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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Humana
Humana (HUM) investor relations material
Humana Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jul, 2026
Executive summary
Year-to-date and Q2 2026 performance are tracking to expectations, with strong membership growth and operational progress supporting long-term goals.
Net income attributable to shareholders was $694 million ($5.73 per diluted share) for Q2 2026, up from $545 million ($4.51 per diluted share) in Q2 2025; YTD 2026 GAAP EPS was $15.55 and Adjusted EPS was $17.91, both up year-over-year.
Consolidated revenues rose to $40.9B in Q2 2026 (up 26.2% year-over-year), driven by Medicare membership growth and higher premiums.
Stars program improvements and value-based care are driving quality metrics above historical trends.
Virtual investor update scheduled for December 10, 2026, to provide further insights into progress and future outlook.
Financial highlights
Premiums revenue increased 26.4% year-over-year to $38.83 billion for Q2 2026; consolidated operating cost ratio decreased by 120 basis points year-over-year in Q2, with a full-year reduction of approximately 150 basis points expected.
2Q26 Adjusted EPS was $7.61, representing 80–85% of FY earnings guidance.
Operating cash flows YTD 2026 were $3.22B, up from $1.60B YTD 2025.
Medical and pharmacy cost trends remain in line with high single-digit expectations, with some favorability in inpatient costs.
Cash and cash equivalents increased to $6.9 billion at June 30, 2026, from $4.2 billion at year-end 2025.
Outlook and guidance
Affirmed FY 2026 Adjusted EPS outlook of at least $9.00; GAAP EPS guidance revised down to at least $6.52 due to Star Ratings headwinds.
Margin expansion in 2027 will be driven by clinical excellence, operating efficiency, benefit adjustments, and targeted plan exits.
Individual Medicare Advantage membership expected to grow ~25% over 2025; group MA up 150,000; stand-alone PDP up 1,000,000.
Plan exits in 2027 are expected to impact about 600,000 members, with efforts to recapture a significant portion.
Drug cost trends are expected to tick modestly higher in 2027 due to the health technology pipeline.
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Latest events from Humana
- 1Q26 Adjusted EPS hit $10.31, revenue up 23.5%, with robust membership and margin gains.HUM
Q1 2026 - Director elections, strategic transformation, and all board proposals passed except golden parachutes.HUMAGM 2026
- FY 2025 adjusted EPS hit $17.14; FY 2026 targets $9 EPS and 25% MA growth amid Stars headwind.HUMQ4 2025
- Q3 Adjusted EPS $3.24, revenue up 11%, and FY 2025 EPS outlook reaffirmed at $17.00.HUMQ3 2025
- 2025 Adjusted EPS and revenue guidance raised on strong segment growth and stable cash flows.HUMQ2 2025
- Q3 beat expectations; 2024 EPS outlook raised; MA and CenterWell growth offset by margin pressure.HUMQ3 2024
- Q2 2024 outperformed; Adjusted EPS guidance held at ~$16.00 amid strong MA growth and cost pressures.HUMQ2 2024
- Q1 net income and EPS surged, 2025 guidance reaffirmed, CenterWell and Medicaid grew strongly.HUMQ1 2025
- 2024 Adjusted EPS $16.21; 2025 guidance steady; major MA decline, Medicaid and CenterWell growth.HUMQ4 2024
Next Humana earnings date
Q3 20266 Nov, 2026
Humana
Next Humana earnings date
Q3 20266 Nov, 2026
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Frequently asked questions
Humana Inc. is a health and well-being company that operates through three segments: health care services; one of the nation's largest providers of Medicare Advantage benefits; and specialty services, which offers integrated care management, network-based specialist services, and clinical programs. The Retail segment provides health insurance coverage in the individual market. It also facilitates an appeal-free medical cost containment process for individuals, small groups, and large employers' group health plans nationwide; administers health benefit plans through its Access business and supplies pharmacies with a comprehensive range of pharmaceuticals.