Humana sees Q2 2026 Insurance benefit ratio slightly > 91% after Q1 EPS beat, reaffirmed 2026 guidance

 

Humana sees Q2 2026 Insurance benefit ratio slightly above 91% after Q1 EPS beat, reaffirmed 2026 guidance

• Humana expects Q2 2026 Insurance segment benefit ratio slightly above 91%, implying margin deterioration versus earlier expectations.
• Humana lowered full-year 2026 GAAP EPS guidance to at least $8.36, while affirming adjusted EPS guidance of at least $9.00.
• Q1 2026 revenue was $39.65 billion, GAAP EPS $9.83 and adjusted EPS $10.31, above Zacks consensus.
• Q1 Insurance benefit ratio was 89.4%, described as better than expected in the company’s first-quarter update.
• Humana maintained its 92.75% full-year benefit ratio guidance for 2026 in the first-quarter update.
• The company expects roughly 25% 2026 individual Medicare Advantage membership growth, according to its Q1 2026 update.
• Humana reported strong CenterWell patient gains driven by the MaxHealth acquisition highlighted in its Q1 2026 update.

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