Analyst Consensus ?
ConsensusHold44 ratings
Bullish1840.9%
Neutral2556.8%
Bearish12.3%
Humana Inc. · HUM · FY2025 Q3 · Calendar Q4 2025
Humana Maintains Outlook as Retention and Stars Progress Lead the Call
The call supports a cautiously constructive operating thesis: Humana is prioritizing higher-value growth, retention, cost efficiency, and portfolio discipline. The case remains dependent on execution in Stars, medical-cost control, operational capacity, and regulatory conditions.
Reported Before market openNYSEHealthcare
$46.63B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.24
Consensus $2.93
EPS surprise
+10.6%
Reported versus consensus
Reported revenue
$32.65B
Consensus $32.00B
Revenue surprise
+2.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-6.0%
Event window
SPY move
+0.3%
Same window
Abnormal move
-6.4%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-4.5%
Up to 20 sessions
HUMSPY benchmark
Ask FN2 about HUM FY2025 Q3
Transcript, numbers and history already loaded
Why did HUM fall 6.0% after beating EPS estimates in FY2025 Q3?What changed in HUM's guidance and outlook in FY2025 Q3?Give me the bull and bear case for HUM after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management maintained its outlook and continued the shift toward lifetime value, retention, and plan mix rather than raw enrollment. The update added emphasis on cost-efficiency programs, strategic provider investments, and portfolio optimization while keeping Stars execution and policy risk central.
Guidance delta
Maintained: management reaffirmed its existing full-year adjusted EPS outlook.
Key takeaways
- Management emphasized member lifetime value and retention over enrollment volume.
- Medicare Advantage mix, CenterWell Pharmacy, and Medicaid growth remain central drivers.
- Cost-efficiency initiatives and portfolio actions support the operating model.
- The main tension is balancing growth with capacity, costs, Stars performance, and regulation.
Management priorities
- Improve Stars performance and member experience
- Scale CenterWell Pharmacy and direct-to-employer opportunities
- Complete the Villages Health acquisition and pursue selective provider deals
- Advance cost efficiency through finance outsourcing and AI-enabled operations
- Continue non-core asset sales and disciplined capital deployment
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$388.36Current
$180Low
$400.35Average
$652High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Equal Weight | Upgrade | Sep 25, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 10, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Aug 5, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 30, 2026 |
| Raymond James | Market Perform | Outperform | Downgrade | Jul 30, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 30, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Jul 30, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 14, 2026 |
| Wells Fargo | Overweight | Equal Weight | Upgrade | Jul 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 9, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 7, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jun 24, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 8, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | May 20, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | May 13, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Feb 17, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 12, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Sep 5, 2025 |
| Argus Research | Hold | Hold | Maintain | Aug 14, 2025 |
| Baird | Neutral | Neutral | Maintain | Jul 25, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | May 1, 2025 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Oct 9, 2024 |
| Leerink Partners | Market Perform | Outperform | Downgrade | Oct 2, 2024 |
| SVB Securities | Outperform | Outperform | Maintain | Apr 27, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 6, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 6, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Nov 3, 2022 |
| Citigroup | Buy | Buy | Maintain | Apr 29, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 21, 2020 |
| BMO Capital | Market Perform | Outperform | Downgrade | Sep 30, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | Aug 1, 2019 |
| Bank of America | Buy | Buy | Maintain | Aug 2, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jan 24, 2017 |
| Stifel | Hold | Buy | Downgrade | Jan 24, 2017 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 9, 2015 |
| Wedbush | Neutral | Outperform | Downgrade | Jul 6, 2015 |
| Sterne Agee CRT | Neutral | Underperform | Upgrade | Jun 3, 2015 |
| Sterne Agee | Neutral | Underperform | Upgrade | Jun 3, 2015 |
| Leerink Swann | Outperform | Outperform | Maintain | Jun 1, 2015 |
| FBR Capital | Market Perform | Market Perform | Maintain | Nov 10, 2014 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Nov 5, 2013 |
| Monness Crespi Hardt | Neutral | Buy | Downgrade | Nov 5, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $388.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $515 | $379.96 | +32.6% | Sep 25, 2026 |
| Wolfe Research | Justin Lake | $450 | $378.87 | +15.9% | Aug 24, 2026 |
| Morgan Stanley | Analyst unavailable | $370 | $362.16 | -4.7% | Aug 4, 2026 |
| Barclays | Analyst unavailable | $407 | $366.61 | +4.8% | Jul 31, 2026 |
| Piper Sandler | Analyst unavailable | $463 | $369.62 | +19.2% | Jul 30, 2026 |
| UBS | Analyst unavailable | $405 | $367.84 | +4.3% | Jul 30, 2026 |
| Oppenheimer | Michael Wiederhorn | $405 | $367.16 | +4.3% | Jul 30, 2026 |
| Robert W. Baird | Analyst unavailable | $390 | $365.89 | +0.4% | Jul 30, 2026 |
| Guggenheim | Analyst unavailable | $471 | $365.89 | +21.3% | Jul 30, 2026 |
| Leerink Partners | Analyst unavailable | $513 | $365.89 | +32.1% | Jul 30, 2026 |
| Evercore ISI | Analyst unavailable | $480 | $365.45 | +23.6% | Jul 29, 2026 |
| Jefferies | Analyst unavailable | $410 | $398.25 | +5.6% | Jul 20, 2026 |
| Truist Financial | David MacDonald | $415 | $406 | +6.9% | Jul 14, 2026 |
| Wells Fargo | Stephen Baxter | $502 | $392.22 | +29.3% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $415 | $401.34 | +6.9% | Jul 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $392.86 | -22.8% | Jul 7, 2026 |
| Raymond James | Sarah James | $300 | $392.86 | -22.8% | Jul 7, 2026 |
| Mizuho Securities | Analyst unavailable | $390 | $350.08 | +0.4% | Jun 8, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $327.54 | -35.9% | Jun 4, 2026 |
| Bernstein | Analyst unavailable | $425 | $320.88 | +9.4% | Jun 3, 2026 |
| Truist Financial | David MacDonald | $320 | $305.42 | -17.6% | Jun 1, 2026 |
| Barclays | Analyst unavailable | $344 | $300.86 | -11.4% | May 26, 2026 |
| UBS | Analyst unavailable | $320 | $303.68 | -17.6% | May 22, 2026 |
| Mizuho Securities | Analyst unavailable | $335 | $310.55 | -13.7% | May 20, 2026 |
| Deutsche Bank | Analyst unavailable | $441 | $310.55 | +13.6% | May 20, 2026 |
| Morgan Stanley | Erin Wright | $217 | $301.35 | -44.1% | May 15, 2026 |
| Piper Sandler | Analyst unavailable | $254 | $295.35 | -34.6% | May 13, 2026 |
| Raymond James | Analyst unavailable | $260 | $236.44 | -33.1% | May 1, 2026 |
| RBC Capital | Ben Hendrix | $246 | $240.92 | -36.7% | Apr 30, 2026 |
| Deutsche Bank | Analyst unavailable | $235 | $241.1 | -39.5% | Apr 30, 2026 |
| Oppenheimer | Analyst unavailable | $260 | $242.68 | -33.1% | Apr 30, 2026 |
| Truist Financial | David MacDonald | $270 | $243.12 | -30.5% | Apr 30, 2026 |
| Guggenheim | Analyst unavailable | $269 | $243.12 | -30.7% | Apr 30, 2026 |
| UBS | Analyst unavailable | $262 | $243.12 | -32.5% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $180 | $243.12 | -53.7% | Apr 30, 2026 |
| Evercore ISI | Analyst unavailable | $195 | $198.39 | -49.8% | Apr 8, 2026 |
| Mizuho Securities | Analyst unavailable | $258 | $198.39 | -33.6% | Apr 8, 2026 |
| Wells Fargo | Analyst unavailable | $206 | $184.99 | -47.0% | Feb 18, 2026 |
| Truist Financial | Analyst unavailable | $200 | $185.36 | -48.5% | Feb 17, 2026 |
| Deutsche Bank | George Hill | $180 | $182.87 | -53.7% | Feb 13, 2026 |
| UBS | Analyst unavailable | $195 | $176.24 | -49.8% | Feb 12, 2026 |
| Raymond James | Sarah James | $201 | $177.74 | -48.2% | Feb 12, 2026 |
| Oppenheimer | Analyst unavailable | $250 | $173.81 | -35.6% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $146 | $175.4 | -62.4% | Feb 12, 2026 |
| Guggenheim | Analyst unavailable | $252 | $175.4 | -35.1% | Feb 12, 2026 |
| RBC Capital | Ben Hendrix | $189 | $175.4 | -51.3% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $174 | $195.2 | -55.2% | Feb 2, 2026 |
| Wells Fargo | Analyst unavailable | $290 | $279.84 | -25.3% | Jan 7, 2026 |
| Bernstein | Analyst unavailable | $344 | $281.03 | -11.4% | Jan 6, 2026 |
| Morgan Stanley | Erin Wright | $262 | $260.28 | -32.5% | Dec 18, 2025 |
| Jefferies | David Windley | $313 | $253.02 | -19.4% | Dec 5, 2025 |
| Barclays | Andrew Mok | $234 | $229.2 | -39.7% | Nov 25, 2025 |
| Truist Financial | Analyst unavailable | $285 | $242.75 | -26.6% | Nov 10, 2025 |
| Truist Financial | Analyst unavailable | $300 | $266.92 | -22.8% | Oct 14, 2025 |
| Goldman Sachs | Scott Fidel | $235 | $271 | -39.5% | Oct 14, 2025 |
| Mizuho Securities | Ann Hynes | $345 | $298.04 | -11.2% | Oct 9, 2025 |
| Wells Fargo | Analyst unavailable | $347 | $295.2 | -10.6% | Oct 7, 2025 |
| Mizuho Securities | Analyst unavailable | $300 | $256.62 | -22.8% | Oct 3, 2025 |
| Barclays | Analyst unavailable | $245 | $256.62 | -36.9% | Oct 3, 2025 |
| Barclays | Andrew Mok | $315 | $312 | -18.9% | Sep 4, 2025 |
| Barclays | Andrew Mok | $325 | $311.98 | -16.3% | Sep 4, 2025 |
| Barclays | Andrew Mok | $275 | $261.47 | -29.2% | Jul 31, 2025 |
| Wells Fargo | Stephen Baxter | $348 | $217.14 | -10.4% | Jul 18, 2025 |
| Truist Financial | David MacDonald | $280 | $241.45 | -27.9% | Jun 17, 2025 |
| Barclays | Andrew Mok | $268 | $234.96 | -31.0% | Jun 12, 2025 |
| Deutsche Bank | George Hill | $248 | $287.64 | -36.1% | Dec 4, 2024 |
| Deutsche Bank | George Hill | $250 | $260.57 | -35.6% | Oct 22, 2024 |
| Barclays | Andrew Mok | $250 | $245.45 | -35.6% | Oct 10, 2024 |
| RBC Capital | Ben Hendrix | $265 | $236.29 | -31.8% | Oct 8, 2024 |
| Jefferies | David Windley | $253 | $240.03 | -34.9% | Oct 7, 2024 |
| Piper Sandler | Jessica Tassan | $274 | $239.32 | -29.4% | Oct 3, 2024 |
| Bank of America Securities | Kevin Fischbeck | $247 | $246.49 | -36.4% | Oct 2, 2024 |
| Jefferies | David Windley | $419 | $319.57 | +7.9% | Sep 27, 2024 |
| RBC Capital | Frank Morgan | $400 | $364.06 | +3.0% | Sep 5, 2024 |
| Oppenheimer | Michael Wiederhorn | $400 | $361.61 | +3.0% | Aug 1, 2024 |
| Truist Financial | David MacDonald | $400 | $382.22 | +3.0% | Jul 15, 2024 |
| Piper Sandler | Jessica Tassan | $392 | $355.8 | +0.9% | Jun 25, 2024 |
| Barclays | Andrew Mok | $370 | $349.55 | -4.7% | Jun 20, 2024 |
| Oppenheimer | Michael Wiederhorn | $370 | $315.98 | -4.7% | Apr 25, 2024 |
| RBC Capital | Frank Morgan | $353 | $315.98 | -9.1% | Apr 25, 2024 |
| Cantor Fitzgerald | Sarah James | $360 | $315.98 | -7.3% | Apr 25, 2024 |
| Barclays | Andrew Mok | $310 | $351.45 | -20.2% | Apr 2, 2024 |
| Truist Financial | Analyst unavailable | $560 | $474.1 | +44.2% | Feb 7, 2023 |
| Cowen & Co. | Analyst unavailable | $581 | $484.71 | +49.6% | Feb 6, 2023 |
| Credit Suisse | Analyst unavailable | $575 | $476.57 | +48.1% | Feb 6, 2023 |
| UBS | Analyst unavailable | $620 | $486.02 | +59.6% | Feb 2, 2023 |
| J.P. Morgan | Analyst unavailable | $625 | $492.54 | +60.9% | Jan 6, 2023 |
| Goldman Sachs | Nathan Rich | $652 | $528.9 | +67.9% | Dec 13, 2022 |
| Mizuho Securities | Analyst unavailable | $615 | $558.3 | +58.4% | Nov 10, 2022 |
| RBC Capital | Analyst unavailable | $544 | $505.88 | +40.1% | Sep 20, 2022 |
| Truist Financial | Analyst unavailable | $570 | $493.38 | +46.8% | Sep 16, 2022 |
| Oppenheimer | Analyst unavailable | $550 | $491.49 | +41.6% | Sep 16, 2022 |
| Morgan Stanley | Analyst unavailable | $494 | $474.44 | +27.2% | Aug 2, 2022 |
| Barclays | Analyst unavailable | $570 | $478.35 | +46.8% | Jul 28, 2022 |
| Mizuho Securities | Analyst unavailable | $529 | $478.35 | +36.2% | Jul 28, 2022 |
| Oppenheimer | Analyst unavailable | $520 | $478.35 | +33.9% | Jul 28, 2022 |
| Leerink Partners | Analyst unavailable | $540 | $478.35 | +39.0% | Jul 28, 2022 |
| Truist Financial | David MacDonald | $550 | $491.79 | +41.6% | Jul 26, 2022 |
| Wells Fargo | Analyst unavailable | $514 | $443 | +32.4% | May 25, 2022 |
| Wells Fargo | Analyst unavailable | $512 | $457.31 | +31.8% | Apr 28, 2022 |
| RBC Capital | Analyst unavailable | $541 | $442.3 | +39.3% | Apr 28, 2022 |
| Leerink Partners | Analyst unavailable | $535 | $443.37 | +37.8% | Apr 28, 2022 |
| UBS | Kevin Caliendo | $520 | $453.97 | +33.9% | Apr 19, 2022 |
| Truist Financial | David MacDonald | $490 | $451.33 | +26.2% | Apr 11, 2022 |
| UBS | Kevin Caliendo | $486 | $362.52 | +25.1% | Jan 7, 2022 |
| Barclays | Steven Valiquette | $490 | $362.52 | +26.2% | Jan 7, 2022 |
| Goldman Sachs | Nathan Rich | $472 | $460.34 | +21.5% | Dec 14, 2021 |
| Oppenheimer | Michael Wiederhorn | $510 | $452.06 | +31.3% | Nov 4, 2021 |
| Credit Suisse | A.J. Rice | $513 | $452.06 | +32.1% | Nov 4, 2021 |
| Bank of America Securities | Kevin Fischbeck | $530 | $452.06 | +36.5% | Nov 4, 2021 |
| Cantor Fitzgerald | Steven Halper | $480 | $457.94 | +23.6% | Nov 3, 2021 |
| Cowen & Co. | Gary Taylor | $479 | $415.01 | +23.3% | Sep 9, 2021 |
| Evercore ISI | Michael Newshel | $450 | $424.06 | +15.9% | Aug 4, 2021 |
| Stephens | Scott Fidel | $500 | $423.34 | +28.7% | Aug 3, 2021 |
| J.P. Morgan | Lisa Gill | $514 | $453.35 | +32.4% | Jul 9, 2021 |
| Wolfe Research | Justin Lake | $498 | $443.19 | +28.2% | Apr 26, 2021 |
Track every rating change on HUM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHumana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. Its operational structure is divided into three main segments: Retail, Group and Specialty, and Healthcare Services. The firm provides a wide array of medical and supplementary insurance plans directly to individual consumers. Furthermore, Humana collaborates with government entities; it holds a contract with the Centers for Medicare and Medicaid Services (CMS) to manage the Limited Income Newly Eligible Transition (LI NET) prescription drug program. The company also secures agreements with numerous states to deliver Medicaid, dual-eligible, and long-term care support benefits.…
Historical context
All HUM earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the HUM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-03T03:06:04.431009+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T03:06:04.428655+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.