Humana Beats Q2 2026 Estimates but Shares Slip Amid Analyst Disappointment

On July 29, 2026, Humana reported second-quarter results that beat Wall Street forecasts. Adjusted earnings were $7.61 per share, above the $7.22 consensus, and net income reached $694 million (or $5.73 per share) versus $545 million a year earlier. Revenue rose to roughly $40.8 billion, driven by growth in Medicare Advantage enrollment. The company kept its 2026 adjusted profit outlook of at least $9 per share and reiterated a target pretax margin of >= 3 % by 2028. Despite the beat, Humana’s stock fell more than 6 % in afternoon trading.

CNBC

Humana is one of the nation’s largest providers of Medicare Advantage (MA) plans. Insurers in this space have faced rising medical costs, specialty-drug prices and tighter reimbursement rates. Competitors such as UnitedHealth Group and CVS Health have recently withdrawn from less profitable markets, while Humana has continued to expand enrollment.

Forbes

• Adjusted EPS: $7.61 (expected $7.22)

CNBC

• Net income: $694 million, $5.73 per share (vs. $545 million, $4.51 per share YoY)

CNBC

• Revenue: $40.8 billion (CNBC reports $40.87 billion)

CNBC

• Medical benefit ratio: 91.2 % (up from 89.9 % YoY)

Forbes

• Medicare Advantage enrollees: 7.1 million, a rise from 5.8 million YoY (? 25 % growth)

Forbes

Humana’s CFO said medical-cost trends are “fairly consistent” for the next year and that the insurer is monitoring inpatient admissions for continued decline. The CEO noted that expanding membership and improving plan quality ratings are central to unlocking further earnings potential.

Salem Radio Network News

Revenue figures differ between sources: CNBC cites $40.87 billion, while Forbes reports $40.8 billion for the quarter. Both agree revenue increased substantially from the prior-year quarter, but the precise amount varies across reports.

CNBC

• “I think that it's a combination of just [medical cost] trend stabilizing and then our actions as well to help drive better health outcomes for our members and our patients,” — Celeste Mellet, Humana CFO

CNBC

• “Based on information available to date, medical and pharmacy cost trends are in line with our expectations of ‘high single digit’ trend, across both new and existing membership,” — Andrew Mok, Barclays analyst

Forbes

Humana reaffirmed its 2026 adjusted profit guidance of at least $9 per share and indicated that changes to its 2027 MA plans aim to improve profitability. The company expects to maintain a pretax margin of >= 3 % by 2028 and will continue expanding enrollment while focusing on cost-control measures and quality improvements.

CNBC