Humana Q3 2026 Loss Narrower Than Expected as Revenue Surges 26% and Full Year Guidance Raised

Humana reported a third-quarter 2026 adjusted loss per share of $0.70, beating the consensus estimate of a $1.00-$1.01 loss by $0.30, while revenue of $41.16 billion topped forecasts by roughly $270 million and rose 26% year over year. GAAP earnings per share came in at $1.33 for the quarter, boosted in part by a noncash net put liability reversal of approximately $1.2 billion and a put/call valuation adjustment of negative $358 million.

The health insurer's insurance benefit ratio stood at 93.7% and its operating cost ratio was 11.3%, a 130 basis point improvement year over year. CenterWell Senior Primary Care added 146,800 patients year to date, a 30% gain, while Medicaid membership grew by 103,600 members, up 7% year to date.

Humana raised its full-year 2026 adjusted EPS guidance to at least $9.50, above the prior floor of $9.00 and ahead of the analyst estimate of roughly $9.14-$9.15. GAAP EPS guidance for the full year was lifted to at least $15.09 from at least $6.52.

Elsewhere in the morning's earnings, Guardian Pharmacy Services posted non-GAAP EPS of $0.33, beating by $0.02, on revenue of $371.1 million, which topped estimates by $5.34 million. Savers Value Village reported non-GAAP EPS of $0.16, a $0.01 beat, on revenue of $463.1 million, exceeding forecasts by $3.88 million. MasterBrand beat EPS estimates by $0.07 with non-GAAP EPS of $0.10, but its revenue of $1.04 billion missed by $20 million. Definitive Healthcare beat on both lines, with non-GAAP EPS of $0.06 and revenue of $54.7 million.