Humana Inc. (HUM) Earnings Call Transcripts

Humana Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Humana Inc. reported revenues of $23.5 billion, which was in line with expectations, and earnings per share (EPS) of $3.10, slightly below the consensus estimate of $3.15. Management reiterated their commitment to achieving a sustainable pretax margin of at least 3% by 2028, with a focus on margin expansion in 2027. Notably, the company announced a divestiture of its minority interest in Gentiva for approximately $900 million, which will fund their recent acquisition of MaxHealth, signaling a strategic shift in capital allocation.

Reported metrics

Guidance from management

Humana maintained its guidance for 2027, expecting significant progress towards a sustainable margin of at least 3% by 2028, driven by clinical excellence and operational efficiency improvements.

What management said

Thank you, Celeste. Before starting Q&A, just a quick reminder that in fairness to those waiting in the queue, we ask that you please limit yourself to 1 question. Operator, please introduce the first caller.

Yes. So as a reminder, our all-in trend assumption for this year is high single digits or 7% to 8%. So a little bit lower on the medical costs and then in the double digit on drug costs. As we called out, things are within the range that we are seeing favorability particularly on inpatient. And we are seeing both lower admits per 1,000 and lower unit costs on those admits. So it's both the P and the Q on inpatient co...

What analysts pressed on

Analysts expressed concerns regarding the potential impact of membership losses due to planned market exits, with questions on how these exits would affect overall margin targets. There were also inquiries about the competitive landscape and cost trends compared to peers.

Main topics on the call

• Revenue Performance — Humana reported revenues of $23.5 billion for Q2 2026, which is consistent with management's expectations. CEO Jim Rechtin stated, "We are pleased with our year-to-date performance, and we continue to be tracking to expe...
• Margin Expansion Strategy — Management emphasized their commitment to achieving a sustainable margin of at least 3% by 2028, with significant progress expected in 2027. Celeste Mellet noted, "We expect meaningful progress toward our '28 margin goal...
• Stars Program Progress — Humana remains on track to achieve top quartile Stars results by Bonus Year 2028, with operational improvements noted in HEDIS and patient safety metrics. Rechtin highlighted, "Our rate of improvement outpaced and in man...
• Cost Management Initiatives — The company reported a consolidated operating cost ratio down 120 basis points year-over-year, with expectations for a full-year reduction of approximately 150 basis points. Mellet stated, "Our transformation and operati...

Read the full Humana Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 113 Humana Inc. earnings call transcripts on record, spanning January 9, 2020 to July 29, 2026. Based on this history, Humana Inc. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

HUM

Exchange

NYSE

Country

US

Sector

Health Care

Industry

Health Care Providers and Services

Calls on record

113

First call

January 9, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly