3 new paragraphs in the 10-K, 13 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
3 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 59 Health care companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
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. Our use of AI/ML technologies could also result in additional compliance costs, regulatory investigations, actions, fines or penalties, and consumer or other lawsuits.
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or the security of our third-party service providers, could materially affect us due to the theft, destruction, loss, misappropriation or release of sensitive personal information, confidential information or proprietary information (including intellectual property), operational or business delays resulting from the disruption of our IT systems, extortion attempts, or negative publicity resulting in reputation or brand damage with our members, customers, providers, and other stakeholders.
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In 2012, CMS released an MA contract-level RADV methodology that would extrapolate the results of each CMS RADV audit sample to the audited MA contract’s entire health status-related risk adjusted
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Paragraphs in the 10-Q filed Nov 6, 2026 that were not in the one before
13 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Jul 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Effective July 1, 2026, we began serving as the central processor for the Medicare GLP-1 Bridge (the Program), a time-limited CMS demonstration that provides eligible Medicare Part D beneficiaries access to certain GLP-1 medications for weight management outside of the Medicare Part D benefit coverage and payment flow. Under the Program, we administer prior authorizations, process claims, facilitate payments to dispensing pharmacies, invoice participating manufacturers, and perform related reconciliation and reporting activities. CMS bears the underlying drug-cost risk, and we do not assume insurance risk for the related claims. Accordingly, CMS funding and CMS-funded claims are accounted for as contract deposits in our condensed consolidated balance sheets and are not recognized as revenues or expenses in our condensed consolidated statements of income. Manufacturer rebate receivables attributable to CMS are recorded separately, with corresponding amounts reflected in the Due to CMS settlement liability. As of September 30, 2026, other current assets included $0.7 billion of manufacturer rebate receivables related to the Program, and trade accounts payable and accrued expenses included $2.7 billion related to the Due to CMS settlement liability in our condensed consolidated balance sheets. Related cash receipts and payments are presented within Receipts (payments) from contract deposits, net in financing activities in our condensed consolidated statements of cash flows. During both the three and nine months ended September 30, 2026, net receipts from contract deposits related to the Program were $ 2.0 billion.
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At September 30, 2026 and December 31, 2025, included within trade accounts payable and accrued expenses on our condensed consolidated balance sheets, were trade accounts payable of $ 1.7 billion and $ 1.8 billion, respectively.
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In October 2026, we entered into a new joint venture agreement with funds and accounts managed by HPS Investment Partners, a part of BlackRock (BlackRock), to manage and operate our primary care strategic partnership which sat within joint ventures owned by funds affiliated with WCAS and CenterWell. The new joint venture, majority owned by BlackRock and minority owned by CenterWell, has replaced the current CenterWell and WCAS joint ventures. BlackRock acquired WCAS’s current equity ownership, valued at approximately $ 2.8 billion, with modifications to terms extending the call period to begin in 2028 and removing the put option. Over the next two years, the new joint venture has available committed capital from BlackRock and CenterWell, which is expected to be used to fund existing clinical operations, establish new clinics, and expand the network through strategic acquisitions.
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Beginning in 2028, CenterWell will have the option to purchase clinics from the new joint venture at its election. If CenterWell has not acquired all of the new joint venture’s clinics by the end of 2033, BlackRock will have the right to exit the new joint venture through a sale process for the new joint venture’s remaining clinics, subject to CenterWell’s right to submit the first offer to acquire any such remaining clinics. Since the new joint venture does not include a put option, Humana expects a significant reduction in the liabilities on its balance sheet due to the removal of the put arrangements for the existing joint ventures and the lower cost of capital, with BlackRock receiving certain protections. The initial valuation of the net option liability for the new joint venture is estimated to be approximately $ 255 million at the transaction date. At our election, all existing clinics can be called by us without penalty beginning in 2028 in successive increments of up to one third each year. Should we elect to exercise the call option at each earliest successive date, we may require up to an estimated $ 1.1 billion, $ 1.1 billion, and $ 1.2 billion in 2028, 2029, and 2030, respectively, based on current projections. We may, at our discretion, elect not to exercise the call option or to exercise it only in part, at each such exercise date. These estimates are dependent on multiple factors including the actual timing of when the call options are exercised, expected revenue growth at each clinic and future capital contributions, among other factors.
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Our remaining repurchase authorization was $ 2.7 billion as of November 5, 2026.
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Show the other 8
months ended September 30, 2026 was $ 2.63 billion, with no outstanding amount at September 30, 2026 and December 31, 2025.
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MD&A
In October 2026, we entered into a new joint venture agreement with funds and accounts managed by HPS Investment Partners, a part of BlackRock (BlackRock), to manage and operate our primary care strategic partnership which sat within joint ventures owned by funds affiliated with Welsh, Carson, Anderson & Stowe (WCAS) and CenterWell. The new joint venture, majority owned by BlackRock and minority owned by CenterWell, has replaced the current CenterWell and WCAS joint ventures. BlackRock acquired WCAS’s current equity ownership, valued at approximately $2.8 billion, with modifications to terms extending the call period to begin in 2028 and removing the put option. Over the next two years, the new joint venture has available committed capital from BlackRock and CenterWell, which is expected to be used to fund existing clinical operations, establish new clinics, and expand the network through strategic acquisitions.
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and operating costs, further lowering our Medicare payment rates and increasing our expenses associated with assessments); our financial position (including our ability to maintain the value of our goodwill); and our cash flows.
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Other (income) expense, net increased $393 million from other expense, net of $35 million in the 2025 quarter to other income, net of $358 million in the 2026 quarter and increased $579 million from other expense, net of $398 million in the 2025 period to other income, net of $181 million due to change in fair value of the put and call options associated with our primary care strategic partnership with WCAS.
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Effective July 1, 2026, we began serving as the central processor for the Medicare GLP-1 Bridge (the Program), a time-limited CMS demonstration that provides eligible Medicare Part D beneficiaries access to certain GLP-1 medications for weight management outside of the Medicare Part D benefit coverage and payment flow. Under the Program, we administer prior authorizations, process claims, facilitate payments to dispensing pharmacies, invoice participating manufacturers, and perform related reconciliation and reporting activities. CMS bears the underlying drug-cost risk, and we do not assume insurance risk for the related claims. Accordingly, CMS funding and CMS-funded claims are accounted for as contract deposits in our condensed consolidated balance sheets and are not recognized as revenues or expenses in our condensed consolidated statements of income. Manufacturer rebate receivables attributable to CMS are recorded separately, with corresponding amounts reflected in the Due to CMS settlement liability. As of September 30, 2026, other current assets included $0.7 billion of manufacturer rebate receivables related to the Program, and trade accounts payable and accrued expenses included $2.7 billion related to the Due to CMS settlement liability in our condensed consolidated balance sheets. Related cash receipts and payments are presented within Receipts (payments) from contract deposits, net in financing activities in our condensed consolidated statements of cash flows. During both the three and nine months ended September 30, 2026, net receipts from contract deposits related to the Program were $2.0 billion.
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In August 2026, we received a short-term cash advance of $100 million from FHLB with certain of our marketable securities as collateral, which remained outstanding as of September 30, 2026.
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Item 6
101 The following materials from Humana Inc.'s Quarterly Report on Form 10-Q formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets (Unaudited) at September 30, 2026 and December 31, 2025; (ii) the Condensed Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025; (iii) the Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended Sep...
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104 Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.