AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Humana grew Q2 revenue 26.2% YoY to $40.9B on Medicare membership gains, but the benefit ratio rose 140bps to 91.1% on Star Ratings headwinds and lower favorable reserve development.
Biggest Revenue Drivers
Insurance segment$39.0B+26.2% YoY
Membership growth across Medicare businesses, higher per-member MA and PDP premiums from increased CMS benchmark funding and IRA-driven Part D subsidy, partly offset by BY2026 Star Ratings headwind
CenterWell segment$1.6B+32.4% YoY
Continued expansion of payor-agnostic client base, primarily in primary care, partly offset by phase-in of the v28 risk model revision
Biggest Revenue Drivers
Total revenue: $40.9B+26.2% YoY
Insurance segment$39.0B+26.2% YoY
Membership growth across Medicare businesses, higher per-member MA and PDP premiums from increased CMS benchmark funding and IRA-driven Part D subsidy, partly offset by BY2026 Star Ratings headwind
Within Insurance segment
Individual Medicare Advantage$28.9B+26.8% YoY
Net membership gains during the most recent AEP and OEP
Medicare stand-alone PDP$3.0B+74.0% YoY
Membership additions from group MA recontracting efforts and the 2026 selling season
CenterWell segment$1.6B+32.4% YoY
Continued expansion of payor-agnostic client base, primarily in primary care, partly offset by phase-in of the v28 risk model revision
Within CenterWell segment
Primary care$839M+63.5% YoY
Growth from recent acquisitions
Largest Expense Items
Benefits expense$35.4B+28.3% YoY
BY2026 Star Ratings revenue headwind, higher benefit ratio on new individual MA members vs. retained members, and anticipated lower favorable prior-period claims reserve development
Operating costs$4.0B+12.2% YoY
Higher charges from value creation/transformation initiatives ($56M in Q2), partly offset by operating leverage from membership growth and administrative cost efficiencies
Depreciation and amortization$159M-10.7% YoY
Decreased capital spending
Interest expense$197M+25.5% YoY
Financing costs including liquidity/capital management measures and higher average debt balances
Margins: Consolidated benefit ratio rose 140bps YoY to 91.1% on the BY2026 Star Ratings headwind, a richer benefit ratio among new AEP/OEP members, and lower favorable prior-period reserve development, while the operating cost ratio improved 120bps to 9.8% on operating leverage and cost-cutting initiatives.
Watch Items from the Filing
Medicare products (Medicare Advantage and Part D) represented approximately 86% of total premiums and services revenue for the six months ended June 30, 2026, concentrating the company in a single, heavily regulated federal contract relationship.
RADV audit litigation is ongoing: a district court vacated CMS's Final RADV Rule in September 2025, but the government has appealed to the Fifth Circuit, leaving uncertainty over risk-adjustment audit methodology and potential recoveries.
Put option liability tied to the Welsh, Carson, Anderson & Stowe primary care partnership was valued at $1.6 billion at June 30, 2026, up from $1.4 billion at year-end 2025, with fair-value swings running through Other expense.
Short-term debt jumped to $2.3 billion at June 30, 2026 from zero at year-end 2025, including $1.3 billion of commercial paper and a $1.0 billion junior subordinated notes issuance in March 2026, alongside a new $750M P-Cap on-demand capital arrangement.
Ongoing securities class action (In re Humana Inc. Securities Litigation), shareholder derivative suits, and a DOJ-intervened qui tam suit (eHealth) allege misstatements about medical costs, Star Ratings, and broker distribution relationships.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Ventura Joseph CChief Legal OfficerGrant or award · May 1, 2026
Field Robert StuartDirectorGrant or award · May 1, 2026
O'Hara Michelle A.Chief Human Resources OfficerGrant or award · May 1, 2026
Rechtin James A.President & CEOGrant or award · May 1, 2026
Congress trading in HUM
17 transactions in HUM reported by 5 members of Congress under the STOCK Act, most recent trade Feb 10, 2026. Reported transactions, not recommendations.
About HUMANA INC (HUM): stock profile, AI score and financials
HUMANA INC (HUM) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores HUM at 61.3/100 on a composite quality score built from its SEC filings, placing it at rank #794 of 2,925 stocks — the top half of the AI-ranked universe. HUM scores in the top quartile across revenue scale (99.0), earnings quality (81.8). Areas of concern include free cash flow (30.7) and profitability (35.8), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), HUMANA INC reports quarterly revenue of $40.9B, net income of $694.0M, an operating margin of 3.3%. Top institutional holders of HUM by reported 13-F value include DODGE & COX, BlackRock, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. HUM trades on the NYSE exchange and files with the SEC under CIK 49071. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HUM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for HUMANA INC directly from SEC EDGAR.