Humana reported third‑quarter net income of $195 million, or $1.62 per share, on revenue of $32.6 billion, with an insurance benefit ratio of 91.1% that matched guidance. The company reaffirmed 2025 adjusted earnings of about $17 per share and kept its 90.1%–90.5% cost ratio outlook, cautioning that medical costs will likely land at the high end of the range. Humana cut its full‑year GAAP net profit forecast to $12.26 per share from $13.77. Management now expects a 2025 decline of roughly 425,000 individual Medicare Advantage members and projects about 160,000 additions in Medicaid plans. CenterWell added 56,600 patients (nearly 15%), and CenterWell Pharmacy exceeded expectations in specialty and direct‑to‑consumer growth, while shares fell more than 7% after 2026 guidance was deferred until January.
