Humana Inc. — Form 8-K Summary
Report date: October 9, 2026. This filing provides an update on 2027 Medicare Advantage Star Ratings and affirms FY 2026 earnings guidance; it does not include quarterly financial results.
Business context and key metrics
- Based on final CMS 2027 Medicare Advantage Star Ratings data, Humana says it exceeded its goal of Top Quartile results for Bonus Year 2028. Top Quartile is defined as Stars revenue per member per month (PMPM) 10% above the peer-group median.
- The filing provides no clear dollar amount for Humana’s projected Stars revenue PMPM or its outperformance versus the peer group. The calculation uses normalized assumptions and current membership and contract distribution; actual 2028 results will depend on membership and contract mix, risk scores, benchmarks, and rebates.
- Humana affirms FY 2026 adjusted earnings per common share guidance of at least $9.00. No revenue, GAAP earnings, cash flow, margin, debt, or liquidity figures are provided in this filing.
Outlook, commentary, and uncertainties
- Humana plans to manage products and benefits assuming performance near Top Quartile results. It expects some BY28 outperformance relative to Top Quartile to be one-time in nature and says the resulting benefit is expected to support one-time investments and shareholder returns. The amount and allocation have not yet been determined.
- The company expects to provide more detail before or with its detailed 2028 financial guidance, expected on the fourth-quarter 2027 earnings call. A virtual investor update is scheduled for December 10, 2026, to review progress against its 2025 Investor Day framework.
- FY 2026 adjusted EPS guidance is preliminary while the company completes its September 30, 2026 quarter and year-to-date close and review. Humana does not expect to change adjusted EPS guidance, but says GAAP EPS guidance could change due to value-creation and other strategic initiatives. It cannot currently reconcile adjusted EPS guidance to GAAP EPS without unreasonable effort.
- Forward-looking statements are subject to risks and uncertainties described in Humana’s SEC filings.
Most important facts to verify
- Whether Humana’s FY 2026 adjusted EPS remains at least $9.00 after completion of the close and review process, and what GAAP EPS guidance is ultimately reported.
- The actual 2028 Stars-related revenue benefit after membership, contract mix, risk scores, benchmarks, and rebates are known.
- The size and intended use of the expected one-time benefit, including the amounts directed to investment and shareholder returns.
- Details from the December 10, 2026 investor update and the company’s later 2028 guidance.