A health insurance and care services company based in Louisville, Kentucky, Humana provides Medicare, Medicaid, and specialty health plans alongside pharmacy, primary care, and home health services through its CenterWell arm. Two lawyers started the firm in 1961 with a single nursing home called Heritage House; after growing that business under the name Extendicare, they renamed it Humana in 1974 to emphasize "human care" as it moved into hospitals.
Humana reports 2Q26 GAAP EPS of $5.73, Adjusted EPS of $7.61; affirms FY26 Adjusted EPS guidance of at least $9.00
Insurance segment GAAP benefit ratio for 2Q26 was 91.2%, in line with guidance; FY2026 benefit ratio guidance affirmed at 92.75% plus or minus 25 basis points.
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Second quarter 2026 GAAP EPS was $5.73, Adjusted EPS was $7.61; year-to-date GAAP EPS was $15.55, Adjusted EPS was $17.91.
FY2026 Adjusted EPS guidance affirmed at 'at least $9.00'; GAAP EPS guidance revised to 'at least $6.52' from 'at least $8.36'.
FY2026 individual Medicare Advantage membership growth affirmed at 'approximately 25 percent' over 2025.
CenterWell Senior Primary Care grew by 130,900 patients (27%) year-to-date; awarded a statewide Illinois Medicaid managed care contract expected to go live in January 2027.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Humana expands board to 13, elects Paul Smith and Frederick Crawford as directors.
Both new directors are deemed independent under NYSE standards and will be compensated per Humana's director compensation program, including RSU grants.
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On July 28, 2026, Humana's Board expanded from 11 to 13 authorized directors and elected Frederick J. Crawford and Paul J. Smith, effective immediately.
Paul Smith is Chief Commercial Officer at Anthropic PBC, with prior leadership roles at ServiceNow, Salesforce, and Microsoft.
Frederick Crawford is former President and COO of Aflac, and previously CFO at Aflac, CNO Financial Group, and Lincoln Financial Group.
No committee assignments have been determined yet for the new directors.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Humana closes $1.5B P-Caps sale to two trusts for on-demand capital
On May 15, 2026, Horseshoe Funding Trust I and II each issued and sold 750,000 Pre-Capitalized Trust Securities for $750 million per trust, totaling $1.5 billion.
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The P-Caps allow Humana to issue up to $750 million of 6.062% Senior Notes due 2036 and $750 million of 6.887% Senior Notes due 2055 to the trusts on demand.
Humana pays semi-annual facility fees of 1.661% (2036 Trust) and 1.916% (2055 Trust) on unexercised issuance rights.
The P-Caps are mandatorily redeemable on February 15, 2036 (2036 Trust) and November 15, 2055 (2055 Trust).
The offerings were exempt from registration and sold to qualified institutional buyers under Rule 144A.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Humana reports 1Q26 GAAP EPS of $9.83 and Adjusted EPS of $10.31, affirms FY26 Adjusted EPS guidance of at least $9.00.
First quarter 2026 GAAP diluted EPS was $9.83, compared to $10.30 in the prior-year quarter; Adjusted EPS was $10.31, down from $11.58.
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Consolidated GAAP pretax income was $1,595 million in 1Q26, versus $1,691 million in 1Q25; Adjusted pretax income was $1,670 million, down from $1,893 million.
The Insurance segment GAAP benefit ratio was 89.4% in 1Q26, slightly favorable to guidance; the company affirmed FY2026 benefit ratio guidance of 92.75% plus or minus 25 basis points.
The company revised FY2026 GAAP EPS guidance to 'at least $8.36' from 'at least $8.89', while affirming Adjusted EPS guidance of 'at least $9.00'.
The company affirmed FY2026 individual Medicare Advantage membership growth of approximately 25% over 2025, and announced the retirement of Insurance Segment President George Renaudin effective June 29, 2026.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Humana elects Robert S. Field to its Board of Directors, effective April 16, 2026.
The Board determined Mr. Field qualifies as an independent director under NYSE standards.
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On April 10, 2026, Humana's Board expanded its authorized directors from ten to eleven and elected Robert S. Field as a director, effective immediately after the 2026 Annual Meeting of Stockholders on April 16, 2026.
Mr. Field will be compensated under the company's director compensation program and will receive restricted stock units (RSUs) in connection with his election.
No committee assignments have been determined yet, and no arrangements or transactions involving Mr. Field were disclosed.
Mr. Field is Principal and Managing Member of ηMed Capital Management LLC, a healthcare-focused investment firm, and previously worked at Luxor Capital, McKinsey & Company, and Vinson & Elkins LLP.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Humana prices $1.0 billion junior subordinated notes offering due 2056
Humana Inc. entered into an underwriting agreement on March 5, 2026, to issue and sell $1.0 billion aggregate principal amount of 6.625% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056.
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The offering closed on March 9, 2026, with the notes sold at 100.000% of par.
Net proceeds are estimated at approximately $986 million, to be used for general corporate purposes, including repayment of existing indebtedness and commercial paper borrowings.
The notes are unsecured subordinated obligations, mature on September 15, 2056, and interest is payable semi-annually starting September 15, 2026.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc., and Wells Fargo Securities, LLC acted as underwriters.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits