Humana's first quarter 2026 revenue of $39.6B slightly beat estimates while EPS missed, but the company affirmed its full-year adjusted EPS guidance.

Humana reported first quarter 2026 revenue of $39.6 billion, up from $32.1 billion a year prior, while GAAP EPS of $9.83 missed consensus estimates and declined from $10.30 in the prior-year quarter. The company affirmed its full-year 2026 adjusted EPS guidance but lowered its GAAP EPS outlook.

Key Highlights

• The Insurance segment's benefit ratio for the quarter came in at 89.4%, an increase from 87.4% a year ago but noted as slightly favorable to management's guidance of 'just under 90 percent'.
• Humana affirmed its full-year 2026 individual Medicare Advantage membership growth guidance of approximately 25% over 2025, signaling continued market share gains.
• Full-year 2026 adjusted EPS guidance was reaffirmed at 'at least $9.00', though the company revised its GAAP EPS guidance down to 'at least $8.36' from a previous estimate of 'at least $8.89'.
• The CenterWell Senior Primary Care business saw sequential patient growth of over 22%, adding 110,500 patients, partly driven by the acquisition of MaxHealth.