Humana Inc. Reaffirms FY2026 EPS Guidance; $9.00 Adjusted EPS Target

What Happened

• Humana Inc. (HUM) filed a Form 8-K on September 1, 2026 disclosing that senior management will meet with investors and analysts between September 1 and September 30, 2026 and intends to reaffirm FY2026 earnings guidance. The company reaffirmed GAAP diluted EPS guidance of at least $6.52 and Adjusted (non‑GAAP) diluted EPS guidance of at least $9.00, consistent with its July 29, 2026 press release. Humana said it will not comment on 2027 Medicare Advantage (MA) Star Ratings until the Centers for Medicare & Medicaid Services (CMS) releases final 2027 MA Star Ratings in October.

Key Details

• Filing date: September 1, 2026 (Form 8-K, Regulation FD disclosure).
• FY2026 GAAP EPS guidance: at least $6.52 per diluted share.
• FY2026 Adjusted (non‑GAAP) EPS reconciliation (projected): GAAP $6.52 plus adjustments — amortization of identifiable intangibles $0.30, put/call valuation adjustments $1.47, value creation initiatives $1.27, impairment charges $0.17, and cumulative net tax impact (‑$0.73) = Adjusted EPS at least $9.00.
• Company expects Adjusted EPS guidance to remain unchanged but says FY2026 GAAP EPS could change due to ongoing value‑creation and strategic initiatives.
• Signed by John‑Paul W. Felter, Senior VP, Chief Accounting Officer & Controller.

Why It Matters

• Reaffirmed guidance gives investors a clear near‑term earnings target: at least $6.52 GAAP EPS and $9.00 on an adjusted basis for FY2026. The gap highlights items excluded from adjusted results (e.g., valuation adjustments and strategic initiative impacts) that can materially affect reported GAAP earnings.
• Humana's continued use of Adjusted (non‑GAAP) EPS for planning and incentive compensation means analysts and investors should track both GAAP and adjusted figures and watch for future GAAP changes tied to the company’s strategic actions.
• Investors should note the upcoming CMS release of final 2027 MA Star Ratings in October, which Humana said it will address only after CMS publishes the data.