Humana's shares dropped 5.1% premarket after the health insurer issued 2026 earnings guidance of at least $9.00 per share, far below the $12.00 analysts expected. The Medicare Advantage provider's forecast overshadowed otherwise solid fourth-quarter results, sparking investor concern over the company's profit trajectory.

For Q4 2025, Humana reported an adjusted net loss of -$3.96 per share, slightly better than estimates, with revenue reaching $32.52 billion. Full-year 2025 adjusted earnings rose to $17.14 per share. The company attributed the 2026 projection to a "Star Ratings headwind," a key metric influencing Medicare reimbursement and enrollment.

Despite the earnings guidance disappointment, Humana projects 25% growth in individual Medicare Advantage membership for 2026 and highlighted a 25% increase in patients for its CenterWell primary care platform. The sharp market reaction underscores investor sensitivity to regulatory and policy pressures within the Medicare market, outweighing near-term membership gains.