Q1 26 EPS
$10.31
Q1 26 Revenue
$39.65B
BEAT +0.67%
Est. $39.39B
vs S&P Since Q1 26
+0.2%
BEATING MARKET
HUM +1.5% vs S&P +1.3%
Market Reaction
Did HUM Beat Earnings? Q1 2026 Results
Humana posted a clean beat to open 2026, with first-quarter adjusted EPS of $10.31 edging past the $10.20 consensus estimate by 1.05%, extending the managed-care giant's streak of beating EPS expectations to four consecutive quarters. Revenue climbed… Read more Humana posted a clean beat to open 2026, with first-quarter adjusted EPS of $10.31 edging past the $10.20 consensus estimate by 1.05%, extending the managed-care giant's streak of beating EPS expectations to four consecutive quarters. Revenue climbed 23.5% year over year to $39.65 billion, ahead of the $39.39 billion consensus by 0.67%, as a surge in Medicare Advantage enrollment, with individual MA membership up roughly 22% year-to-date, combined with higher per-member premiums from increased CMS benchmark funding to drive the topline expansion. The Insurance segment benefit ratio of 89.4% came in slightly favorable to management's guidance, with early cost trend data running a touch better than expected across both new and existing membership. Looking ahead, Humana affirmed its full-year 2026 adjusted EPS target of at least $9.00 and consolidated revenue guidance of at least $160.00 billion, while trimming its GAAP EPS outlook to at least $8.36 from $8.89, reflecting charges tied to value creation initiatives.
Key Takeaways
- • Individual MA membership growth of approximately 1,144,000 (22%) year-to-date driven by new sales and improved retention
- • Higher per-member MA and stand-alone PDP premiums from increased CMS benchmark funding and IRA Part D direct subsidy
- • Insurance segment benefit ratio of 89.4% slightly favorable to 'just under 90%' guidance
- • Adjusted consolidated operating cost ratio improved 50 bps YoY to 10.0% from operating leverage and cost-cutting initiatives
- • Insurance segment operating cost ratio improved 90 bps YoY to 7.3%
- • Medical and pharmacy cost trends slightly better than expectations across new and existing membership
- • CenterWell primary care patient growth of 110,500 sequentially (over 22%)
- • Prior period favorable medical claims reserve development of $389 million in Q1 2026 vs. $477 million in Q1 2025
HUM Forward Guidance & Outlook
Humana affirmed its FY 2026 Adjusted EPS guidance of 'at least $9.00' while revising GAAP EPS guidance to 'at least $8.36' from 'at least $8.89'. The company affirmed consolidated revenue guidance of 'at least $160 billion', Insurance segment revenue of 'at least $155 billion', and CenterWell segment revenue of 'at least $25 billion'. FY 2026 Insurance segment benefit ratio is guided at 92.75% +/- 25 bps, and consolidated operating cost ratio at 10.0% +/- 25 bps. Individual MA membership growth is expected at approximately 25%, group MA growth of approximately 150,000, stand-alone PDP growth of approximately 1 million, and state-based contracts growth of 25,000 to 100,000. Insurance segment income from operations is guided to approximately breakeven on a GAAP basis, while CenterWell segment income from operations is guided at $1.3B to $1.8B GAAP and $1.5B to $2.0B non-GAAP. Q2 2026 earnings are expected to be approximately 80% to 85% of full-year Adjusted earnings, with Q2 Insurance segment benefit ratio expected slightly above 91%. Cash flows from operations are guided at $2.5 billion to $2.9 billion and capital expenditures at approximately $650 million. The company continues to target delivering a stable and compelling MA margin and unlocking earnings potential by 2028 as outlined at the 2025 Investor Day.
HUM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
HUM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We've had a solid start to the year and feel good about how our operating execution and transformation initiatives are setting us up for the future.”
— Jim Rechtin, Q1 2026 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% |