Humana reports $162 million net income for Q3 2026

Cover page 3 changes

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For the quarterly period ended June September 30, 2026

22 unchanged paragraphs

Class of Common Stock Outstanding at June September 30, 2026

$0.16 2/3 par value 120,080,308 120,103,250 shares

1 unchanged paragraph

Financial statements 5 changes

Condensed Consolidated Balance Sheets (Unaudited) at June September 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Income (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six nine months ended June September 30, 2026 and 2025

Exhibits 198 changes

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Investment securities 16,978 15,703

Cash and cash equivalents $ 6,893 6,935 $ 4,200

Investment securities 18,174 15,703

Receivables, net of allowances of $ 117 96 in 2026 and $ 108 in 2025

Other current assets 10,520 11,635 9,560

Total current assets 40,086 39,609 32,733

Property and equipment, net 2,098 2,070 2,231

Long-term investment securities 650 606 493

Equity method investments 627 621 638

Goodwill 10,485 10,547 9,686

Other long-term assets 3,250 3,832 3,128

Total assets $ 57,196 57,285 $ 48,909

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Benefits payable $ 12,876 $ 9,967

Book overdraft 351 306

Unearned revenues 249 356

Total liabilities 37,919 31,172

Benefits payable $ 13,127 $ 9,967

Trade accounts payable and accrued expenses 7,263 9,390 5,717

Book overdraft 316 306

Unearned revenues 270 356

Short-term debt 2,268 949 —

Total current liabilities 23,007 24,052 16,346

Long-term debt 11,979 11,555 12,369

Other long-term liabilities 2,933 2,790 2,457

Total liabilities 38,397 31,172

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198,719,832 shares issued at June September 30, 2026 and 198,719,321 shares issued at December 31, 2025

Capital in excess of par value 3,701 3,774 3,600

Retained earnings 30,741 30,796 29,075

Accumulated other comprehensive loss ( 751 1,270 ) ( 633 )

Treasury stock, at cost, 78,639,524 78,616,582 shares at June September 30, 2026 and

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Noncontrolling interests 64 80

Total equity 19,277 17,737

Total stockholders' equity 19,213 18,825 17,657

Noncontrolling interests 63 80

Total equity 18,888 17,737

Total liabilities and equity $ 57,196 57,285 $ 48,909

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Three months ended June 30, Six months ended June 30,

Premiums $ 38,834 $ 30,716 $ 76,543 $ 61,230

Services 1,780 1,400 3,457 2,734

Net investment income 253 272 515 536

Total revenues 40,867 32,388 80,515 64,500

Benefits 35,370 27,565 69,077 54,100

Operating costs 3,978 3,547 8,002 6,927

Depreciation and amortization 159 178 322 361

Total operating expenses 39,507 31,290 77,401 61,388

Income from operations 1,360 1,098 3,114 3,112

Interest expense 197 157 390 317

Other expense, net 211 200 177 363

Provision for income taxes 238 179 633 585

Equity in net losses ( 21 ) ( 19 ) ( 37 ) ( 62 )

Net income $ 693 $ 543 $ 1,877 $ 1,785

Net income attributable to Humana $ 694 $ 545 $ 1,880 $ 1,789

Basic earnings per common share $ 5.78 $ 4.52 $ 15.64 $ 14.83

Diluted earnings per common share $ 5.73 $ 4.51 $ 15.55 $ 14.81

Three months ended September 30, Nine months ended September 30, (in millions, except per share results)

Premiums $ 38,701 $ 30,711 $ 115,244 $ 91,941

Services 2,125 1,600 5,582 4,334

Net investment income 329 338 844 874

Total revenues 41,155 32,649 121,670 97,149

Benefits 36,324 27,991 105,401 82,091

Operating costs 4,598 4,085 12,600 11,012

Depreciation and amortization 158 173 480 534

Total operating expenses 41,080 32,249 118,481 93,637

Income from operations 75 400 3,189 3,512

Loss on sale of business — 63 — 63

Interest expense 217 168 607 485

Other (income) expense, net ( 358 ) 35 ( 181 ) 398

Income before income taxes and equity in net losses 952 741 2,547 2,432 216 134 2,763 2,566

Provision (benefit) for income taxes 40 ( 86 ) 673 499

Equity in net losses ( 15 ) ( 26 ) ( 52 ) ( 88 )

Net income $ 161 $ 194 $ 2,038 $ 1,979

Net loss attributable to noncontrolling interests 1 2 3 1 4 5

Net income attributable to Humana $ 162 $ 195 $ 2,042 $ 1,984

Basic earnings per common share $ 1.35 $ 1.62 $ 16.99 $ 16.47

Diluted earnings per common share $ 1.33 $ 1.62 $ 16.84 $ 16.43

2 unchanged paragraphs

Three months ended June 30, Six months ended June 30,

Net income attributable to Humana $ 694 $ 545 $ 1,880 $ 1,789

Three months ended September 30, Nine months ended September 30, (in millions)

Net income attributable to Humana $ 162 $ 195 $ 2,042 $ 1,984

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Reclassification adjustment for net realized gains (losses) 5 ( 5 ) 4 ( 7 )

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and 118 more changes in the filing

Note 1: BASIS OF PRESENTATION AND SIGNIFICANT EVENTS 1 change

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As a result of these initiatives, we recorded charges of $ 56 25 million and $ 154 179 million for the three and six nine months ended June September 30, 2026, respectively, and $ 29 267 million and $ 53 320 million for the three and six nine months ended June September 30, 2025, respectively, within operating costs in the consolidated statements of income. The charges primarily relate to severance and associate exit costs, asset impairments and external consulting expenses incurred to execute the program. We expect to incur additional charges over the course of the program.

Note 3: ACQUISITIONS AND DIVESTITURES 2 changes

On February 13, 2026, we acquired MaxHealth, a leading primary care platform focused on providing high-quality, integrated care to adults and senior patients throughout Florida, for cash consideration of approximately $ 908 million, net of cash acquired. This resulted in a preliminary purchase price allocation to goodwill of approximately $ 800 million, other intangible assets of $ 71 million, and net tangible assets acquired of $ 59 million. The other intangible assets, which primarily consist of member relationships and trade names, have an estimated weighted average useful life of 6.9 years. The purchase price allocation is preliminary, subject to completion of valuation analysis. including for example, refining assumptions used to calculate the fair value of intangible assets.

During 2026 and 2025, we acquired and disposed other health and wellness related businesses that, individually or in the aggregate, have not had a material impact on our results of operations, financial condition, or cash flows. The results of operations and financial condition of these businesses acquired have been included in our condensed consolidated statements of income and condensed consolidated balance sheets from the respective acquisition dates. Acquisition related costs recognized in 2026 and 2025 were not material to our results of operations. For asset acquisitions, the goodwill acquired is partially amortizable as deductible expenses for tax purposes. The pro forma financial information assuming the acquisitions had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the quarter of acquisition, were was not material for disclosure purposes.

Note 4: INVESTMENT SECURITIES 16 changes

Investment securities classified as current and long-term were as follows at June September 30, 2026 and December 31, 2025, respectively:

2 unchanged paragraphs

Mortgage-backed securities 4,407 3 ( 376 ) 4,034

U.S. Treasury and agency obligations $ 2,572 2,888 $ — $ ( 66 140 ) $ 2,506 2,748

Mortgage-backed securities 4,884 — ( 615 ) 4,269

Tax-exempt municipal securities 419 384 — ( 11 24 ) 408 360

1 unchanged paragraph

Residential 451 — ( 47 ) 404

Commercial 1,131 1 ( 48 ) 1,084

Asset-backed securities 1,107 2 ( 17 ) 1,092

Corporate debt securities 8,514 10 ( 424 ) 8,100

Total debt securities $ 18,601 $ 16 $ ( 989 ) $ 17,628

Residential 457 — ( 61 ) 396

Commercial 1,191 — ( 64 ) 1,127

Asset-backed securities 1,293 — ( 29 ) 1,264

Corporate debt securities 9,332 1 ( 717 ) 8,616

Total debt securities $ 20,429 $ 1 $ ( 1,650 ) $ 18,780

12 unchanged paragraphs

We participate in a securities lending program where we loan certain investment securities for short periods of time in exchange for collateral, consisting of cash or U.S. Government securities, initially equal to at least 102 % of the fair value of the investment securities on loan. Collateral with a fair value of $ 702 818 million and $ 638 million was held at June September 30, 2026 and December 31, 2025, respectively. At June September 30, 2026 and December 31, 2025, collateral from lending our investment securities was reinvested in short-term, highly liquid assets. In addition, we participated in non-cash securities lending with a fair value of $ 176 244 million and $ 193 million at June September 30, 2026 and December 31, 2025, respectively.

Note 5: FAIR VALUE 19 changes

The following table summarizes our fair value measurements at June September 30, 2026 and December 31, 2025, respectively, for financial assets measured at fair value on a recurring basis:

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Cash equivalents $ 5,557 $ 5,557 $ — $ —

Cash equivalents $ 6,477 $ 6,477 $ — $ —

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U.S. Treasury and agency obligations 2,506 — 2,506 — 2,748 149 2,599

Mortgage-backed securities 4,034 — 4,034 4,269 — 4,269

Tax-exempt municipal securities 408 — 408 360 — 360

1 unchanged paragraph

Residential 404 — 404 —

Commercial 1,084 — 1,068 16

Corporate debt securities 8,100 — 7,804 296

Total debt securities 17,628 — 17,161 467

Total invested assets $ 23,887 $ 6,259 $ 17,161 $ 467

Residential 396 — 392 4

Commercial 1,127 — 1,120 7

Asset-backed securities 1,092 1,264 — 937 155 1,046 218

Corporate debt securities 8,616 — 8,317 299

Total debt securities 18,780 149 18,103 528

Securities lending invested collateral 702 702 818 818 — —

Total invested assets $ 26,075 $ 7,444 $ 18,103 $ 528

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Our Level 3 assets had a fair value of $ 467 528 million, or 2.0 % of total invested assets, and $ 440 million, or 2.1 % of total invested assets, at June September 30, 2026 and December 31, 2025, respectively. During the six nine months ended June

Note 6: MEDICARE PART D 3 changes

We cover prescription drug benefits in accordance with Medicare Part D under multiple contracts with the Centers for Medicare and Medicaid Services, or CMS. The accompanying condensed consolidated balance sheets include the following amounts associated with Medicare Part D at June September 30, 2026 and December 31, 2025. CMS subsidies/discounts include the reinsurance and low-income cost subsidies funded by CMS for which we assume no risk as well as brand name prescription drug discounts for Part D plan participants funded by CMS and pharmaceutical manufacturers.

The accompanying condensed consolidated balance sheets include $ 1.1 1.8 billion of net assets and $ 1.5 billion of net assets associated with subsidy programs at June September 30, 2026 and December 31, 2025, respectively.

The accompanying condensed consolidated balance sheets also include $ 1.4 1.9 billion of net assets and $ 1.6 billion of net assets associated with cost sharing programs at June September 30, 2026 and December 31, 2025, respectively.

1 unchanged paragraph

Note 7: GOODWILL AND OTHER INTANGIBLE ASSETS 16 changes

Changes in the carrying amount of goodwill for our reportable segments for the six nine months ended June September 30, 2026 were as follows:

2 unchanged paragraphs

Acquisitions 246 585 831

Acquisitions 246 647 893

1 unchanged paragraph

Balance at June September 30, 2026 $ 2,909 $ 7,576 7,638 $ 10,485 10,547

The following table presents details of our other intangible assets included in other long-term assets in the accompanying condensed consolidated balance sheets at June September 30, 2026 and December 31, 2025:

Life June September 30, 2026 December 31, 2025

5 unchanged paragraphs

Provider contracts 11.9 years 66 64 2 67 65 2

For the three months ended June 30, 2026 and 2025, amortization expense for other intangible assets was approximately $ 8 million and $ 15 million, respectively. For the six months ended June 30, 2026 and 2025, amortization expense for other intangible assets was approximately $ 19 million and $ 30 million, respectively. We recorded an impairment charge of $ 128 million relating to our indefinite-lived intangible assets in 2025.

The following table presents our estimate of amortization expense remaining for 2026 and each of the next five succeeding years at June 30, 2026:

For the years ending December 31,

For additional information regarding our goodwill and intangible assets, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2025 Form 10-K.

Customer contracts/relationships 8.5 years 788 702 86 798 707 91 732 692 40

Trade names and technology 5.6 5.5 years 115 102 13 119 104 15 104 97 7

Provider contracts 12.0 years 65 64 1 67 65 2

Noncompetes and other 8.2 years 89 62 27 64 25 85 58 27

Total other intangible assets 8.4 years $ 2,110 2,123 $ 930 939 $ 1,180 1,184 $ 2,040 $ 912 $ 1,128

Note 8: BENEFITS PAYABLE 19 changes

For the six months ended June 30,

On a consolidated basis, which represents our Insurance segment net of eliminations, activity in benefits payable was as follows for the six nine months ended June September 30, 2026 and 2025:

For the nine months ended September 30,

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Dispositions — ( 1 )

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Current year 69,519 54,738

Prior years ( 442 ) ( 638 )

Total incurred 69,077 54,100

Current year ( 57,511 ) ( 44,818 )

Prior years ( 8,657 ) ( 8,662 )

Total paid ( 66,168 ) ( 53,480 )

Balances, end of period $ 12,876 $ 11,060

Current year 105,910 83,004

Prior years ( 509 ) ( 913 )

Total incurred 105,401 82,091

Current year ( 93,237 ) ( 73,460 )

Prior years ( 9,004 ) ( 8,982 )

Total paid ( 102,241 ) ( 82,442 )

Balances, end of period $ 13,127 $ 10,088

The total estimate of benefits payable for claims incurred but not reported, or IBNR, is included within the incurred claims amounts. At June September 30, 2026 and June September 30, 2025, benefits payable included IBNR of approximately $ 8.9 9.1 billion and $ 7.0 6.9 billion, respectively, primarily associated with claims incurred in each respective period.

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Note 9: EARNINGS PER COMMON SHARE COMPUTATION 16 changes

Three months ended June 30, Six months ended June 30,

Net income available for common stockholders $ 694 $ 545 $ 1,880 $ 1,789

Detail supporting the computation of basic and diluted earnings per common share was as follows for the three and six nine months ended June September 30, 2026 and 2025:

Three months ended September 30, Nine months ended September 30, (dollars in millions, except per common share results; number of shares in thousands)

Net income available for common stockholders $ 162 $ 195 $ 2,042 $ 1,984

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Restricted stock 1,069 206 694 192

Basic earnings per common share $ 5.78 $ 4.52 $ 15.64 $ 14.83

Diluted earnings per common share $ 5.73 $ 4.51 $ 15.55 $ 14.81

used to compute basic earnings per common share 120,066 120,539 120,199 120,602 120,094 120,273 120,164 120,492

Employee stock options — — 5 — 2 —

Restricted stock 1,729 472 1,039 286

Shares used to compute diluted earnings per common share 121,135 121,828 120,745 120,893 120,794 121,205 120,778

Basic earnings per common share $ 1.35 $ 1.62 $ 16.99 $ 16.47

Diluted earnings per common share $ 1.33 $ 1.62 $ 16.84 $ 16.43

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excluded from computation 716 791 1,519 1,299

excluded from computation 198 450 1,079 1,016

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Note 10: STOCKHOLDERS' EQUITY 1 change

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In April September 2026, the Board declared a cash dividend of $ 0.885 per share payable on July 31, November 27, 2026 to stockholders of record as of the close of business on June 26, October 30, 2026. In October 2026, the Board declared a cash dividend of 0.885 per share payable on January 29, 2027 to stockholders of record as of the close of business on December 24, 2026. Declaration and payment of future quarterly dividends are at the discretion of our Board and may be adjusted as business needs or market conditions change.

Note 11: INCOME TAXES 3 changes

The effective income tax rate was 25.6 % and 24.7 % for the three months ended June 30, 2026, and 2025, respectively, and 25.2 % and 24.6 % for the six months ended June 30, 2026 and 2025, respectively. The 2026 quarter and period effective income tax rate increase is primarily related to state taxes.

The effective income tax rate was 19.7 % and ( 77.3 )% for the three months ended September 30, 2026 and 2025, respectively, and 24.8 % and 20.1 % for the nine months ended September 30, 2026 and 2025, respectively. The 2026 quarter and period effective income tax rate increase is primarily attributable to a tax benefit recognized in the prior year in connection with the sale of a business, which did not recur in the current year.

For the six nine months ended June September 30, 2026 and 2025, we paid income taxes net of refunds of $ 141 290 million and $ 29 151 million, respectively.

1 unchanged paragraph

Note 12: DEBT 6 changes

The carrying value of debt outstanding, net of unamortized debt issuance costs, was as follows at June September 30, 2026 and December 31, 2025:

June September 30, 2026 December 31, 2025

Commercial paper $ 1,319 — $ —

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Total short-term debt $ 2,268 949 $ —

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Total long-term debt $ 11,979 11,555 $ 12,369

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In March 2026, we issued $ 1.0 1 billion in aggregate principal amount of 6.625 % fixed-to-fixed rate junior subordinated notes (Subordinated Notes) due September 15, 2056, which resulted in approximately $ 990 million of net proceeds after deducting underwriters' discounts and offering expenses. The Subordinated Notes will bear interest from, and including, March 9, 2026 to September 15, 2031 (First Reset Date) at a rate of 6.625 % per year. The interest rate interest-rate will reset every five years beginning on September 15, 2031, to equal the then-current-five-year U.S. Treasury rate plus a spread of 2.891 %, provided the interest rate will not reset below 6.625 %. We have the right

Note 13: COMMITMENTS, GUARANTEES AND CONTINGENCIES 2 changes

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Our Medicare products, which accounted for approximately 86 85 % of our total premiums and services revenue for the six nine months ended June September 30, 2026, primarily consisted of products covered under the Medicare Advantage and Medicare Part D Prescription Drug Plan contracts with the federal government. These contracts are renewed generally for a calendar year term unless CMS notifies us of its decision not to renew by May 1 of the calendar year in which the contract would end, or we notify CMS of our decision not to renew by the first Monday in June of the calendar year in which the contract would end. All material contracts between Humana and CMS relating to our Medicare products have been renewed for 2026, 2027, and all of our product offerings filed with CMS and going to market for 2026 2027 have been approved.

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In 2012, CMS released an MA contract-level RADV methodology that would extrapolate the results of each CMS RADV audit sample to the audited MA contract's entire health status-related risk adjusted premium amount for the year under audit. In doing so, CMS recognized "that the documentation standard used in RADV audits to determine a contract's payment error (medical records) is different from the documentation standard used to develop the Part C risk-adjustment model (FFS claims)." To correct for this difference, CMS stated that it would apply a

Notes to the financial statements 3 changes

determine a contract's payment error (medical records) is different from the documentation standard used to develop the Part C risk-adjustment model (FFS claims)." To correct for this difference, CMS stated that it would apply a "Fee-for-Service Adjuster (FFS Adjuster)" as "an offset to the preliminary recovery amount." This adjuster would be "calculated by CMS based on a RADV-like review of records submitted to support FFS claims data." CMS stated that this methodology would apply to audits beginning with payment year (PY) 2011. Humana relied on CMS's 2012 guidance in submitting MA bids to CMS. Humana also launched a "Self-Audits" program in 2013 that applied CMS's 2012 RADV audit methodology and included an estimated FFS Adjuster. Humana completed Self-Audits for PYs 2011-2016 and reported results to CMS.

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We believe that the Final RADV Rule fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act (APA). CMS failed to meet its legal obligations in the federal rulemaking process to give a reasoned justification for the rule or provide a meaningful opportunity for public comment. They CMS also chose to apply the rule retroactively rather than prospectively, as required by law. Humana's actuarially certified bids through PY 2027 preserved Humana's position that CMS should apply an FFS Adjuster in any RADV audit that CMS intends to extrapolate. CMS confirmed its intent to apply the Final RADV Rule, including the first application of extrapolated audit results to determine audit settlements without the use of a FFS Adjuster, when it selected certain of Humana's MA contracts for PY 2018 RADV audits. CMS has also initiated RADV audits for payment years 2019 2020, and through 2021 and 2024, selecting certain of Humana's MA contracts for all audited years, announced it will follow a rolling schedule to initiate audits for subsequent payment years, and stated that the decision on whether it will apply extrapolation to the ongoing audits will be made at a later date. The Final RADV Rule, including the lack of a FFS Adjuster, and any related regulatory, industry or company reactions, the expansion of CMS's auditing efforts to include all eligible MA contracts, the acceleration of RADV audits for PY 2018 through PY 2024, other changes CMS may make to the RADV audit methodology for these years, and combination of these expanded auditing efforts with the application of the Final RADV Rule, could each have a material adverse effect on our results of operations, financial position, or cash flows.

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In addition, as part of our internal compliance efforts, we routinely perform ordinary course reviews of our internal business processes related to, among other things, our risk coding and data submissions in connection with the risk adjustment model. These reviews may also result in the identification of errors and the submission of corrections to CMS that may, either individually or in the aggregate, be material. As such, the result of these reviews may have a material adverse effect on our results of operations, financial position, or cash flows.

Note 14: SEGMENT INFORMATION 2 changes

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Our CenterWell intersegment revenues includes include the operations of CenterWell Pharmacy (our mail-order pharmacy business), CenterWell Specialty Pharmacy, and retail pharmacies jointly located within CenterWell primary care clinics. In addition, our CenterWell intersegment revenues include revenues earned by certain owned providers and our home solutions business, including fee-for-service and certain value-based arrangements with our health plans.

We present our condensed consolidated results of operations from the perspective of the health plans. As a result, the cost of providing benefits to our members, whether provided via a third party provider or internally through a stand-alone subsidiary, is classified as benefits expense and excludes the portion of the cost for which the health plans do not bear responsibility, including member co-share amounts and government subsidies of $ 4.4 4.8 billion and $ 3.3 3.7 billion for the three months ended June September 30, 2026 and 2025, respectively. For the six nine months ended June September 30, 2026 and 2025 these amounts were $ 8.7 13.5 billion and $ 6.5 10.2 billion, respectively. In addition, depreciation and amortization expense associated with certain businesses delivering benefits to our members, primarily associated with our primary care and pharmacy solutions operations, are included with benefits expense. The amount of this expense was $ 29 million and $ 32 30 million for the three months ended June September 30, 2026 and 2025, respectively, and $ 60 89 million and $ 65 95 million for the six nine months ended June September 30, 2026 and 2025, respectively.

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MD&A 216 changes

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Strategic Joint Venture with BlackRock

In October 2026, we entered into a new joint venture agreement with funds and accounts managed by HPS Investment Partners, a part of BlackRock (BlackRock), to manage and operate our primary care strategic partnership which sat within joint ventures owned by funds affiliated with Welsh, Carson, Anderson & Stowe (WCAS) and CenterWell. The new joint venture, majority owned by BlackRock and minority owned by CenterWell, has replaced the current CenterWell and WCAS joint ventures. BlackRock acquired WCAS's current equity ownership, valued at approximately $2.8 billion, with modifications to terms extending the call period to begin in 2028 and removing the put option. Over the next two years, the new joint venture has available committed capital from BlackRock and CenterWell, which is expected to be used to fund existing clinical operations, establish new clinics, and expand the network through strategic acquisitions.

1 unchanged paragraph

On February 13, 2026, we acquired MaxHealth, a leading primary care platform focused on providing high-quality, integrated care to adults and senior patients throughout Florida, for cash consideration of approximately $908 million, net of cash acquired. This resulted in a preliminary purchase price allocation to goodwill of approximately $800 million, other intangible assets of $71 million, and net tangible assets acquired of $59 million. The other intangible assets, which primarily consist of member relationships and trade names, have an estimated weighted average useful life of 6.9 years. The purchase price allocation is preliminary, subject to completion of valuation analysis. including for example, refining assumptions used to calculate the fair value of intangible assets.

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As a result of these initiatives, we recorded charges of $56 $25 million and $154 $179 million for the three and six nine months ended June September 30, 2026, respectively, and $29 $267 million and $53 $320 million for the three and six nine months ended June September 30, 2025, respectively, within operating costs in the consolidated statements of income. The charges primarily relate to severance and associate exit costs, asset impairments and external consulting expenses incurred to execute the program. We expect to incur additional charges over the course of the program.

In addition, we recorded impairment charges related to minority-interest investments of $21 $3 million and $24 million within net investment income in our condensed consolidated statements of income for the three and six nine months ended June September 30, 2026, respectively, and $32 million relating to indefinite-lived intangible assets, within operating costs in our condensed consolidated statements of income for the three and six nine months ended June September 30, 2025.

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• Our strategy is to offer our members affordable health care combined with a positive consumer experience in growing markets. At the core of this strategy is our integrated care delivery model, which unites quality care, high member engagement, and sophisticated data analytics. Our approach to primary, physician-directed care for our members aims to provide quality care that is consistent, integrated, cost-effective, and member-focused, provided by both employed physicians and physicians with network contract arrangements. The model is designed to improve health outcomes and affordability for individuals and for the health system as a whole, while offering our members a simple, seamless healthcare experience. We believe this strategy is positioning us for long-term growth in both membership and earnings. We offer providers a continuum of opportunities to increase the integration of care and offer assistance to providers in transitioning from a fee-for-service to a value-based arrangement. These include performance bonuses, shared savings and shared risk relationships. At June September 30, 2026, approximately 4,118,700 4,123,700 members, or 64%, of our individual Medicare Advantage members were in value-based relationships under our integrated care delivery model, as compared to 3,542,300 3,553,000 members, or 68%, at June September 30, 2025.

• Net income attributable to Humana was $694 $162 million, or $5.73 $1.33 per diluted common share, and $545 $195 million, or $4.51 $1.62 per diluted common share, for the three months ended June September 30, 2026 and 2025, respectively. Net income attributable to Humana was $1.9 $2.0 billion, or $15.55 $16.84 per diluted common share, and $1.8 $2.0 billion, or $14.81 $16.43 per diluted common share, for the six nine months ended June September 30, 2026 and 2025, respectively. These comparisons were impacted by put/call valuation adjustments associated with non-consolidating minority interest investments, impairment charges and charges associated with value creation initiatives, impairment charges, loss on sale of business and settlement of certain litigation expenses. The impact of these adjustments to our consolidated income before income taxes and equity in net losses and diluted earnings per common share was as follows for the 2026 and 2025 quarter quarters and period: periods:

For the three months ended June September 30, For the six nine months ended June September 30, (in millions)

1 unchanged paragraph

Impairment charges 21 32 21 32

Value creation initiatives 56 29 154 53

Total $ 288 $ 261 $ 352 $ 448

Put/call valuation adjustments associated with our non consolidating non-consolidating minority interest investments $ 211 (358) $ 200 97 $ 177 (181) $ 363 460

Value creation initiatives 25 267 179 320

Impairment charges 3 — 24 32

Settlement of certain litigation expenses — 15 — 15

Loss on sale of business — 63 — 63

Total $ (330) $ 442 $ 22 $ 890

For the three months ended June September 30, For the six nine months ended June September 30,

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Impairment charges 0.17 0.27 0.17 0.26

Value creation initiatives 0.46 0.24 1.27 0.44

Cumulative net tax impact (0.54) (0.50) (0.67) (0.86)

Total $ 1.83 $ 1.67 $ 2.24 $ 2.85

Put/call valuation adjustments associated with our non consolidating non-consolidating minority interest investments $ 1.74 (2.94) $ 1.66 0.80 $ 1.47 (1.49) $ 3.01 3.81

Value creation initiatives 0.21 2.21 1.48 2.65

Impairment charges 0.03 — 0.20 0.27

Settlement of certain litigation expenses — 0.13 — 0.13

Loss on sale of business — 0.52 — 0.52

Cumulative net tax impact 0.62 (1.72) (0.04) (2.58)

Total $ (2.08) $ 1.94 $ 0.15 $ 4.80

5 unchanged paragraphs

Insurance premiums $ 38,834 $ 30,716 $ 76,543 $ 61,230 $ 8,118 26.4% $ 15,313 25.0%

Insurance 199 206 446 458 (7) (3.4)% (12) (2.6)%

CenterWell 1,581 1,194 3,009 2,276 387 32.4% 733 32.2%

Total services revenue 1,780 1,400 3,457 2,734 380 27.1% 723 26.4%

Net investment income 253 272 515 536 (19) (7.0)% (21) (3.9)%

Total revenues 40,867 32,388 80,515 64,500 8,479 26.2% 16,015 24.8%

Benefits 35,370 27,565 69,077 54,100 7,805 28.3% 14,977 27.7%

Operating costs 3,978 3,547 8,002 6,927 431 12.2% 1,075 15.5%

Depreciation and amortization 159 178 322 361 (19) (10.7)% (39) (10.8)%

Total operating expenses 39,507 31,290 77,401 61,388 8,217 26.3% 16,013 26.1%

Income from operations 1,360 1,098 3,114 3,112 262 23.9% 2 0.1%

Interest expense 197 157 390 317 40 25.5% 73 23.0%

Other expense, net 211 200 177 363 11 5.5% (186) (51.2)%

Income before income taxes and equity in net losses 952 741 2,547 2,432 211 28.5% 115 4.7%

Provision for income taxes 238 179 633 585 59 33.0% 48 8.2%

Equity in net losses (21) (19) (37) (62) 2 10.5% (25) (40.3)%

Net income $ 693 $ 543 $ 1,877 $ 1,785 $ 150 27.6% $ 92 5.2%

Diluted earnings per common share $ 5.73 $ 4.51 $ 15.55 $ 14.81 $ 1.22 27.1% $ 0.74 5.0%

Benefit ratio (a) 91.1% 89.7% 90.2% 88.4% 1.4% 1.8%

Operating cost ratio (b) 9.8% 11.0% 10.0% 10.8% (1.2)% (0.8)%

Effective tax rate 25.6% 24.7% 25.2% 24.6% 0.9% 0.6%

The following discussion primarily deals with our results of operations for the three months ended June September 30, 2026, or the 2026 quarter, the three months ended June September 30, 2025, or the 2025 quarter, the six nine months ended June September 30, 2026, or the 2026 period, and the six nine months ended June September 30, 2025, or the 2025 period.

Three months ended June September 30, Six Nine months ended June September 30, Three months ended June September 30, 2026 vs 2025 Six Nine months ended June September 30, 2026 vs 2025 ($ in millions, except per common share results)

Insurance premiums $ 38,701 $ 30,711 $ 115,244 $ 91,941 $ 7,990 26.0% $ 23,303 25.3%

Insurance 254 267 700 725 (13) (4.9)% (25) (3.4)%

CenterWell 1,871 1,333 4,880 3,609 538 40.4% 1,271 35.2%

Corporate — — 2 — — —% 2 100.0% NM

Total services revenue 2,125 1,600 5,582 4,334 525 32.8% 1,248 28.8%

Net investment income 329 338 844 874 (9) (2.7)% (30) (3.4)%

Total revenues 41,155 32,649 121,670 97,149 8,506 26.1% 24,521 25.2%

Benefits 36,324 27,991 105,401 82,091 8,333 29.8% 23,310 28.4%

Operating costs 4,598 4,085 12,600 11,012 513 12.6% 1,588 14.4%

Depreciation and amortization 158 173 480 534 (15) (8.7)% (54) (10.1)%

Total operating expenses 41,080 32,249 118,481 93,637 8,831 27.4% 24,844 26.5%

Income from operations 75 400 3,189 3,512 (325) (81.3)% (323) (9.2)%

Loss on sale of business — 63 — 63 (63) NM (63) NM

Interest expense 217 168 607 485 49 29.2% 122 25.2%

Other (income) expense, net (358) 35 (181) 398 393 NM 579 NM

Income before income taxes and equity in net losses 216 134 2,763 2,566 82 61.2% 197 7.7%

Provision (benefit) for income taxes 40 (86) 673 499 126 146.5% 174 34.9%

Equity in net losses (15) (26) (52) (88) 11 42.3% 36 40.9%

Net income $ 161 $ 194 $ 2,038 $ 1,979 $ (33) (17.0)% $ 59 3.0%

Diluted earnings per common share $ 1.33 $ 1.62 $ 16.84 $ 16.43 $ (0.29) (17.9)% $ 0.41 2.5%

Benefit ratio (a) 93.9% 91.1% 91.5% 89.3% 2.8% 2.2%

Operating cost ratio (b) 11.3% 12.6% 10.4% 11.4% (1.3)% (1.0)%

Effective tax rate 19.7% (77.3)% 24.8% 20.1% 97.0% 4.7%

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NM - not meaningful.

Consolidated premiums revenue increased $8.1 $8.0 billion, or 26.4%, 26.0%, from $30.7 billion in the 2025 quarter to $38.8 $38.7 billion in the 2026 quarter and increased $15.3 $23.3 billion, or 25.0%, 25.3%, from $61.2 $91.9 billion in the 2025 period to $76.5 $115.2 billion in the 2026 period primarily reflecting membership growth across the Medicare businesses in 2026, higher per member individual Medicare Advantage (MA) and stand-alone PDP premiums largely driven by an increase in MA benchmark funding from the Centers for Medicare and Medicaid Services (CMS) and the increased Part D direct subsidy as a result of the Inflation Reduction Act (IRA). These factors were partially offset by the previously disclosed Bonus Year (BY) 2026 Star Ratings headwind.

Consolidated services revenue increased $0.4 $0.5 billion, or 27.1%, 32.8%, from $1.4 $1.6 billion in the 2025 quarter to $1.8 $2.1 billion in the 2026 quarter and increased $0.7 $1.2 billion, or 26.4%, 28.8%, from $2.7 $4.3 billion in the 2025 period to $3.5 $5.6 billion in the 2026 period primarily reflecting the increased payor-agnostic client base across the CenterWell platform partially offset by the final year of the phase-in of the v28 risk model revision.

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Net investment income decreased $19 $9 million, or 7.0%, 2.7%, from $272 $338 million in the 2025 quarter to $253 $329 million in the 2026 quarter and decreased $21 $30 million, or 3.9%, 3.4%, from $536 $874 million in the 2025 period to $515 $844 million in the 2026 period.

Consolidated benefits expense increased $7.8 $8.3 billion, or 28.3%, 29.8%, from $27.6 $28.0 billion in the 2025 quarter to $35.4 $36.3 billion in the 2026 quarter and increased $15.0 $23.3 billion, or 27.7%, 28.4%, from $54.1 $82.1 billion in the 2025 period to $69.1 $105.4 billion in the 2026 period. The consolidated benefit ratio increased 140 280 basis points from 89.7% 91.1% for the 2025 quarter to 91.1% 93.9% for the 2026 quarter and increased 180 220 basis points from 88.4% 89.3% for the 2025 period to 90.2% 91.5% for the 2026 period primarily reflecting the BY 2026 Star Ratings revenue headwind, the effect of the individual MA membership growth during the most recent Annual Election Period (AEP) and Open Enrollment Period (OEP) as the new members, on average, run at a higher benefit ratio as compared to retained members (excluding the impact of the BY 2026 Star Ratings headwind) and the anticipated lower favorable prior-period medical claims reserve development in 2026. These factors were partially offset by the 2026 individual MA pricing, inclusive of the MA funding environment (excluding the BY 2026 Star Ratings headwind) combined with our ongoing clinical excellence efforts, more than offsetting the assumption of claims trend (with largely stable benefits year-over-year), and the benefit of our group MA recontracting efforts for the 2026 plan year.

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and 136 more changes in the filing

Market risk 2 changes

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Interest rate risk also represents a market risk factor affecting our consolidated financial position due to our significant investment portfolio, consisting primarily of fixed maturity securities of investment-grade quality with a weighted average S&P credit rating of AA- at June September 30, 2026. Our net unrealized position increased $0.2 $0.8 billion from a net unrealized loss position of $0.8 billion at December 31, 2025 to a net unrealized loss position of $1.0 $1.6 billion at June September 30, 2026. At June September 30, 2026, we had gross unrealized losses of $1.0 $1.7 billion on our investment portfolio primarily due to an increase in market interest rates since the time the securities were purchased. We did not record any material credit allowances for debt securities that were in an unrealized loss position d uring the six nine months ended June September 30, 2026. While we believe that these impairments unrealized losses will be recovered and we currently do not have intent to sell such securities, given the current market conditions and the significant judgments involved, there is a continuing risk that future declines in fair value may occur and material realized losses from sales or credit allowances may be recorded in future periods.

Duration is the time-weighted average of the present value of the bond portfolio's cash flow. Duration is indicative of the relationship between changes in fair value and changes in interest rates, providing a general indication of the sensitivity of the fair values of our fixed maturity securities to changes in interest rates. However, actual fair values may differ significantly from estimates based on duration. The average duration of our investment portfolio, including cash and cash equivalents, was approximately 3.3 3.2 years as of June September 30, 2026 and 3.6 years as of December 31, 2025. Based on the duration, including cash equivalents, a 1% increase in interest rates would generally decrease the fair value of our securities by approximately $766 $803 million at June September 30, 2026.

Controls and procedures 3 changes

Under the supervision and with the participation of our Chief Executive Officer, or CEO, our Chief Financial Officer, or CFO, and our Principal Accounting Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures for the quarter ended June September 30, 2026.

Based on our evaluation, our CEO, CFO, and our Principal Accounting Officer concluded that our disclosure controls and procedures are were effective as of September 30, 2026 to provide reasonable assurance that information the Company is required to disclose in its reports under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, including, without limitation, ensuring that such information is accumulated and communicated to the Company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in the Company's internal control over financial reporting during the quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Unregistered sales of stock 5 changes

(c) The following table provides information about our purchases of equity securities that are registered by us pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, during the three months ended June September 30, 2026:

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April July 2026 — $ — — $ 2,723,963,914

May August 2026 — — — 2,723,963,914

June September 2026 — — — 2,723,963,914

(1) Effective February 16, 2024, the Board of Directors replaced the February 2023 repurchase authorization (of which approximately $824 million remained unused) with a new share repurchase authorization for repurchases of up to $3 billion of our common shares exclusive of shares repurchased in connection with employee stock plans, expiring as of February 15, 2027, which we refer to as the 2024 repurchase authorization. Our remaining repurchase authorization was $2.7 billion as of July 28, November 5, 2026.

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Other information 1 change

c. During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

Exhibits 8 changes

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Facility Agreement, dated as of May 15, 2026, among Horseshoe Funding Trust I, Humana Inc. and The Bank of New York Mellon Trust Company, N.A., as notes trustee (incorporated herein by reference to Exhibit 4.1 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

Facility Agreement, dated as of May 15, 2026, among Horseshoe Funding Trust II, Humana Inc. and The Bank of New York Mellon Trust Company, N.A., as notes trustee (incorporated herein by reference to Exhibit 4.2 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

Amended and Restated Declaration of Trust of Horseshoe Funding Trust I, dated as of May 15, 2026, among Humana Inc., as depositor, The Bank of New York Mellon Trust Company, N.A., as trustee, BNY Mellon Trust of Delaware, as Delaware trustee, and Humana Inc., solely for the purposes of Sections 5.10, Section 5.11(b), Section 5.11(f) and Section 10.4(c) (incorporated herein by reference to Exhibit 4.3 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

Amended and Restated Declaration of Trust of Horseshoe Funding Trust II, dated as of May 15, 2026, among Humana Inc., as depositor, The Bank of New York Mellon Trust Company, N.A., as trustee, BNY Mellon Trust of Delaware, as Delaware trustee, and Humana Inc., solely for the purposes of Sections 5.10, Section 5.11(b), Section 5.11(f) and Section 10.4(c) (incorporated herein by reference to Exhibit 4.4 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

Thirty-Second Supplemental Indenture, dated as of May 15, 2026, between Humana Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.6 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

Thirty-Third Supplemental Indenture, dated as of May 15, 2026, between Humana Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.7 to Humana Inc.'s Current Report on Form 8-K filed on May 19, 2026).

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101 The following materials from Humana Inc.'s Quarterly Report on Form 10-Q formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets (Unaudited) at June September 30, 2026 and December 31, 2025; (ii) the Condensed Consolidated Statements of Income (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025; (iii) the Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025; (iv) the Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three and six nine months ended June September 30, 2026 and 2025; (v) the Condensed Consolidated Statements of Cash Flows (Unaudited) for the six nine months ended June September 30, 2026 and 2025; and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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Date: July 29, November 6, 2026 By: /s/ JOHN-PAUL W. FELTER

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