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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.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.
Explain the impact of IRA on Medicare premiums.
How does Humana plan to improve Star Ratings?
Detail CenterWell's primary care patient growth.
Assess impact of Epic MyChart partnership.
Explain drivers of CenterWell Pharmacy outperformance.
What inpatient utilization trends are you seeing?
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Next Humana earnings date
Q3 202529 Oct, 2025
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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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