Form 8-K

8-K — HUMANA INC

Accession: 0000049071-26-000045

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0000049071

SIC: 6324 (HOSPITAL & MEDICAL SERVICE PLANS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — hum-20260729.htm (Primary)

EX-99.1 (hum-2026q2xex99x1briefxjul.htm)

EX-99.2 (hum-2026q2xex99x2detailedx.htm)

EX-99.3 (a2q2026humanaincpostedrema.htm)

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8-K

8-K (Primary)

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0000049071false00000490712026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026 (July 29, 2026)

Humana Inc.

(Exact name of registrant as specified in its charter)

Delaware 1-5975 61-0647538

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

101 East Main Street, Louisville, KY 40202

(Address of principal executive offices, including zip code)

502-580-1000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock HUM New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Humana Inc. (the "Company") issued a press release this morning reporting financial results for the quarter ended June 30, 2026, and posted a detailed earnings release related to the same period to the Investor Relations portion of the Company’s website at www.humana.com. A copy of each release is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and each release is incorporated herein by reference. Additionally, a copy of management's prepared remarks on the Company's financial results for the quarter ended June 30, 2026 and expectations for future earnings, is attached hereto as Exhibit 99.3, and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits:

Exhibit No. Description

99.1

Press Release

99.2

Earnings Release and Statistical Pages

99.3

Prepared Management Remarks

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

HUMANA INC.

BY: /s/ John-Paul W. Felter

John-Paul W. Felter

Senior Vice President, Chief Accounting Officer & Controller

(Principal Accounting Officer)

Dated: July 29, 2026

EX-99.1

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Exhibit 99.1

Humana Inc.

101 East Main Street

P.O. Box 1438

Louisville, KY 40202

http://www.humana.com

FOR MORE INFORMATION CONTACT:

Lisa Stoner

Humana Investor Relations

(502) 580-2652

e-mail: LStamper@humana.com

Mark Taylor

Humana Corporate Communications

(317) 753-0345

e-mail: MTaylor108@humana.com

Humana Reports Second Quarter 2026 Financial Results;

Affirms Full Year 2026 Adjusted Financial Guidance

•Reports 2Q26 earnings per share (EPS) of $5.73 on a GAAP basis, Adjusted EPS of $7.61; reports year to date (YTD) 2026 EPS of $15.55 on a GAAP basis, $17.91 on an Adjusted basis

•2Q26 Insurance segment GAAP benefit ratio of 91.2 percent, in line with management's guidance of 'slightly above 91 percent'; affirms full year (FY) 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points

•Affirms FY 2026 Adjusted EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $6.52' from the previous estimate of 'at least $8.36'

•Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025; driven by new sales and improved retention from the company's customer-led benefit strategy and changes to its customer service approach

•Continued strategic expansion of the company's CenterWell and Medicaid footprints

◦YTD growth of 130,900 patients, or 27 percent, in CenterWell Senior Primary Care

◦Broadened Illinois Medicaid footprint with the award of a statewide Illinois Medicaid managed care contract expected to go live in January 2027; Humana was the only new entrant awarded along with five incumbents

•Publishes prepared management remarks to Investor Relations page of www.humana.com ahead of this morning's 8:00 a.m. ET question and answer session to discuss its financial results for the quarter and expectations for future earnings

LOUISVILLE, KY (July 29, 2026) – Humana Inc. (NYSE: HUM) today reported consolidated pretax results and diluted earnings per share (EPS) for the quarter ended June 30, 2026 (2Q26) versus the quarter ended June 30, 2025 (2Q25) and for the six months ended June 30, 2026 (YTD 2026) versus the six months ended June 30, 2025 (YTD 2025) as noted in the tables below.

Consolidated income before income taxes and equity in net losses (pretax results) In millions

2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

Generally Accepted Accounting Principles (GAAP) $952 $741 $2,547 $2,432

Amortization associated with identifiable intangibles 8 15 19 30

Put/call valuation adjustments associated with company's non-consolidating minority interest investments 211 200 177 363

Value creation initiatives 56 29 154 53

Impairment charges 21 32 21 32

Adjusted (non-GAAP) $1,248 $1,017 $2,918 $2,910

Diluted earnings per share (EPS) 2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

GAAP $5.73 $4.51 $15.55 $14.81

Amortization associated with identifiable intangibles 0.07 0.12 0.16 0.24

Put/call valuation adjustments associated with company's non-consolidating minority interest investments 1.74 1.66 1.47 3.01

Value creation initiatives 0.46 0.24 1.27 0.44

Impairment charges 0.17 0.27 0.17 0.26

Cumulative net tax impact of non-GAAP adjustments (0.56) (0.53) (0.71) (0.91)

Adjusted (non-GAAP) $7.61 $6.27 $17.91 $17.85

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.

Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.

"The first half of the year went well, and we're right where we said we'd be at Investor Day last year," said Humana President and CEO Jim Rechtin. "When we get the clinical care right and run the business more efficiently, everything else follows—stronger earnings and better health and experiences for the people we serve.”

FY 2026 Earnings Guidance

Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'. The FY 2026 Adjusted EPS guidance anticipates a year-over-year decline as a result of the Star Ratings headwind for Bonus Year (BY) 2026, net of mitigation.

Diluted earnings per share (a)

FY 2026

Guidance FY 2025

GAAP at least $6.52 $9.84

Amortization associated with identifiable intangibles 0.30 0.42

Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b) 1.47 4.25

Value creation initiatives (b) 1.27 3.72

Impact of exit of employer group commercial medical products business (b) — (0.52)

Settlement of certain litigation expenses (b) — 0.13

Loss on sale of business (b) — 0.55

Impairment charges (b) 0.17 2.09

Cumulative net tax impact (0.73) (3.34)

Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported at least $9.00 $17.14

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as additional reconciliations.

Detailed Press Release

Humana’s full earnings press release, including the statistical pages, has been posted to the company’s Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company’s website).

Conference Call

Humana will host a live question-and-answer session for analysts at 8:00 a.m. Eastern time today to discuss its financial results for the quarter and the company’s expectations for future earnings. In advance of the question-and-answer session, Humana will post prepared management remarks to the Quarterly Results section of its Investor Relations page (https://humana.gcs-web.com/financial-information/quarterly-results).

A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.

If you anticipate asking a question during the question-and-answer session, please register in advance at this link - https://register-conf.media-server.com/register/BI18085d824058461aa3c6b8b2af27cb40.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

The company suggests participants listening via the web or the conference call sign in or dial in at least 15 minutes in advance of the call. For those unable to participate in the live event, the virtual presentation archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at https://humana.gcs-web.com/, approximately two hours following the live webcast.

Footnotes

The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the corresponding GAAP measures, provide a comprehensive perspective to more accurately compare and analyze the company’s core operating performance over time. Consequently, management uses these non-GAAP (Adjusted) financial measures as consistent indicators of the company’s core business operations from period to period, as well as for planning and decision-making purposes and in determination of incentive compensation. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company’s non-GAAP measures are not intended to normalize earnings, eliminate volatility, or represent future performance. Non-GAAP measures are subject to inherent limitations and may differ from similarly titled measures used by other companies. All financial measures in this earnings release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at non-GAAP (Adjusted) financial measures.

(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.

•Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes the exclusion of this non-cash expense provides a more consistent and uniform indicator of performance from period to period. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results, EPS, and Insurance and CenterWell segments' income from operations. The table below discloses respective period amortization expense for each segment:

Amortization

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

Insurance segment $4 $4 $8 $9

CenterWell segment $4 $11 $11 $21

•Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These non-cash amounts are the result of fair value measurements associated with the company's primary care strategic partnership and are unrelated to the company's core business performance. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS.

•Value creation initiatives - These charges relate to the company's multi-year transformation program, as approved by management with defined scope and milestones. The intent of the program is to re-align the company’s cost structure, operating model, and technology footprint with evolving market conditions. These costs primarily include severance and associate exit costs, asset impairments, and external consulting expenses incurred to execute the program. These charges were recorded at the corporate level and not allocated to the segments. The company has consistently applied this adjustment across

all periods. For all periods shown within this earnings release, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.

•Impairment charges - During 2Q26, the company recognized non-cash impairment charges related to investments for which the company held minority ownership interests that were deemed to be unrecoverable based on recent market activity. In 2Q25, the company recognized non-cash impairment charges related to certain indefinite-lived intangible assets based on the company's estimate of future financial performance in certain state markets. These charges were recorded at the corporate level and not allocated to the segments. For 2Q26 and YTD 2026, GAAP measures affected include consolidated pretax results, EPS, and consolidated revenues. For 2Q25 and YTD 2025, GAAP measures affected included consolidated pretax results, EPS, and the consolidated operating cost ratio. The FY 2025 GAAP EPS measure was also impacted by this adjustment.

•Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense at the applicable marginal rate related to the aforementioned items excluded from the applicable GAAP measures. For FY 2025, the tax adjustment reflects the impact of the loss on sale of business, which exceeded the book loss. The related tax benefit from the loss on sale of business is realizable via capital loss carryback. The tax impact of the aforementioned items differs from the statutory rates due to jurisdictional mix, limitations on deductibility, and other factors. The cumulative tax impact is not intended to represent a normalized effective tax rate or expected future tax outcomes. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.

•Impact of exit of employer group commercial medical products business - These amounts relate to activity from the exit of the employer group commercial medical products business as announced by Humana on February 23, 2023.

•Settlement of certain litigation expenses - These charges relate to expenses the company recognized in connection with a discrete legal matter. The nature and magnitude of this settlement are not indicative of the company’s ongoing operations.

•Loss on sale of business - This discrete disposition is not part of the company's ordinary course operations and the impacts recognized from the disposal do not reflect core operational performance. The loss primarily reflects the difference between the carrying value and proceeds at the time of sale.

In addition to the reconciliations shown on pages 1 and 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

Revenues

CONSOLIDATED

Revenues

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

GAAP $40,867 $32,388 $80,515 $64,500

Impairment charges 21 — 21 —

Adjusted (non-GAAP) $40,888 $32,388 $80,536 $64,500

Operating cost ratio

CONSOLIDATED

Operating cost ratio 2Q26 2Q25 YTD 2026 YTD 2025

GAAP 9.8 % 11.0 % 10.0 % 10.8 %

Value creation initiatives (0.1) % — % (0.2) % (0.1) %

Impairment charges — % (0.1) % — % — %

Adjusted (non-GAAP) 9.7 % 10.9 % 9.8 % 10.7 %

Insurance Segment - Income from operations

INSURANCE SEGMENT

Income from operations

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

GAAP $820 $766 $2,255 $2,340

Amortization associated with identifiable intangibles 4 4 8 9

Adjusted (non-GAAP) $824 $770 $2,263 $2,349

(b) FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized and cannot currently be reasonably estimated at this time.

Cautionary Statement

This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana’s executive officers, the words or phrases like “expects,” “believes,” “anticipates,” “assumes,” “intends,” “likely will result,” “estimates,” “projects” or variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the “Risk Factors” section of the company’s SEC filings, a summary of which includes but is not limited to the following:

•If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana’s profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends. Accordingly, Humana's reserves may be insufficient.

•If Humana fails to effectively implement its operational and strategic initiatives, including its Medicare initiatives, which are of particular importance given the concentration of the company's revenues in these products, state-based contract strategy, the growth of its CenterWell business, and its integrated care delivery model, the company’s business may be materially adversely affected.

•The number of Humana’s Medicare Advantage plans rated 4-star or higher significantly declined in 2025. Humana filed a lawsuit seeking to set aside and vacate the 2025 Star Ratings of its Medicare Advantage plans, and on October 14, 2025, the Court issued a decision rejecting Humana's challenge. Although the company has appealed that decision, there can be no assurances that it will ultimately prevail in the lawsuit. If the company is not successful, the decline in Star Ratings will negatively impact its 2026 quality bonus payments from CMS and may also significantly adversely affect the company’s revenues, operating results, and cash flows. In addition, there can be no assurances the company will be successful in maintaining or improving its Star Ratings in future years.

prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected.

•Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company’s cost of doing business.

•As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts; governmental audits and investigations; potential inadequacy of government determined payment rates; potential restrictions on profitability, including by comparison of profitability of the company’s Medicare Advantage business to non-Medicare Advantage business; or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage plans or retrospective recovery by CMS of previously paid premiums as a result of the final rule related to the risk adjustment data validation audit methodology published by CMS on January 30, 2023 (Final RADV Rule), which Humana believes fails to address adequately the statutory requirement of actuarial equivalence and violates the Administrative Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows.

•Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana’s results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company’s ability to expand into new markets, increasing the company’s medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company’s Medicare payment rates and increasing the company’s expenses associated with a non-deductible health insurance industry fee and other assessments); the company’s financial position (including the company’s ability to maintain the value of its goodwill); and the company’s cash flows.

•Humana’s failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company’s results of operations, financial position, and cash flows.

•If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.

•Humana faces significant competition in attracting and retaining talented employees. Further, managing succession for, and retention of, key executives is critical to the Company’s success, and its failure to do so could adversely affect the Company’s businesses, operating results and/or future performance.

•Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses.

•Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.

•Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.

•Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.

•Volatility or disruption in the securities and credit markets may significantly and adversely affect the value of our investment portfolio and the investment income that we derive from this portfolio.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:

•Form 10-K for the year ended December 31, 2025;

•Form 10-Q for the quarter ended March 31, 2026; and

•Form 8-Ks filed during 2026.

About Humana

Humana (NYSE: HUM) is a leading U.S. healthcare company. Through our Humana insurance services and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare and Medicaid, families, individuals, military service personnel, and communities at large. Learn more about what we offer at Humana.com and at CenterWell.com.

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Exhibit 99.2

Humana Inc.

101 East Main Street

P.O. Box 1438

Louisville, KY 40202

http://www.humana.com

FOR MORE INFORMATION CONTACT:

Lisa Stoner

Humana Investor Relations

(502) 580-2652

e-mail: LStamper@humana.com

Mark Taylor

Humana Corporate Communications

(317) 753-0345

e-mail: MTaylor108@humana.com

Humana Reports Second Quarter 2026 Financial Results;

Affirms Full Year 2026 Adjusted Financial Guidance

•Reports 2Q26 earnings per share (EPS) of $5.73 on a GAAP basis, Adjusted EPS of $7.61; reports year to date (YTD) 2026 EPS of $15.55 on a GAAP basis, $17.91 on an Adjusted basis

•Affirms FY 2026 Adjusted EPS guidance of 'at least $9.00'; while revising GAAP EPS guidance to 'at least $6.52' from the previous estimate of 'at least $8.36'

•Continued strategic expansion of the company's CenterWell and Medicaid footprints

◦YTD growth of 130,900 patients, or 27 percent, in CenterWell Senior Primary Care

Consolidated income before income taxes and equity in net losses (pretax results) In millions

2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

Generally Accepted Accounting Principles (GAAP) $952 $741 $2,547 $2,432

Amortization associated with identifiable intangibles 8 15 19 30

Put/call valuation adjustments associated with company's non-consolidating minority interest investments 211 200 177 363

Value creation initiatives 56 29 154 53

Impairment charges 21 32 21 32

Adjusted (non-GAAP) $1,248 $1,017 $2,918 $2,910

Diluted earnings per share (EPS) 2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

GAAP $5.73 $4.51 $15.55 $14.81

Amortization associated with identifiable intangibles 0.07 0.12 0.16 0.24

Put/call valuation adjustments associated with company's non-consolidating minority interest investments 1.74 1.66 1.47 3.01

Value creation initiatives 0.46 0.24 1.27 0.44

Impairment charges 0.17 0.27 0.17 0.26

Cumulative net tax impact of non-GAAP adjustments (0.56) (0.53) (0.71) (0.91)

Adjusted (non-GAAP) $7.61 $6.27 $17.91 $17.85

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.

Please refer to the tables above, as well as the consolidated and segment highlight sections that follow for additional discussion of the factors impacting the year-over-year quarterly and YTD comparisons.

FY 2026 Earnings Guidance

Diluted earnings per share (a)

FY 2026

Guidance FY 2025

GAAP at least $6.52 $9.84

Amortization associated with identifiable intangibles 0.30 0.42

Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (b) 1.47 4.25

Value creation initiatives (b) 1.27 3.72

Impact of exit of employer group commercial medical products business (b) — (0.52)

Settlement of certain litigation expenses (b) — 0.13

Loss on sale of business (b) — 0.55

Impairment charges (b) 0.17 2.09

Cumulative net tax impact (0.73) (3.34)

Adjusted (non-GAAP) – FY 2026 projected (b); FY 2025 reported at least $9.00 $17.14

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well

as reconciliations.

Humana Consolidated Highlights

Humana Inc. Summary of Results

($ in millions, except per share amounts)

2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

Revenues $40,867 $32,388 $80,515 $64,500

Revenues - Adjusted (non-GAAP) $40,888 $32,388 $80,536 $64,500

Pretax results $952 $741 $2,547 $2,432

Pretax results - Adjusted (non-GAAP) $1,248 $1,017 $2,918 $2,910

EPS $5.73 $4.51 $15.55 $14.81

EPS - Adjusted (non-GAAP) $7.61 $6.27 $17.91 $17.85

Benefit ratio 91.1 % 89.7 % 90.2 % 88.4 %

Operating cost ratio 9.8 % 11.0 % 10.0 % 10.8 %

Operating cost ratio - Adjusted (non-GAAP) 9.7 % 10.9 % 9.8 % 10.7 %

Operating cash flows $3,220 $1,602

Parent company cash and short-term investments (c) $1,590 $1,334

Debt-to-total capitalization 42.7 % 40.7 %

Days in Claims Payable (DCP) 33.1 36.5

Refer to the "Footnotes" section included herein for further explanation of disclosures for Adjusted (non-GAAP) financial measures, as well as reconciliations.

Consolidated Revenues

The favorable year-over-year quarterly and YTD GAAP consolidated revenues comparisons were primarily driven by the following:

•membership growth across the company's Medicare businesses in 2026,

•higher per member 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), and

•increased payor-agnostic client base across the CenterWell platform, partially offset by the final year of the v28 risk model revision phase-in.

These factors were partially offset by the previously disclosed BY 2026 Star Ratings headwind.

Consolidated Benefit Ratio

The year-over-year increases in the quarterly and YTD GAAP consolidated benefit ratios primarily reflected the following:

•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 (prior period development) in 2026. Prior period development was $53 million favorable in 2Q26 compared to $161 million favorable in 2Q25; YTD 2026 prior period development was $442 million compared to $638 million in YTD 2025. This development does not

directly correspond to the company's operating results as a portion is attributable to provider risk-sharing arrangements, which are accounted for separately based on contractual terms.

These factors were partially offset by the following:

•2026 individual MA pricing, inclusive of the MA funding environment (excluding the BY 2026 Star Ratings headwind) combined with the company's ongoing clinical excellence efforts, more than offsetting the assumption of claims trend (with largely stable benefits year over year), and

•the benefit of the company's group MA recontracting efforts for the 2026 plan year.

Consolidated Operating Cost Ratio

The year-over-year improvement in the quarterly and YTD GAAP operating cost ratios from 2Q25 and YTD 2025, respectively, primarily resulted from the following:

•operating leverage associated with increased revenues from membership growth across the company's Medicare businesses in 2026 combined with an improved MA benchmark funding rate and increased Part D direct subsidy resulting from the IRA, and

•the company's progress on its previously discussed tactical cost cutting and transformation initiatives combined with the beneficial impact of prior value creation initiatives that have driven administrative cost efficiencies.

These factors were partially offset by the following:

•impact of the previously disclosed BY 2026 Star Ratings headwind,

•higher charges associated with the company's value creation initiatives, and

•for the YTD 2026 period, a higher CenterWell operating cost ratio.

Refer to the "Footnotes" section included herein for a reconciliation of GAAP to Adjusted (non-GAAP) consolidated operating cost ratios for the respective periods.

Balance sheet

•Days in claims payable (DCP) of 33.1 days at June 30, 2026 represented a decrease of 0.8 days from 33.9 days at March 31, 2026 and a decrease of 3.4 days from 36.5 days at June 30, 2025.

The sequential decline was primarily driven by a reduction in processed claims inventories as of June 30, 2026.

The year-over-year decline in DCP from June 30, 2025 was also impacted by a reduction in processed claims inventories, along with a relative reduction in provider-capitation accruals, including the timing of payments to providers in accordance with the respective risk-sharing arrangements.

In addition to the factors above, the comparisons continue to reflect an increasing proportion of prescription drug benefits expense due to structural changes associated with the previous implementation of the IRA and pharmacy cost trend that is outpacing medical cost trend on a relative basis, as expected. Pharmacy claims are processed more quickly than medical claims leading to a lower benefits payable for claims incurred but not reported (IBNR) and DCP.

•Humana's debt-to-total capitalization at June 30, 2026 decreased 30 basis points to 42.7 percent from 43.0 percent at March 31, 2026, primarily reflecting the impact of the 2Q26 net earnings, partially offset by a commercial paper issuance.

•During the quarter, the company entered into $1.50 billion of pre-capitalized trust security arrangements, enhancing financial flexibility and contingent liquidity. These arrangements do not impact the company's debt-to-total capitalization as of June 30, 2026.

Operating cash flows

YTD 2026 GAAP operating cash flows increased from YTD 2025 as a result of favorable working capital activity, primarily associated with an increase in the IBNR balance and the favorable timing impact of an approximately $1.05 billion Medicaid state-directed payment (which settled shortly after 2Q26), combined with a modest increase in YTD 2026 earnings.

Humana’s Insurance Segment

This segment is comprised of insurance products serving Medicare and state-based contract beneficiaries, as well as individuals and employers. The segment also includes the company's Pharmacy Benefit Manager, or PBM, business.

Insurance Segment Results

($ in millions)

2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

Revenues $39,140 $31,094 $77,199 $62,031

Benefit ratio 91.2 % 89.9 % 90.3 % 88.7 %

Operating cost ratio 7.1 % 8.3 % 7.2 % 8.3 %

Income from operations $820 $766 $2,255 $2,340

Income from operations - Adjusted (non-GAAP) $824 $770 $2,263 $2,349

Refer to the "Footnotes" section included herein for further explanation of the disclosure for the Adjusted (non-GAAP) financial measure, as well as the reconciliation.

Insurance Segment Revenues

The year-over-year increases in the quarterly and YTD GAAP segment revenues from the respective 2025 periods primarily reflected the following:

•membership growth across the company's Medicare businesses in 2026, and

•higher per member MA and stand-alone PDP premiums largely driven by an increase in MA benchmark funding from CMS and the increased Part D direct subsidy as a result of the IRA.

These factors were partially offset by the previously disclosed BY 2026 Star Ratings headwind.

Insurance Segment Benefit Ratio

The year-over-year increases in the quarterly and YTD GAAP segment benefit ratio from the respective 2025 periods primarily reflected the following:

•the BY 2026 Star Ratings revenue headwind,

•the effect of the individual MA membership growth during the most recent AEP and 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 development in 2026.

These factors were partially offset by the following factors:

•the benefit of the company's group MA recontracting efforts for the 2026 plan year.

Insurance Segment Operating Cost Ratio

The significant year-over-year decreases in the quarterly and YTD GAAP segment operating cost ratios from the respective 2025 periods primarily related to the following:

•operating leverage associated with increased revenues from membership growth across the company's Medicare businesses in 2026 combined with an improved MA benchmark funding rate and the increased Part D direct subsidy resulting from the IRA, and

•the company's progress on its tactical cost cutting and transformation initiatives combined with the beneficial impact of prior value creation initiatives that have driven administrative cost efficiencies.

These factors were partially offset by the impact of the previously disclosed BY 2026 Star Ratings headwind.

Humana’s CenterWell Segment

This segment includes pharmacy solutions (excluding the PBM operations), primary care, and home solutions. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs.

CenterWell Segment Results

($ in millions)

2Q26 2Q25 YTD 2026 YTD 2025

Revenues $6,790 $5,537 $12,890 $10,632

Operating cost ratio 92.4 % 92.7 % 93.4 % 92.0 %

Income from operations $466 $344 $755 $736

Income from operations - Adjusted (non-GAAP) (d) $514 $404 $852 $855

Refer to the "Footnotes" section included herein for further explanation of the disclosure for the Adjusted (non-GAAP) financial measure, as well as the reconciliation.

CenterWell Segment Revenues

The favorable year-over-year quarterly and YTD CenterWell GAAP segment revenues comparisons were primarily driven by the following:

•higher revenues associated with growth in each of the CenterWell business lines resulting from increased Medicare membership in 2026, and

•continued expansion of the company's payor-agnostic client base, primarily associated with the company's primary care business as a result of recent acquisitions.

These factors were partially offset by the impact of the final year of the phase-in of the v28 risk model revision.

CenterWell Segment Operating Cost Ratio

The year-over-year decrease in the segment's quarterly GAAP operating cost ratio from 2Q25 primarily resulted from the following:

•continued maturation of the v28 mitigation activities within the primary care business, and

These factors were partially offset by the following:

•the impact of the final year of the phase-in of the v28 risk model revision, and

•the uptick of volume within CenterWell Specialty Pharmacy, which carries a higher operating cost ratio than the traditional pharmacy business.

The year-over-year increase in the segment's YTD 2026 GAAP operating cost ratio from YTD 2025 primarily reflected the net unfavorable impact of the items noted above affecting the quarterly comparison, along with the following items:

•the anticipated headwind in the first quarter of 2026 associated with the acquisition of The Villages Health, which closed in November 2025, and

•transaction and integration costs associated with the recent acquisition of MaxHealth in the first quarter of 2026.

See additional operational metrics for the CenterWell segment on pages S-13 and S-14 of the statistical supplement included in this earnings release.

Conference Call

A webcast of the 2Q26 earnings call may be accessed via Humana’s Investor Relations page at https://humana.gcs-web.com/.

Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.

Footnotes

(a) For the periods covered in this earnings release, the following items are excluded from the non-GAAP financial measures described above, as applicable.

Amortization

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

Insurance segment $4 $4 $8 $9

CenterWell segment $4 $11 $11 $21

The following adjustments impact only the FY 2025 GAAP EPS shown within this release on page 2.

In addition to the reconciliations shown on page 2 of this release, the following are reconciliations of GAAP to Adjusted (non-GAAP) measures described above and disclosed within this earnings release:

Revenues

CONSOLIDATED

Revenues

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

GAAP $40,867 $32,388 $80,515 $64,500

Impairment charges 21 — 21 —

Adjusted (non-GAAP) $40,888 $32,388 $80,536 $64,500

Operating cost ratio

CONSOLIDATED

Operating cost ratio 2Q26 2Q25 YTD 2026 YTD 2025

GAAP 9.8 % 11.0 % 10.0 % 10.8 %

Value creation initiatives (0.1) % — % (0.2) % (0.1) %

Impairment charges — % (0.1) % — % — %

Adjusted (non-GAAP) 9.7 % 10.9 % 9.8 % 10.7 %

Insurance Segment - Income from operations

INSURANCE SEGMENT

Income from operations

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

GAAP $820 $766 $2,255 $2,340

Amortization associated with identifiable intangibles 4 4 8 9

Adjusted (non-GAAP) $824 $770 $2,263 $2,349

(c) Parent company cash and short-term investments as of June 30, 2026 were favorably impacted by the timing of an approximately $1.05 billion Medicaid state-directed payment that settled shortly after 2Q26.

(d) The CenterWell segment non-GAAP (Adjusted) income from operations includes an adjustment to add back depreciation and amortization expense to the segment's GAAP income from operations since such an adjustment is commonly utilized for valuation purposes within the healthcare delivery industry.

CENTERWELL SEGMENT

Income from operations

(in millions)

2Q26 2Q25 YTD 2026 YTD 2025

GAAP $466 $344 $755 $736

Depreciation and amortization expense 48 60 97 119

Adjusted (non-GAAP) $514 $404 $852 $855

Cautionary Statement

•If Humana, or the third-party service providers on which it relies, fails to properly maintain the integrity of its data, to strategically maintain existing or implement new information systems (including systems powered by or incorporating artificial intelligence (AI) or machine learning (ML)), or to protect Humana’s proprietary rights to its systems, or to defend against cyber-security attacks, contain such attacks when they occur, or prevent other privacy or data security incidents that result in security breaches that disrupt the company's operations or in the unintentional dissemination of sensitive personal information or proprietary or confidential information, the company’s business may be materially adversely affected.

Procedure Act due to its failure to include a "Fee for Service Adjuster" could have a material adverse effect on the company's operating results, financial position and cash flows.

•If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company’s business may be adversely affected.

•Humana’s pharmacy business is highly competitive and subjects it to regulations and supply chain risks in addition to those the company faces with its core health benefits businesses.

•Changes in the prescription drug industry pricing benchmarks may adversely affect Humana’s financial performance.

•Humana’s ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations.

•Downgrades in Humana’s debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:

•Form 10-K for the year ended December 31, 2025;

•Form 10-Q for the quarter ended March 31, 2026; and

•Form 8-Ks filed during 2026.

About Humana

Humana Inc. FY 2026 Guidance - As of July 29, 2026

no changes from initial FY 2026 guidance provided as of February 11, 2026, with the exception of GAAP EPS

Diluted earnings per common share (EPS)

GAAP: 'at least $6.52'

(previously 'at least $8.36')

FY 2026 GAAP EPS guidance and FY 2026 Adjusted (non-GAAP) EPS guidance exclude the impact of future value changes to items that have not yet been recognized and cannot currently be reasonably estimated at this time.

Non-GAAP: 'at least $9.00'

Total Revenues

Consolidated At least $160 billion Consolidated and segment level revenue projections include expected net investment income.

Segment level revenues include amounts that eliminate in consolidation.

Insurance segment At least $155 billion

CenterWell segment At least $25 billion

Change in year-end medical membership from prior year-end

Individual Medicare Advantage growth of approximately 25 percent

Group Medicare Advantage growth of approximately 150,000

Individual Medicare stand-alone PDP growth of approximately 1,000,000

State-based contracts growth of 25,000 to 100,000 State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin.

Benefit Ratio

Insurance segment

GAAP: 92.75% +/- 25 bps

Ratio calculation: benefits expense as a percent of premiums revenues.

Operating Cost Ratio Consolidated

GAAP: 10.0% +/- 25 bps

Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding net investment income.

Segment Results

Insurance segment income from operations

GAAP: approximately breakeven

CenterWell segment income from operations

GAAP: $1.3B to $1.8B

Non-GAAP: $1.5B to $2.0B

CenterWell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization.

Effective Tax Rate

GAAP: approximately 25.5%

Weighted Avg. Share Count for Diluted EPS approximately 121 million

Cash flows from operations

GAAP: $2.5 billion to $2.9 billion

Capital expenditures approximately $650 million

Humana Inc.

Statistical Schedules

and

Supplementary Information

2Q26 Earnings Release

S-1

Humana Inc.

Statistical Schedules and Supplementary Information

2Q26 Earnings Release

(S-3) Summary of Results - Consolidated and Segments - Quarter & YTD

(S-4) Consolidated Statements of Income - Quarter & YTD

(S-5) Consolidated Balance Sheets

(S-6) Consolidated Statements of Cash Flows - YTD

(S-7) - (S-8) Consolidating Statements of Income - Quarter

(S-9) - (S-10) Consolidating Statements of Income - YTD

(S-11) Membership Detail

(S-12) Premiums and Services Revenue Detail

(S-13) - (S-14) CenterWell Segment - Pharmacy & Home Solutions and Primary Care

(S-15) Footnotes

S-2

Humana Inc. Summary of Results

($ in millions, except per share amounts)

2Q26 (a) 2Q25 (a) YTD 2026 (a) YTD 2025 (a)

CONSOLIDATED

Revenues $40,867 $32,388 $80,515 $64,500

Revenues - Adjusted (non-GAAP) $40,888 $32,388 $80,536 $64,500

Pretax results $952 $741 $2,547 $2,432

Pretax results - Adjusted (non-GAAP) $1,248 $1,017 $2,918 $2,910

EPS $5.73 $4.51 $15.55 $14.81

EPS - Adjusted (non-GAAP) $7.61 $6.27 $17.91 $17.85

Benefit ratio 91.1 % 89.7 % 90.2 % 88.4 %

Operating cost ratio 9.8 % 11.0 % 10.0 % 10.8 %

Operating cost ratio - Adjusted (non-GAAP) 9.7 % 10.9 % 9.8 % 10.7 %

Operating cash flows $3,220 $1,602

Parent company cash and short-term investments (c) $1,590 $1,334

Debt-to-total capitalization 42.7 % 40.7 %

Days in Claims Payable (DCP) 33.1 36.5

INSURANCE SEGMENT

Revenues $39,140 $31,094 $77,199 $62,031

Benefit ratio 91.2 % 89.9 % 90.3 % 88.7 %

Operating cost ratio 7.1 % 8.3 % 7.2 % 8.3 %

Income from operations $820 $766 $2,255 $2,340

Income from operations - Adjusted (non-GAAP) $824 $770 $2,263 $2,349

CENTERWELL SEGMENT

Revenues $6,790 $5,537 $12,890 $10,632

Operating cost ratio 92.4 % 92.7 % 93.4 % 92.0 %

Income from operations $466 $344 $755 $736

Income from operations - Adjusted (non-GAAP) (d) $514 $404 $852 $855

Refer to the "Footnotes" section included in the previous narrative portion of this release (beginning on page 7) for further explanation of disclosures for

Adjusted (non-GAAP) financial measures, as well as reconciliations.

S-3

Humana Inc.

Consolidated Statements of Income (Unaudited)

Dollars in millions, except per common share results

For the three months ended

June 30, For the six months ended

June 30,

2026 2025 2026 2025

Revenues:

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

Operating expenses:

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

Income before income taxes and equity in net losses 952 741 2,547 2,432

Provision for income taxes 238 179 633 585

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

Net income 693 543 1,877 1,785

Net loss attributable to noncontrolling interests 1 2 3 4

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

Shares used in computing basic earnings per common share (000’s) 120,066 120,539 120,199 120,602

Shares used in computing diluted earnings per common share (000’s) 121,135 120,745 120,893 120,794

S-4

Humana Inc.

Consolidated Balance Sheets (Unaudited)

Dollars in millions, except share amounts

June 30, December 31,

2026 2025

Assets

Current assets:

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

Investment securities 16,978 15,703

Receivables, net 5,695 3,270

Other current assets 10,520 9,560

Total current assets 40,086 32,733

Property and equipment, net 2,098 2,231

Long-term investment securities 650 493

Equity method investments 627 638

Goodwill 10,485 9,686

Other long-term assets 3,250 3,128

Total assets $ 57,196 $ 48,909

Liabilities and Stockholders’ Equity

Current liabilities:

Benefits payable $ 12,876 $ 9,967

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

Book overdraft 351 306

Unearned revenues 249 356

Short-term debt 2,268 —

Total current liabilities 23,007 16,346

Long-term debt 11,979 12,369

Other long-term liabilities 2,933 2,457

Total liabilities 37,919 31,172

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $1 par; 10,000,000 shares authorized, none issued — —

Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,719,832 issued at June 30, 2026 33 33

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

Retained earnings 30,741 29,075

Accumulated other comprehensive loss (751) (633)

Treasury stock, at cost, 78,639,524 shares at June 30, 2026 (14,511) (14,418)

Total stockholders’ equity 19,213 17,657

Noncontrolling interests 64 80

Total equity 19,277 17,737

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

Debt-to-total capitalization ratio 42.7 % 41.1 %

S-5

Humana Inc.

Consolidated Statements of Cash Flows (Unaudited) Dollars in millions

For the six months ended June 30,

2026 2025

Cash flows from operating activities

Net income $ 1,877 $ 1,785

Adjustments to reconcile net income to net cash provided by operating activities:

Losses (gains) on investment securities, net 26 (13)

Equity in net losses 37 62

Stock-based compensation 116 110

Depreciation 363 396

Amortization 19 30

Impairment of property and equipment 25 14

Impairment of indefinite-lived intangible assets — 32

Changes in operating assets and liabilities, net of effect of businesses acquired and disposed:

Receivables (2,392) (1,800)

Other assets (902) (658)

Benefits payable 2,909 620

Other liabilities 1,241 1,010

Unearned revenues (107) 14

Other, net 8 —

Net cash provided by operating activities 3,220 1,602

Cash flows from investing activities

Acquisitions, net of cash acquired (930) (1)

Proceeds from sale of business, net 40 —

Purchases of property and equipment, net (253) (209)

Changes in securities lending collateral receivable (64) (48)

Purchases of investment securities (4,230) (1,941)

Proceeds from maturities of investment securities 1,561 1,617

Proceeds from sales of investment securities 1,050 1,243

Net cash (used in) provided by investing activities (2,826) 661

Cash flows from financing activities

Receipts (payments) from contract deposits, net 547 (579)

Proceeds from issuance of notes, net 990 1,481

Repayments of notes (281) (771)

Proceeds (repayments) from issuance of commercial paper, net 1,300 (5)

Debt issue costs (16) (5)

Change in book overdraft 45 (105)

Common stock repurchases (108) (109)

Dividends paid (214) (214)

Change in securities lending payable 64 48

Change in rebate factor payable — (123)

Other (28) (62)

Net cash provided by (used in) financing activities 2,299 (444)

Increase in cash and cash equivalents 2,693 1,819

Cash and cash equivalents at beginning of period 4,200 2,221

Cash and cash equivalents at end of period $ 6,893 $ 4,040

S-6

Humana Inc.

Consolidating Statements of Income—For the three months ended June 30, 2026 (Unaudited)

In millions

Insurance CenterWell Eliminations/

Corporate Consolidated

Revenues—external customers premiums:

Individual Medicare Advantage $ 28,875 $ — $ — $ 28,875

Group Medicare Advantage 2,851 — — 2,851

Medicare stand-alone PDP 2,995 — — 2,995

Total Medicare 34,721 — — 34,721

State-based contracts and other 3,501 — — 3,501

Specialty benefits 268 — — 268

Medicare Supplement 344 — — 344

Total premiums 38,834 — — 38,834

Services revenue:

Home solutions — 360 — 360

Primary care — 839 — 839

Pharmacy solutions — 382 — 382

Military services and other 199 — — 199

Total services revenue 199 1,581 — 1,780

Total revenues—external customers 39,033 1,581 — 40,614

Intersegment revenues 2 5,209 (5,211) —

Net investment income 105 — 148 253

Total revenues 39,140 6,790 (5,063) 40,867

Operating expenses:

Benefits 35,423 — (53) 35,370

Operating costs 2,758 6,276 (5,056) 3,978

Depreciation and amortization 139 48 (28) 159

Total operating expenses 38,320 6,324 (5,137) 39,507

Income from operations $ 820 $ 466 $ 74 $ 1,360

Benefit ratio 91.2 % 91.1 %

Operating cost ratio 7.1 % 92.4 % 9.8 %

Benefit ratio represents benefits expense as a percentage of premiums revenue.

Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-7

Humana Inc.

Consolidating Statements of Income—For the three months ended June 30, 2025 (Unaudited)

In millions

Insurance CenterWell Eliminations/

Corporate Consolidated

Revenues—external customers premiums:

Individual Medicare Advantage $ 22,764 $ — $ — $ 22,764

Group Medicare Advantage 2,260 — — 2,260

Medicare stand-alone PDP 1,721 — — 1,721

Total Medicare 26,745 — — 26,745

State-based contracts and other 3,460 — — 3,460

Specialty benefits 246 — — 246

Medicare Supplement

265 — — 265

Total premiums 30,716 — — 30,716

Services revenue:

Home solutions — 360 — 360

Primary care — 513 — 513

Pharmacy solutions — 321 — 321

Military services and other 206 — — 206

Total services revenue 206 1,194 — 1,400

Total revenues—external customers 30,922 1,194 — 32,116

Intersegment revenues 1 4,343 (4,344) —

Net investment income 171 — 101 272

Total revenues 31,094 5,537 (4,243) 32,388

Operating expenses:

Benefits 27,621 — (56) 27,565

Operating costs 2,558 5,133 (4,144) 3,547

Depreciation and amortization 149 60 (31) 178

Total operating expenses 30,328 5,193 (4,231) 31,290

Income (loss) from operations $ 766 $ 344 $ (12) $ 1,098

Benefit ratio 89.9 % 89.7 %

Operating cost ratio 8.3 % 92.7 % 11.0 %

Benefit ratio represents benefits expense as a percentage of premiums revenue.

Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-8

Humana Inc.

Consolidating Statements of Income—For the six months ended June 30, 2026 (Unaudited)

In millions

Insurance CenterWell Eliminations/

Corporate Consolidated

Revenues—external customers premiums:

Individual Medicare Advantage $ 57,127 $ — $ — $ 57,127

Group Medicare Advantage 5,762 — — 5,762

Medicare stand-alone PDP 5,612 — — 5,612

Total Medicare 68,501 — — 68,501

State-based contracts and other 6,833 — — 6,833

Specialty benefits 536 — — 536

Medicare Supplement 673 — — 673

Total premiums 76,543 — — 76,543

Services revenue:

Home solutions — 703 — 703

Primary care — 1,627 — 1,627

Pharmacy solutions — 679 — 679

Military services and other 446 — 2 448

Total services revenue 446 3,009 2 3,457

Total revenues—external customers 76,989 3,009 2 80,000

Intersegment revenues 3 9,881 (9,884) —

Net investment income 207 — 308 515

Total revenues 77,199 12,890 (9,574) 80,515

Operating expenses:

Benefits 69,121 — (44) 69,077

Operating costs 5,542 12,038 (9,578) 8,002

Depreciation and amortization 281 97 (56) 322

Total operating expenses 74,944 12,135 (9,678) 77,401

Income from operations $ 2,255 $ 755 $ 104 $ 3,114

Benefit ratio 90.3 % 90.2 %

Operating cost ratio 7.2 % 93.4 % 10.0 %

Benefit ratio represents benefits expense as a percentage of premiums revenue.

Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-9

Humana Inc.

Consolidating Statements of Income—For the six months ended June 30, 2025 (Unaudited)

In millions

Insurance CenterWell Eliminations/

Corporate Consolidated

Revenues—external customers premiums:

Individual Medicare Advantage $ 45,445 $ — $ — $ 45,445

Group Medicare Advantage 4,582 — — 4,582

Medicare stand-alone PDP 3,169 — — 3,169

Total Medicare 53,196 — — 53,196

State-based contracts and other 7,028 — — 7,028

Specialty benefits 490 — — 490

Medicare Supplement 516 — — 516

Total premiums 61,230 — — 61,230

Services revenue:

Home solutions — 695 — 695

Primary care — 982 — 982

Pharmacy solutions — 599 — 599

Military services and other 458 — — 458

Total services revenue 458 2,276 — 2,734

Total revenues—external customers 61,688 2,276 — 63,964

Intersegment revenues 2 8,356 (8,358) —

Net investment income 341 — 195 536

Total revenues 62,031 10,632 (8,163) 64,500

Operating expenses:

Benefits 54,296 — (196) 54,100

Operating costs 5,092 9,777 (7,942) 6,927

Depreciation and amortization 303 119 (61) 361

Total operating expenses 59,691 9,896 (8,199) 61,388

Income from operations $ 2,340 $ 736 $ 36 $ 3,112

Benefit ratio 88.7 % 88.4 %

Operating cost ratio 8.3 % 92.0 % 10.8 %

Benefit ratio represents benefits expense as a percentage of premiums revenue.

Operating cost ratio represents operating costs, excluding depreciation and amortization, as a percentage of total revenues less net investment income.

S-10

Humana Inc.

Membership Detail (Unaudited)

In thousands

Members may not be unique to each product since members have the ability to enroll in more than one product.

June 30, 2026 Average 2Q26 June 30, 2025 December 31, 2025

Medical Membership:

Individual Medicare Advantage* 6,453.7 6,446.3 5,229.3 5,249.3

Group Medicare Advantage (B) 727.2 727.4 570.0 568.4

Total Medicare Advantage 7,180.9 7,173.7 5,799.3 5,817.7

Medicare stand-alone PDP (B) 3,946.4 3,913.5 2,427.1 2,462.6

Total Medicare 11,127.3 11,087.2 8,226.4 8,280.3

Medicare Supplement 551.5 546.4 444.1 498.4

State-based contracts and other (C) 1,603.2 1,610.3 1,582.9 1,615.6

Military services 4,630.2 4,630.2 4,588.8 4,605.4

Total Medical Membership 17,912.2 17,874.1 14,842.2 14,999.7

Specialty Membership:

Dental—fully-insured (D) 2,192.5 2,197.6 2,096.5 2,107.6

Dental—ASO 314.1 314.4 309.7 307.5

Total Dental 2,506.6 2,512.0 2,406.2 2,415.1

Vision 1,969.4 1,969.0 1,909.7 1,926.2

Other supplemental benefits 422.8 422.1 384.2 401.3

Total Specialty Membership 4,898.8 4,903.1 4,700.1 4,742.6

June 30, 2026 Member Mix

June 30, 2026 June 30, 2025 Member Mix

June 30, 2025

Individual Medicare Advantage Membership

HMO 3,213.8 50 % 2,644.8 51 %

PPO/PFFS 3,239.9 50 % 2,584.5 49 %

Total Individual Medicare Advantage

6,453.7 100 % 5,229.3 100 %

Individual Medicare Advantage Membership

Shared Risk (E) 2,093.1 33 % 1,947.4 37 %

Path to Risk (F) 2,025.6 31 % 1,594.9 31 %

Total Value-based 4,118.7 64 % 3,542.3 68 %

Other 2,335.0 36 % 1,687.0 32 %

Total Individual Medicare Advantage 6,453.7 100 % 5,229.3 100 %

*Individual Medicare Advantage membership includes 959,900 Dual Eligible Special Need Plan (D-SNP) members as of June 30, 2026, a net increase of 173,900, or 22 percent, from 786,000 as of June 30, 2025, and up 199,400, or 26 percent, from 760,500 as of December 31, 2025.

S-11

Humana Inc.

Premiums and Services Revenue Detail (Unaudited)

Dollars in millions, except per member per month; includes intersegment revenues

For the three months ended

June 30, For the six months ended

June 30, Per Member per Month (J)

For the three months ended June 30, Per Member per Month (J)

For the six months ended June 30,

2026 2025 2026 2025 2026 2025 2026 2025

Insurance

Individual Medicare Advantage $ 28,875 $ 22,764 $ 57,127 $ 45,445 $ 1,493 $ 1,452 $ 1,488 $ 1,449

Group Medicare Advantage 2,851 2,260 5,762 4,582 1,306 1,320 1,318 1,334

Medicare stand-alone PDP 2,995 1,721 5,612 3,169 255 236 241 218

State-based contracts and other (G) 3,501 3,460 6,833 7,028 715 688 706 698

Specialty benefits (H) 268 246 536 490 19 19 19 19

Medicare Supplement 344 265 673 516 210 203 208 202

Military and other (I) 201 207 449 460

Total 39,035 30,923 76,992 61,690

CenterWell

Pharmacy solutions 3,793 3,135 6,945 5,979

Primary care 2,008 1,479 3,930 2,898

Home solutions 989 923 2,015 1,755

Total 6,790 5,537 12,890 10,632

S-12

Humana Inc.

CenterWell Segment - Pharmacy & Home Solutions (Unaudited)

Pharmacy Solutions

For the three months

ended June 30, 2026 For the six months

ended June 30, 2026 For the three months ended June 30, 2025 For the six months

ended June 30, 2025 For the three months

ended March 31, 2026

Generic Dispense Rate

Total Medicare 90.6 % 90.8 % 90.7 % 90.8 % 91.0 %

Mail-Order Penetration

Total Medicare 23.8 % 23.8 % 26.0 % 26.0 % 23.8 %

Home Solutions

For the three months

ended June 30, 2026 For the six months

ended June 30, 2026 For the three months ended June 30, 2025 For the six months

ended June 30, 2025 Quarterly Year-over-Year Growth

YTD

Year-over-Year Growth

Episodic Admissions (K) 83,150 168,800 78,760 160,906 5.6% 4.9%

Total Admissions -

Same Store (L) 110,893 225,398 107,620 218,185 3.0% 3.3%

S-13

Humana Inc.

CenterWell Segment - Primary Care (M) (Unaudited)

As of June 30, 2026 As of June 30, 2025 Year-over-Year Change

Primary Primary Primary

Center Care Patients Center Care Patients Center Care Patients

Count Providers Served (N) Count Providers Served (N) Count Providers Served

De novo 146 450 137,300 141 375 99,500 3.5 % 20.0 % 38.0 %

Wholly-owned 252 1,028 374,400 194 759 257,800 29.9 % 35.4 % 45.2 %

Independent Physician Associations 110,300 73,000 51.1 %

Total 398 1,478 622,000 335 1,134 430,300 18.8 % 30.3 % 44.6 %

As of December 31, 2025 (1) Year to Date Change

Primary Primary

Center Care Patients Center Care Patients

Count Providers Served (N) Count Providers Served

De novo 146 445 111,400 — % 1.1 % 23.2 %

Wholly-owned 204 874 304,900 23.5 % 17.6 % 22.8 %

Independent Physician Associations 74,800 47.5 %

Total 350 1,319 491,100 13.7 % 12.1 % 26.7 %

(1) Includes 8 primary care centers and approximately 32,000 patients associated with the acquisition of The Villages Health, which closed in November 2025.

S-14

Humana Inc.

Footnotes to Statistical Schedules and Supplementary Information

2Q26 Earnings Release

A.Net losses associated with the company's non-consolidated minority interest investments.

B.The 2026 group Medicare Advantage and stand-alone PDP membership totals reflect the impact of certain of the company's group Medicare Advantage contracts decoupling its beneficiaries' Medicare Part D prescription drug coverage from the related medical coverage via the group Medicare Advantage plan. This impacts approximately 350,000 members which appear in both the group Medicare Advantage and stand-alone PDP membership ending medical membership balances as of June 30, 2026. The financial impact for the Part D prescription drug coverage of these members is reflected only in the Medicare stand-alone PDP results while their medical coverage is included within the group Medicare Advantage results.

C.Beginning in 2026, members enrolled in a highly integrated dual eligible (HIDE) or fully integrated dual eligible (FIDE) special needs plan (SNP) are considered aligned dual eligibles, and as such, are simultaneously included in the company's state-based contracts membership, as well as in a dual eligible special need plan (DSNP) which is included as part of the individual Medicare Advantage membership. For these members, Humana receives premium revenue from both the respective states with the HIDE and FIDE SNP contracts and from CMS to cover the distinctly different benefits managed.

D.Fully-insured dental membership as reported does not include Humana members that have a Medicare Advantage plan that includes an embedded dental benefit.

E.In certain circumstances, the company contracts with providers to accept financial risk for a defined set of Medicare Advantage membership. For these Downside Risk arrangements, the provider is measured against a medical expense ratio target and the company may share savings from reduction to the total cost of care of the defined membership. The result is a high level of engagement on the part of the provider. Under these arrangements, the company may contract with providers to accept partial, full, or global financial risk. In certain instances (capitated shared risk) of these arrangements, the company may choose to prepay these providers a monthly fixed-fee per member to coordinate substantially all of the medical care for their Medicare Advantage members assigned or attributed to their provider panel, including some health benefit administrative functions and claims processing.

F.A Path to Risk provider is one who has a high level of engagement and has contracted with the company to participate in an Upside Only/Shared Savings total cost of care arrangement and/or in one of Humana’s Quality Bonus programs (Model Practice), through which the company rewards the provider for achieving quality and utilization targets. Providers who are contracted in an Upside Only/Shared Savings arrangement may receive a portion of achieved surpluses when the actual cost of the medical services provided to patients assigned or attributed to their panel is less than the agreed upon medical expense targets. These contracts may also include a Downside Risk trigger (future date or membership threshold) which has not yet been met.

G.Per Member per Month (PMPM) shown reflects only Medicaid premiums and average Medicaid membership for the period. The 2025 periods include the impact of dual eligible demonstration members; all dual eligible demonstration programs sunset at the end of 2025.

H.Specialty per member per month is computed based on reported specialty premiums and average fully-insured specialty membership for the period.

I.The amounts primarily reflect services revenues under the TRICARE East Region contract that generally are contracted on a per-member basis.

J.Computed based on average membership for the period (i.e. monthly ending membership during the period divided by the number of months in the period).

K.Reflects patient admissions under the Patient Driven Groupings Model (PDGM) payment model.

L.Reflects all patient admissions regardless of reimbursement model. Same store is defined as care centers that have been owned and operated at least the last twelve months and startups that are an expansion of a same store care center, net of the impact of the consolidation of care centers that occurred during the last twelve months.

M.De novo refers to all new centers opened or acquired since 2020 under a Welsh, Carson, Anderson & Stowe (WCAS) joint venture. Wholly-owned refers to all centers outside a WCAS joint venture.

N.Represents Medicare Advantage (MA) risk, MA path to risk, MA value-based, Direct Contracting Entity, and Accountable Care Organization patients.

S-15

EX-99.3

Filename: a2q2026humanaincpostedrema.htm · Sequence: 4

Document

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Please view these remarks in conjunction with our 2Q 2026 earnings release that can be found on our website at www.humana.com under the Investors section, or via the following link: https://humana.gcs-web.com/financial-information/quarterly-results.

We also invite you to listen to our live question and answer webcast with our President and Chief Executive Officer, Jim Rechtin, and Chief Financial Officer, Celeste Mellet, which will begin today at 8:00 a.m. Eastern Time and will be available via the following link: https://humana.gcs-web.com/events-and-presentations/upcoming-events. For those unable to listen to the live event, the archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page via the following link: https://humana.gcs-web.com/events-and-presentations.

Cautionary Statement

Certain of the matters discussed in these prepared remarks are forward-looking and are subject to a number of risks, uncertainties and assumptions. Actual results could differ materially.

Investors are advised to read the detailed risk factors discussed in our latest Form 10-K, our other filings with the Securities and Exchange Commission, and our 2Q 2026 earnings release as they relate to forward-looking statements along with other risks discussed in our SEC filings. We undertake no obligation to publicly address or update any forward-looking statements in future filings or communications regarding our business or results.

Today’s release, our historical financial news releases and our filings with the SEC are all also available on our Investor Relations site.

These remarks include financial measures that are not in accordance with generally accepted accounting principles, or GAAP.

Management's explanation for the use of these non-GAAP measures and reconciliations of GAAP to non-GAAP financial measures are included in today’s release which can be found via the following link: https://humana.gcs-web.com/financial-information/quarterly-results.

Finally, any references to earnings per share or EPS made within these remarks refer to diluted earnings per common share.

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Executive Summary

•Delivered solid results in the second quarter (2Q26) and reaffirmed our full year (FY) 2026 Adjusted EPS guidance

•Expect that our approach to 2027 individual MA bids will drive meaningful progress against our commitment of returning to a sustainable pre-tax margin of at least 3% in 2028

•Believe we are well positioned to deliver on our commitment of unlocking the earnings potential of the business by 2028 as laid out at our 2025 Investor Day, supported by our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued discipline across pricing, clinical excellence, operating efficiencies and capital allocation

•Will hold a virtual investor update on December 10th, 2026, to provide a mark to market against the framework laid out at our 2025 Investor Day, including the initiatives expected to support earnings growth through 2028

Expanded Key Messages

•Delivered solid 2Q26 results:

o2Q26 Adjusted EPS of $7.61 is at the high end of our guidance expectations of 80% to 85% of FY earnings, supported by solid performance across our Insurance and CenterWell segments

oInsurance segment benefit ratio of 91.2%, consistent with our expectations of ‘slightly above 91%’

Based on information available to date, medical and pharmacy cost trends are in line with our expectations of ‘high single digit’ trend, across both new and existing membership

There are certain areas where we have seen slight favorability, particularly in the inpatient space, with favorability more heavily concentrated in members engaged with value-based providers

o2Q26 Adjusted consolidated operating cost ratio of 9.7% and Insurance segment operating cost ratio of 7.1%, each representing a 120-basis point (bps) reduction year over year

Reduction driven by operating leverage from membership and revenue growth, along with tactical cost cutting and transformation efforts, which remain on track

•Affirmed our FY 2026 guidance, including:

oAdjusted EPS outlook of ‘at least $9.00’ and segment level income from operations

oInsurance segment benefit ratio guidance of 92.75%, plus or minus 25 bps, and consolidated operating cost ratio of 10.0%, plus or minus 25 bps

oMedicare and Medicaid membership growth expectations

•Continue to strategically expand our CenterWell and Medicaid platforms, including:

o2Q26 year to date (YTD) patient growth of approximately 130,900, or 27%, in CenterWell Primary Care

Integration of the recently completed MaxHealth acquisition is progressing in line with expectations

o2Q26 YTD Medicaid member growth of approximately 93,000, largely driven by the start of programs in Michigan, Illinois and South Carolina

In addition, Humana was recently awarded a statewide Illinois HealthChoice Medicaid managed care contract, expected to begin operations in January 2027

•Efforts to strengthen our Stars program have progressed as anticipated as we focus on achieving Top Quartile Stars results in Bonus Year (BY) 2028

oSee Appendix A for a BY2028 performance update which highlights a BY2028 rate of improvement that outpaced the 4-year historical compound annual growth rate (CAGR) across 11 of the 12 selected HEDIS and Patient Safety measures

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Detailed Discussion:

Insurance

Delivered solid 2Q26 Insurance segment results with membership and revenue, including member risk scores, tracking in line with expectations and Insurance segment benefit ratio of 91.2%, consistent with our expectations of ‘slightly above 91%’. Based on information available to date, medical and pharmacy cost trends are in line with our expectations of ‘high single digit’ trend, across both new and existing membership. There are certain areas where we have seen slight favorability, particularly in the inpatient space, with favorability more heavily concentrated in members engaged with value-based providers.

Individual MA

•2Q26 YTD membership increase of approximately 1,204,000, or 23%, is tracking in line with our FY 2026 expectation of approximately 25% membership growth

oMembership growth expected to further fuel our ability to unlock the earnings potential of the business by 2028 as laid out at our 2025 Investor Day

Group MA

•2Q26 YTD membership growth of approximately 159,000, or 28%, is in line with expectations of growth of approximately 150,000 members in FY 2026

Individual Stand-Alone Part D (PDP)

•2Q26 YTD membership growth of approximately 1,139,000, or 50%, which is largely concentrated in our Basic and Value PDP plans, is tracking in line with our FY 2026 expectation of approximately 1 million member growth

Medicaid

•2Q26 YTD membership growth of approximately 93,000 is in line with expectations; we continue to anticipate 25,000 to 100,000 member growth for FY 2026, representing an increase of approximately 4% for the year at the midpoint, largely driven by new contract starts on January 1st

•We were pleased with the recent award of a statewide Illinois HealthChoice Medicaid managed care contract, expected to begin operations in January 2027

•Our contract in Florida, our largest Medicaid state, was recently extended for an additional 4 years (through January 31, 2035)

•We continue to navigate procurement challenges related to our recent awards in Texas and Georgia. We remain bullish on these awards and our ability to win new business and successfully deliver value for our members and state partners

CenterWell

2Q26 CenterWell results reflect solid growth across each line of business driven by Humana membership growth and continued agnostic expansion.

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Primary Care

•Serving approximately 622,000 patients as of June 30, 2026, an increase of 130,900 patients, or 27%, from December 31, 2025. 2Q26 YTD patient growth includes:

o25,900 patients, or 23% growth, in our de novo centers

o69,500 patients, or 23% growth, in our more mature wholly-owned centers; and

o35,500 patients, or 47% growth, in our Independent Physician Associations (IPA) business

•Our robust patient growth is supported by a 40-basis point year over year improvement in our already strong retention rate, which together with a 200-basis point year over year improvement in Net Promoter Score (NPS), demonstrate increased patient satisfaction and engagement

•Operating 398 centers as of June 30, 2026, representing growth of 63 centers, or 19%, year over year, while representing an increase of 48 centers, or 14%, from December 31, 2025

oThe year over year and sequential increase in centers is largely driven by recently completed acquisitions, including The Villages Health (4Q25) and MaxHealth (1Q26)

•We still anticipate we will mitigate the ultimate impact of the v28 risk model changes over the three-year phase in through a multi-pronged plan including numerous operational efficiencies such as centralizing and streamlining administrative functions, standardizing the clinic operating model, and improving clinician productivity to increase capacity

oThe impact of v28 and our related mitigation efforts are tracking in line with expectations to date

Home

•Within our CenterWell Home Health fee-for-service business, 2Q26 YTD same store admissions grew just over 3% year over year, with solid growth partially offset by efforts to optimize our payer mix

•Our comprehensive initiative to drive productivity and efficiency within our home operating model to offset reimbursement and other pressures is driving the intended results

Pharmacy

•CenterWell Pharmacy has driven strong results 2Q26 YTD with increased year over year volumes driven by:

oHumana’s membership growth and continued industry leading mail order penetration

oContinued expansion of our agnostic client base with a significant year over year increase in Specialty, Direct to Consumer, and Direct to Employer volumes

•CenterWell Specialty Pharmacy has been honored with the MMIT Specialty Pharmacy Patient Choice Award for the 8th time in 9 years

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Earnings Seasonality

•We expect third quarter Adjusted EPS to be approximately ($1.00) or just over negative 10% of FY Adjusted EPS

•Third quarter Insurance segment benefit ratio expected to be slightly above 94%

•Finally, we expect that the third quarter consolidated benefit ratio will be slightly above the Insurance segment benefit ratio

Capital Deployment & Balance Sheet

•We have continued our efforts to increase the efficiency of our balance sheet and fortify our foundation, including the establishment of $1.5 billion in contingent capital facilities utilizing pre-capitalized trust securities (P-Caps) in May 2026

•We have also maintained a prudent capital deployment approach, including:

oPursuing non-core asset divestitures, as evidenced by our recently announced agreement to divest all or substantially all of our minority interest in Gentiva, which is valued at approximately $900 million

oMaintaining our debt to capitalization ratio near our long-term target of approximately 40%

As of June 30, 2026, our debt to capitalization ratio is 42.7%, down 30 bps from 43.0% at March 31, 2026 reflective of the impact of 2Q26 net earnings partially offset by commercial paper issuance

•All in, our capital efficiency efforts are delivering results, and our capital levels provide a prudent buffer above regulatory and rating agency requirements

oConsistent with this disciplined approach, we continue to evaluate a pipeline of initiatives to further strengthen the balance sheet

Conclusion

•We have delivered solid YTD results and affirmed our FY 2026 guidance

•We expect that our approach to 2027 individual MA bids will drive meaningful progress against our commitment of returning to a sustainable pre-tax margin of at least 3% in 2028

•We believe we are well positioned to deliver on our commitment of unlocking the earnings potential of the business by 2028 as laid out at our 2025 Investor Day, supported by our expanded membership base, relentless focus on returning to Top Quartile Stars results, and continued discipline across pricing, clinical excellence, operating efficiencies and capital allocation

Exhibit 99.3

Humana Inc. Second Quarter 2026 Prepared Management Remarks 7/29/2026

Appendix A

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Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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