Humana

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus, with a top-line beat but significant GAAP EPS pressure. Revenue reached $40.87B, surpassing the $40.57B consensus, driven by 25% individual Medicare Advantage membership growth. However, GAAP EPS of $5.73 fell significantly short of the $7.13 mean estimate due to substantial non-cash valuation adjustments. Management affirmed the full-year Adjusted EPS guidance of 'at least $9.00' but sharply cut GAAP EPS guidance to 'at least $6.52' from $8.36.