Humana Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 29 July 2026: press release. Guidance figures: 1 lowered, 3 kept. The quarter’s numbers.

Key takeaways

Quarterly EPS reported on both bases: 2Q26 GAAP diluted EPS was $5.73 and Adjusted EPS $7.61, against $4.51 and $6.27 in 2Q25. Year-to-date GAAP EPS was $15.55 and Adjusted EPS $17.91. Source
Operating cost ratio fell year over year: The consolidated GAAP operating cost ratio was 9.8 percent in 2Q26 against 11.0 percent in 2Q25. The Adjusted ratio was 9.7 percent against 10.9 percent. Source
Benefit ratio in line with guidance: The 2Q26 Insurance segment GAAP benefit ratio was 91.2 percent. Management described it as in line with its guidance of slightly above 91 percent. Source
CenterWell primary care patients grew: CenterWell Senior Primary Care added 130,900 patients year to date, or 27 percent, as the company continued expanding that business. Source
Adjusted EPS guidance held: Adjusted EPS guidance was kept. Management said it anticipates a year-over-year decline, tied to the Star Ratings headwind for Bonus Year 2026, net of mitigation. Source
GAAP EPS guidance reduced: GAAP EPS guidance for the year was revised lower while Adjusted guidance was affirmed. The release gives no separate reason for the GAAP revision. Source
Value creation charges rose: Value creation initiatives charges were $56 million in 2Q26 and $154 million year to date, against $29 million and $53 million a year earlier, within a multi-year transformation program. Source

“The first half of the year went well, and we're right where we said we'd be at Investor Day last year”
Humana President and CEO Jim Rechtin

Guidance

Area	Period	Figure	Against last quarter
Insurance segment benefit ratio Source	FY 2026	92.75 percent, plus or minus 25 basis points	Kept
GAAP diluted EPS Source	FY 2026	at least $6.52	Lowered from at least $8.36
Adjusted diluted EPS (non-GAAP) Source	FY 2026	at least $9.00	Kept
Individual Medicare Advantage membership growth Source	FY 2026 compared with 2025	approximately 25 percent	Kept
Reconciling items to FY 2026 Adjusted EPS (non-GAAP) Source	FY 2026	put/call valuation adjustments 1.47; value creation initiatives 1.27

What changed from last quarter

Guidance lowered: FY 2026 GAAP EPS guidance was revised to at least $6.52 from at least $8.36, while Adjusted EPS guidance of at least $9.00 was affirmed. Source
New: Humana was the only new entrant among six awardees of a statewide Illinois Medicaid managed care contract. Source

Results and growth drivers

Quarterly EPS reported on both bases: 2Q26 GAAP diluted EPS was $5.73 and Adjusted EPS $7.61, against $4.51 and $6.27 in 2Q25. Year-to-date GAAP EPS was $15.55 and Adjusted EPS $17.91. Source
Pretax results rose year over year: GAAP pretax results were $952 million in 2Q26 against $741 million in 2Q25. Adjusted pretax results were $1,248 million against $1,017 million. Source
Operating cost ratio fell year over year: The consolidated GAAP operating cost ratio was 9.8 percent in 2Q26 against 11.0 percent in 2Q25. The Adjusted ratio was 9.7 percent against 10.9 percent. Source
Revenue rose from prior-year levels: GAAP revenues were $40,867 million in 2Q26 against $32,388 million in 2Q25. Year-to-date revenues were $80,515 million against $64,500 million. Source

Insurance segment and benefit ratio

Benefit ratio in line with guidance: The 2Q26 Insurance segment GAAP benefit ratio was 91.2 percent. Management described it as in line with its guidance of slightly above 91 percent. Source
Insurance income differed by period: Insurance income from operations was $820 million in 2Q26 against $766 million in 2Q25. Year-to-date income was $2,255 million against $2,340 million. Source
Insurance amortization excluded from Adjusted: Insurance amortization was $4 million in 2Q26 and $8 million year to date. It is excluded from the Adjusted segment income of $824 million for the quarter. Source

“When we get the clinical care right and run the business more efficiently, everything else follows - stronger earnings and better health and experiences for the people we serve.”
Humana President and CEO Jim Rechtin

CenterWell and membership growth

CenterWell primary care patients grew: CenterWell Senior Primary Care added 130,900 patients year to date, or 27 percent, as the company continued expanding that business. Source
Membership growth drivers named: Management attributed the affirmed individual Medicare Advantage membership growth to new sales and improved retention, from its customer-led benefit strategy and changes to its customer service approach. Source
Footprint expansion continues: Management said it continued strategic expansion of its CenterWell and Medicaid footprints during the quarter. Source

Guidance and non-GAAP items

Adjusted EPS guidance held: Adjusted EPS guidance was kept. Management said it anticipates a year-over-year decline, tied to the Star Ratings headwind for Bonus Year 2026, net of mitigation. Source
GAAP EPS guidance reduced: GAAP EPS guidance for the year was revised lower while Adjusted guidance was affirmed. The release gives no separate reason for the GAAP revision. Source
Excluded items not yet recognized: The company said its FY 2026 GAAP and Adjusted EPS guidance exclude future value changes to items not yet recognized, which cannot currently be reasonably estimated. Source

Non-cash charges and transformation

Value creation charges rose: Value creation initiatives charges were $56 million in 2Q26 and $154 million year to date, against $29 million and $53 million a year earlier, within a multi-year transformation program. Source
Put/call adjustments are non-cash: Put/call valuation adjustments were $211 million in 2Q26 and $200 million in 2Q25. Management said they are unrelated to core business performance. Source
Minority investment impairments recorded: The company recognized $21 million of non-cash impairment charges in 2Q26 on minority-owned investments deemed unrecoverable based on recent market activity. Source

Disclosure and conference call

Remarks posted before the call: Prepared management remarks were published to the Investor Relations page ahead of the 8:00 a.m. Eastern question and answer session. Source
Full statistical release posted: The full earnings press release, including statistical pages, was posted to the Investor Relations site and filed on Form 8-K. Source
Non-GAAP measures explained in footnotes: Management said the non-GAAP measures help compare core operating performance over time, and are used for planning and incentive compensation. Source

Coming up, as management said on 29 July 2026

Illinois Medicaid go-live: Management expects the statewide Illinois Medicaid managed care contract to go live in January 2027. Source

Risks management discussed

Regulatory: The Adjusted EPS guidance reflects a year-over-year decline tied to the Star Ratings headwind for Bonus Year 2026, net of mitigation. Source
Financial: Minority-owned investments were impaired in 2Q26 as unrecoverable based on recent market activity. Source
Financial: Put/call valuation adjustments reflect fair value measurements on the primary care strategic partnership, which move each period. Source
Operational: Value creation program costs include severance, asset impairments and consulting expenses tied to the multi-year transformation. Source

Earlier plans management reported on

Met: Management described the 2Q26 Insurance benefit ratio of 91.2 percent as in line with its earlier guidance. Source
On track: The CEO said the first half is where management said it would be at the prior year's Investor Day. Source
Not stated: Management affirmed the Adjusted EPS guidance; the release does not describe progress against it. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

n e w s r e l e a s e

Exhibit 99.1Humana Inc.101 East Main StreetP.O. Box 1438Louisville, KY 40202http://www.humana.com

Mark Taylor

Humana Corporate Communications

Humana Reports Second Quarter 2026 Financial Results;

Affirms Full Year 2026 Adjusted Financial Guidance

Reports 2Q26 earnings per share (EPS) of $5.73 on a GAAP basis, Adjusted EPS of $7.61; reports year to date (YTD) 2026 EPS of $15.55 on a GAAP basis, $17.91 on an Adjusted basis
2Q26 Insurance segment GAAP benefit ratio of 91.2 percent, in line with management's guidance of 'slightly above 91 percent'; affirms full year (FY) 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points
Affirms FY 2026 Adjusted EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $6.52' from the previous estimate of 'at least $8.36'
Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025; driven by new sales and improved retention from the company's customer-led benefit strategy and changes to its customer service approach
Continued strategic expansion of the company's CenterWell and Medicaid footprints
YTD growth of 130,900 patients, or 27 percent, in CenterWell Senior Primary Care
Broadened Illinois Medicaid footprint with the award of a statewide Illinois Medicaid managed care contract expected to go live in January 2027; Humana was the only new entrant awarded along with five incumbents
Publishes prepared management remarks to Investor Relations page of www.humana.com ahead of this morning's 8:00 a.m. ET question and answer session to discuss its financial results for the quarter and expectations for future earnings

LOUISVILLE, KY (July 29, 2026) - Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2026 (2Q26) versus the quarter ended June 30, 2025 (2Q25) and for the six months ended June 30, 2026 (YTD 2026) versus the six months ended June 30, 2025 (YTD 2025) as noted in the tables below.

Consolidated income before income taxes and equity in net losses (pretax results) In millions	2Q26 (a)	2Q25 (a)	YTD 2026 (a)	YTD 2025 (a)
Generally Accepted Accounting Principles (GAAP)	$952	$741	$2,547	$2,432
Amortization associated with identifiable intangibles	8	15	19	30
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	211	200	177	363
Value creation initiatives	56	29	154	53
Impairment charges	21	32	21	32
Adjusted (non-GAAP)	$1,248	$1,017	$2,918	$2,910

Diluted earnings per share (EPS)	2Q26 (a)	2Q25 (a)	YTD 2026 (a)	YTD 2025 (a)
GAAP	$5.73	$4.51	$15.55	$14.81
Amortization associated with identifiable intangibles	0.07	0.12	0.16	0.24
Put/call valuation adjustments associated with company's non-consolidating minority interest investments	1.74	1.66	1.47	3.01
Value creation initiatives	0.46	0.24	1.27	0.44
Impairment charges	0.17	0.27	0.17	0.26
Cumulative net tax impact of non-GAAP adjustments	(0.56)	(0.53)	(0.71)	(0.91)
Adjusted (non-GAAP)	$7.61	$6.27	$17.91	$17.85

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.

Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.

"The first half of the year went well, and we're right where we said we'd be at Investor Day last year," said Humana President and CEO Jim Rechtin. "When we get the clinical care right and run the business more efficiently, everything else follows - stronger earnings and better health and experiences for the people we serve.”

FY 2026 Earnings Guidance

Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'. The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year (BY) 2026, net of mitigation.

Diluted earnings per share (a)	FY 2026 Guidance	FY 2025
GAAP	at least $6.52	$9.84
Amortization associated with identifiable intangibles	0.30	0.42
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b)	1.47	4.25
Value creation initiatives (b)	1.27	3.72
Impact of exit of employer group commercial medical products business (b)	-	(0.52)
Settlement of certain litigation expenses (b)	-	0.13
Loss on sale of business (b)	-	0.55
Impairment charges (b)	0.17	2.09
Cumulative net tax impact	(0.73)	(3.34)
Adjusted (non-GAAP) - FY 2026 projected (b); FY 2025 reported	at least $9.00	$17.14

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations.

Detailed Press Release

Humana’s full earnings press release, including the statistical pages, has been posted to the company’s Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company’s website).

Conference Call

Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results).

A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.

If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BI18085d824058461aa3c6b8b2af27cb40.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.

Footnotes

The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators of the company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.

(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.

Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes the exclusion of this non-cash expense provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS, and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment:

Amortization (in millions)	2Q26	2Q25	YTD 2026	YTD 2025
Insurance segment	$4	$4	$8	$9
CenterWell segment	$4	$11	$11	$21

Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These non-cash amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business performance. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS.
Value creation initiatives - These charges relate to the company's multi-year transformation program, as approved by management with defined scope and milestones. The intent of the program is to re-align the company’s cost structure, operating model, and technology footprint with evolving market conditions. These costs primarily include severance and associate exit costs, asset impairments, and external consulting expenses incurred to execute the program. These charges were recorded at the corporate level and not allocated to the segments. The company has consistently applied this adjustment across

all periods. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.

Impairment charges - During 2Q26, the company recognized non-cash impairment charges related to investments for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. In 2Q25, the company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. These charges were recorded at the corporate level and not allocated to the segments. For 2Q26 and YTD 2026, GAAP measures affected include consolidated pretax results, EPS, and consolidated revenues. For 2Q25 and YTD 2025, GAAP measures affected included consolidated pretax results, EPS, and the consolidated operating cost ratio. The FY 2025 GAAP EPS measure was also impacted by this adjustment.
Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense at the applicable marginal rate related to the aforementioned items excluded from the applicable GAAP measures. For FY 2025, the tax adjustment reflects the impact of the loss on sale of business, which exceeded the book loss. The related tax benefit from the loss on sale of business is realizable via capital loss carryback. The tax impact of the aforementioned items differs from the statutory rates due to jurisdictional mix, limitations on deductibility, and other factors. The cumulative tax impact is not intended to represent a normalized effective tax rate or expected future tax outcomes. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.

Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023.
Settlement of certain litigation expenses - These charges relate to expenses the company recognized in connection with a discrete legal matter. The nature and magnitude of this settlement are not indicative of the company’s ongoing operations.
Loss on sale of business - This discrete disposition is not part of the company's ordinary course operations and the impacts recognized from the disposal do not reflect core operational performance. The loss primarily reflects the difference between the carrying value and proceeds at the time of sale.

In addition to the reconciliations shown on pages 1 and 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

Revenues

CONSOLIDATEDRevenues(in millions)	2Q26		2Q25		YTD 2026		YTD 2025
GAAP		$40,867		$32,388		$80,515		$64,500
Impairment charges	21		-		21		-
Adjusted (non-GAAP)		$40,888		$32,388		$80,536		$64,500

Operating cost ratio

CONSOLIDATED Operating cost ratio	2Q26	2Q25	YTD 2026	YTD 2025
GAAP	9.8%	11.0%	10.0%	10.8%
Value creation initiatives	(0.1)%	- %	(0.2)%	(0.1)%
Impairment charges	- %	(0.1)%	- %	- %
Adjusted (non-GAAP)	9.7%	10.9%	9.8%	10.7%

Insurance Segment - Income from operations

INSURANCE SEGMENTIncome from operations (in millions)	2Q26	2Q25	YTD 2026	YTD 2025
GAAP	$820	$766	$2,255	$2,340
Amortization associated with identifiable intangibles	4	4	8	9
Adjusted (non-GAAP)	$824	$770	$2,263	$2,349

(b) FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized and cannot currently be reasonably estimated at this time.

Cautionary Statement

This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following:

If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient.
If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected.
The number of Humana’s Medicare Advantage plans rated 4-star or higher significantly declined in 2025. Humana filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company has appealed that decision, there can be no assurances that it will ultimately prevail in the lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years.
If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems (including systems powered by or incorporating artificial intelligence (AI) or machine learning (ML)), or to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or

prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected.

Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business.
As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows.
Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows.
Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows.
If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.
Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance.
Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses.
Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.
Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.
Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.
Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:

Form 10-K for the year ended December 31, 2025;
Form 10-Q for the quarter ended March 31, 2026; and
Form 8-Ks filed during 2026.

About Humana

Humana (NYSE: HUM) is a leading U.S. healthcare company. Through our Humana insurance services and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health - delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.

Contacts
FOR MORE INFORMATION CONTACT:
Lisa Stoner Humana Investor Relations (502) 580-2652 e-mail: LStamper@humana.com
(317) 753-0345 e-mail: MTaylor108@humana.com