Humana Revenue Jumps 26% in Q3 as It Raises Its 2026 Outlook
Humana, the US health insurer, reported third quarter 2026 revenue of $41.16 billion, up about 26% from a year earlier, and raised its full-year earnings guidance. The headline profit number looks mixed: reported earnings per share fell to $1.33, and on an adjusted basis the company posted a loss of $0.70 per share, but that adjusted loss was smaller than analysts expected.
What happened
Humana released its third quarter 2026 results on November 6, 2026. Revenue rose to $41.16 billion from $32.65 billion in the same quarter last year, an increase of about 26%. The company said its Insurance segment benefit ratio, which measures how much of the premiums it collects goes to paying medical claims, was 93.7%, better than the slightly above 94% it had guided.
On a GAAP basis, which is the standard accounting measure, diluted earnings per share were $1.33, down from $1.62 a year earlier. On an adjusted basis, which strips out one-off items, Humana reported a loss of $0.70 per share, compared with earnings of $3.24 per share a year earlier. That adjusted loss still beat the roughly $1.00 per share loss analysts had expected.
Humana also raised its outlook for the full year. It now expects full-year 2026 adjusted earnings per share of at least $9.50, up from at least $9.00, and GAAP earnings per share of at least $15.09, up from at least $6.52. The company still expects adjusted earnings to fall for the full year compared with 2025, mainly because of pressure from its Medicare Star Ratings, which affect bonus payments from the government.
Why it matters for beginners
Health insurers make money by collecting premiums and paying medical claims, so two numbers matter most. The first is revenue, which shows whether the business is growing. The second is the benefit ratio, which shows what share of premiums goes out as medical costs. A lower benefit ratio means the insurer kept more of each premium dollar.
Humana’s revenue grew strongly, and its benefit ratio came in better than it had forecast, which is why the company felt confident enough to raise its guidance. At the same time, the adjusted quarterly loss shows the business is still under pressure from higher medical costs and lower Star Ratings payments. For a beginner, the lesson is simple: one quarter can hold both good news and bad news, and the outlook a company gives often matters as much as the results themselves.
What to watch next
Watch whether Humana’s benefit ratio keeps improving in the fourth quarter, and whether medical costs stay under control. Also watch the company’s Star Ratings for 2027, since those ratings drive bonus payments that feed directly into profit. Humana’s next update will be its full-year 2026 results early next year.
FAQ
What is Humana?
Humana is a US health insurance company, best known for its Medicare Advantage plans for older Americans. It also runs CenterWell primary care clinics.
What is a benefit ratio?
It is the share of premiums an insurer spends on medical claims. A ratio of 93.7% means about 94 cents of every premium dollar went to medical costs.
What is the difference between GAAP and adjusted earnings?
GAAP earnings follow standard accounting rules and include one-off items. Adjusted earnings strip those items out to show the underlying business. Humana’s GAAP profit was positive in the quarter, while its adjusted result was a loss, because a large one-off valuation gain lifted the GAAP number.
Why did Humana raise its guidance if it posted an adjusted loss?
Because revenue grew strongly, its benefit ratio beat its own forecast, and the adjusted loss was smaller than analysts expected. The raised guidance signals management expects the rest of the year to come in better than it previously thought.
Does this mean Humana stock is a good buy?
This article does not give buy or sell advice. Earnings are one piece of information. A beginner should look at the full picture, including costs, ratings, and the wider market, before making any decision.
Sources
Humana, “Humana Reports Third Quarter 2026 Financial Results; Raises Full Year 2026 Adjusted EPS Guidance,” Business Wire, November 6, 2026: https://www.businesswire.com/news/home/20261106239340/en/Humana-Reports-Third-Quarter-2026-Financial-Results-Raises-Full-Year-2026-Adjusted-EPS-Guidance
TradingKey, “Humana Q3 2026 Earnings: Revenue Rises as Adjusted EPS Turns Negative,” November 6, 2026: https://www.tradingkey.com/news/earnings/262291064-
This article is for general information and education only. It is not legal or financial advice.
