Humana raised its full-year adjusted earnings forecast on November 6, even as it reported an adjusted loss for the third quarter, according to the health insurer’s quarterly results.

The Louisville, Kentucky-based company now expects adjusted earnings of at least $9.50 per share in 2026, up from its previous minimum of $9.00. Its forecast under generally accepted accounting principles rose to at least $15.09 per share from at least $6.52.

For the three months ended September 30, Humana reported GAAP earnings of $1.33 per share, compared with $1.62 a year earlier. On an adjusted basis, it recorded a loss of $0.70 per share, against earnings of $3.24 in the comparable 2025 quarter.

The gap between the accounting and adjusted results partly reflects valuation adjustments associated with minority investments. Humana’s reconciliation excludes those amounts and several other items when calculating its adjusted measures.

Consolidated revenue was $41.155 billion, up from $32.649 billion a year earlier. Reported pretax income rose to $216 million from $134 million, while the adjusted pretax result was a $104 million loss, compared with a $527 million profit.

Humana reported an insurance benefit ratio of 93.7%, better than management’s prior guidance of slightly above 94%. The ratio measures benefit expenses relative to the associated premium revenue.

The company also said its CenterWell Senior Primary Care patient count had grown by 146,800, or 30%, during the year to date. Medicaid membership increased by 103,600, or 7%, largely reflecting the start of integrated programs in Michigan, Illinois and South Carolina.

Despite raising its forecast, Humana said its expected full-year adjusted earnings still represent a year-over-year decline because of a Medicare Star Ratings headwind, after mitigation. Its reported adjusted earnings for 2025 were $17.14 per share.

The forecasts are company expectations. Adjusted figures are non-GAAP measures and should be read alongside the accounting results.

Sources: Humana — Third-Quarter 2026 Financial Results, November 6, 2026 https://humana.gcs-web.com/news-releases/news-release-details/humana-reports-third-quarter-2026-financial-results-raises-full