Honda vs Humana: Revenue, Profit and Business Model
Honda reported ~$146B of revenue in FY2026 and a net loss of ~$2.8B. Humana reported $129.7B of revenue in FY2025 and $1.2B of net income.
Latest financial snapshot
Financial summary
Honda
Honda's revenue rose from ~$97.5 billion (JPY 14.55 trillion) in FY2022 to ~$145 billion (JPY 21.69 trillion) in FY2025 as a weaker yen and strong US hybrid demand lifted results. FY2026 revenue edged up to $146 billion (JPY 21.80 trillion), but EV charges of ~$10.6 billion (JPY 1.58 trillion) produced a ~$2.78 billion (JPY 414.3 billion) operating loss and a ~$2.84 billion (JPY 423.9 billion) net loss. Without those charges, adjusted operating profit was ~$6.97 billion (JPY 1.04 trillion). In Q1 FY2027 (April to June 2026) operating profit hit a record ~$3.56 billion (JPY 530.7 billion) and net profit was ~$3.02 billion (JPY 450.9 billion), and Honda raised its FY2027 net profit forecast to ~$2.68 billion (JPY 400 billion).
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
Honda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$146B | ~-$2.8B | -1.9% | +0.5% | Source |
| FY2025 | ~$145.3B | ~$5.6B | 3.9% | +6.2% | Source |
| FY2024 | ~$136.9B | ~$7.4B | 5.4% | +20.8% | Source |
| FY2023 | ~$113.3B | ~$4.4B | 3.9% | +16.2% | Source |
| FY2022 | ~$97.5B | ~$4.7B | 4.9% | +10.5% | Source |
| FY2021 | ~$88.2B | ~$4.4B | 5.0% | -11.8% | Source |
| FY2020 | ~$100B | ~$3.1B | 3.1% | -6.0% | Source |
| FY2019 | ~$106.5B | ~$4.1B | 3.8% | +3.4% | Source |
| FY2018 | ~$102.9B | ~$7.1B | 6.9% | +9.7% | Source |
| FY2017 | ~$93.8B | ~$4.1B | 4.4% | -4.1% | Source |
| FY2016 | ~$97.8B | ~$2.3B | 2.4% | — | 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
Honda
- Automobiles~65%
Passenger vehicles, hybrids, EVs, SUVs, parts, accessories, and related service revenue sold through global dealer networks.
- Motorcycles~17%
Motorcycles, scooters, parts, and related products sold globally, especially in Asia and other high-volume mobility markets.
- Financial Services~16%
Vehicle loans, leases, dealer financing, and related finance products that support automobile and motorcycle demand.
- Power Products and Other~2%
Power equipment, marine engines, aircraft-related activity, and other mobility-adjacent operations.
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
Honda
How it makes money
Honda earns money in four reportable segments. Automobiles (Honda and Acura cars and light trucks, led by the CR-V, Civic, Accord and hybrid e:HEV models) generate most revenue, with North America the largest profit market. Motorcycles generate high-volume, high-margin sales, especially in India, Indonesia, Vietnam and Brazil, and posted record profit in FY2026.
Growth strategy
Honda reset its electrification plan in 2026. In March it cancelled the US-built Honda 0 SUV, 0 Saloon and Acura RSX EVs, and in May it scrapped its 2030 and 2040 EV sales targets, including the goal of selling only battery-electric and fuel-cell vehicles by 2040. The new plan leans on hybrids, a next-generation e:HEV system, motorcycles in emerging markets, and more flexible EV timing.
Competitive advantage
Honda's edge comes from three things. It leads the global motorcycle market with roughly 40% unit share, which gives it a profit base most automakers lack. Its two-motor hybrid system is competitive in the markets where hybrid demand is growing fastest, especially the US.
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 Honda vs Humana
Which company has higher revenue — Honda Motor Co., Ltd. or Humana Inc.?
Honda Motor Co., Ltd. reported ~$146B (FY2026), while Humana Inc. reported $129.7B (FY2025). By last reported revenue, Honda Motor Co., Ltd. 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 Honda Motor Co., Ltd. vs Humana Inc.?
Honda Motor Co., Ltd.'s market capitalisation stands at $50.3B, while Humana Inc.'s is $48.2B. Honda Motor Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Humana Inc..
Which is more financially efficient — Honda Motor Co., Ltd. or Humana Inc.?
Honda Motor Co., Ltd. generates $748k / 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 Honda Motor Co., Ltd. and Humana Inc. make money?
Honda Motor Co., Ltd. and Humana Inc. generate revenue in fundamentally different ways. Honda Motor Co., Ltd.: Honda earns money in four reportable segments. Humana Inc.: Humana runs two reporting segments.
Which company is valued higher relative to revenue — Honda Motor Co., Ltd. or Humana Inc.?
On a price-to-sales (P/S) basis, Honda Motor Co., Ltd. trades at 0.3x P/S and Humana Inc. at 0.4x P/S. Humana Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Honda Motor Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Honda Motor Co., Ltd. bigger than Humana Inc.?
By last reported revenue, Honda Motor Co., Ltd. (~$146B (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 Honda vs Humana overview