Q4 25 EPS
$-3.96
BEAT +0.75%
Est. $-3.99
Q4 25 Revenue
$32.52B
BEAT +1.37%
Est. $32.08B
vs S&P Since Q4 25
+27.1%
BEATING MARKET
HUM +31.3% vs S&P +4.1%
Full Year 2025 Results
FY 25 EPS
$17.14
BEAT +0.27%
Est. $17.09
FY 25 Revenue
$129.66B
BEAT +0.34%
Est. $129.23B
Market Reaction
Did HUM Beat Earnings? Q4 2025 Results
Humana delivered a narrow beat in a bruising fourth quarter, posting an adjusted loss of $3.96 per share against a consensus estimate of $3.99, while revenue of $32.52 billion topped expectations of $32.08 billion and grew 11.3% year over year. The m… Read more Humana delivered a narrow beat in a bruising fourth quarter, posting an adjusted loss of $3.96 per share against a consensus estimate of $3.99, while revenue of $32.52 billion topped expectations of $32.08 billion and grew 11.3% year over year. The modest outperformance offered little shelter from the underlying pressures driving the loss, chiefly an Insurance segment benefit ratio of 93.1% that reflected unfavorable mix shifts toward higher-cost state-based contracts and stand-alone PDP products, compounded by non-cash impairment charges of $221.00 million and value creation initiative charges of $129.00 million. Looking ahead, the company's 2026 outlook carries significant weight, with adjusted EPS guided to at least $9.00, a steep step down from full-year 2025's $17.14, as Star Ratings headwinds weigh on Medicare Advantage bonus payments; notably, the stock has been trading near its 52-week low as investors assess the depth of that earnings reset. Consolidated revenues are expected to reach at least $160.00 billion, supported by anticipated individual Medicare Advantage membership growth of approximately 25%.
Key Takeaways
- • Higher per member Medicare and state-based contract premiums driven by increased direct subsidy from the Inflation Reduction Act
- • Membership growth in state-based contracts and stand-alone PDP businesses
- • Individual Medicare Advantage pricing inclusive of plan exits and benefit design changes offset claims trend
- • Higher favorable prior period medical claims reserve development of $1,029 million in FY 2025 vs $701 million in FY 2024
- • Administrative cost efficiencies from value creation initiatives
- • CenterWell Senior Primary Care patient growth of over 25% including The Villages Health acquisition
HUM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
HUM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We were pleased with our solid financial performance and operational progress in 2025. We continue to feel good about our consumer-focused strategy and our individual Medicare Advantage membership growth in 2026, which will allow us to build for the future with even better outcomes and experiences.”
— Jim Rechtin, Q4 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% |