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Humana (HUM) investor relations material

Humana Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Q2 and first half 2025 results exceeded expectations, driven by CenterWell Pharmacy, specialty pharmacy, and improved MA membership trends, with medical cost trends in line with expectations.

  • Net income for Q2 2025 was $545 million ($4.51 per diluted share), down from $679 million in Q2 2024; six-month net income was $1.8 billion, up from $1.4 billion year-over-year.

  • Full-year 2025 Adjusted EPS guidance raised to ~$17.00, while GAAP EPS guidance lowered to ~$13.77, reflecting confidence in business fundamentals and execution.

  • Outperformance was driven by higher direct-to-consumer and specialty pharmacy volumes, improved member retention, and strong CenterWell segment growth.

  • Continued focus on operational transformation, cost optimization, and technology enablement for scalable growth.

Financial highlights

  • Q2 2025 consolidated revenues were $32.4 billion, up 9.6% year-over-year; six-month revenues reached $64.5 billion, up 9.0%.

  • Adjusted EPS outlook for 2025 increased to ~$17, including $100M incremental investments to improve member outcomes and operational excellence.

  • Premiums revenue increased 9.1% to $30.7 billion in Q2 2025; services revenue rose 27.3% to $1.4 billion.

  • Benefit ratio increased to 89.7% in Q2 2025 from 89.0% in Q2 2024; operating cost ratio rose to 11.0% from 10.8%.

  • Cash and cash equivalents increased to $4.0 billion at June 30, 2025, from $2.2 billion at year-end 2024.

Outlook and guidance

  • Full-year 2025 Adjusted EPS guidance raised to ~$17.00; GAAP EPS guidance revised down to ~$13.77.

  • FY 2025 consolidated revenue guidance increased to at least $128B; Insurance segment revenue at least $123B; CenterWell at least $21.5B.

  • Individual Medicare Advantage membership expected to decline by up to 500,000, less than previously anticipated; state-based contracts to grow by 175,000-250,000.

  • Pharmacy cost trend expected to remain low double digits; medical cost trend mid to high single digits into 2026.

  • Operating cash flows projected at $2.4B-$2.9B; capital expenditures at ~$650M.

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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.  

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