Humana vs Unilever: Revenue, Profit and Business Model
Humana reported $129.7B of revenue in FY2025 and $1.2B of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B 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.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
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 |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | 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.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
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.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about Humana vs Unilever
Which company has higher revenue — Humana Inc. or Unilever PLC?
Humana Inc. reported $129.7B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Humana Inc. is the larger business, with Unilever PLC reporting a smaller revenue base.
What is the market cap of Humana Inc. vs Unilever PLC?
Humana Inc.'s market capitalisation stands at $48.2B, while Unilever PLC's is $132.5B. Unilever PLC 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 Unilever PLC?
Humana Inc. generates $1.92M / employee in revenue per employee, while Unilever PLC generates $594k / 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 Unilever PLC make money?
Humana Inc. and Unilever PLC generate revenue in fundamentally different ways. Humana Inc.: Humana runs two reporting segments. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — Humana Inc. or Unilever PLC?
On a price-to-sales (P/S) basis, Humana Inc. trades at 0.4x P/S and Unilever PLC at 2.3x P/S. Unilever PLC 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 Unilever PLC?
By last reported revenue, Humana Inc. ($129.7B (FY2025)) is the larger company compared to Unilever PLC (~$57.1B (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 Unilever overview