Q1 25 EPS
$11.58
BEAT +14.97%
Est. $10.07
Q1 25 Revenue
$32.11B
MISS 0.34%
Est. $32.22B
vs S&P Since Q1 25
-39.4%
TRAILING MARKET
HUM -9.4% vs S&P +30.0%
Market Reaction
Did HUM Beat Earnings? Q1 2025 Results
Humana posted a stronger-than-expected first quarter in 2025, with adjusted EPS of $11.58 clearing the $10.07 consensus estimate by 14.97%, even as revenue of $32.11 billion came in just 0.34% below expectations despite growing 8.4% year over year fr… Read more Humana posted a stronger-than-expected first quarter in 2025, with adjusted EPS of $11.58 clearing the $10.07 consensus estimate by 14.97%, even as revenue of $32.11 billion came in just 0.34% below expectations despite growing 8.4% year over year from $29.61 billion. The headline earnings beat was driven primarily by favorable Insurance segment performance, where a benefit ratio of 87.4% reflected the payoff from deliberate pricing actions, plan exits, and benefit redesign efforts, along with outperformance at the CenterWell health services segment and timing shifts in administrative expenses. Membership headwinds from the company's planned exit of roughly 560,000 individual Medicare Advantage members were partly cushioned by premium increases tied to IRA direct subsidies and growth in stand-alone PDP and state-based contracts. The results arrive as sector-wide anxiety around Medicare Advantage medical cost trends has intensified following a dramatic earnings collapse at a major industry peer. Humana affirmed full-year 2025 adjusted EPS guidance of approximately $16.25 and consolidated revenue guidance of $126 billion to $128 billion, signaling confidence despite an ongoing MA membership repositioning.
Key Takeaways
- • Higher per-member Medicare and state-based contract premiums driven by increased direct subsidy from the Inflation Reduction Act
- • Membership growth in stand-alone PDP and state-based contracts businesses
- • Individual Medicare Advantage pricing inclusive of plan exits, benefit design changes, and favorable workday impacts improving benefit ratio
- • CenterWell outperformance driven by primary care growth and stabilizing medical cost trends
- • Administrative cost efficiencies from value creation initiatives
- • Favorable prior period medical claims reserve development of $477 million (160 bps benefit ratio improvement)
- • CenterWell Primary Care patient growth of 27,300 (7% sequential) including 16% growth in de novo centers
HUM YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
HUM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our team has done a great job launching us on a strong start to the year. Medicare Advantage is performing as expected and we are excited about our progress in expanding CenterWell and Medicaid.”
— Jim Rechtin, Q1 2025 Earnings Press Release
HUM Earnings Trends
HUM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HUM EPS Trend
Earnings per share: estimate vs actual
HUM Revenue Trend
Quarterly revenue: estimate vs actual
HUM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $10.31 | — | $39.65B | +0.67% |
| Q4 25 BEAT FY | $-3.99 | $-3.96 | +0.75% | $32.52B | +1.37% |
| FY Full Year | $17.09 | $17.14 | +0.27% | $129.66B | +0.34% |
| Q3 25 BEAT | $2.83 | $3.24 | +14.64% | $32.65B | +1.99% |
| Q2 25 BEAT | $5.87 | $6.27 | +6.87% | $32.39B | +1.69% |
| Q1 25 BEAT | $10.07 | $11.58 | +14.97% | $32.11B | -0.34% |