$1,691
Amortization associated with identifiable intangibles	11	15
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	(34)	163
Value creation initiatives	98	24
Adjusted (non-GAAP)	$1,670	$1,893


Diluted earnings per share (EPS)	1Q26 (a)	1Q25 (a)
GAAP	$9.83	$10.30
Amortization associated with identifiable intangibles	0.09	0.12
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	(0.28)	1.35
Value creation initiatives	0.81	0.20
Tax impact of non-GAAP adjustments	(0.14)	(0.39)
Adjusted (non-GAAP)	$10.31	$11.58

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 comparisons.

“We’ve had a solid start to the year and feel good about how our operating execution and transformation initiatives are setting us up for the future,” said Humana President and CEO Jim Rechtin. “We continue to make progress where it counts for customers - quality experience and outstanding care.”

Insurance Leadership Transition Update (Announced December 2025)

The company today confirmed that George Renaudin, Insurance Segment President, will retire effective June 29, 2026, consistent with the timeline previously communicated. Until that date, Renaudin will focus primarily on the annual Medicare Advantage bid process, while Aaron Martin, currently President of Medicare Advantage, will begin leading the day-to-day management of the Insurance Segment. Upon Renaudin’s retirement, Martin will formally assume the role of Insurance Segment President and Renaudin will serve as a strategic advisor to the company through at least the end of 2026. The company also confirmed that 30-year industry veteran John Barger will begin leading Medicare Advantage operations effective immediately and will formally assume the role of President of Medicare Advantage upon Renaudin’s retirement.

FY 2026 Earnings Guidance

Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $8.36' from 'at least $8.89', 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
GAAP	at least $8.36	$9.84
Amortization associated with identifiable intangibles	0.30	0.42
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)	(0.28)	4.25
Value creation initiatives (b)	0.81	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)	—	2.09
Cumulative net tax impact	(0.19)	(3.34)
Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported	at 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).

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 1Q26 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/BId1413c4c078343e28841e18c372f7b58.

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)	1Q26	1Q25
Insurance segment	$4	$4
CenterWell segment	$7	$11

•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.

•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.

•Impairment charges - 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. Additionally, the company recognized non-cash impairment charges in the fourth quarter of 2025 related to a discrete joint-venture investment for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. These charges were recorded at the corporate level and not allocated to the segments.

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:

Operating cost ratio


CONSOLIDATED Operating cost ratio	1Q26		1Q25
GAAP	10.2	%	10.6	%
Value creation initiatives	(0.2)	%	(0.1)	%
Adjusted (non-GAAP)	10.0	%	10.5	%

Insurance Segment - Income from operations


INSURANCE SEGMENT Income from operations (in millions)	1Q26	1Q25
GAAP	$1,435	$1,574
Amortization associated with identifiable intangibles	4	4
Adjusted (non-GAAP)	$1,439	$1,578

(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.

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 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; 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.


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:

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 First Quarter 2026 Financial Results;

Affirms Full Year 2026 Adjusted Financial Guidance

•Affirms Adjusted FY 2026 GAAP EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $8.36' from the previous estimate of 'at least $8.89'

◦CenterWell Pharmacy and Cost Plus partnering to develop new, end-to-end employer prescription drug solutions

◦1Q26 state-based contracts membership growth of approximately 50,000, driven by the start of programs in Michigan, Illinois, and South Carolina


Consolidated income before income taxes and equity in net losses (pretax results) in millions	1Q26 (a)	1Q25 (a)
Generally Accepted Accounting Principles (GAAP)	$1,595	$1,691
Amortization associated with identifiable intangibles	11	15
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	(34)	163
Value creation initiatives	98	24
Adjusted (non-GAAP)	$1,670	$1,893


Diluted earnings per share (EPS)	1Q26 (a)	1Q25 (a)
GAAP	$9.83	$10.30
Amortization associated with identifiable intangibles	0.09	0.12
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	(0.28)	1.35
Value creation initiatives	0.81	0.20
Tax impact of non-GAAP adjustments	(0.14)	(0.39)
Adjusted (non-GAAP)	$10.31	$11.58

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 comparisons.

Insurance Leadership Transition Update (Announced December 2025)

FY 2026 Earnings Guidance


Diluted earnings per share (a)	FY 2026 Guidance	FY 2025
GAAP	at least $8.36	$9.84
Amortization associated with identifiable intangibles	0.30	0.42
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)	(0.28)	4.25
Value creation initiatives (b)	0.81	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)	—	2.09
Cumulative net tax impact	(0.19)	(3.34)
Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported	at 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.

Humana Consolidated Highlights


Humana Inc. Summary of Results ($ in millions, except per share amounts)	1Q26 (a)		1Q25 (a)
Revenues	$39,648		$32,112
Pretax results	$1,595		$1,691
Pretax results - Adjusted (non-GAAP)	$1,670		$1,893
EPS	$9.83		$10.30
EPS - Adjusted (non-GAAP)	$10.31		$11.58
Benefit ratio	89.4	%	87.0	%
Operating cost ratio	10.2	%	10.6	%
Operating cost ratio - Adjusted (non-GAAP)	10.0	%	10.5	%
Operating cash flows	$1,254		$331
Parent company cash and short-term investments	$111		$1,234
Debt-to-total capitalization	43.0	%	42.8	%
Days in Claims Payable (DCP)	33.9		38.8

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 GAAP consolidated revenues comparison was 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 increase in the GAAP consolidated benefit ratio 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 1Q26. Prior period development was $389 million favorable in 1Q26 compared to $477 million favorable in 1Q25. This development does not 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 GAAP operating cost ratio from 1Q25 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, and

•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 33.9 days at March 31, 2026 represented an increase of 2.0 days from 31.9 days at December 31, 2025 and a decrease of 4.9 days from 38.8 days at March 31, 2025.

The sequential increase was primarily driven by a higher total estimate of benefits payable for claims incurred but not reported (IBNR) as of March 31, 2026 driven by the 2026 membership growth. The total estimate of benefits payable for claims IBNR (included in the benefits payable line of the balance sheet) as of March 31, 2026 increased by approximately 35 percent compared to the balances at December 31, 2025. The benefits expense per day for 1Q26 grew by approximately 20 percent compared to the fourth quarter of 2025.

The year-over-year decrease was primarily impacted by an increased proportion of Medicare prescription drug benefit expense due to structural changes associated with the previous implementation of the IRA. Pharmacy claims are processed more quickly than medical claims leading to a lower benefits payable for claims IBNR and DCP. The decline was further impacted by lower reserve requirements in provider-capitation accruals, including the impact of payments to providers in accordance with the respective risk-sharing arrangements.

•Humana's debt-to-total capitalization at March 31, 2026 increased 190 basis points to 43.0 percent from 41.1 percent at December 31, 2025 reflective of the company's $1.0 billion public offering announced in March 2026, partially offset by the impact of the 1Q26 net earnings.

Operating cash flows

1Q26 GAAP operating cash flows increased from 1Q25 as a result of favorable working capital activity, primarily associated with an increase in the IBNR balance as previously discussed, modestly offset by a decline in net earnings in 1Q26.

Share repurchases


			1Q26
Total number of shares repurchased			564,400
Average price paid per share			$182.13
Remaining repurchase authorization as of April 28, 2026			$2.72 billion

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)	1Q26 (a)		1Q25 (a)
Revenues	$38,059		$30,937
Benefit ratio	89.4	%	87.4	%
Operating cost ratio	7.3	%	8.2	%
Income from operations	$1,435		$1,574
Income from operations - Adjusted (non-GAAP)	$1,439		$1,578

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 increase in the GAAP segment revenues from 1Q25 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 increase in the GAAP segment benefit ratio 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 1Q26.

These factors were partially offset by the following factors:

•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 decrease in the GAAP segment operating cost ratio from 1Q25 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)	1Q26		1Q25
Revenues	$6,100		$5,095
Operating cost ratio	94.5	%	91.1	%
Income from operations	$289		$392
Income from operations - Adjusted (non-GAAP) (c)	$338		$451

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 CenterWell GAAP segment revenues comparison was 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 increase in the segment's GAAP operating cost ratio primarily resulted from the following:

•final year of the phase-in of the v28 risk model revision, along with certain year-over-year timing impacts,

•the uptick of volume within CenterWell Specialty Pharmacy, which carries a higher operating cost ratio than the traditional pharmacy business,

•the anticipated headwind in 1Q26 associated with the previously disclosed acquisition of The Villages Health, which closed in November 2025, and

•transaction and integration costs associated with the recently disclosed acquisition of MaxHealth in 1Q26.

These factors were partially offset by the following:

•continued maturation of the v28 mitigation activities within the primary care business, and

See additional operational metrics for the CenterWell segment on pages S-11 and S-12 of the statistical supplement included in this earnings release.

Conference Call

A webcast of the 1Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.

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.

Footnotes

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 (in millions)	1Q26	1Q25
Insurance segment	$4	$4
CenterWell segment	$7	$11

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.

Operating cost ratio


CONSOLIDATED Operating cost ratio	1Q26		1Q25
GAAP	10.2	%	10.6	%
Value creation initiatives	(0.2)	%	(0.1)	%
Adjusted (non-GAAP)	10.0	%	10.5	%

Insurance Segment - Income from operations


INSURANCE SEGMENT Income from operations (in millions)	1Q26	1Q25
GAAP	$1,435	$1,574
Amortization associated with identifiable intangibles	4	4
Adjusted (non-GAAP)	$1,439	$1,578

(c) 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)	1Q26	1Q25
GAAP	$289	$392
Depreciation and amortization expense	49	59
Adjusted (non-GAAP)	$338	$451

Cautionary Statement

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.

•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 fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.

•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.

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; and

•Form 8-Ks filed during 2026.

About Humana


Humana Inc. FY 2026 Guidance - As of April 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 $8.36' (previously 'at least $8.89')
	Non-GAAP: 'at least $9.00'

Total Revenues
Consolidated	At least $160 billion	Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation.
Insurance segment	At least $155 billion
CenterWell segment	At least $25 billion

Change in year-end medical membership from prior year-end
Individual Medicare Advantage	growth of approximately 25 percent
Group Medicare Advantage	growth of approximately 150,000
Individual Medicare stand-alone PDP	growth of approximately 1,000,000
State-based contracts	growth of 25,000 to 100,000	State-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 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 EPS	approximately 121 million
Cash flows from operations	GAAP: $2.5 billion to $2.9 billion
Capital expenditures	approximately $650 million

Humana Inc.

Statistical Schedules

and

Supplementary Information

1Q26 Earnings Release

S-1


Humana Inc. Statistical Schedules and Supplementary Information 1Q26 Earnings Release

(S-3)			Summary of Results - Consolidated and Segments - Quarter
(S-4)			Consolidated Statements of Income - Quarter
(S-5)			Consolidated Balance Sheets
(S-6)			Consolidated Statements of Cash Flows - Year to Date
(S-7) - (S-8)			Consolidating Statements of Income - Quarter

(S-9)			Membership Detail
(S-10)			Premiums and Services Revenue Detail
(S-11) - (S-12)			CenterWell Segment - Pharmacy & Home Solutions and Primary Care
(S-13)			Footnotes

S-2


Humana Inc. Summary of Results ($ in millions, except per share amounts)	1Q26 (a)		1Q25 (a)
CONSOLIDATED
Revenues	$39,648		$32,112
Pretax results	$1,595		$1,691
Pretax results - Adjusted (non-GAAP)	$1,670		$1,893
EPS	$9.83		$10.30
EPS - Adjusted (non-GAAP)	$10.31		$11.58
Benefit ratio	89.4	%	87.0	%
Operating cost ratio	10.2	%	10.6	%
Operating cost ratio - Adjusted (non-GAAP)	10.0	%	10.5	%
Operating cash flows	$1,254		$331
Parent company cash and short-term investments	$111		$1,234
Debt-to-total capitalization	43.0	%	42.8	%
Days in Claims Payable (DCP)	33.9		38.8
INSURANCE SEGMENT
Revenues	$38,059		$30,937

Benefit ratio	89.4	%	87.4	%

Operating cost ratio	7.3	%	8.2	%

Income from operations	$1,435		$1,574
Income from operations - Adjusted (non-GAAP)	$1,439		$1,578
CENTERWELL SEGMENT
Revenues	$6,100		$5,095
Operating cost ratio	94.5	%	91.1	%
Income from operations	$289		$392
Income from operations - Adjusted (non-GAAP) (c)	$338		$451

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 March 31,

	2026		2025
Revenues:
Premiums	$	37,709	$	30,514
Services	1,677		1,334
Investment income	262		264
Total revenues	39,648		32,112
Operating expenses:
Benefits	33,707		26,535
Operating costs	4,024		3,380
Depreciation and amortization	163		183
Total operating expenses	37,894		30,098
Income from operations	1,754		2,014

Interest expense	193		160
Other (income) expense, net	(34)		163
Income before income taxes and equity in net losses	1,595		1,691
Provision from income taxes	395		406
Equity in net losses (A)	(16)		(43)
Net income	1,184		1,242
Net loss attributable to noncontrolling interests	2		2
Net income attributable to Humana	$	1,186	$	1,244
Basic earnings per common share	$	9.85	$	10.31
Diluted earnings per common share	$	9.83	$	10.30
Shares used in computing basic earnings per common share (000’s)	120,332		120,666
Shares used in computing diluted earnings per common share (000’s)	120,652		120,844

S-4

Humana Inc.

Consolidated Balance Sheets (Unaudited)

Dollars in millions, except share amounts


	March 31,			December 31,
	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	4,951		$	4,200
Investment securities	17,014			15,703
Receivables, net	5,218			3,270
Other current assets	10,897			9,560

Total current assets	38,080			32,733
Property and equipment, net	2,170			2,231
Long-term investment securities	626			493
Equity method investments	633			638
Goodwill	10,489			9,686
Other long-term assets	3,282			3,128

Total assets	$	55,280		$	48,909
Liabilities and Stockholders’ Equity
Current liabilities:
Benefits payable	$	12,691		$	9,967
Trade accounts payable and accrued expenses	6,531			5,717
Book overdraft	297			306
Unearned revenues	269			356
Short-term debt	1,719			—

Total current liabilities	21,507			16,346
Long-term debt	12,274			12,369
Other long-term liabilities	2,853			2,457

Total liabilities	36,634			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 March 31, 2026	33			33
Capital in excess of par value	3,641			3,600
Retained earnings	30,153			29,075
Accumulated other comprehensive loss	(731)			(633)
Treasury stock, at cost, 78,658,332 shares at March 31, 2026	(14,516)			(14,418)
Total stockholders’ equity	18,580			17,657
Noncontrolling interests	66			80
Total equity	18,646			17,737
Total liabilities and equity	$	55,280		$	48,909
Debt-to-total capitalization ratio	43.0		%	41.1		%

S-5

Humana Inc.

Consolidated Statements of Cash Flows (Unaudited) Dollars in millions


	For the three months ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	1,184	$	1,242
Adjustments to reconcile net income to net cash provided by operating activities:

Loss (gain) on investment securities, net	1		(2)
Equity in net losses	16		43
Stock-based compensation	51		49
Depreciation	183		200
Amortization	11		15
Impairment of property and equipment	2		9


Changes in operating assets and liabilities, net of effect of businesses acquired and disposed:
Receivables	(1,914)		(1,755)
Other assets	(1,390)		(686)
Benefits payable	2,724		1,011
Other liabilities	452		193
Unearned revenues	(87)		5
Other, net	21		7
Net cash provided by operating activities	1,254		331
Cash flows from investing activities

Acquisitions, net of cash acquired	(911)		—




Purchases of property and equipment, net	(121)		(95)
Changes in securities lending collateral receivable	55		(175)
Purchases of investment securities	(2,894)		(827)
Proceeds from maturities of investment securities	923		889
Proceeds from sales of investment securities	395		522

Net cash (used in) provided by investing activities	(2,553)		314
Cash flows from financing activities
Receipts (payments) from contract deposits, net	673		(35)
Proceeds from issuance of notes, net	990		1,481
Repayments of notes	(10)		—
Proceeds (repayments) from issuance of commercial paper, net	693		(4)




Debt issue costs	—		(3)
Change in book overdraft	(9)		(33)
Common stock repurchases	(107)		(9)
Dividends paid	(107)		(108)
Change in securities lending payable	(55)		175
Change in rebate factor payable	—		(68)
Other	(18)		(12)
Net cash provided by financing activities	2,050		1,384
Increase in cash and cash equivalents	751		2,029
Cash and cash equivalents at beginning of period	4,200		2,221
Cash and cash equivalents at end of period	$	4,951	$	4,250

S-6

Humana Inc.

Consolidating Statements of Income—For the three months ended March 31, 2026 (Unaudited)

In millions


	Insurance			CenterWell			Eliminations/ Corporate		Consolidated
Revenues—external customers Premiums:
Individual Medicare Advantage	$	28,252		$	—		$	—	$	28,252
Group Medicare Advantage	2,911			—			—		2,911
Medicare stand-alone PDP	2,617			—			—		2,617
Total Medicare	33,780			—			—		33,780
State-based contracts and other	3,332			—			—		3,332

Specialty benefits	268			—			—		268
Medicare Supplement	329			—			—		329
Total premiums	37,709			—			—		37,709
Services revenue:
Home solutions	—			343			—		343
Primary care	—			788			—		788
Pharmacy solutions	—			297			—		297
Military services and other	247			—			2		249

Total services revenue	247			1,428			2		1,677
Total revenues—external customers	37,956			1,428			2		39,386



Intersegment revenues	1			4,672			(4,673)		—
Investment income	102			—			160		262
Total revenues	38,059			6,100			(4,511)		39,648
Operating expenses:
Benefits	33,698			—			9		33,707
Operating costs	2,784			5,762			(4,522)		4,024
Depreciation and amortization	142			49			(28)		163
Total operating expenses	36,624			5,811			(4,541)		37,894
Income from operations	$	1,435		$	289		$	30	$	1,754








Benefit ratio	89.4		%						89.4		%
Operating cost ratio	7.3		%	94.5		%			10.2		%

S-7

Humana Inc.

Consolidating Statements of Income—For the three months ended March 31, 2025 (Unaudited)

In millions


	Insurance			CenterWell			Eliminations/ Corporate		Consolidated
Revenues—external customers Premiums:
Individual Medicare Advantage	$	22,681		$	—		$	—	$	22,681
Group Medicare Advantage	2,322			—			—		2,322
Medicare stand-alone PDP	1,448			—			—		1,448
Total Medicare	26,451			—			—		26,451
State-based contracts and other	3,568			—			—		3,568

Specialty benefits	244			—			—		244
Medicare Supplement	251			—			—		251
Total premiums	30,514			—			—		30,514
Services revenue:
Home solutions	—			335			—		335
Primary care	—			469			—		469
Pharmacy solutions	—			278			—		278
Military services and other	252			—			—		252

Total services revenue	252			1,082			—		1,334
Total revenues—external customers	30,766			1,082			—		31,848



Intersegment revenues	1			4,013			(4,014)		—
Investment income	170			—			94		264
Total revenues	30,937			5,095			(3,920)		32,112
Operating expenses:
Benefits	26,675			—			(140)		26,535
Operating costs	2,534			4,644			(3,798)		3,380
Depreciation and amortization	154			59			(30)		183
Total operating expenses	29,363			4,703			(3,968)		30,098
Income from operations	$	1,574		$	392		$	48	$	2,014








Benefit ratio	87.4		%						87.0		%
Operating cost ratio	8.2		%	91.1		%			10.6		%

S-8

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.
	March 31, 2026	Average 1Q26		March 31, 2025	December 31, 2025
Medical Membership:
Individual Medicare Advantage*	6,393.3	6,347.4		5,215.8	5,249.3
Group Medicare Advantage (B)	729.2	729.8		572.6	568.4
Total Medicare Advantage	7,122.5	7,077.2		5,788.4	5,817.7
Medicare stand-alone PDP (B)	3,860.6	3,857.3		2,433.1	2,462.6
Total Medicare	10,983.1	10,934.5		8,221.5	8,280.3
Medicare Supplement	536.8	531.5		420.5	498.4
State-based contracts and other (C)	1,561.3	1,573.7		1,608.1	1,615.6

Military services	4,630.2	4,630.2		4,588.9	4,605.4




Total Medical Membership	17,711.4	17,669.9		14,839.0	14,999.7
Specialty Membership:
Dental—fully-insured (D)	2,206.5	2,207.4		2,095.9	2,107.6
Dental—ASO	317.7	319.3		312.8	307.5
Total Dental	2,524.2	2,526.7		2,408.7	2,415.1
Vision	1,971.6	1,977.1		1,906.0	1,926.2
Other supplemental benefits	416.5	415.3		373.7	401.3
Total Specialty Membership	4,912.3	4,919.1		4,688.4	4,742.6

	March 31, 2026	Member Mix March 31, 2026		March 31, 2025	Member Mix March 31, 2025
Individual Medicare Advantage Membership
HMO	3,172.1	50	%	2,658.4	51	%
PPO/PFFS	3,221.2	50	%	2,557.4	49	%
Total Individual Medicare Advantage	6,393.3	100	%	5,215.8	100	%
Individual Medicare Advantage Membership
Shared Risk (E)	2,115.5	33	%	1,930.6	37	%
Path to Risk (F)	1,973.3	31	%	1,571.1	30	%
Total Value-based	4,088.8	64	%	3,501.7	67	%
Other	2,304.5	36	%	1,714.1	33	%
Total Individual Medicare Advantage	6,393.3	100	%	5,215.8	100	%

*Individual Medicare Advantage membership includes 945,100 Dual Eligible Special Need Plan (D-SNP) members as of March 31, 2026, a net increase of 146,000, or 18 percent, from 799,100 as of March 31, 2025, and up 184,600, or 24 percent, from 760,500 as of December 31, 2025.

S-9

Humana Inc.

Premiums and Services Revenue Detail (Unaudited)

Dollars in millions, except per member per month; includes intersegment revenues


	For the three months ended March 31,				Per Member per Month (J) For the three months ended March 31,

	2026		2025			2026		2025

Insurance
Individual Medicare Advantage	$	28,252	$	22,681		$	1,484	$	1,446
Group Medicare Advantage	2,911		2,322			1,330		1,347
Medicare stand-alone PDP	2,617		1,448			226		200
State-based contracts and other (G)	3,332		3,568			697		709
Specialty benefits (H)	268		244			19		19
Medicare Supplement	329		251			206		202
Military and other (I)	248		253
Total	37,957		30,767


CenterWell
Pharmacy solutions	3,152		2,844
Primary care	1,922		1,419
Home solutions	1,026		832
Total	6,100		5,095

S-10

Humana Inc.

CenterWell Segment - Pharmacy & Home Solutions (Unaudited)

Pharmacy Solutions


	For the three months ended March 31, 2026		For the three months ended March 31, 2025		For the three months ended December 31, 2025

Generic Dispense Rate
Total Medicare	91.0	%	91.0	%	90.1	%

Mail-Order Penetration
Total Medicare	23.8	%	26.0	%	25.7	%

Home Solutions


	For the three months ended March 31, 2026	For the three months ended March 31, 2025	Year-over-Year Growth

Episodic Admissions (K)	85,650	82,146	4.3	%
Total Admissions - Same Store (L)	114,507	110,569	3.6	%

S-11

Humana Inc.

CenterWell Segment - Primary Care (M) (Unaudited)


	As of March 31, 2026 (1)			As of March 31, 2025			Year-over-Year Change
		Primary			Primary				Primary
	Center	Care	Patients	Center	Care	Patients	Center		Care		Patients
	Count	Providers	Served (N)	Count	Providers	Served (N)	Count		Providers		Served
De novo	146	465	130,500	136	345	92,000	7.4	%	34.8	%	41.8	%
Wholly-owned	252	1,037	366,300	193	759	254,200	30.6	%	36.6	%	44.1	%
Independent Physician Associations			104,800			71,600					46.4	%
Total	398	1,502	601,600	329	1,104	417,800	21.0	%	36.1	%	44.0	%


	As of December 31, 2025 (2)			Sequential Change
			Primary				Primary
		Center	Care	Patients	Center		Care		Patients
		Count	Providers	Served (N)	Count		Providers		Served
De novo		146	445	111,400	—	%	4.5	%	17.1	%
Wholly-owned		204	874	304,900	23.5	%	18.6	%	20.1	%
Independent Physician Associations				74,800					40.1	%
Total		350	1,319	491,100	13.7	%	13.9	%	22.5	%

(1) Includes 54 primary care centers and approximately 59,000 patients associated with the acquisition of MaxHealth, which closed in February 2026.

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

S-12

Humana Inc.

Footnotes to Statistical Schedules and Supplementary Information

1Q26 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 membership balances as of March 31, 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 period includes 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-13

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

Please view these remarks in conjunction with our 1Q 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, Chief Financial Officer, Celeste Mellet, President of Insurance, George Renaudin, and President of CenterWell, Dr. Sanjay Shetty, 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 1Q 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.

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

Key Messages

•Pleased with a solid start to 2026, reporting 1Q26 Adjusted Earnings Per Share (EPS) of $10.31, at the high end of our guidance range of 110% to 115% of expected full year (FY) 2026 Adjusted EPS

oDelivered strong 1Q26 Insurance segment results with membership and revenue, including member risk scores, tracking in line with expectations and our Insurance segment benefit ratio of 89.4%, slightly favorable to our guidance of ‘just under 90%’

While it remains early, available information to date suggests that medical and pharmacy cost trends are slightly better than our expectations, across both new and existing membership

o1Q26 CenterWell segment results reflect solid growth across each line of business driven by Humana membership growth and continued agnostic expansion

Results in the quarter include certain timing impacts, as well as the transaction and integration costs associated with the MaxHealth acquisition which were not previously included in guidance due to the timing of deal close

o1Q26 Adjusted consolidated operating cost ratio of 10.0% and Insurance Segment operating cost ratio of 7.3%, represent a 50 basis point (bps) and 90 bps reduction year over year, respectively

Reduction driven by operating leverage from membership and revenue growth, along with tactical cost cutting and transformation efforts, which remain on track

•Based on results to date, we affirmed our FY 2026 guidance, including:

oAdjusted EPS outlook of ‘at least $9.00’

oInsurance segment & CenterWell segment 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

•We continue to strategically expand our CenterWell and Medicaid platforms, including:

o1Q26 patient growth of approximately 110,500, or over 22%, in CenterWell Primary Care

oCenterWell Pharmacy and Cost Plus are partnering to develop new, end-to-end employer prescription solutions

o1Q26 Medicaid member growth of approximately 50,000, driven by the start of programs in Michigan, Illinois and South Carolina

•Efforts to strengthen our Stars program continue to progress as anticipated as we focus on achieving Top Quartile Stars results in Bonus Year (BY) 2028

•Looking ahead to 2027, the Final MA Rate Notice meaningfully improved over the preliminary rate notice, and we appreciate CMS for their engagement throughout the process

oHowever, we continue to see a persistent gap between the Final MA Rate Notice and medical cost trend, and will adjust benefits as necessary to ensure we remain on track to deliver a stable and compelling MA margin

•All in, we believe our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued pricing discipline position us well to deliver a stable and compelling MA margin and unlock the earnings potential of the business by 2028 as laid out at our 2025 Investor Day

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

Detailed Discussion:

Insurance

Delivered strong 1Q26 Insurance segment results with membership and revenue, including member risk scores, tracking in line with expectations and our Insurance segment benefit ratio of 89.4%, slightly favorable to our guidance of ‘just under 90%’. While it remains early, available information to date suggests that medical and pharmacy cost trends are slightly better than our expectations, across both new and existing membership.

Individual MA

•1Q26 year to date (YTD) membership increase of approximately 1,144,000, or 22%, is tracking in line with our FY 2026 expectation of approximately 25% membership growth

oMembership increases driven by new sales and improved retention from our customer-led benefit strategy and changes to our customer service approach

oYTD growth represents a higher than historical percentage of expected FY growth due to the previously discussed adjustments made to our post-Annual Election Period (AEP) and Open Enrollment Period (OEP) marketing and distribution strategies, which are driving the intended result

We will continue to manage our marketing and distribution strategies dynamically

oRemain confident we have the operational capacity to deliver an exceptional experience and high-quality care that improves member retention, inclusive of our new Stars onboarding initiatives

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

•1Q26 YTD membership growth of approximately 161,000 is in line with expectations; we continue to anticipate approximately 150,000 member growth for FY 2026

Individual Stand-Alone Part D (PDP)

•1Q26 YTD membership growth of approximately 1,053,000 is tracking in line with our FY 2026 expectation of approximately 1 million member growth

o2026 membership growth is largely concentrated in our Basic and Value PDP plans

Medicaid

•1Q26 YTD membership growth of approximately 50,000 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

oYTD member growth largely driven by the January 1st initial phase-in of the Michigan Highly Integrated Dual Eligible (HIDE) Special Need Plan (SNP), the statewide Illinois Fully Integrated Dual Eligible (FIDE) SNP program launch, as well as the carve in of dual eligibles into the South Carolina Medicaid program

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

•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

oCurrently anticipate a decision on our Illinois Temporary Assistance for Needy Families (TANF) Request for Proposal (RFP) submission in the second quarter of 2026

CenterWell

1Q26 CenterWell results reflect solid growth across each line of business driven by Humana membership growth and continued agnostic expansion. Results in the quarter reflect certain timing impacts, as well as the transaction and integration costs associated with the MaxHealth acquisition which were not previously included in guidance due to the timing of deal close.

Primary Care

•Serving approximately 601,600 patients as of March 31, 2026, an increase of 110,500 patients, or over 22%, from December 31, 2025. Patient growth for the first quarter includes:

o19,100 patients, or 17% growth, in our de novo centers

o61,400 patients, or 20% growth, in our more mature wholly-owned centers; and

o30,000 patients, or 40%, growth in our Independent Physician Associations (IPA) business

•Aiding this patient growth is improved patient satisfaction, which increased Net Promoter Score (NPS) 200 basis points year over year

oImprovement supported by national, market and clinic level activities to enhance the new patient onboarding journey and drive increased patient utilization of the Electronic Medical Record (EMR) portal

•Operating 398 centers as of March 31, 2026, representing growth of 69 centers, or 21%, 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

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

Home

•Within our CenterWell Home Health fee-for-service business, 1Q26 same store admissions grew approximately 4% year over year; consistent with our expectation of a mid-single digit increase in home health admissions for FY 2026

•OneHome successfully launched the next phase of its Skilled Nursing Facility (SNF) value-based care model, increasing total coverage by approximately 2 million lives across 15 states during 1Q26

•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 drove strong results in 1Q26 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

•Finally, we are pleased that Cost Plus has recently selected CenterWell Pharmacy as a pharmacy partner and Cost Plus Drugs’ digital pharmacy SaaS solution, SwiftyRx, will be used by CenterWell pharmacy creating an end to end solution to simplify medication access and lower patient cost

Earnings Seasonality

•We expect second quarter earnings to be approximately 80% to 85% of expected FY 2026 Adjusted earnings

•Second quarter Insurance segment benefit ratio expected to be slightly above 91% and we expect the consolidated benefit ratio will be generally in line with the Insurance segment benefit ratio

Capital Deployment & Balance Sheet

•We have made significant progress on our efforts to increase the efficiency of our balance sheet and fortify our foundation, including:

oBolstering liquidity and addressing future funding needs with ratings agency friendly instruments

Upsizing to a 5-Year, $5 billion Revolving Credit Facility during 2025

$1 billion Junior Subordinated Notes offering completed in March 2026 which is expected to fund 2027 maturities and attracts equity and capital credit at rating agencies

Exhibit 99.3

Humana Inc. First Quarter 2026 Prepared Management Remarks 4/29/2026

oExecuting several initiatives to drive balance sheet efficiency, including subsidiary reinsurance and optimizing legal entity structures, successfully mitigating approximately $3.2 billion in capital contribution requirements for 2026

•We have also maintained a prudent capital deployment approach, including:

oPursuing non-core asset divestitures to help fund strategic acquisitions

oMaintaining our dividend flat year over year on a per share basis throughout 2026

oLimiting share repurchases to the amount necessary to offset dilution related to the issuance of employee stock compensation

oMaintaining our debt to capitalization ratio near our long-term target of approximately 40%

As of March 31, 2026, our debt to capitalization ratio is 43%, up 190 bps from 41.1% at December 31, 2025 reflective of the company's $1.0 billion public offering announced in March 2026, partially offset by the impact of the 1Q26 net earnings

•All in, our capital efficiency efforts are delivering results, and are 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 had a solid start to 2026 and remain confident in our FY 2026 guidance

•We remain focused on levers within our control, driving clinical excellence and improved operating efficiency, which we expect to drive better health outcomes and experiences for our members, patients, provider partners and associates, while delivering compelling long-term value for our shareholders

•Finally, we believe our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued pricing discipline position us well to deliver a stable and compelling MA margin and unlock the earnings potential of the business by 2028 as laid out at our 2025 Investor Day

Source: View Original Filing on SEC EDGAR

FAQ

How did Humana (HUM) perform financially in the first quarter of 2026?

Humana reported strong revenue growth to $39.6 billion in 1Q26 from $32.1 billion a year earlier. GAAP EPS was $9.83 and Adjusted EPS was $10.31, both below 1Q25, reflecting margin pressure despite higher membership and premiums.

What earnings guidance did Humana (HUM) provide for full-year 2026?

Humana now expects 2026 GAAP EPS of at least $8.36, reduced from at least $8.89, and reaffirmed Adjusted EPS guidance of at least $9.00. Management also targets an Insurance segment benefit ratio of 92.75% plus or minus 25 basis points for the year.

What were key margin metrics such as benefit ratio and operating cost ratio for Humana?

In 1Q26, Humana’s consolidated benefit ratio was 89.4%, up from 87.0%, and the Insurance segment benefit ratio also stood at 89.4%. The consolidated operating cost ratio improved to 10.2%, or 10.0% on an Adjusted basis, down from 10.6% and 10.5% respectively.

How did Humana’s CenterWell segment perform in the first quarter of 2026?

CenterWell revenue increased to $6.1 billion from $5.1 billion, with growth across pharmacy, primary care, and home solutions. However, its operating cost ratio rose to 94.5% from 91.1%, pressured by risk-model changes, mix shift to specialty pharmacy, and recent acquisitions like MaxHealth.

What does Humana say about cash flow and balance sheet strength in 1Q26?

Humana generated $1.25 billion in operating cash flow in 1Q26, up from $331 million in 1Q25, supported by higher incurred-but-not-reported claims reserves. Debt-to-total capitalization was 43.0%, reflecting a $1.0 billion public debt offering partly offset by quarterly net earnings.

What insurance leadership changes has Humana announced for 2026?

Humana confirmed that Insurance Segment President George Renaudin will retire effective June 29, 2026. Aaron Martin, currently President of Medicare Advantage, will assume Insurance Segment leadership, while John Barger will lead Medicare Advantage operations and later become President of Medicare Advantage.

Filing Exhibits & Attachments

7 documents

Humana (NYSE: HUM) grows Q1 2026 revenue, cuts GAAP EPS outlook but keeps adjusted target

Rhea-AI Filing Summary

Positive

Negative

Insights

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Humana (HUM) perform financially in the first quarter of 2026?

What earnings guidance did Humana (HUM) provide for full-year 2026?

What were key margin metrics such as benefit ratio and operating cost ratio for Humana?

How did Humana’s CenterWell segment perform in the first quarter of 2026?

What does Humana say about cash flow and balance sheet strength in 1Q26?

What insurance leadership changes has Humana announced for 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Humana (NYSE: HUM) grows Q1 2026 revenue, cuts GAAP EPS outlook but keeps adjusted target

Rhea-AI Filing Summary

Positive

Negative

Insights

Sell-side healthcare analyst neutral

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

How did Humana (HUM) perform financially in the first quarter of 2026?

What earnings guidance did Humana (HUM) provide for full-year 2026?

How are Humana’s Medicare Advantage and other memberships trending in 2026?

What were key margin metrics such as benefit ratio and operating cost ratio for Humana?

How did Humana’s CenterWell segment perform in the first quarter of 2026?

What does Humana say about cash flow and balance sheet strength in 1Q26?

What insurance leadership changes has Humana announced for 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents