Humana's earnings call presented a generally positive outlook, with raised EPS guidance, strong performance in CenterWell Pharmacy, and progress in Medicaid expansion. However, ongoing litigation related to Stars and challenges in the home health segment present some concerns.

Company Guidance

During Humana's second quarter earnings call for fiscal year 2025, the company raised its full-year EPS outlook from approximately $16.25 to $17, driven by strong performance in CenterWell Pharmacy and better-than-expected individual Medicare Advantage (MA) membership. Humana's medical cost trends aligned with expectations, while strategic actions in MA products and experiences helped reduce membership decline. The company highlighted improvements in clinical excellence and operational efficiency, with initiatives like a new partnership with Epic to enhance transparency in healthcare costs. Humana also emphasized its Medicaid expansion, now active in 10 states with 3 more pending, and noted a favorable drug mix in Specialty Pharmacy contributing to CenterWell's outperformance. The second quarter's performance supported an improved full-year adjusted EPS outlook of approximately $17, with an additional $100 million in investments to enhance member outcomes and operational excellence.

EPS Outlook Raised

Humana raised its full-year 2025 EPS outlook from approximately $16.25 to $17, driven by better-than-expected performance in CenterWell Pharmacy and individual MA membership.

Medicaid Expansion

Humana expanded its Medicaid footprint to 10 states, with 3 more states awarded and pending, indicating strategic growth in this segment.

CenterWell Pharmacy Outperformance

CenterWell Pharmacy saw higher direct-to-consumer volume and favorable drug mix, contributing to better-than-expected performance.

Strong Individual MA Membership

Individual MA membership declined less than expected, with improvements in member retention and bounce-back members who returned to Humana.

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)	2.96 / -	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.