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Humana
Humana (HUM) investor relations material
Humana Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Delivered strong 2025 performance with robust membership growth, improved retention, and a consumer-centric strategy focused on sustainable margins.
Achieved approximately 1 million new members (20% growth) in AEP, with over 70% of new sales from competitor plan switches and a 500 basis point improvement in retention year-over-year.
FY 2025 revenues grew to $129.7B, up from $117.8B in FY 2024, driven by higher Medicare and state-based contract premiums and membership growth.
CenterWell segment saw over 25% patient growth in Senior Primary Care, including 32,000 from The Villages Health acquisition.
Ongoing transformation and efficiency initiatives are progressing, with significant cost savings and operating leverage expected through 2028.
Financial highlights
Reported adjusted EPS of $17.14 for 2025, exceeding initial guidance of $16.25.
FY 2025 GAAP EPS was $9.84; 4Q25 GAAP net loss per share was $6.61, adjusted net loss per share was $3.96.
FY 2025 operating cash flows were $921M, down from $2.97B in FY 2024, mainly due to timing impacts and working capital changes.
Full-year insurance segment benefit ratio was 90.4%, slightly better than guidance.
Investments made in network management and technology to support future growth.
Outlook and guidance
FY 2026 adjusted EPS expected to be at least $9.00, with a year-over-year decline due to a $3.5 billion Stars headwind.
FY 2026 consolidated revenues projected at least $160B; Insurance segment at least $155B; CenterWell at least $25B.
Anticipates FY 2026 individual Medicare Advantage membership growth of ~25% over 2025, with group Medicare Advantage up 150,000 and stand-alone PDP up 1,000,000.
Insurance segment benefit ratio for FY 2026 guided to 92.75% +/- 25 bps; consolidated operating cost ratio guided to 10.0% +/- 25 bps.
Guidance for 2026 is more conservative than usual, reflecting dynamic environment and embedded cost trend assumptions.
What is the 2026 Star Ratings headwind mitigation?
What drives the 2026 MA membership rebound?
Why is Insurance segment income near breakeven?
Stars: What's the path to Top Quartile by 2028?
New MA member margin progression: Year 1 to 2?
Capital efficiency: Detail >$3B offset initiatives.
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Next Humana earnings date
Q1 202629 Apr, 2026
Humana
Next Humana earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Humana Inc. is a health and well-being company that operates through three segments: health care services; one of the nation's largest providers of Medicare Advantage benefits; and specialty services, which offers integrated care management, network-based specialist services, and clinical programs. The Retail segment provides health insurance coverage in the individual market. It also facilitates an appeal-free medical cost containment process for individuals, small groups, and large employers' group health plans nationwide; administers health benefit plans through its Access business and supplies pharmacies with a comprehensive range of pharmaceuticals.
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