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Jun 30, 2025
Humana Q2 2025 Earnings Report
Humana reported solid second quarter results with increased adjusted EPS and revenue guidance for the full year.
Key Takeaways
Humana delivered strong Q2 2025 performance, with $32.39B in revenue and $741M in net income. The company raised its full-year adjusted EPS and revenue outlook, driven by CenterWell growth and confident pricing strategy despite expected Medicare Advantage membership declines.
Adjusted EPS rose to $6.27 in Q2 2025, beating GAAP EPS of $4.51.
Net income came in at $741M for the quarter.
Total revenue reached $32.39B, up from $29.54B in Q2 2024.
The company raised FY25 adjusted EPS guidance to $17.00 and revenue to at least $128B.
Revenue by Segment
Forward Guidance
Humana raised its FY 2025 adjusted EPS guidance to approximately $17.00 and increased revenue expectations to at least $128B, citing strategic growth in CenterWell and improved pricing execution.
Positive Outlook
- Adjusted EPS guidance raised from $16.25 to $17.00.
- Revenue guidance increased to at least $128B.
- CenterWell Primary Care raised net patient growth outlook to 50,000–70,000.
- Launched new Virginia Medicaid contract expanding D-SNP market.
- Continued access wins for CenterWell Pharmacy including 17 limited distribution drugs.
Challenges Ahead
- GAAP EPS guidance reduced from $14.68 to $13.77.
- Expected Medicare Advantage membership decline of up to 500,000.
- Impairment charges recognized in the quarter.
- Pressure from exiting unprofitable employer group plans.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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