Humana Inc. (HUM): 2Q26 First Take: Modest 2Q EPS Beat & Full Year Guide Maintained

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Equity Research

29 July 2026 | 8:11AM EDT

Humana Inc. (HUM): 2Q26 First Take: Modest 2Q EPS Beat & Full Year

Guide Maintained

HUM reported 2Q26 adj. EPS of $7.61, compared to GS/consensus (Visible Alpha

Consensus Data) of $5.39/$7.01. HUM’s 2Q26 Insurance segment MLR of 91.2% was

(120)/(10)-bps better vs GS/consensus of 92.4%/91.3%. CenterWell segment

adjusted EBITDA (income from operations) was $514 million compared to GS/Street

expectations of $458/$469 million, driven by continued maturation of v28

mitigation initiatives within primary care, operating cost efficiencies, and growth

across the CenterWell platform despite specialty pharmacy mix headwinds.

Scott Fidel

Goldman Sachs & Co. LLC

Sarah Conrad

+1(212)357-2448 |

Goldman Sachs & Co. LLC

Valentine Vlasov

+1(212)934-0210 |

Goldman Sachs & Co. LLC

HUM reaffirmed 2026 adjusted EPS guidance of at least $9.00 vs prior at least $9.00

(vs GS/Street $7.35/$8.93) and reaffirmed its Individual MA membership growth

guidance of approximately 25%, supported by strong retention and sales. The

slightly better MLR reflected the more favorable 2Q utilization backdrop for the MA

sector, but we continue to see limited cushion in the 2026 guidance against HUM’s

significantly above market MA growth on competitive pricing.

2Q Results: HUM reported 2Q26 adj. EPS of $7.61, compared to GS/consensus of

$5.39/$7.01. Insurance segment earnings of $824 million exceeded consensus

expectations of $667 million, supported by slightly lower-than-expected medical

costs and slightly higher topline. Insurance segment MLR of 91.2% was (120)/(10)

bps versus GS/consensus of 92.4%/91.3%. The company noted that benefit ratio

pressure from the 2026 Star Ratings revenue headwind, higher-acuity new MA

members, and lower favorable prior-period development was more than offset by

2026 Medicare Advantage pricing actions, ongoing clinical excellence initiatives, and

favorable group MA repricing efforts. Favorable prior-period development totaled

$53 million during the quarter versus $161 million in 2Q25. HUM reiterated its

expectation that 2026 Individual MA margins will remain approximately breakeven in

2026.

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