HUMANA (HUM) Company Report

Value-based care arrangements led to 24.3% fewer inpatient admissions for Medicare Advantage members compared with Original Medicare in 2024.
Humana Medicare Advantage members under value-based care experienced 13.4% fewer emergency department visits and 7.6% fewer hospital admissions versus non-value-based arrangements in 2024.
Members in value-based care reported a 13-point higher Net Promoter Score, indicating stronger patient satisfaction.
Humana is investing in technology and data-sharing partnerships (e.g., with Providence) to expand value-based care and enhance care coordination under upcoming CMS interoperability rules.

3 days ago

Press Release

Humana adds Zynex as in-network provider

HUM

Humana and Zynex, Inc. entered a provider agreement effective February 1, 2026, marking Zynex’s first in-network status with Humana.
The agreement gives in-network Humana members access to Zynex’s non-invasive electrotherapy devices, including the NexWave™ pain management system.
Humana is the second-largest provider of Medicare Advantage plans, serving nearly 20 million members across all 50 states.
Zynex’s participation spans Humana’s Medicare-PPO, POS, Network PFFS and HMO plans, as well as multiple state Medicaid and Dual SNP programs.

3 days ago

Press Release

Humana joins broad reimbursement expansion for quantitative coronary plaque analysis

HUM

Effective January 1, 2026, CPT code 75577 was established for quantitative coronary plaque analysis with a national average payment of $1,012 in imaging centers and physician offices and $951 for hospital outpatient settings.
Humana, alongside Cigna and UnitedHealthcare, and now Aetna, will cover plaque analysis, bringing reimbursement coverage to over 70% of insured Americans.
Elucid’s Plaque-IQ is the only plaque analysis technology validated against objective ground truth histology, enabling noninvasive quantification and classification of coronary plaque components including lipid-rich necrotic core.

Jan 9, 2026, 12:05 PM

Press Release

Humana announces insurance leadership transition and reaffirms FY 2025 guidance

HUM

Management Change

Guidance Update

George Renaudin, Insurance Segment President, will retire by Q3 2026 after a 29-year career and serve as a strategic advisor through December 2026, transitioning to VSP status until March 1, 2027.
Aaron Martin will join in January 2026 as President of Medicare Advantage and successor to the Insurance Segment President role; upon Renaudin’s retirement, John Barger will be promoted to President of Medicare Advantage.
Humana reaffirms FY 2025 guidance of $12.26 GAAP EPS and $17.00 Adjusted EPS.

Dec 16, 2025, 1:05 PM

8-K

Humana reports TailorCare 2025 year-end MSK outcomes and cost improvements

HUM

New Projects/Investments

TailorCare expanded its national footprint by integrating RecoveryOne virtual PT tools, extending Humana MA partnerships into Dallas and Denver, acquiring computer vision tech Stabl, forming an AI Advisory Board, and delivering services across all 50 states.
The program completed ~12,000 PT-led structured evaluations in 2025, ensuring clinically rigorous guidance at scale.
Patients saw 90% improvement in pain/function, 87% adherence to conservative care, 77% fewer surgical prior authorization denials, and a 4.7/5.0 average satisfaction rating.
TailorCare drove cost savings with 40% lower medical costs for PT-adherent MA members, 14% reduction in out-of-pocket surgical expenses, and 70% fewer skilled nursing facility admissions.

Dec 11, 2025, 2:30 PM

Press Release

Humana explores partnership with Cost Plus Drugs to reduce prescription drug costs

HUM

New Projects/Investments

Humana and Mark Cuban’s Cost Plus Drugs are exploring a partnership to bypass traditional pharmacy benefit managers (PBMs) via direct-to-employer programs, aiming to cut prescription drug costs.
The collaboration, discussed at the 2025 Forbes Healthcare Summit, seeks to streamline the drug supply chain and eliminate middlemen rebates and pricing spreads.
Humana plans to leverage its CenterWell services—including specialty pharmacy, senior-focused primary care, and home health—to expand its pharmacy business and improve patient affordability.
The company posted a net margin of 1.02%, an EBITDA margin of 2.55%, an Altman Z-Score of 0, and a Beneish M-Score of –2.43, indicating modest profitability and low risk of earnings manipulation.

Dec 5, 2025, 12:20 AM

Bloomberg

Humana reaffirms FY 2025 EPS guidance

HUM

Guidance Update

Humana senior management will meet with investors and analysts between December 1 and December 31, 2025, under a Regulation FD disclosure.
The Company reaffirmed FY 2025 GAAP EPS guidance of approximately $12.26 per diluted share and Adjusted EPS guidance of approximately $17.00, consistent with its November 5, 2025 press release.
The Adjusted EPS reconciliation includes amortization of identifiable intangibles of $0.42, put/call valuation adjustments of $3.81, value creation initiatives of $2.65, and a cumulative net tax impact of $(2.54).
Humana does not expect changes to its Adjusted EPS guidance, though its GAAP EPS guidance may be revised due to ongoing value creation and strategic initiatives.

Dec 1, 2025, 12:30 PM

8-K

Humana outlines AEP levers, retention and 2026 headwinds at Wolfe Conf

HUM

Humana is optimizing distribution by refining high-value channels, pulling back on co-op and regular marketing, and ending relationships with lower-quality brokers, including its largest call center, to enhance STARS and profitability.
Retention is tracking well with plan-to-plan switches materially lower year-over-year; full clarity won’t emerge until the final two weeks of AEP, after product repricing over the past two years had temporarily increased attrition.
The V28 coding update has transformed new-to-agent Medicare members from a loss-making segment to a profitable one by improving initial risk scores.
Humana anticipates a $3 billion+ revenue headwind in 2026 driven by STARS relief and other non-operating factors, which it plans to offset through disciplined investments, fixed-cost leverage, and intercompany PBM benefits via CenterWell.

Nov 19, 2025, 1:40 PM

Transcript

Humana discusses AEP season strategies at Wolfe Research Healthcare Conference

HUM

Guidance Update

Humana has pulled back and optimized co-op and regular marketing in certain areas during this Medicare Advantage open enrollment season, with further distribution refinements planned, while preserving existing commission structures to date.
The company is strategically refining its distribution mix—assessing channels by lifetime value, STARS ratings, Medicare complaints and onboarding performance—and has parted ways with lower-value brokers, including its largest call center, to “average up” distribution quality.
Retention remains strong but final results won’t be known until season’s end, as roughly one-third of enrollments occur in the last two weeks; early CMS data suggest improved retention and a material decline in plan-to-plan switching year over year.
Humana plans to report detailed fourth-quarter membership trends on its Q4 earnings call but may provide an interim update if necessary, following its proactive STARS ratings release earlier this year.
CFO Celeste Mellet flagged a $3 billion revenue headwind for 2026 from STARS relief and non-operating factors, and is evaluating investments, fixed-cost leverage and CenterWell pharmacy synergies to offset this impact.

Nov 19, 2025, 1:40 PM

Transcript

Humana outlines AEP strategy and membership growth outlook

HUM

Guidance Update

Humana is monitoring 2026 open enrollment, pulling back on co-op and digital marketing but holding commissions constant for now, while refining high-value distribution channels to optimize membership quality.
Distribution strategy: Humana has refined its channels, prioritizing brokers based on metrics like lifetime value, STARS, and complaints, and has ended relationships with its largest call center to improve membership profitability.
Humana’s product positioning remains in line to below peers in most of its top 25 markets, with membership growth broadly distributed across non-DSNP segments.
Facing a $3 billion revenue headwind in 2026, Humana is balancing investment plans and fixed-cost leverage opportunities, including intercompany revenue benefits to CenterWell from increased membership.
Humana expects 2026 coverage of GLP-1 therapies under CMS’s new demo, but implementation details, member impact, and premium implications remain unclear.

Nov 19, 2025, 1:40 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for HUMANA.

Q3 2025

Nov 5, 2025

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Q2 2025

Jul 30, 2025

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Q1 2025

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HUMANA (HUM)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Jim Rechtin

Celeste Mellet

David Dintenfass

George Renaudin

Japan Mehta

Michelle O’Hara

Sanjay Shetty

Board Members

David Feinberg

Frank D’Amelio

Gordon Smith

John Garratt

Jorge Mesquita

Karen Katz

Kurt Hilzinger

Marcy Klevorn

Raquel Bono

Wayne Frederick

Analyst Coverage

Andrew Mok

Ann Hynes

Benjamin Hendrix

Joshua Raskin

Justin Lake

George Hill

Sarah James

Whit Mayo

A.J. Rice

Albert Rice

Erin Wright

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Ryan Langston

Scott Fidel

Stephen Baxter

David Windley

Elizabeth Anderson

Kevin Fischbeck

Lance Wilkes

Michael Ha

Stephen Baxter

Benjamin Mayo

Dave Windley

Hua Ha

Jason Cassorla

Jason Kasarlov

Kevin Fishbach

Lisa Gill

Michael Hall

Michael Halloran

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