休曼纳｜10-Q：2025 财年 Q2 营收 324 亿美元超过预期

Revenue: As of FY2025 Q2, the actual value is USD 32.39 B, beating the estimate of USD 31.85 B.

EPS: As of FY2025 Q2, the actual value is USD 4.51, missing the estimate of USD 5.862.

EBIT: As of FY2025 Q2, the actual value is USD 1.098 B.

Individual Medicare Advantage: $22,764 million for Q2 2025, up from $22,215 million in Q2 2024, a 2.5% increase. For the six months ended June 30, 2025, revenue was $45,445 million, up from $44,663 million, a 1.8% increase.
Group Medicare Advantage: $2,260 million for Q2 2025, up from $1,938 million in Q2 2024, a 16.6% increase. For the six months ended June 30, 2025, revenue was $4,582 million, up from $3,927 million, a 16.7% increase.
Medicare stand-alone PDP: $1,721 million for Q2 2025, up from $867 million in Q2 2024, a 98.5% increase. For the six months ended June 30, 2025, revenue was $3,169 million, up from $1,688 million, an 87.7% increase.

Operating Cost Ratio: Decreased 10 basis points from 8.4% in Q2 2024 to 8.3% in Q2 2025, and from 8.4% in the 2024 period to 8.3% in the 2025 period.

Increased $3 million, or 0.4%, from $763 million in Q2 2024 to $766 million in Q2 2025. For the six months ended June 30, 2025, income was $2,340 million, up from $1,661 million, a 40.9% increase.

Home Solutions: $360 million for Q2 2025, up from $335 million in Q2 2024, a 7.5% increase. For the six months ended June 30, 2025, revenue was $695 million, up from $670 million, a 3.7% increase.
Pharmacy Solutions: $321 million for Q2 2025, up from $229 million in Q2 2024, a 40.2% increase. For the six months ended June 30, 2025, revenue was $599 million, up from $440 million, a 36.1% increase.
Primary Care: $513 million for Q2 2025, up from $322 million in Q2 2024, a 59.3% increase. For the six months ended June 30, 2025, revenue was $982 million, up from $563 million, a 74.4% increase.

Operating Cost Ratio: Increased 70 basis points from 92.0% in Q2 2024 to 92.7% in Q2 2025. For the six months ended June 30, 2025, the ratio decreased 50 basis points from 92.5% in 2024 to 92.0% in 2025.

Increased $6 million, or 1.8%, from $338 million in Q2 2024 to $344 million in Q2 2025. For the six months ended June 30, 2025, income was $736 million, up from $620 million, an 18.7% increase.

Core Business Focus: Humana Inc. aims to enhance its integrated care delivery model, focusing on quality care, high member engagement, and data analytics to improve health outcomes and affordability. The company is committed to expanding its Medicare Advantage business and healthcare services capabilities through cost-saving and productivity initiatives.
Non-Core Business: The company is exploring growth in primary care and pharmacy solutions, with significant revenue increases in these areas. Humana is also adjusting to changes in Medicare Part D benefit design, which impacts plan liabilities and member out-of-pocket costs.