Humana Inc. · HUM · FY2026 Q3 · Calendar Q4 2026

Humana raises FY2026 adjusted EPS outlook as membership and Stars metrics improve

Humana’s Q3 update adds evidence of improving near-term execution: management raised its full-year adjusted EPS outlook, reported a 4.17 member-weighted Stars rating and cited growth in CenterWell and Medicaid. The durability of the improvement remains tied to cost trends, Stars performance and 2027 membership retention.

Why did HUM rise 5.3% after beating EPS estimates in FY2026 Q3?

Research this report with FN2. Free to start; review your question before sending.

Reported Before market openNYSEHealthcare $52.08B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.70 Consensus $-1.00
EPS surprise +30.0% Reported versus consensus
Reported revenue $41.16B Consensus $40.87B
Revenue surprise +0.7% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +5.3% Event window
SPY move +0.3% Same window
Abnormal move +5.0% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
HUMSPY benchmark

Ask FN2 about HUM FY2026 Q3

Choose a question to continue your research

Free to start. Your question opens in chat for you to review and send. FN2 can look up the transcript, financials and prior quarters.

Transcript intelligence

What changed

Management raised the full-year adjusted EPS outlook to $9–$9.50. It also reported a member-weighted Stars rating of 4.17 and said CenterWell added 147,000 members, described in the analysis as 30% growth. Versus Q2, the transcript analysis highlights the raised outlook and new BlackRock joint venture; it also notes the completion of the MaxHealth acquisition and a Medicaid footprint spanning 13 states.

Guidance delta

Raised: management increased the full-year adjusted EPS outlook to $9–$9.50. The supplied analysis does not give the prior numerical range, so the size of the increase is not stated here.

Key takeaways

  • Full-year adjusted EPS outlook increased to $9–$9.50.
  • The member-weighted Stars rating was 4.17; management emphasized maintaining top-quartile performance in 2028 and 2029.
  • CenterWell added 147,000 members, and the Medicaid footprint reached 13 states, according to the supplied transcript analysis.
  • Management cited better-than-expected cost trends but projected Part D costs to rise 14–15%.
  • The BlackRock joint venture replaced the prior Welsh, Carson JV; the analysis says the transactions reduced the GAAP debt-to-capital ratio by about 130 basis points.

Management priorities

  • Maintain top-quartile Stars performance in 2028 and 2029.
  • Continue expanding Medicaid SNPs and dual-eligible programs.
  • Provide a detailed transformation update at the December 10 investor event.
  • Pursue operational efficiency and improved product positioning and pricing for margin.

Follow HUM with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
HUM REVENUE earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q4 '23 estimate $26B Q4 '23 actual $26B, beat Q1 '24 estimate $29B Q1 '24 actual $30B, beat Q2 '24 estimate $29B Q2 '24 actual $30B, beat Q3 '24 estimate $29B Q3 '24 actual $29B, beat Q2 '25 estimate $32B Q2 '25 actual $32B, beat Q3 '25 estimate $32B Q3 '25 actual $33B, beat Q4 '25 estimate $32B Q4 '25 actual $33B, beat Q1 '26 estimate $39B Q1 '26 actual $40B, beat Q2 '26 estimate $41B Q2 '26 actual $41B, beat Q3 '26 estimate $41B Q3 '26 actual $41B, beat Q4 '26 estimate $41B Q1 '27 estimate $42B
Show less

Analyst Consensus ?

ConsensusHold44 ratings
Bullish2147.7%
Neutral2250.0%
Bearish12.3%

Analyst 52W Price Targets

$433.74Current
$180Low
$428.21Average
$652High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Mizuho Outperform OutperformMaintainOct 13, 2026
UBS Neutral NeutralMaintainOct 12, 2026
Truist Securities Hold HoldMaintainOct 12, 2026
Raymond James Outperform Market PerformUpgradeOct 12, 2026
Oppenheimer Outperform OutperformMaintainOct 12, 2026
Show 39 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $433.74. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesDavid Windley$420$421.47 -3.2%Nov 6, 2026
Mizuho SecuritiesAnalyst unavailable$495$433.5 +14.1%Oct 13, 2026
OppenheimerAnalyst unavailable$525$430.16 +21.0%Oct 12, 2026
UBSAnalyst unavailable$495$431.5 +14.1%Oct 12, 2026
Truist FinancialDavid MacDonald$475$431.03 +9.5%Oct 12, 2026
See 122 more

Track every rating change on HUM the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Humana 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 earnings

Healthcare peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

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

  1. Earnings call transcript and parsed analysis · 2026-11-06T17:10:58.595630+00:00
  2. FN2 earnings calendar · 2026-11-07T01:23:13.875996+00:00
  3. Polygon adjusted daily market bars · 2026-11-07T07:40:42.734325+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-07T07:40:42.731684+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 2026-11-07. For educational purposes only; not investment advice.