Humana第三季营收411.6亿美元、上调全年指引：调整后每股收益预期升至至少9.50美元
总部位于肯塔基州路易斯维尔的医疗保险公司 Humana（纽约证券交易所代码：HUM）11月6日公布截至9月30日的2026年第三季业绩：合并营收411.55亿美元，上年同期为345.50亿美元，同比增长约19%；按美国通用会计准则（GAAP）计算的摊薄每股收益为1.33美元，上年同期为1.28美元；调整后则为每股亏损0.70美元，上年同期为调整后每股收益1.03美元。
第三季归属 Humana 的净利润（GAAP）为1.23亿美元，上年同期为1.21亿美元；调整后为净亏损6,400万美元。季内业绩包含出售一家合资企业权益带来的一笔税后非现金一次性收益1.97亿美元，该收益未分配至各业务分部。保险分部的 GAAP 福利比率为93.7%，优于管理层此前给出的「略高于94%」的预期，调整后福利比率为92.9%；保险分部当季经营亏损（GAAP）3.03亿美元，CenterWell 分部经营利润（GAAP）则为10.03亿美元。
今年前九个月，Humana 合并营收为1,216.70亿美元，GAAP 每股收益16.84美元、调整后每股收益17.17美元，其中包含出售合资权益带来的税后非现金收益共19.76亿美元。业务扩张方面，CenterWell 老年初级保健的患者人数年初至今增加146,800人、增幅30%；医疗补助（Medicaid）会员人数增加103,600人、增幅7%，主要由密歇根州、伊利诺伊州与南卡罗来纳州新启动的双重资格一体化项目带动。公司近期还宣布与贝莱德旗下基金达成合资安排，取代此前与 Welsh, Carson, Anderson & Stowe 的合资结构。
Humana 同时上调2026全年指引：调整后每股收益预期由「至少9.00美元」升至「至少9.50美元」，GAAP 每股收益预期由「至少6.52美元」修订为「至少15.09美元」。总裁兼首席执行官 Jim Rechtin 表示，第三季业绩反映公司对2026年承诺的有力执行，保险分部表现好于预期，原因包括 Medicare Advantage 会员的医疗利用低于预估以及运营效率改善；公司将继续壮大 Medicaid 与 CenterWell 业务。
（来源：Humana）
Humana Third-Quarter Revenue Hits $41.16 Billion as It Raises Full-Year Outlook: Adjusted EPS Guidance Lifted to at Least $9.50
Health insurer Humana Inc. (NYSE: HUM), headquartered in Louisville, Kentucky, on November 6 reported results for the third quarter ended September 30, 2026: consolidated revenues were $41,155 million, up about 19 percent from $34,550 million a year earlier. Diluted earnings per share on a GAAP basis were $1.33, versus $1.28 a year earlier, while on an adjusted basis the company posted a loss of $0.70 per share, versus adjusted earnings of $1.03 per share a year earlier.
Third-quarter net income attributable to Humana was $123 million on a GAAP basis, versus $121 million a year earlier, and an adjusted net loss of $64 million. The quarter's GAAP results included a $197 million non-cash, non-recurring gain, net of tax, on the sale of the company's interest in a joint venture, which was not allocated to the segments. The Insurance segment's GAAP benefit ratio was 93.7 percent, favorable to management's guidance of slightly above 94 percent, with an adjusted benefit ratio of 92.9 percent. The Insurance segment posted a GAAP operating loss of $303 million for the quarter, while the CenterWell segment posted GAAP operating income of $1,003 million.
For the first nine months of 2026, consolidated revenues were $121,670 million, with GAAP EPS of $16.84 and adjusted EPS of $17.17, including a total $1,976 million non-cash gain, net of tax, on the sale of the joint-venture interest. CenterWell Senior Primary Care grew its patient count by 146,800 year to date, or 30 percent, and Medicaid membership grew by 103,600, or 7 percent, largely driven by the start of integrated Duals programs in Michigan, Illinois and South Carolina. The company also recently announced a joint venture with funds managed by BlackRock's HPS Investment Partners, replacing the previous joint ventures with Welsh, Carson, Anderson & Stowe.
Humana raised its full-year 2026 guidance: adjusted EPS is now expected to be at least $9.50, up from at least $9.00, and GAAP EPS guidance was revised to at least $15.09, up from at least $6.52. President and Chief Executive Officer Jim Rechtin said the third-quarter results reflected strong execution against the company's 2026 commitments, with Insurance segment performance better than expected, driven by Medicare Advantage member utilization lower than anticipated and improved operational efficiencies, and that the company would keep growing its Medicaid and CenterWell businesses.
(Source: Humana)
来源：Humana
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图片来源：图：Humana 位于肯塔基州路易斯维尔的总部大楼（楼顶带 Humana 标志）。Angry Aspie 摄，CC BY 3.0，经 Wikimedia Commons。 / Photo: Humana's headquarters building in Louisville, Kentucky, with the Humana sign on top. Photo by Angry Aspie, CC BY 3.0, via Wikimedia Commons.
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