Alibaba vs Humana: Revenue, Profit and Business Model
Alibaba reported ~$142.3B of revenue in FY2026 and ~$14.4B of net income. Humana reported $129.7B of revenue in FY2025 and $1.2B of net income.
Latest financial snapshot
Financial summary
Alibaba
Revenue rose from ~$22 billion (RMB158.3 billion) in FY2017 to ~$142 billion (RMB1.024 trillion) in FY2026. Net income was ~$14.4 billion (RMB103.6 billion) in FY2026, down from ~$17.5 billion (RMB126.0 billion) in FY2025. Alibaba reports on a March 31 fiscal year and invests heavily in commerce, cloud and AI infrastructure.
Humana
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.
Revenue and profit by year
Alibaba
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$142.3B | ~$14.4B | 10.1% | +2.7% | Source |
| FY2025 | ~$138.5B | ~$17.5B | 12.6% | +5.9% | Source |
| FY2024 | ~$130.8B | ~$9.9B | 7.6% | +8.3% | Source |
| FY2023 | ~$120.7B | ~$9.1B | 7.5% | +1.8% | Source |
| FY2022 | ~$118.6B | ~$6.5B | 5.5% | +18.9% | Source |
| FY2021 | ~$99.7B | ~$19.9B | 20.0% | +40.7% | Source |
| FY2020 | ~$70.8B | ~$19.5B | 27.5% | +35.3% | Source |
| FY2019 | ~$52.4B | ~$11.2B | 21.3% | +50.6% | Source |
| FY2018 | ~$34.8B | ~$8.5B | 24.5% | +58.1% | Source |
| FY2017 | ~$22B | ~$6.1B | 27.6% | — | Source |
Humana
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $129.7B | $1.2B | 0.9% | +10.1% | Source |
| FY2024 | $117.8B | $1.2B | 1.0% | +10.7% | Source |
| FY2023 | $106.4B | $2.5B | 2.3% | +14.5% | Source |
| FY2022 | $92.9B | $2.8B | 3.0% | +11.8% | Source |
| FY2021 | $83.1B | $2.9B | 3.5% | +7.7% | Source |
| FY2020 | $77.2B | $3.4B | 4.4% | +18.9% | Source |
| FY2019 | $64.9B | $2.7B | 4.2% | +14.0% | Source |
| FY2018 | $56.9B | $1.7B | 3.0% | +5.8% | Source |
| FY2017 | $53.8B | $2.4B | 4.6% | -1.1% | Source |
| FY2016 | $54.4B | $614M | 1.1% | — | Source |
Where the revenue comes from
Alibaba
- China commerce
Not formally reported
Alibaba earns revenue through China commerce.
- international digital commerce
Not formally reported
Alibaba earns revenue through international digital commerce.
- cloud intelligence
Not formally reported
Alibaba earns revenue through cloud intelligence.
- logistics services
Not formally reported
Alibaba earns revenue through logistics services.
- local services and digital media
Not formally reported
Alibaba earns revenue through local services and digital media.
Humana
- Medicare Advantage
Core segment
Humana earns government-funded premiums by managing Medicare Advantage plans for seniors, balancing benefits, medical costs, quality scores, and risk adjustment.
- Medicaid and Dual Eligible
Government programs
Humana manages Medicaid and dual-eligible populations in selected states, using care coordination and government contracts to serve lower-income members.
- TRICARE and Specialty Programs
Contract revenue
The company participates in military health and other specialty programs that use Humana's insurance administration and provider-network capabilities.
- CenterWell and Care Delivery
Strategic adjacency
CenterWell primary care, pharmacy, and home-health services help Humana influence member outcomes, utilization, and retention in senior-focused healthcare.
Business model and strategy
Alibaba
How it makes money
Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Taobao and Tmall primarily connect merchants with consumers rather than operating only as first-party retailers.
Growth strategy
Facing intense regulatory scrutiny and fierce domestic competition, Alibaba's growth strategy recently underwent a large structural overhaul. They announced a plan to split the empire into six separate, independent business groups (like Cloud, E-commerce, and Logistics), allowing each to operate faster and potentially seek their own IPOs.
Competitive advantage
Alibaba's primary moat was its large network effect within China; virtually every merchant had to be on Taobao because that's where all the consumers were, and vice versa. their proprietary logistics network (Cainiao) and deep integration with Alipay created a frictionless ecosystem for Chinese consumers.
Humana
How it makes money
Humana runs two reporting segments. The Insurance segment sells individual and group Medicare Advantage plans, stand-alone Medicare Part D drug plans, state Medicaid contracts, and administers TRICARE for the Defense Health Agency.
Growth strategy
Humana's strategy under Jim Rechtin is to grow Medicare Advantage membership while rebuilding margins and quality scores. Key moves include completing the exit from employer-group commercial medical coverage in 2025, adding more than 1 million MA members for 2026, pruning about 600,000 members' worth of underperforming plans for 2027, investing in Star Ratings operations, and expanding CenterWell Senior Primary Care…
Competitive advantage
Humana's edge is depth in one market. It is the second-largest Medicare Advantage insurer after UnitedHealth, it has decades of experience pricing senior risk, and it owns care-delivery assets built for seniors: CenterWell Senior Primary Care clinics, a large mail-order pharmacy, and CenterWell Home Health.
Questions about Alibaba vs Humana
Which company has higher revenue — Alibaba Group Holding Limited or Humana Inc.?
Alibaba Group Holding Limited reported ~$142.3B (FY2026), while Humana Inc. reported $129.7B (FY2025). By last reported revenue, Alibaba Group Holding Limited is the larger business, with Humana Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Alibaba Group Holding Limited vs Humana Inc.?
Alibaba Group Holding Limited's market capitalisation stands at $266.6B, while Humana Inc.'s is $48.2B. Alibaba Group Holding Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Humana Inc..
Which is more financially efficient — Alibaba Group Holding Limited or Humana Inc.?
Alibaba Group Holding Limited generates $1.08M / employee in revenue per employee, while Humana Inc. generates $1.92M / employee. Humana Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Alibaba Group Holding Limited and Humana Inc. make money?
Alibaba Group Holding Limited and Humana Inc. generate revenue in fundamentally different ways. Alibaba Group Holding Limited: Alibaba earns revenue from customer-management services and commissions on its China commerce marketplaces, direct sales and logistics services in international commerce, cloud products and services, Cainiao logistics, local services, and digital media. Humana Inc.: Humana runs two reporting segments.
Which company is valued higher relative to revenue — Alibaba Group Holding Limited or Humana Inc.?
On a price-to-sales (P/S) basis, Alibaba Group Holding Limited trades at 1.9x P/S and Humana Inc. at 0.4x P/S. Alibaba Group Holding Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Humana Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Alibaba Group Holding Limited bigger than Humana Inc.?
By last reported revenue, Alibaba Group Holding Limited (~$142.3B (FY2026)) is the larger company compared to Humana Inc. ($129.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Alibaba vs Humana overview