Humana(US:HUM) ZACKS·2026-02-11 19:55Core Insights - Humana Inc. reported a fourth-quarter 2025 adjusted loss of $3.96 per share, which was narrower than the consensus estimate of a loss of $4.01 per share but wider than the prior year's loss of $2.16 per share [1] - Adjusted revenues increased by 11.8% year over year to $32.6 billion, surpassing the consensus mark by 2.4% [1] Financial Performance - Premiums totaled $30.9 billion, up 11.3% year over year, exceeding the consensus estimate of $30.2 billion [3] - Services revenues rose 28.6% year over year to $1.5 billion, also higher than the consensus mark of $1.4 billion [3] - Investment income fell sharply by 55.6% year over year to $132 million, missing the consensus estimate of $273 million [3] - Total operating expenses increased by 12% year over year to $33.3 billion, exceeding the estimate of $31.8 billion [4] - The benefit ratio was reported at 93%, deteriorating by 150 basis points year over year [4] Segment Performance - The Insurance segment's adjusted revenues rose 11.3% year over year to $31.3 billion, driven by improved per-member premiums [5] - The segment incurred an adjusted operating loss of $923 million, wider than the prior year's loss of $575 million [6] - CenterWell recorded revenues of $6 billion, improving 16.2% year over year and surpassing the consensus estimate of $5.5 billion [7] Future Outlook - Humana forecasts at least $160 billion in revenues for 2026, indicating a 23.4% increase from 2025 [9] - Adjusted EPS is projected to decline to at least $9.00, a 47.5% decrease from the 2025 figure [14] - Management anticipates growth in Individual Medicare Advantage membership by around 25% in 2026 [15]