HUM · 10-Q · 2026Q3 · Full report

CenterWell Payor-Agnostic Growth

HUMANA INC · 2026-11-06 · Importance 52 · Surprise 56

CenterWell external services revenue increased 40.4% in the quarter and 35.2% in the nine-month period, primarily reflecting expansion of its payor-agnostic client base. Growth was concentrated in primary care and pharmacy and reflected recent acquisitions and strategic growth initiatives. The final year of the v28 risk model phase-in partially offset this growth. CenterWell also reported higher costs in primary care associated with patient and plan mix across multiple payor partners, concentrated in a group of specific patients in a single geography, and increased volume in higher-cost CenterWell Specialty Pharmacy.

Key facts

• CenterWell external services revenue increased 40.4% to $1.9 billion in the 2026 quarter from $1.3 billion and increased 35.2% to $4.9 billion in the 2026 period from $3.6 billion. source
• Consolidated services revenue growth primarily reflected a larger payor-agnostic CenterWell client base, partly offset by the final year of the v28 risk model revision phase-in. source
• CenterWell external services revenue growth primarily reflected continued expansion of its payor-agnostic client base, particularly in primary care and pharmacy, from recent acquisitions and strategic growth initiatives. source