HUM · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
HUMANA INC · 2026-11-06 · Importance 59 · Surprise 48 · In source text
Total revenue increased 26.1% to $41.2 billion in the third quarter of 2026 and 25.2% to $121.7 billion in the first nine months, compared with the corresponding 2025 periods. Insurance premiums rose 26.0% in the quarter and 25.3% in the nine-month period, reflecting Medicare membership growth and higher individual Medicare Advantage and stand-alone PDP premiums, partly offset by the Bonus Year 2026 Star Ratings headwind. CenterWell external services revenue grew 40.4% in the quarter and 35.2% in the nine-month period to $1.9 billion and $4.9 billion, respectively, mainly from a larger payor-agnostic client base in primary care and pharmacy. Individual Medicare Advantage premiums increased 27.4% in the quarter and 26.3% in the nine-month period, while stand-alone PDP premiums increased 71.7% and 75.2%, respectively.
Key facts
- Consolidated services revenue increased 32.8% to $2.1 billion in the 2026 quarter from $1.6 billion in the 2025 quarter and increased 28.8% to $5.6 billion in the 2026 period from $4.3 billion in the 2025 period. source
- Consolidated premiums revenue increased 26.0% to $38.7 billion in the 2026 quarter from $30.7 billion in the 2025 quarter, and increased 25.3% to $115.2 billion in the 2026 period from $91.9 billion in the 2025 period. source
- Humana’s net income attributable to Humana was $2.0 billion, or $16.84 per diluted common share, for the nine months ended September 30, 2026, compared with $2.0 billion, or $16.43 per diluted common share, in 2025. source
- Net investment income decreased 2.7% to $329 million in the 2026 quarter from $338 million in the 2025 quarter and decreased 3.4% to $844 million in the 2026 period from $874 million in the 2025 period. source
- Humana’s net income attributable to Humana was $162 million, or $1.33 per diluted common share, for the three months ended September 30, 2026, compared with $195 million, or $1.62 per diluted common share, in 2025. source
- Premiums revenue growth primarily reflected Medicare membership growth and higher per-member individual Medicare Advantage and stand-alone PDP premiums, driven largely by increased CMS MA benchmark funding and the IRA Part D direct subsidy; these were partly offset by the BY 2026 Star Ratings headwind. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +56.6% | Consolidated premiums revenue increased 26.0% to $38.7 billion in the 2026 quarter from $30.7 billion in the 2025 quarter, and increased… |
| revenue | positive | realized | +2.9% | Consolidated services revenue increased 32.8% to $2.1 billion in the 2026 quarter from $1.6 billion in the 2025 quarter and increased… |