Humana vs UnitedHealth: Revenue, Profit and Business Model
Humana reported $129.7B of revenue in FY2025 and $1.2B of net income. UnitedHealth reported $447.6B of revenue in FY2026 and $12.1B of net income.
Latest financial snapshot
Humana
- Latest revenue
- $129.7B (FY2025)
- Net income
- $1.2B
- Net margin
- 0.9%
- Revenue growth
- +10.1% a year, FY2016–FY2025
UnitedHealth
- Latest revenue
- $447.6B (FY2026)
- Net income
- $12.1B
- Net margin
- 2.7%
- Revenue growth
- +9.2% a year, FY2016–FY2026
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.
UnitedHealth
UnitedHealth Group grew 2025 revenue 12% to $447.6 billion, yet earnings from operations fell from $32.3 billion in 2024 to $19.0 billion as Medicare Advantage and Optum Health medical costs ran well above pricing. Net margin was 2.7% and operating cash flow was $19.7 billion. 2026 is a repair year: management guided to more than $439 billion in revenue, a slight decline from planned right-sizing of membership, and after a Q2 with $112.0 billion revenue, $8.0 billion operating earnings and an 86.7% adjusted medical care ratio, raised adjusted EPS guidance to $19.50 to $20.00.
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 |
UnitedHealth
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $447.6B | $12.1B | 2.7% | +0.0% | |
| FY2025 | $447.6B | $12.1B | 2.7% | +11.8% | Source |
| FY2024 | $400.3B | $14.4B | 3.6% | +7.7% | Source |
| FY2023 | $371.6B | $22.4B | 6.0% | +14.6% | Source |
| FY2022 | $324.2B | $20.1B | 6.2% | +12.7% | Source |
| FY2021 | $287.6B | $17.3B | 6.0% | +11.8% | Source |
| FY2020 | $257.1B | $15.4B | 6.0% | +6.2% | Source |
| FY2019 | $242.2B | $13.8B | 5.7% | +7.0% | Source |
| FY2018 | $226.2B | $12B | 5.3% | +12.5% | Source |
| FY2017 | $201.2B | $10.6B | 5.2% | +8.8% | Source |
| FY2016 | $184.8B | $7B | 3.8% | — | 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.
UnitedHealth
- Insurance premiums
- Administrative services fees
- Medicare Advantage
- Medicaid managed care
- Optum Rx pharmacy benefit management
- Optum Health care delivery
- Optum Insight data and technology
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.
UnitedHealth
How it makes money
UnitedHealth makes money in two connected ways. UnitedHealthcare collects premiums from employers, individuals and government programs (Medicare Advantage and Medicaid) and earns fees for administering self-funded employer plans; profit depends on keeping medical costs below premiums.
Growth strategy
UnitedHealth is focused on pricing and benefit design, medical cost management, Medicare Advantage discipline, Medicaid and employer offerings, Optum Rx scale, Optum Health care delivery, technology, data analytics, and value-based care capabilities.
Competitive advantage
UnitedHealth's advantage is vertical integration. It combines the largest U.S. health insurer with Optum's pharmacy, care delivery, data, analytics, and services assets, giving it scale in claims, benefits, networks, prescriptions, and care management.
Questions about Humana vs UnitedHealth
Which company has higher revenue — Humana Inc. or UnitedHealth Group Incorporated?
Humana Inc. reported $129.7B (FY2025), while UnitedHealth Group Incorporated reported $447.6B (FY2026). By last reported revenue, UnitedHealth Group Incorporated 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 Humana Inc. vs UnitedHealth Group Incorporated?
Humana Inc.'s market capitalisation stands at $48.2B, while UnitedHealth Group Incorporated's is $450.0B. UnitedHealth Group Incorporated 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 UnitedHealth Group Incorporated?
Humana Inc. generates $1.92M / employee in revenue per employee, while UnitedHealth Group Incorporated generates $1.15M / 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 UnitedHealth Group Incorporated make money?
Humana Inc. and UnitedHealth Group Incorporated generate revenue in fundamentally different ways. Humana Inc.: Humana runs two reporting segments. UnitedHealth Group Incorporated: UnitedHealth makes money in two connected ways.
Which company is valued higher relative to revenue — Humana Inc. or UnitedHealth Group Incorporated?
On a price-to-sales (P/S) basis, Humana Inc. trades at 0.4x P/S and UnitedHealth Group Incorporated at 1.0x P/S. UnitedHealth Group Incorporated 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 UnitedHealth Group Incorporated?
By last reported revenue, UnitedHealth Group Incorporated ($447.6B (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 Humana vs UnitedHealth overview