Humana (HUM) Q4 2025 (USD): adj. EPS -3.96 (exp. -4.00), Revenue 32.5bln (exp. 32.04bln)

• Q4 adj. benefit ratio 93% (vs 91.3% Y/Y)

• Remains confident in strategy and 2026 membership outlook 

• FY EPS view 8.89 (exp. 11.91)

Humana's Q4 earnings report shows an adjusted EPS that slightly beat expectations, alongside stronger revenue than anticipated. However, the FY EPS guidance is significantly below consensus, which could raise concerns about future profitability despite the company's confidence in its strategy and 2026 membership outlook. Traders should monitor how the market reacts to these mixed signals, particularly in light of the forward outlook.