Humana reported a $694 million profit for the second quarter, up more than 27% year over year, according to its July 29 earnings report.
Revenue reached $40.8 billion, a 26% increase from the same period in 2025, driven by Medicare membership growth, higher per-member Medicare Advantage and standalone prescription drug plan premiums from increases in benchmark funding and the Part D direct subsidy, and a payer-agnostic CenterWell client base. Star ratings headwinds persisted.
Total Medicare membership reached 11.1 million, up from 8.2 million in the comparable quarter. Total medical membership was 17.9 million, an increase from 14.8 million.
The company’s benefit ratio was 91.1%, up from 89.7% in the second quarter of 2025, spurred by the star ratings revenue issue, new individual MA members with higher benefit ratios and an expectation of lower favorable prior period development. However, MA recontracting, pricing and clinical excellence efforts offset that growth.
Humana’s insurance segment had $39.1 billion in revenue for the quarter, up from $31.1 billion in the second quarter of 2025. Earnings from operations were $820 million, up from $766 million.
Humana has been building out its older adult services recently through the acquisitions of MaxHealth and The Villages Health. Services business CenterWell brought in nearly $6.8 billion in revenue, an increase from $5.5 billion at the same point last year. Its income from operations jumped to $466 million from $344 million. Growth was partially offset by the final year of the v28 risk model revision phase-in. There was a year-to-date increase of 130,900 patients, a 27% increase, in CenterWell Senior Primary Care.
The company continued to stand behind its roughly 25% full-year growth guidance for individual MA membership. While affirming its 2026 adjusted EPS guidance of at least $9, the company lowered its GAAP EPS guidance again, from at least $8.36 to at least $6.52.
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