•Reports 3Q25 earnings per share (EPS) of $1.62 on a GAAP basis, Adjusted EPS of $3.24; reports YTD EPS of $16.43 on a GAAP basis, $21.10 on an Adjusted basis

•3Q25 Insurance segment benefit ratio of 91.1 percent, in line with the company's previously disclosed expectation of 'just above 91 percent'

•Updates FY 2025 GAAP EPS guidance to 'approximately $12.26' from the previous estimate of 'approximately $13.77'; affirms Adjusted FY 2025 EPS guidance of 'approximately $17.00'

•Affirms FY 2025 Insurance segment benefit ratio guidance range of 90.1 percent to 90.5 percent

•Updates FY 2025 individual Medicare Advantage membership guidance to now anticipate a decline of 'approximately 425,000 members' compared to the previous guidance of a decline of 'up to 500,000 members'; driven by stronger retention and better-than-expected sales

•Furthers the advancement of the company's long-term strategy through growth in the CenterWell and Medicaid businesses

•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

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.

Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $12.26' from 'approximately $13.77', while affirming its Adjusted EPS guidance of 'approximately $17.00'.

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).

•Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes this exclusion 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:

•Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These 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 operations. 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 ongoing initiative to drive additional value for the enterprise through cost saving, productivity initiatives, and value creation from previous investments, and primarily consist of asset impairment, severance charges, and external consulting spend specific to these initiatives. These charges were recorded at the corporate level and not allocated to the segments. 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.

•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. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS. Additionally for 3Q24 and YTD 2024, additional impacted measures include: consolidated revenues, consolidated benefit ratio, consolidated operating cost ratio, Insurance segment revenues, Insurance segment benefit ratio, Insurance segment operating cost ratio, and Insurance segment income from operations.

•Settlement of certain litigation expenses - Relates to certain anticipated expenses the company accrued in connection with a legal matter. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, the consolidated and Insurance segment operating cost ratios, and Insurance segment income from operations.

•Loss on sale of business - The disposition is not part of the company's ordinary course of operations and the impacts recognized from the disposal do not reflect core operational performance. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results and EPS.

•Impairment charges - 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 YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.

•Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense related to the aforementioned items excluded from the applicable GAAP measures. For 3Q25 and YTD 2025, the tax adjustment reflects the impact of the loss on sale business, which exceeded the book loss. The related tax benefit is

realizable via capital loss carryback. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

•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 will significantly decline 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 is considering its options in this matter, 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.

•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, 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.

•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.

•Form 10-K for the year ended December 31, 2024;

•Form 10-Q for the quarter ended March 31, 2025, June 30, 2025; and

•Form 8-Ks filed during 2025.

n e w s r e l e a s e

                                        

•Reports 3Q25 earnings per share (EPS) of $1.62 on a GAAP basis, Adjusted EPS of $3.24; reports YTD EPS of $16.43 on a GAAP basis, $21.10 on an Adjusted basis

•3Q25 Insurance segment benefit ratio of 91.1 percent, in line with the company's previously disclosed expectation of 'just above 91 percent'

•Updates FY 2025 GAAP EPS guidance to 'approximately $12.26' from the previous estimate of 'approximately $13.77'; affirms Adjusted FY 2025 EPS guidance of 'approximately $17.00'

•Affirms FY 2025 Insurance segment benefit ratio guidance range of 90.1 percent to 90.5 percent

•Updates FY 2025 individual Medicare Advantage membership guidance to now anticipate a decline of 'approximately 425,000 members' compared to the previous guidance of a decline of 'up to 500,000 members'; driven by stronger retention and better-than-expected sales

•Furthers the advancement of the company's long-term strategy through growth in the CenterWell and Medicaid businesses

•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

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.

Humana revises its GAAP EPS guidance for the year ending December 31, 2025 (FY 2025) to 'approximately $12.26' from 'approximately $13.77', while affirming its Adjusted EPS guidance of 'approximately $17.00'. Additional FY 2025 guidance points are included on page 14 of this earnings release.

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

•higher per member Medicare and state-based contracts premiums, with the Medicare increase largely driven by an increased direct subsidy due to the Inflation Reduction Act (IRA), and

•membership growth in the company's state-based contracts and stand-alone PDP businesses.

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

•a shift in line of business mix resulting from growth in the state-based contracts and stand-alone PDP businesses, which carry a higher benefit ratio, combined with a reduction in individual Medicare Advantage membership, and

•incremental investments to improve member and patient outcomes and support operational excellence.

•individual Medicare Advantage pricing inclusive of plan exits and benefit design changes, which more than offset claims trend and the funding environment, and

•higher favorable prior period medical claims reserve development (prior period development) in 3Q25 and YTD 2025, the majority of which was anticipated.

The year-over-year YTD comparison was further affected by the favorable workday impact in YTD 2025 combined with favorability associated with the change in Medicare Part D seasonality due to the IRA.

The year-over-year increases in the quarterly and YTD GAAP consolidated operating cost ratios from the respective 2024 periods primarily resulted from the following:

•business mix changes, including within the CenterWell segment which runs a significantly higher operating cost ratio than the Insurance segment,

•the operating leverage impact associated with the loss of individual Medicare Advantage membership, and

•the impact of charges associated with the company's value creation initiatives, primarily related to severance in connection with workforce optimization and external consulting spend. These value creation initiative charges were recorded at the corporate level and not allocated to the segments.

This was partially offset by the following items:

•administrative cost efficiencies resulting from the company's value creation initiatives, and

•operating leverage associated with increased revenues from the impact of the IRA as described above.

•Days in claims payable (DCP) of 33.2 days at September 30, 2025 represented a decrease of 3.3 days from 36.5 days at June 30, 2025 and a decrease of 7.5 days from 40.7 days at September 30, 2024.

The sequential decline was primarily impacted by a reduction in claims processed but not yet paid, as well as lower reserve requirements in provider-capitation accruals, including the impact of payments to providers during 3Q25 in accordance with the respective risk-sharing arrangements (inclusive of the payout of the mid-year Medicare Risk Adjustment settlement). These reductions lowered the DCP metric by approximately 3 days and are generally timing in nature and not related to claims reserve levels.

The year-over-year comparison was primarily impacted by the same factors affecting the sequential comparison with reductions in claims processed but not yet paid and provider-capitation accruals, together lowering the metric by approximately 5 days. As stated above, these items are generally timing in nature and not related to claims reserve levels.

The year-over-year comparison was further impacted by an increased proportion of Medicare prescription drug benefit expense in 2025 as a result of structural changes associated with the IRA. Pharmacy claims are processed more quickly than medical claims leading to a lower DCP. This change accounted for the remaining decrease to the September 30, 2025 metric.

The total estimate of benefits payable for claims incurred but not reported (IBNR) included in the benefits payable line of the balance sheet as of September 30, 2025 was largely stable to the IBNR balance as of June 30, 2025 and September 30, 2024.

•Humana's debt-to-total capitalization at September 30, 2025 decreased 40 basis points to 40.3 percent from 40.7 percent at June 30, 2025 primarily driven by the impact of 3Q25 earnings.

YTD 2025 GAAP operating cash flows decreased from the YTD 2024 period primarily reflecting the unfavorable impact of working capital items, partially offset by higher GAAP net income in YTD 2025.

The year-over-year increases in the quarterly and YTD GAAP segment revenues from the respective 2024 periods primarily reflected the following items:

•higher per member Medicare and state-based contracts premiums, with the Medicare increase largely driven by an increased direct subsidy due to the IRA, and

•membership growth in the company's state-based contracts and stand-alone PDP businesses.

The year-over-year increase in the quarterly GAAP segment benefit ratio primarily reflected the following:

•a shift in line of business mix resulting from growth in the state-based contracts and stand-alone PDP businesses, which carry a higher benefit ratio, combined with a reduction in individual Medicare Advantage membership, and

•incremental investments to improve member and patient outcomes and support operational excellence.

•individual Medicare Advantage pricing inclusive of plan exits and benefit design changes, which more than offset claims trend and the funding environment, and

•higher favorable prior period development in 2025, the majority of which was anticipated.

The year-over-year decline of the YTD 2025 GAAP segment benefit ratio from the YTD 2024 ratio resulted from the net favorable impact of the factors impacting the quarterly comparison as described above. The year-over-year YTD comparison was further affected by the favorable workday impact in YTD 2025 combined with favorability associated with the change in Medicare Part D seasonality due to the IRA.

The modest year-over-year decreases in the quarterly and YTD GAAP segment operating cost ratios from the respective 2024 periods primarily related to the following:

•administrative cost efficiencies resulting from the company's value creation initiatives, and

•operating leverage associated with increased revenues from the impact of the IRA as described above.

These factors were partially offset by the operating leverage impact of the loss of individual Medicare Advantage membership.

The favorable year-over-year quarterly and YTD CenterWell GAAP segment revenues comparisons were primarily driven by higher revenues associated with growth in the company's pharmacy and primary care businesses, partially offset by the impact of the v28 risk model revision.

The year-over-year increases in the segment's GAAP quarterly and YTD operating cost ratios primarily resulted from the following:

•continued phase-in of the v28 risk model revision within the company's primary care business, and

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

•more favorable operating trends in the primary care business as a result of the maturation of the company's v28 mitigation activities, and

•administrative cost efficiencies resulting from the company's value creation initiatives.

See additional operational metrics for the CenterWell segment on pages S-13 through S-15 of the statistical supplement included in this earnings release.

•Amortization associated with identifiable intangibles - Since amortization varies based on the size and timing of acquisition activity, management believes this exclusion 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:

•Put/call valuation adjustments associated with the company’s non-consolidating minority interest investments - These 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 operations. 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 ongoing initiative to drive additional value for the enterprise through cost saving, productivity initiatives, and value creation from previous investments, and primarily consist of asset impairment, severance charges, and external consulting spend specific to these initiatives. These charges were recorded at the corporate level and not allocated to the segments. 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.

•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. For all periods shown within this earnings release, GAAP measures affected include consolidated pretax results and EPS. Additionally for 3Q24 and YTD 2024, additional impacted measures include: consolidated revenues, consolidated benefit ratio, consolidated operating cost ratio, Insurance segment revenues, Insurance segment benefit ratio, Insurance segment operating cost ratio, and Insurance segment income from operations.

•Settlement of certain litigation expenses - Relates to certain anticipated expenses the company accrued in connection with a legal matter. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, the consolidated and Insurance segment operating cost ratios, and Insurance segment income from operations.

•Loss on sale of business - The disposition is not part of the company's ordinary course of operations and the impacts recognized from the disposal do not reflect core operational performance. For 3Q25 and YTD 2025, GAAP measures affected in this release include consolidated pretax results and EPS.

•Impairment charges - 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 YTD 2025, GAAP measures affected in this release include consolidated pretax results, EPS, and the consolidated operating cost ratio.

•Cumulative net tax impact - This adjustment represents the cumulative net impact of the corresponding tax benefit or expense related to the aforementioned items excluded from the applicable GAAP measures. For 3Q25 and YTD 2025, the tax adjustment reflects the impact of the loss on sale business, which exceeded the book loss. The related tax benefit is realizable via capital loss carryback. For all periods presented in this earnings release, EPS is the sole GAAP measure affected.

(c) The CenterWell segment 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.

•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 will significantly decline 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 is considering its options in this matter, 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.

•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, 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.

•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.

•Form 10-K for the year ended December 31, 2024;

•Form 10-Q for the quarter ended March 31, 2025, June 30, 2025; and

•Form 8-Ks filed during 2025.

Humana Inc. Full Year 2025 Projections - As of November 5, 2025
Diluted earnings per common share (EPS)
			As of 3Q25 Earnings			As of 2Q25 Earnings
			GAAP: approximately $12.26			GAAP: approximately $13.77
			no change			Non-GAAP: approximately $17.00
Total Revenues
Consolidated			no change			GAAP: at least $128 billion			Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation.
Insurance segment			no change			GAAP: at least $123 billion
CenterWell segment			no change			GAAP: at least $21.5 billion
Change in year-end medical membership from prior year-end
Individual Medicare Advantage			Decline of approximately 425,000			Decline of 'up to 500,000'
Group Medicare Advantage			no change			Relatively flat
Medicare stand-alone PDP			no change			Growth of approximately 200,000
State-based contracts			Growth of approximately 160,000			Growth within 175,000 to 250,000 range			State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin.
Benefit Ratio  Insurance segment			no change			GAAP: 90.1% to 90.5%			Ratio calculation: benefits expense as a percent of premiums revenues.
Operating Cost Ratio Consolidated			GAAP: 11.6% to 12.1% Non-GAAP: 11.3% to 11.7%			GAAP: 11.3% to 11.7%			Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Due to charges incurred to date and charges that could potentially be recorded related to the company's ongoing value creation and other strategic initiatives, the company anticipates potential changes to its FY 2025 GAAP ratio.
Segment Results
Insurance segment income from operations			no change			GAAP: $1.6 billion to $2.0 billion			CenterWell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization.
CenterWell segment income from operations			no change			GAAP: $1.1 billion to $1.5 billion Non-GAAP: $1.3 billion to $1.7 billion
Effective Tax Rate			GAAP: approximately 20.0% Non-GAAP: approximately 25.0%			GAAP: approximately 25.0%
Weighted Avg. Share Count for Diluted EPS			no change			approximately 121 million
Cash flows from operations			no change			GAAP: $2.4 billion to $2.9 billion
Capital expenditures			no change			approximately $650 million

Consolidated Balance Sheets (Unaudited)

Consolidated Statements of Cash Flows (Unaudited) Dollars in millions

			For the nine months ended September 30,
			2025			2024
Cash flows from operating activities
Net income			$	1,979		$	1,897
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of business			63			—
Gain on investment securities, net			(66)			(10)
Equity in net losses			88			57
Stock-based compensation			193			153
Depreciation			587			682
Amortization			43			46
Impairment of property and equipment			14			129
Impairment of indefinite-lived intangible assets			32			—
Changes in operating assets and liabilities, net of effect of businesses acquired and disposed:
Receivables			16			(109)
Other assets			(1,374)			258
Benefits payable			(351)			884
Other liabilities			1,317			(498)
Unearned revenues			5			(71)
Other			27			76
Net cash provided by operating activities			2,573			3,494
Cash flows from investing activities
Proceeds from sale of business, net			115			—
Acquisitions, net of cash and cash equivalents acquired			(5)			(37)
Purchases of property and equipment, net			(344)			(421)
Changes in securities lending collateral receivable			(141)			(361)
Purchases of investment securities			(5,198)			(6,042)
Maturities of investment securities			2,148			2,214
Proceeds from sales of investment securities			5,066			1,758
Net cash provided by (used in) investing activities			1,641			(2,889)
Cash flows from financing activities
Payments from contract deposits, net			(1,164)			(638)
Proceeds from issuance of senior notes, net			1,481			2,232
Repayments of senior notes			(771)			(48)
Repayments from issuance of commercial paper, net			(5)			(895)
Debt issue costs			(5)			(7)
Change in book overdraft			(95)			3
Common stock repurchases			(109)			(768)
Dividends paid			(321)			(323)
Change in securities lending payable			141			361
Change in rebate factor payable			(123)			—
Other, net			(76)			(100)
Net cash used in financing activities			(1,047)			(183)
Increase in cash and cash equivalents			3,167			422
Cash and cash equivalents at beginning of period			2,221			4,694
Cash and cash equivalents at end of period			$	5,388		$	5,116

Membership Detail (Unaudited)

*Individual Medicare Advantage membership includes 765,800 Dual Eligible Special Need Plans (D-SNP) members as of September 30, 2025, a net decrease of 173,800, or 18 percent, from 939,600 as of September 30, 2024, and down 171,300, or 18 percent, from 937,100 as of December 31, 2024.