Humana Inc. (HUM) reported an adjusted loss of $0.70 a share for the quarter ended September 30, 2026, after adjusted earnings of $7.61 a share in the second quarter and $10.31 a share in the first. GAAP earnings were $1.33 a share.

The swing followed a $358 million put/call valuation adjustment tied to non-consolidating minority interest investments, which more than offset GAAP pretax income of $216 million. Adjusted pretax results were a $104 million loss.

GAAP revenue rose to $41.16 billion from $32.65 billion a year earlier. Adjusted revenue was $41.16 billion.

The Insurance segment posted a $303 million GAAP operating loss and a $299 million adjusted loss. The segment’s GAAP benefit ratio was 93.7 percent, which the company said was favorable to management’s guidance of slightly above 94 percent. The ratio had been 91.2 percent in the second quarter and 89.4 percent in the first.

Consolidated GAAP operating cost ratio was 11.3 percent, versus 12.6 percent a year earlier. Adjusted operating cost ratio was 11.2 percent. The Insurance segment’s GAAP operating cost ratio was 7.7 percent, versus 9.1 percent a year earlier.

Humana raised full-year 2026 adjusted EPS guidance to at least $9.50 from the at-least-$9.00 floor it had affirmed after the first and second quarters. GAAP EPS guidance was revised to at least $15.09 from at least $6.52. The company said the adjusted outlook anticipates a year-over-year decline from $17.14 in 2025 as a result of the Star Ratings headwind for Bonus Year 2026, net of mitigation.

The GAAP guidance table includes an initial option liability of $2.14 a share associated with a recently announced non-consolidating joint venture with HPS Investment Partners, a subsidiary of BlackRock, and CenterWell Senior Primary Care. That noncash item is expected to be recorded in the fourth quarter of 2026. The company also cited a noncash reversal of a net put liability of approximately $1.2 billion on the September 30, 2026 balance sheet, related to CenterWell Senior Primary Care’s previous joint ventures with Welsh, Carson, Anderson & Stowe. Management excludes the initial option recognition from its evaluation of core operating results.

Year to date, CenterWell Senior Primary Care patient growth was 146,800 patients, or 30 percent, compared with 130,900 patients, or 27 percent, at the second-quarter report. Medicaid membership growth was 103,600 members, or 7 percent, which the company said was largely driven by the start of integrated Duals programs in Michigan, Illinois, and South Carolina.

President and CEO Jim Rechtin said Humana is increasingly driving financial and operating performance toward being ahead of its plan.

The company does not expect changes to its 2026 adjusted EPS guidance. It does expect potential changes to GAAP EPS guidance due to ongoing value creation and other strategic initiatives.