Humana (NYSE: HUM) reiterates FY 2025 GAAP EPS $12.26 and adjusted EPS $17.00

Rhea-AI Filing Summary

Humana Inc. is reaffirming its full-year 2025 profit outlook as senior management meets with investors and analysts in December 2025. The company continues to project approximately $12.26 in GAAP diluted earnings per share (EPS) and approximately $17.00 in adjusted (non-GAAP) EPS for FY 2025, consistent with guidance issued on November 5, 2025.

The adjusted EPS figure reflects several items added to or subtracted from GAAP EPS, including amortization of identifiable intangibles, put/call valuation adjustments related to minority interest investments, value creation initiatives, the exit of the employer group commercial products business, litigation settlements, loss on sale of a business, impairment charges, and a cumulative net tax impact. Management states that adjusted EPS helps them analyze core operating performance over time and use it for planning and incentive compensation, while emphasizing it should be considered alongside GAAP EPS.

Insights

Equity Analyst – Managed Care

Humana keeps FY 2025 profit guidance intact, emphasizing adjusted EPS metrics.

Humana reaffirms FY 2025 guidance of approximately $12.26 in GAAP diluted EPS and approximately $17.00 in adjusted EPS as management engages with investors between December 1, 2025 and December 31, 2025. This indicates no change from the guidance referenced in the company’s earlier November 5, 2025 communication.

The reconciliation table shows how the company moves from GAAP EPS to adjusted EPS by reflecting amortization of identifiable intangibles, put/call valuation adjustments on minority interests, value creation initiatives, impacts from exiting the employer group commercial products business, litigation settlements, a loss on sale of a business, impairment charges, and a cumulative net tax impact. Management highlights adjusted EPS as a tool for assessing core operations and determining incentive compensation, while also noting that it is a non-GAAP measure and should be viewed in addition to GAAP EPS.

The company states that FY 2025 GAAP and adjusted EPS guidance exclude future value changes in certain items that have not yet been recognized or cannot be reasonably estimated. It also notes that it does not expect changes to FY 2025 adjusted EPS guidance but does expect potential changes to FY 2025 GAAP EPS guidance due to ongoing value creation and other strategic initiatives.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 1, 2025 (December 1, 2025)

Humana Inc.

(Exact name of registrant as specified in its charter)

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

500 West Main Street, Louisville, Kentucky 40202

(Address of principal executive offices, including zip code)

(502) 580-1000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

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

Emerging growth company  ☐

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

Item 7.01. Regulation FD Disclosure.

Members of Humana Inc.’s (the “Company”) senior management team are scheduled to meet with investors and analysts at various meetings between December 1, 2025 and December 31, 2025. During these meetings, the Company intends to reaffirm its guidance of approximately $12.26 in diluted earnings per common share (“EPS”) or approximately $17.00 in adjusted earnings per common share (“Adjusted EPS”), in each case for the year ending December 31, 2025 (“FY 2025”). This guidance is consistent with the guidance issued in the Company’s press release dated November 5, 2025.

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

Diluted earnings per common share			FY 2025 Guidance
GAAP			approximately  $12.26
Amortization of identifiable intangibles			0.42
Put/call valuation adjustments associated with the Company's non-consolidating minority interest investments (a)			3.81
Value creation initiatives (a)			2.65
Impact of exit of employer group commercial products business (a)			(0.52)
Settlement of certain litigation expenses (a)			0.13
Loss on sale of business (a)			0.52
Impairment charges (a)			0.27
Cumulative net tax impact			(2.54)
Adjusted (non-GAAP) – FY 2025 projected (a)			approximately $17.00

(a) FY 2025 GAAP EPS guidance and FY 2025 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized or cannot be reasonably estimated at this time. The Company does not expect changes to its FY 2025 Adjusted (non-GAAP) EPS guidance. The Company does expect potential changes to its FY 2025 GAAP EPS guidance due to its ongoing value creation and other strategic initiatives.

Cautionary Statement

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

SIGNATURES

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

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

Dated: December 1, 2025

FAQ

What EPS guidance did Humana (HUM) reaffirm for FY 2025?

Humana reaffirmed FY 2025 guidance for GAAP diluted EPS of approximately $12.26 and adjusted (non-GAAP) EPS of approximately $17.00 for the year ending December 31, 2025.

How does Humana reconcile GAAP EPS to adjusted EPS for FY 2025?

The reconciliation starts with GAAP EPS of approximately $12.26 and includes adjustments for amortization of identifiable intangibles, put/call valuation adjustments on minority interest investments, value creation initiatives, the exit of the employer group commercial products business, litigation settlements, loss on sale of a business, impairment charges, and a cumulative net tax impact, resulting in adjusted EPS of approximately $17.00.

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

Humana’s management believes adjusted EPS, when presented with GAAP EPS, provides a more comprehensive perspective on the company’s core operating performance over time. They use it as a consistent indicator of business operations, for planning and decision-making, and in determining incentive compensation.

Will Humana’s FY 2025 adjusted EPS guidance change?

Humana states that it does not expect changes to its FY 2025 adjusted (non-GAAP) EPS guidance, although GAAP EPS guidance may change due to ongoing value creation and other strategic initiatives.

What items are excluded from Humana’s FY 2025 GAAP and adjusted EPS guidance?

The company explains that FY 2025 GAAP EPS guidance and FY 2025 adjusted EPS guidance both exclude the impact of future value changes in certain items that have not yet been recognized or cannot be reasonably estimated at this time.

What is the time frame for Humana’s investor and analyst meetings related to this guidance?

Members of Humana’s senior management team are scheduled to meet with investors and analysts at various meetings between December 1, 2025 and December 31, 2025, during which they intend to reaffirm the FY 2025 EPS guidance.