What move does the options market price into Humana's report?

Implied ±7.6%, either direction.

How often does Humana move more than the options market prices?

1 of the last 8 reports moved at least as far as the implied move.

HUMNYSEHospital & Medical Service Plans

Humana Inc (HUM) earnings date, market-implied expected move, and options open interest by expiry

414.50

Closed16:22 ET

Open416.87Volume887,968Mkt cap$49.8BP/E38.85EPS10.67Div yield0.85%

Day410.09 – 418.6052%52-wk161.56 – 455.5386%

HUM

Humana Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±7.6%implied · report alone

8Q avg ±5.2%·×1.46·rich

383.16445.84

straddle ±8.6%

spot 414.50exp Nov 6ATM strike 415ATM straddle 41.85IV 91%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 4

before open · in 3 days

est.Q3 FY26

Calendar

Next report

Last report

−5.99%

vs ±7.6% implied · ×0.79

shaded = implied · ▲▼ = realized

Jul 29 '26 · confirmed

Implied vs realized

Largest filed tie

13.00%

of SelectQuote revenue

supplierSLQT 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

−2.06%

shares held · 10 largest managers

13F · Jun 30 '26124d lag

935 managers

Top fund weight

0.83%

HUM weight · XLV

N-PORTJun 30 '26

9 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Humana (HUM) is expected to report on Nov 4 before open (estimated date).

Implied vs realized

8 reports

1 of 8≥ implied

avg implied: ±7.2%
avg realized: ±5.2%

Oct 30 '24Oct 30 '24confirmed±6.0%▲+3.32%×0.55

Feb 11 '25Feb 11 '25confirmed±6.3%▼−3.55%×0.57

Apr 30 '25Apr 30 '25confirmed±7.8%▲+1.11%×0.14

Jul 30 '25Jul 30 '25confirmed±7.1%▲+12.40%×1.74

Nov 5 '25Nov 5 '25confirmed±6.4%▼−6.01%×0.95

Feb 11 '26Feb 11 '26confirmed±9.3%▼−3.25%×0.35

Q1 FY26Apr 29 '26confirmed±7.2%▲+5.83%×0.81

Q2 FY26Jul 29 '26confirmed±7.6%▼−5.99%×0.79

quarterimplied−15%0+15%realized×

Q2 FY26±7.6%▼−5.99%×0.79

Q1 FY26±7.2%▲+5.83%×0.81

Feb '26±9.3%▼−3.25%×0.35

Nov '25±6.4%▼−6.01%×0.95

Jul '25±7.1%▲+12.40%×1.74

Apr '25±7.8%▲+1.11%×0.14

2 older reports

Feb '25±6.3%▼−3.55%×0.57

Oct '24±6.0%▲+3.32%×0.55

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 11 expiries · Oct 30 close

1.24OI · 11 expiries · Oct 30 closeP/C open interest · Nov 6 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

3,269+12%Nov 65d2,633+42%

885+4%Nov 1312d0.611,4440%0.61

11,655+1%Nov 2019d1.338,757−6%1.33

527+28%Nov 2726d3.47152+117%3.47

18+125%Dec 433d2.2580%2.25

6 later expiries

0—Dec 1140d—0——

7,417+11%Dec 1847d0.967,766+6%0.96

21,8040%Jan 1575d1.0321,206−1%1.03

7,1790%Feb 19110d7.92907+1%7.92

2,8620%Mar 19138d1.991,4370%1.99

1,872+1%Apr 16166d0.672,787+2%0.67

ExpiryPutsCallsP/C

Nov 65d3,269+12%2,633+42%1.24

Nov 1312d885+4%1,4440%0.61

Nov 2019d11,655+1%8,757−6%1.33

Nov 2726d527+28%152+117%3.47

Dec 433d18+125%80%2.25

6 later expiries

Dec 1140d0—0——

Dec 1847d7,417+11%7,766+6%0.96

Jan 1575d21,8040%21,206−1%1.03

Feb 19110d7,1790%907+1%7.92

Mar 19138d2,8620%1,4370%1.99

Apr 16166d1,872+1%2,787+2%0.67

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±8.6%

Funds 4

XLV±0.1%

RSP±0.0%

VTV±0.0%

SPY±0.0%

Suppliers 1

EVH±3.8%×0.44

Dashed = straddle · × = co-movement · max 500dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

1.70%as filednet margin · revenue +3.07% QoQ · +26.18% YoY

Revenue

$40.9B+3.07% QoQ

Gross profit

$5.5B−7.47% QoQ

13.45% margin

Operating income

$1.4B−22.46% QoQ

3.33% margin

Pre-tax income

$952M−40.31% QoQ

Net income

$693M−41.47% QoQ

1.70% margin

Cost of revenue

$35.4B+4.93% QoQ

Operating expenses

$4.1B−1.19% QoQ

SG&A $4.0B

Depreciation $159M

Other expense

$408M

Tax

$238M−39.75% QoQ

Revenue$40.9B+3.07%

Gross profit

$5.5B−7.47%

13.45% margin

Operating income

$1.4B−22.46%

3.33% margin

Pre-tax income

$952M−40.31%

Net income

$693M−41.47%

1.70% margin

Cost of revenue

$35.4B+4.93%

Operating expenses

$4.1B−1.19%

SG&A $4.0B

Depreciation $159M

Other expense

$408M

Tax$238M−39.75%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 16:15 ET

Intraday

Event sensitivity

NFP ×1.86· ±3.3% vs ±1.8% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±3.3%4 of 10×1.86

FOMCrate decision±2.8%11 of 24×1.58

CPIconsumer prices±2.2%8 of 11×1.25

GDPgross domestic product±1.8%13 of 20×1.00

PCEpersonal income & outlays±1.6%13 of 20×0.92

CPROFcorporate profits±1.1%6 of 12×0.63

PPIproducer prices±1.0%7 of 11×0.56

Bar = avg |move| to ±4% · tick = ±1.8% avg day · ×base = |move| ÷ ±1.8% · min 6 releases

Earnings history

EPS 5.73 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Jul 29 '26 · confirmed	5.73	—
Q1 FY26	Apr 29 '26 · confirmed	9.83	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod