Humana公布季度亏损扩大，预计2026年盈利将下降

Core Viewpoint - Humana reported an expanded loss in Q4 due to rising medical costs and anticipates a significant decline in profits for 2026 due to a drop in the quality rating of its Medicare plans [1][2] Financial Performance - The company reported a loss of $1.01 billion, equating to a loss of $6.61 per share, compared to a loss of $862 million or $5.76 per share in the same period last year [1] - Adjusted loss per share was $3.96, slightly better than the analyst expectation of a $4 loss [1] - Revenue increased from $29.21 billion to $32.52 billion, surpassing Wall Street's expectation of $32.04 billion [1] Medical Cost Factors - The payout ratio rose from 92.1% last year to 93.1%, indicating increased medical costs [1] - Factors such as higher utilization of medical services and rising drug costs have pressured profits, particularly due to Humana's reliance on Medicare Advantage plans [1] Future Projections - The company expects adjusted earnings per share to be at least $9 for 2026, while analysts project $11.91 [2] - Humana anticipates a growth of approximately 25% in individual Medicare Advantage plan membership in 2026, driven by customer-oriented benefits strategies and improved customer service models [2]