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Humana Inc. (NYSE: HUM) filed its Q2-25 Form 10-Q. Premium and service revenues rose 10% YoY to $32.4 bn for the quarter and 9% YoY to $64.5 bn for the first half. Growth was driven by Medicare Advantage membership and higher services revenue.
Quarterly results weakened: operating income fell 4% to $1.1 bn, while net income dropped 20% to $545 m ($4.51 diluted EPS vs. $5.62). Benefit expense grew 10% and other expense jumped to $200 m, reflecting value-creation and impairment charges. The medical benefit ratio ticked up 90 bp to 89.8%.
Year-to-date performance stronger: YTD net income climbed 26% to $1.79 bn with diluted EPS of $14.81 (+26%), aided by lower benefit ratio (88.4%) and higher operating margins.
Balance sheet: cash & equivalents doubled to $4.0 bn; total assets $50.4 bn. Long-term debt rose to $12.6 bn after issuing $1.5 bn of new senior notes (5.55% 2035; 6.00% 2055) and retiring $600 m notes due 2025. A new $5 bn 5-year revolving credit facility replaced prior lines; no outstanding borrowings.
Capital return: $100 m share buybacks (0.4 m shares at $234 avg) and $0.885 quarterly dividend ($321 m YTD). Remaining authorization: $2.8 bn.
Key risks & items: Medicare Part D redesign effective 2025, ongoing cost-saving initiatives (additional charges expected), $32 m intangible impairment, and put/call obligations on WCAS clinic JV valued at $1.25 bn. Effective tax rate 24.6%. Shares outstanding 120.3 m.