Humana

Humana Inc. (Humana) is a health insurance and health care company. Most of its revenue comes from Medicare Advantage plans, which the U.S. government pays Humana to run for people aged 65 and older and for some people with disabilities. At September 30, 2026, it had 6,456,900 individual Medicare Advantage members, 728,300 group Medicare Advantage members, 4,027,500 members in stand-alone prescription drug plans (PDP) and 1,614,100 members in state-based contracts such as Medicaid.

The Insurance segment holds these plans. The CenterWell segment runs senior primary care centers with about 638,000 patients, a pharmacy business and home health services. Revenue was $41,155 million in Q3 2026, and Humana expects at least $160 billion for 2026.

The shares trade on the New York Stock Exchange. The head office is in Louisville, Kentucky. Jim Rechtin is President and Chief Executive Officer.

Humana's earnings fell because its Medicare Advantage plans got lower Star Ratings for the 2026 bonus year, which cut its quality bonus payments. Adjusted EPS was $17.14 in 2025, and Humana expects at least $9.50 in 2026. The share price rose strongly in 2026, so the market already expects a large recovery.

Humana plans to return individual Medicare Advantage to a pre-tax margin of at least 3% in 2028, and its Star Ratings for the 2028 bonus year are above its Top Quartile goal. For the shares to earn more, three things must be true. The 2027 plan bids must raise margins while the members that joined in 2026 stay.

Medical cost trends must stay in line with the plan of a high single-digit increase. And government payment rates, Star Ratings rules and risk adjustment audits must not take back the gains. The investor update on December 10, 2026 and the 2027 guidance, expected in February 2027, are the next tests.

1. Nov 6, 2026Passed

   Q3 2026 results: benefit ratioAn Insurance segment benefit ratio near 94% or lower and no cut to the 2026 guidance pass; a higher ratio fails.Outcome: The Insurance segment benefit ratio was 93.7%, and Humana raised its 2026 adjusted EPS guidance to at least $9.50.
2. Dec 10, 2026Pending

   Investor update: the path to 2028A clear plan for a pre-tax margin of at least 3% in individual Medicare Advantage in 2028 passes; a later target fails.
3. Feb 2027 · est.Pending

   Q4 2026 results and the 2027 guidance2026 adjusted EPS of at least $9.50 and 2027 guidance for higher EPS pass; 2027 guidance below 2026 fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Humana started cash tender offers to buy back up to $1.5 billion of eight series of its senior notes, which mature from 2027 to 2032.
• November 6, 2026Humana reported Q3 2026 results. Revenue rose 26% to $41,155 million, and the Insurance segment benefit ratio was 93.7%. GAAP EPS was $1.33, and the adjusted loss was $0.70 per share, better than the company's plan of a loss of about $1.00. Humana raised its 2026 adjusted EPS guidance to at least $9.50, from at least $9.00.
• October 13, 2026Humana agreed a new joint venture with HPS Investment Partners, a part of BlackRock, for nearly 150 CenterWell Senior Primary Care clinics. It replaces the joint ventures with Welsh, Carson, Anderson & Stowe and has no put option for the partner. The transaction closed in October 2026.

Last earnings

November 6, 2026 (8-K on sec.gov)

Next earnings

Expected about February 6, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 9, 2026 · hum-20261109
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · hum-20260930
• 8-KEarnings release and Investor disclosureFiled November 6, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled October 13, 2026 · hum-20261013
• 8-KInvestor disclosureFiled October 9, 2026 · hum-20261009
• 8-KInvestor disclosureFiled September 1, 2026 · hum-20260901
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · hum-20260630
• 8-KChange of directors or officersFiled July 29, 2026 · hum-20260728
• 8-KEarnings release and Investor disclosureFiled July 29, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 1, 2026 · hum-20260601

Every filing on SEC EDGAR (CIK 49071)

• The government sets Medicare Advantage payment rates and rules each year, and most of Humana's revenue comes from Medicare. Lower rates or changes to the risk model can reduce margins.
• Star Ratings change each year. Lower Star Ratings for the 2026 bonus year cut 2026 earnings, and Humana expects part of the gain in the 2028 bonus year to be one-time.
• The government plans to use risk adjustment data validation (RADV) audits with extrapolation from payment year 2018, without a fee-for-service adjuster. Humana disputes the rule and says that it can have a material adverse effect.
• Medical and drug costs can rise faster than Humana planned. The Insurance segment benefit ratio was 93.7% in Q3 2026, and Humana expects just above 95.5% in Q4 2026.
• Humana added about 1.2 million individual Medicare Advantage members in 2026. New members can cost more than expected, and members can leave when Humana changes prices or benefits.
• In the new CenterWell joint venture, CenterWell agreed to minimum return protections for BlackRock. If CenterWell does not buy all clinics by the end of 2033, BlackRock can start a sale of the remaining clinics.

Humana funds itself with senior notes, junior subordinated notes, commercial paper and a credit facility. Its insurance companies must hold capital under state rules, which limits the cash that they can pay to the parent company. Read more

Dividend yield

0.8% (last 12 months, at today’s price of $438.06)

Paid per share

$3.54 in the last 12 months (4 payments)

Current annual rate

$3.54 ($0.885 × 4 a year)

Payout ratio

36% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 30, 2026, $0.885 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.2% a year. From 2015 to 2025, the dividend grew by about 11.9% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.