HUMNYSE

HUMANA INC

Hospital & Medical Service Plans · DE · CIK 49071

Humana provides health insurance and health care services to millions, aiming to improve their well-being

red 8-K · 90d🔥 High media attention

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$45.53B

Market cap

$397.22

Last close

+2.1%

+10.6%

1.5M

Volume

Price · last 40 sessions+66.9%

May 4L $237.96 · H $397.22Jun 30

247

Total filings

Jun 24, 2026

Last filing

12/31

Fiscal year end

All 8-K · 144 10-Q · 25 424B5 · 22 11-K · 18 DEFA14A · 12 DEF 14A · 9 SC 13G · 8 10-K · 8

10-K10-KFeb 19, 2026 10-K10-KFeb 20, 2025 10-K10-KFeb 15, 2024 10-K10-KFeb 16, 2023 10-K10-KFeb 17, 2022 10-K

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Date	Insider	Action	Shares	Price	Value
Feb 23, 2026	Shetty Sanjay KPresident, CenterWell	Buy	810	$185.21	$150K

What Changed

Risk factors · Feb 20, 2025 → Feb 19, 2026

14 added · 10 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed

For example, in February 2024, Change Healthcare experienced a significant cybersecurity incident that disrupted its ability to provide services, impacting payers, providers and pharmacies nationwide, including us.
In addition, changes to laws, regulations and guidance regarding how we may use AI/ML could make 22 it harder for us to conduct our business using AI/ML, require us to retrain our AI/ML, delete data produced by our AI/ML, or prevent or limit our use of AI/ML.
Further, on May 21, 2025, CMS announced that it will conduct RADV audits for all eligible MA contracts for each payment year in all newly initiated audits and expedite the completion of RADV audits for PY 2018 through PY 2024 by early 2026.
The Final RADV Rule, including the lack of a FFS Adjuster, and any related regulatory, industry or company reactions, the expansion of CMS's auditing efforts to include all eligible MA contracts, the acceleration of RADV audits for PY 2018 through PY 2024, other changes CMS may make to the RADV audit methodology for these years, and combination of these expanded auditing efforts with the application of the Final RADV Rule, could each have a material adverse effect on our results of operations, financial position, or cash flows.
On September 25, 2025, the Court granted our motion for summary judgment and vacated the Final RADV Rule, finding that the Final RADV Rule was procedurally invalid under the APA because it was not a “logical outgrowth” of the Proposed RADV Rule.
On November 21, 2025, the government notified the court of its appeal of that decision, which is now pending at the United States Court of Appeals for the Fifth Circuit and captioned Humana v Kennedy.
Our use of AI/ML technologies could also result in additional compliance costs, regulatory investigations, actions, fines or penalties, and consumer or other lawsuits.
These states restrict the entry of new providers or services and the expansion of existing providers or services in their state through a CON process, which is periodically evaluated and updated as required by applicable state law.
There can be no assurances as to the final disposition of this lawsuit.
See "Legal Proceedings and Certain Regulatory Matters" in Note 17 to the audited Consolidated Financial Statements included in Item 8. - Financial Statements and Supplementary Data.
To the extent that we require a CON or other similar approvals to expand our operations, our expansion could be adversely affected by our inability to obtain the necessary approval.
Any combination of these factors could further increase our cost of doing business and adversely affect our results of operations, financial position, and cash flows.

No longer disclosed

In December 2022, we were awarded the next generation of TRICARE Managed Care Support Contracts, or T-5, for the updated TRICARE East Region by the Defense Health Agency of the DoD.
The T-5 East Region contract commenced on January 1, 2025 and comprises 24 states, and Washington D.C., and approximately 4.6 million beneficiaries.
We delivered services under the T2017 East Region contract from commencement on January 1, 2018 through expiration on December 31, 2024.
Any combination of these factors could further increase our cost of doing business and adversely affect our results of operations, financial position, and cash flows. 24 See "Legal Proceedings and Certain Regulatory Matters" in Note 17 to the audited Consolidated Financial Statements included in Item 8. - Financial Statements and Supplementary Data.
The length of the contract is one transition year followed by eight annual option periods, which, if all options are exercised, would result in a total contract length of nine years. • CMS uses a risk-adjustment model which adjusts premiums paid to Medicare Advantage, or MA, plans according to health status of covered members.
These states restrict the entry of new providers or services and the expansion of existing providers or services in their state through a CON process, which is periodically evaluated and updated as required by applicable state law. 30 To the extent that we require a CON or other similar approvals to expand our operations, our expansion could be adversely affected by our inability to obtain the necessary approval.
The transition period for the T-5 contract began in January 2024 and overlapped the final year of the T2017 contract.
The Final RADV Rule, including the lack of a FFS Adjuster, and any related regulatory, industry or company reactions, could have a material adverse effect on our results of operations, financial position, or cash flows.

HUMANA INC

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