Humana raises 2026 outlook despite Q3 adjusted loss

Humana reported a third-quarter adjusted loss of 70 cents per share and revenue of $41.16 billion, with the loss narrower and revenue higher than analysts expected. Its Insurance segment’s benefit ratio was 93.7%, better than management’s guidance of slightly above 94%, though the segment recorded a GAAP operating loss amid Medicare Advantage cost pressures and lower Star Ratings-related revenue. The company raised its 2026 adjusted earnings-per-share guidance to at least $9.50 from $9.00 and its GAAP earnings-per-share floor to $15.09 from $6.52. Humana also cited continued growth in its CenterWell and Medicaid businesses, while forecasting a higher Insurance benefit ratio in the fourth quarter due to seasonal patterns.