Humana Inc. · HUM · Next earnings

Humana Inc. reports Friday, Nov 6, 2026

HUM reports before market open with consensus EPS at $-1.04 and revenue at $40.87B. Last quarter: Humana Q1: Membership Growth and Max Health Acquisition Keep 2028 Margin Target on Track

Reports Before market open47 days awayDate estimated Healthcare

What the street expects

Consensus for the coming report
Consensus EPS $-1.04 Calendar consensus
Consensus revenue $40.87B Calendar consensus
Report date Nov 6, 2026 Friday, date estimated
Session Before market open 47 days away

Where HUM left off: FY2026 Q1

Full report

Humana Q1: Membership Growth and Max Health Acquisition Keep 2028 Margin Target on Track

EPS surprise +0.7% Reported $10.31 vs $10.24
Revenue surprise +0.7% Reported $39.65B vs $39.37B
Stock move +5.8% Event window
Subsequent drift +27.0% Up to 20 sessions

Management reaffirmed its 2026 guidance and maintained its 2028 sustainable margin target of at least 3%. The expectation to double individual MA margin by 2026 was reiterated. No upward or downward revision was announced. Guidance sentiment is characterized as maintained, consistent with the prior quarter.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Medical cost trend outpacing CMS rate growth, creating a persistent funding gap.
  • Higher IBNR reserves signaling potential claim volatility ahead.
  • Uncertainty around 2027 bid outcomes and benefit-adjustment impacts.
  • Integration costs and timing related to Max Health and Villages Health acquisitions.
  • Welsh Carson put/call options could trigger $1 to $1.5B in cash outflows in 2027 to 2028.

Questions analysts left open

  • Drivers behind the 35% sequential IBNR increase and whether it signals deteriorating morbidity.
  • Potential cash obligation from Welsh Carson put/call options and its impact on liquidity.
  • Details of the 2027 bid strategy and benefit-adjustment approach to bridge the funding gap.
  • Operating cost ratio trends in CenterWell and the overall OPR trajectory.
  • Seasonality and MLR guidance for Q2.

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Recent HUM quarters

All HUM earnings
+5.8%FY2026 Q1

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q1

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.