Q3 25 EPS
$3.24
BEAT +14.64%
Est. $2.83
Q3 25 Revenue
$32.65B
BEAT +1.99%
Est. $32.01B
vs S&P Since Q3 25
-16.0%
TRAILING MARKET
HUM -9.7% vs S&P +6.4%
Market Reaction
Did HUM Beat Earnings? Q3 2025 Results
Humana posted a stronger-than-expected third quarter, with adjusted earnings per share of $3.24 beating the $2.83 consensus estimate by 14.64% and revenue of $32.65 billion topping expectations by 1.99% on 11.1% year-over-year growth from $29.40 bill… Read more Humana posted a stronger-than-expected third quarter, with adjusted earnings per share of $3.24 beating the $2.83 consensus estimate by 14.64% and revenue of $32.65 billion topping expectations by 1.99% on 11.1% year-over-year growth from $29.40 billion, offering some reassurance to investors who have watched the stock trade well below its 52-week high. The headline beat was supported by a sharp swing in favorable prior-period medical claims reserve development, which reached $275.00 million in Q3 2025 compared to just $24.00 million a year earlier, helping cushion a benefit ratio of 91.1% and the pressure from ongoing Medicare Advantage membership declines. On a GAAP basis, earnings came in at $1.62 per share, weighed down by $267.00 million in value creation initiative charges and a $63.00 million loss tied to the sale of Enclara Pharmacia. Looking ahead, Humana affirmed its full-year adjusted EPS guidance of approximately $17.00 and improved its individual MA membership decline forecast to roughly 425,000, citing stronger retention and better-than-expected sales recapture.
Key Takeaways
- • Higher per-member Medicare premiums driven by increased direct subsidy from the Inflation Reduction Act (IRA)
- • Membership growth in state-based contracts and stand-alone PDP businesses
- • Stronger individual MA retention and better-than-expected sales, improving membership decline to approximately 425,000 from up to 500,000
- • CenterWell Primary Care patient growth of nearly 15% YTD to 447,100 patients
- • CenterWell Pharmacy strong specialty volumes and direct-to-consumer growth exceeding expectations
- • Favorable prior period medical claims reserve development of $275 million in Q3 2025
- • Administrative cost efficiencies from value creation initiatives
HUM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
HUM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strategy of putting the consumer at the heart of everything we do is working, with solid year to date performance and strong momentum heading into the Annual Election Period.”
— Jim Rechtin, Q3 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% |