Humana vs Target: Revenue, Profit and Business Model
Humana reported $129.7B of revenue in FY2025 and $1.2B of net income. Target reported $104.8B of revenue in FY2025 and $3.7B of net income.
Latest financial snapshot
Financial summary
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.
Target
Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.
Revenue and profit by year
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 |
Target
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $104.8B | $3.7B | 3.5% | -1.7% | Source |
| FY2024 | $106.6B | $4.1B | 3.8% | -0.8% | Source |
| FY2023 | $107.4B | $4.1B | 3.9% | -1.6% | Source |
| FY2022 | $109.1B | $2.8B | 2.5% | +2.9% | Source |
| FY2021 | $106B | $6.9B | 6.6% | +13.3% | Source |
| FY2020 | $93.6B | $4.4B | 4.7% | +19.8% | Source |
| FY2019 | $78.1B | $3.3B | 4.2% | +3.7% | Source |
| FY2018 | $75.4B | $2.9B | 3.9% | +3.6% | Source |
| FY2017 | $72.7B | $2.9B | 4.0% | +3.5% | Source |
| FY2016 | $70.3B | $2.7B | 3.9% | — | Source |
Where the revenue comes from
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.
Target
- Stores and digital merchandise
Primary revenue source
Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.
- Owned brands
Strategic margin driver
Target-owned and exclusive brands that support margin and differentiation.
- Same-day services and Shipt
Growth and retention stream
Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.
- Roundel retail media
High-margin supplemental stream
Advertising revenue from brands using Target's retail media network.
Business model and strategy
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.
Target
How it makes money
Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Growth strategy
Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.
Competitive advantage
Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.
Questions about Humana vs Target
Which company has higher revenue — Humana Inc. or Target Corporation?
Humana Inc. reported $129.7B (FY2025), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Humana Inc. is the larger business, with Target Corporation reporting a smaller revenue base.
What is the market cap of Humana Inc. vs Target Corporation?
Humana Inc.'s market capitalisation stands at $48.2B, while Target Corporation's is $72.0B. Target Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Humana Inc..
Which is more financially efficient — Humana Inc. or Target Corporation?
Humana Inc. generates $1.92M / employee in revenue per employee, while Target Corporation generates $252k / 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 Humana Inc. and Target Corporation make money?
Humana Inc. and Target Corporation generate revenue in fundamentally different ways. Humana Inc.: Humana runs two reporting segments. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Which company is valued higher relative to revenue — Humana Inc. or Target Corporation?
On a price-to-sales (P/S) basis, Humana Inc. trades at 0.4x P/S and Target Corporation at 0.7x P/S. Target Corporation 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 Humana Inc. bigger than Target Corporation?
By last reported revenue, Humana Inc. ($129.7B (FY2025)) is the larger company compared to Target Corporation ($104.8B (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 Humana vs Target overview