$HUM · HUMANA INC
Humana reported Q3 FY2026 results: revenue of $41.155B (up from $32.649B a year ago), GAAP EPS of $1.33 versus $1.62, and an adjusted loss per share of $0.70 versus adjusted EPS of $3.24. The company raised FY2026 adjusted EPS guidance to at least $9.50 (from $9.00) and revised GAAP EPS guidance to at least $15.09 (from $6.52). The Q3 benefit ratio rose to 93.9% from 91.1%.
- Q3 revenue rose to $41.155B from $32.649B, up ~26% year over year.
- GAAP EPS fell to $1.33 from $1.62; adjusted EPS swung to a $0.70 loss from $3.24.
- FY2026 adjusted EPS guidance raised to at least $9.50 from $9.00.
- Q3 benefit ratio rose to 93.9% from 91.1% a year earlier.
- Prior period development was $67M favorable in Q3 2026 versus $275M in Q3 2025.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
A guidance raise alongside a swing to an adjusted loss shows the Star Ratings headwind is being offset by cost discipline and membership growth.
The guidance raise contrasts with the Star Ratings headwind that has pressured Medicare Advantage peers' 2026 outlooks.
The BY2026 Star Ratings headwind and a higher benefit ratio (93.9% vs 91.1%) drove the adjusted loss and pressure FY2026 adjusted EPS below prior-year levels.