Source Statements — No Public Why FoundManagement is quoted · no explanatory analyst or media source was found
Target Changes — Why Not AvailableAction is public · model logic is not
Analyst action
Reported action · explanation unavailable
Morgan Stanley upgrades Humana stock rating on 2028 margin confidence
Why the target changed: not public. The linked report does not provide the analyst’s revised forecasts, valuation multiple, or assumptions. The results and guidance above may have informed the action, but the public record does not establish that connection.
Sourced Takeaways5 takeaways · every bullet sourced
Revenue was $40.9B; versus $32.4B a year earlier; +26.2% YoY; FY guide ≥$160B FY.
Filed8-K 2026-07-29 · EX-99.2 · Consolidated Highlights
Adjusted EPS was $7.61; versus $6.27 a year earlier; +21.4% YoY.
Filed8-K 2026-07-29 · EX-99.1 · P.1
Diluted EPS (GAAP) was $5.73; versus $4.51 a year earlier; +27.1% YoY.
Filed8-K 2026-07-29 · EX-99.1 · P.1
Adjusted EPS · six months was $17.91; versus $17.85 a year earlier; +0.3% YoY; FY guide ≥$9.00 FY.
Filed8-K 2026-07-29 · EX-99.1 · P.1
Insurance benefit ratio was 91.2%; versus 89.9% a year earlier; +1.3pp YoY; FY guide 92.75% ±25bp.
Filed8-K 2026-07-29 · EX-99.2 · Insurance Segment Results
The NumbersReported · published precision · every figure sourced
| Metric | Q2 2026 | Prior yr | YoY | FY Guide |
|---|
| Revenue | $40.9B | $32.4B | +26.2% | ≥$160B FY |
| Adjusted EPS beat ~$7.23 cons. | $7.61 | $6.27 | +21.4% | — |
| Diluted EPS (GAAP) | $5.73 | $4.51 | +27.1% | — |
| Adjusted EPS · six months 199% of the full-year guide | $17.91 | $17.85 | +0.3% | ≥$9.00 FY |
| Insurance benefit ratio Q3 guided 'slightly above 94%' | 91.2% | 89.9% | +1.3pp | 92.75% ±25bp |
| Adj. operating cost ratio | 9.7% | 10.9% | -1.2pp | 10.0% ±25bp GAAP |
| Favorable prior-period development YTD $442M vs $638M | $53M | $161M | -$108M | — |
| Days in claims payable 33.9 at Mar 31 | 33.1 | 36.5 | -3.4 days | — |
| Individual MA members +1,204K YTD | 6.45M | 5.23M | +23.4% | ≈+25% FY |
| Stand-alone PDP members +1,139K YTD, ahead of guide | 3.95M | 2.43M | +62.6% | ≈+1.0M FY |
| Individual MA premium PMPM against 7–8% assumed cost trend | $1,493 | $1,452 | +2.8% | — |
| CMS-actual MA enrollment company-reported total MA 7.18M at Jun 30 | 7.17M | 5.81M | +23.4% | — |
| Insurance income from ops | $820M | $766M | +7.0% | ≈breakeven FY |
| CenterWell adj. income from ops revenue $6.8B, +22.6% | $514M | $404M | +27.2% | $1.5B–$2.0B FY |
| FY26 adjusted EPS guide FY25 actual $17.14 | ≥$9.00 | ≥$9.00 | — | Affirmed |
| FY26 GAAP EPS guide put/call and value-creation charges | ≥$6.52 | ≥$8.36 | -$1.84 | Cut |
Guidance Language DeltaFY 2026 guidance · Apr 29, 2026 (1Q26 release) → FY 2026 guidance · Jul 29, 2026 (2Q26 release)
FY 2026 guidance · Apr 29, 2026 (1Q26 release)
GAAP EPS 'at least $8.36'; Adjusted EPS 'at least $9.00'. Insurance segment benefit ratio 92.75% plus or minus 25 basis points. Consolidated operating cost ratio 10.0% plus or minus 25 basis points. Individual Medicare Advantage membership growth of approximately 25 percent.
Humana 1Q26 earnings release, Apr 29 2026 · FY 2026 Earnings Guidance table (humana.gcs-web.com)
FY 2026 guidance · Jul 29, 2026 (2Q26 release)
GAAP EPS 'at least $6.52' (previously 'at least $8.36'); Adjusted EPS 'at least $9.00'. Insurance segment benefit ratio 92.75% plus or minus 25 basis points. Consolidated operating cost ratio 10.0% plus or minus 25 basis points. Individual Medicare Advantage membership growth of approximately 25 percent.
8-K 2026-07-29 · EX-99.1 FY 2026 Earnings Guidance; EX-99.2 FY 2026 Guidance grid
Thread Postings4 threads advanced
The DocumentsEverything this record is built from
The full call, speaker-attributed and segmented, with Tally's margin notes. Humana publishes prepared remarks as an 8-K exhibit and runs a Q&A-only live call, so the exchanges exist nowhere on its own IR site.
52 turns
EPS, the benefit-ratio headline and the FY 2026 guidance table with the GAAP-to-Adjusted bridge. The source for the $6.52 / $9.00 split.
8 PP.
Segment results, the prior-period development and DCP disclosure, the FY guidance grid, membership detail (S-11) and premium PMPM by product (S-12).
15 STAT PP.
Management's written narrative, including Q3 seasonality (adjusted EPS ≈ -$1.00, Insurance benefit ratio slightly above 94%) and Appendix A, the de-identified BY2028 Stars chart.
6 PP.
Filed the afternoon of the call. The IBNR roll-forward is where Mellet's 'basically flat from last quarter' gets a number. Not yet in the document store.
NOT CAPTURED
Contract-level MA enrollment, independent of company reporting. May 2026 shows 7,172,278 Humana MA members against 7.18M reported at June 30 — the ground-truth row in The Numbers, and the file to build the county target list from.
CSV · 2026-05