Humana Inc

Latest Results (07.09.2025):

Humana Inc. reported its second quarter of 2025 financial results, demonstrating strong performance with an adjusted earnings per share (EPS) of $6.27 and consolidated revenues of $32.388 billion. The company also raised its full-year 2025 adjusted EPS and revenue guidance, reflecting confidence in its strategic initiatives and market positioning.

Earnings Performance

In Q2 2025, Humana Inc. reported a GAAP EPS of $4.51 and an adjusted EPS of $6.27, up from a GAAP EPS of $5.62 and adjusted EPS of $6.96 in the same quarter last year. Year-to-date GAAP EPS reached $14.81, while adjusted EPS stood at $17.85.

Revenue Growth

Consolidated revenues for Q2 2025 were $32.388 billion, showing an increase from $29.540 billion in Q2 2024. For the full year 2025, Humana raised its revenue guidance to at least $128 billion, up from the previous range of $126 billion to $128 billion.

Adjusted EPS and Guidance

Humana revised its full-year 2025 GAAP EPS guidance to approximately $13.77, slightly below the previous estimate of $14.68. However, the adjusted EPS guidance was increased to approximately $17.00, up from the earlier projection of $16.25.

Insurance Segment Performance

The Insurance segment maintained a benefit ratio of 89.9% in Q2 2025, aligning with the company's expectation of approximately 90%. This stability reflects effective management of claims and operational efficiencies within the segment.

Membership Guidance

For individual Medicare Advantage, Humana anticipates a decline of up to 500,000 members in 2025, a slight improvement from the previous guidance of approximately 550,000. This decline accounts for exiting certain unprofitable plans and counties while maintaining confidence in the company's pricing strategy.

Strategic Expansions

Humana continues to expand its footprint in CenterWell and Medicaid. CenterWell Pharmacy secured access to 17 new limited distribution drugs and won the MMIT Patient Choice award for the seventh time in eight years. Additionally, CenterWell Primary Care projects net patient growth of 50,000 to 70,000 for FY 2025, exceeding previous estimates. The company also launched a new Medicaid contract in Virginia, opening opportunities in the dual special needs plan (D-SNP) market.