Humana reported solid financial performance and operational progress in 2025, driven by a consumer-focused strategy and anticipated strong growth in individual Medicare Advantage membership for 2026. However, the company faces headwinds from Star Ratings impacting bonus payments, leading to a projected year-over-year decline in adjusted EPS guidance for 2026.
Full year 2025 adjusted EPS of $17.14, in line with management expectations.
positiveInsurance segment GAAP benefit ratio of 90.4% for FY 2025, slightly better than guidance.
positiveAnticipates FY 2026 individual Medicare Advantage membership growth of approximately 25 percent.
positiveContinued growth in CenterWell Senior Primary Care, adding 100,600 patients in 2025.
positiveFY 2026 Adjusted EPS guidance of 'at least $9.00' represents a year-over-year decline, attributed to Star Ratings headwinds for Bonus Year 2026.
attentionReported 4Q25 GAAP net loss per share of $6.61 and adjusted net loss per share of $3.96.
negativeFull year 2025 GAAP EPS of $9.84, a decrease from $9.98 in FY 2024.
negativeFull year 2025 Adjusted EPS of $17.14, a decrease from $16.21 in FY 2024.
negativeThe company is appealing a court decision rejecting its challenge to the 2025 Star Ratings, which if unsuccessful, will negatively impact 2026 quality bonus payments and potentially revenues and operating results.
attentionMargin metrics will be available once backend extracts data from insights_json
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Insurance Segment | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
The FY 2026 projected guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year 2026, net of mitigation.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.