The earnings call reflected a generally positive outlook with increased earnings guidance, driven by strong performance in CenterWell Pharmacy and improved membership retention. However, challenges remain, particularly with ongoing litigation related to Stars and operational transformations to manage costs.

Company Guidance -

Q3 2025

During the Humana Second Quarter Earnings Call, management provided updated guidance for fiscal year 2025, raising the full-year earnings per share (EPS) outlook from approximately $16.25 to around $17. This adjustment reflects outperformance in the second quarter, driven by CenterWell Pharmacy and better-than-expected individual Medicare Advantage (MA) membership. The company's medical cost trends were aligned with expectations, while increased investments of approximately $100 million were made to enhance member and patient outcomes. Membership decline is now projected to be up to 500,000, an improvement from previous estimates, contributing positively to revenue. Additionally, strategic initiatives in capital allocation, operational efficiency, and clinical excellence continue to support Humana's long-term growth and shareholder value.

Increased Earnings Outlook

Humana raised its full year 2025 EPS outlook from approximately $16.25 to approximately $17, driven by the outperformance of CenterWell Pharmacy and better-than-expected individual Medicare Advantage (MA) membership.

CenterWell Pharmacy Outperformance

CenterWell Pharmacy exceeded expectations due to higher direct-to-consumer volume and favorable Specialty Pharmacy performance, which saw higher volumes and a more favorable drug mix.

Improved Membership Retention

Individual MA membership declined less than expected, with a higher number of 'bounce back' members returning to Humana after initially choosing another plan.

Medicaid Expansion Progress

Humana expanded its Medicaid footprint to 10 states, with contracts awarded in 3 additional states, and noted that the impact of recent legislative changes would be muted for their portfolio.

Humana (HUM) Earnings, Revenues Date & History

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HUM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	2.94 / -	4.16	―	―	―
Jul 30, 2025	2025 (Q2)	5.92 / 6.27	6.96	-9.91% (-0.69)	―
Apr 30, 2025	2025 (Q1)	10.07 / 11.58	7.23	60.17% (+4.35)	―
Feb 11, 2025	2024 (Q4)	-2.23 / -2.16	-0.11	-1863.64% (-2.05)	―
Oct 30, 2024	2024 (Q3)	3.42 / 4.16	7.78	-46.53% (-3.62)	―
Jul 31, 2024	2024 (Q2)	5.86 / 6.96	8.94	-22.15% (-1.98)	―
Apr 24, 2024	2024 (Q1)	6.12 / 7.23	9.38	-22.92% (-2.15)	―
Jan 25, 2024	2023 (Q4)	0.81 / -0.11	1.62	-106.79% (-1.73)	―
Nov 01, 2023	2023 (Q3)	7.16 / 7.78	6.88	13.08% (+0.90)	―
Aug 02, 2023	2023 (Q2)	8.76 / 8.94	8.67	3.11% (+0.27)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HUM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$232.62	$261.47	+12.40%
Apr 30, 2025	$258.40	$261.27	+1.11%
Feb 11, 2025	$264.94	$255.55	-3.54%
Oct 30, 2024	$255.09	$263.55	+3.32%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.