Humana Inc.
Financial Performance
Humana Revenue & Financials
Revenue
$129.7B (FY2025)
Market Cap
$48.2B
Net Income
$1.2B
Employees
67,600
What is Humana's revenue?
Humana had $129.7B in revenue for fiscal year 2025, up 10.1% from 2024. Net income was $1.2B.
- Latest revenue
- $129.7B (FY2025)
- Year-over-year
- +10.1%
- Growth rate (CAGR)
- 10.1% over 9 years
- Peak revenue
- $129.7B (FY2025)
- Years of data
- 10
- Employees
- 67,600
Financial Analysis
Humana's revenue grew from $54.4 billion in 2016 to $129.66 billion in 2025, driven by Medicare Advantage enrollment and higher per-member payments. Profit moved the other way: net income fell from $3.37 billion in 2020 to $1.21 billion in 2024 and $1.19 billion in 2025 as medical costs rose faster than payments. In 2026 revenue is growing fast again: Q2 2026 revenue was $40.89 billion, up 26.2% year over year, with GAAP EPS of $5.73 and adjusted EPS of $7.61. Year-to-date operating cash flow reached $3.22 billion. Full-year 2026 guidance is adjusted EPS of at least $9.00 and GAAP EPS of at least $6.52, reflecting the Star Ratings bonus headwind. Humana Inc. is a major American for-profit health insurance company, maintaining a robust market valuation generally exceeding $40 billion.
Revenue Trend Analysis
YoY Change
+10.1%
9-Year CAGR
+10.1%
Peak Year
2025
Trend
Consistent Growth
Humana Inc. has 10 full fiscal year figures on this page, compounding at +10.1% annually over 9 years. The most recent year saw a 10.1% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $129.7B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
Humana Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $921M | $546M | $48.9B | $31.2B | $17.7B | $375M | Form 10-K |
| FY2024ended Dec 31, 2024 | $3B | $575M | $46.5B | $30B | $16.4B | $2.4B | Form 10-K |
| FY2023ended Dec 31, 2023 | $4B | $1B | $47.1B | $30.7B | $16.3B | $3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $4.6B | $1.1B | $43.1B | $27.7B | $15.3B | $3.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.3B | $1.3B | $44.4B | $28.3B | $16.1B | $920M | Form 10-K |
| FY2020ended Dec 31, 2020 | $5.6B | $964M | $35B | $21.2B | $13.7B | $4.7B | Form 10-K |
| FY2019ended Dec 31, 2019 | $5.3B | $736M | $29.1B | $17B | $12B | $4.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $2.2B | $612M | $25.4B | $15.3B | $10.2B | $1.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $4.1B | $524M | $27.2B | $17.3B | $9.8B | $3.5B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.9B | $527M | $25.4B | $14.7B | $10.7B | $1.4B | Form 10-K |
Keep researching Humana
Humana Revenue and Financial FAQ
What is Humana's annual revenue baseline and financial scale?
Humana Inc. reported revenue of $129.7 billion for fiscal year 2025, up from $117.8 billion in fiscal 2024.
What are Humana's adjusted operating margins and net income metrics?
Humana historically delivers net income between $1.5 billion and $3.5 billion annually, targeting adjusted pre-tax profit margins of 4% to 5% across its insurance segment and high single-digit EBITDA margins across CenterWell healthcare services.
How did CMS Star Ratings recalculations in 2024 impact Humana's financial outlook?
In 2024, revised CMS quality rating cutoffs dropped Humana's percentage of members in 4+ Star plans from over 90% to approximately 25% for payment year 2025/2026, creating a multi-billion dollar headwind that Humana is addressing through operational appeals, quality initiatives, and pricing resets.
What is Humana's dividend payment policy and share repurchase track record?
Humana pays a reliable quarterly cash dividend and has historically deployed billions in surplus cash flow toward opportunistic share repurchases, while maintaining disciplined capital conservation during periods of Medicare Advantage regulatory volatility.
What is Humana's medical benefit ratio (MBR) and how has it trended recently?
Humana's medical benefit ratio rose from historical norms of ~86%, 87% to roughly 89%, 90% due to post-pandemic surges in outpatient orthopedic surgeries, inpatient hospitalizations, and elevated Medicare utilization among senior populations.
How much capital does Humana invest in technology and administrative efficiency?
Humana deploys over $1 billion annually in administrative automation, digital self-service platforms, and clinical predictive analytics, driving down its operating cost ratio to approximately 11% to 12% of total revenues.
What is Humana's debt-to-capital ratio and credit rating profile?
Humana maintains an investment-grade credit rating (BBB+ / Baa2) and manages a conservative debt-to-total capitalization ratio of 35% to 40%, ensuring uninterrupted access to commercial paper and long-term bond financing.
What financial contributions does the CenterWell healthcare services division provide?
CenterWell generates over $18 billion in annual revenues (including intersegment care delivery), serving as a high-growth, recurring revenue driver that diversifies Humana's earnings beyond underwriting insurance margins.
Is Humana profitable?
Historically, highly profitable. However, their financials are entirely tied to Washington D.C. Because they derive the vast majority of their massive revenue from government-funded Medicare, any sudden move by the Centers for Medicare & Medicaid Services (CMS) to cut reimbursement rates or tighten "Star Ratings" instantly wipes out massive billions in corporate profit.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Humana Revenue & Financials." CorpDigest, https://corpdigest.com/company/humana/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Humana reported $129.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/humana/financials" target="_blank" rel="noopener">CorpDigest — Humana financials</a></div>Related Financial Audits
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