Humana lost $796 million in the fourth quarter of 2025, according to the company’s year-end earnings report published Feb. 11.
The results reflect a higher medical loss ratio driven by a shift in business mix and the impact of the Inflation Reduction Act on the company’s prescription drug plans. The company projected earnings per share of at least $8.89 for 2026, with an adjusted EPS of at least $9.00.
Total revenues in the fourth quarter were $32.5 billion, up 11.3% year over year. In 2025, total revenues were $129.7 billion, up 10.1%.
Humana posted a net loss of $796 million in the fourth quarter, compared to a $693 million net loss the year prior. In 2025, the company’s net income totaled nearly $1.2 billion, down 1.6%.
Humana reported an MLR of 93% in the fourth quarter and 90.2% in 2025.
The company’s total medical membership at year-end was 15 million, down 8.2% year over year. Its individual Medicare Advantage membership fell 7.3% year over year to 5.2 million, reflecting the company’s decision to exit certain unprofitable plans and counties.
The company expects individual MA membership to grow 25% in 2026.
