Company file · HUM
Humana
Humana's revenue rose 10.1% in FY2025, to $129.7B, and net income fell 1.6% to $1.2B
Revenue rose 10.1% to $129.7B in FY2025, from $117.8B in FY2024. Net income fell 1.6% to $1.2B. Insurance was the largest segment, at 85% of the segment total.
Key facts
Humana (NYSE: HUM) reported revenue of $129.7B for fiscal 2025, the year ended Dec 31, 2025, up 10.1% from fiscal 2024. Net income was $1.2B, down 1.6%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $41.2B, up 26.1% from the same quarter a year earlier, and net income was $162M. The largest piece by segment was Insurance, at 85% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026).
Source: 10-K FY2025, filed Feb 19, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Nov 6, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Insurance (85%) and CenterWell (15%), as shares of the segment total. Total revenue was $129.7B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Humana 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
By segment
Source: Humana 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
The bull case and the bear case
The bull case
- Revenue rose 10.1% in FY2025 to $129.7B, from $117.8B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $41.2B, up 26.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- CenterWell revenue grew 12.7% in FY2025 to $22.5B. 10-K, FY2025
The bear case
- Net income fell 1.6% in FY2025 to $1.2B, from $1.2B. 10-K, FY2025
- Operating cash flow fell 68.9% in FY2025 to $921M. 10-K, FY2025
- Total debt rose 5.5% in FY2025 to $12.4B. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $162M, down 16.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Humana is in the managed health care industry, part of the health care sector. The SEC files it under Hospital & Medical Service Plans.
Humana reports 2 segments: Insurance and CenterWell.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the managed health care industry. They are not a summary of Humana’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $106.4B | $117.8B | $129.7B |
| Net income | $2.5B | $1.2B | $1.2B |
| Operating cash flow | $4.0B | $3.0B | $921M |
| Cash & equivalents (year end) | $4.7B | $2.2B | $4.2B |
| Total debt (year end) | $11.7B | $11.7B | $12.4B |
| Diluted shares | 124M | 121M | 121M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Debt due within one year plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Payment for order flow
- Deferred revenue
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 6, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 6, 2026 | Apr 16, 2026 |
| 10-K | Feb 19, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Humana
How does Humana make money?
Humana's revenue was $129.7B in fiscal 2025. By segment in FY2025: Insurance (85%) and CenterWell (15%), as shares of the segment total. Total revenue was $129.7B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What was Humana's revenue in fiscal 2025?
$129.7B of revenue for the fiscal year ended Dec 31, 2025, up 10.1% from $117.8B in fiscal 2024. Fiscal 2023 was $106.4B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
Is Humana profitable?
Humana reported net income of $1.2B for fiscal 2025, down 1.6% from $1.2B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $162M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.
What did Humana report in its latest quarterly filing?
Revenue was $41.2B in the quarter ended Sep 30, 2026, up 26.1% from $32.6B a year earlier. Net income was $162M, down 16.9% from $195M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026.
How much cash and debt does Humana have?
Humana had $6.9B in cash and cash equivalents and $12.5B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Nov 6, 2026.
What are the main risks Humana faces?
Humana's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the managed health care industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Humana numbers come from?
From Humana's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Humana
- Slate Path Capital: 1,079,930 shares, reported value $429.0M at Jun 30, 2026 (+134.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 449,022 shares, reported value $178.4M at Jun 30, 2026 (+217.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 352,698 shares, reported value $140.1M at Jun 30, 2026 (+213.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 98,491 shares, reported value $39.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 33,228 shares, reported value $13.2M at Jun 30, 2026 (−50.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 9,152 shares, reported value $3.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 8,600 shares, reported value $3.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in HUM
- The editor holds no position in Humana (HUM). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell HUM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold HUM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| HumanaHUM | FY2025 | $129.7B | +10.1% | $1.2B |
| UnitedHealthUNH | FY2025 | $447.6B | +11.8% | $12.1B |
| Elevance HealthELV | FY2025 | $199.1B | +12.5% | $5.7B |
| CenteneCNC | FY2025 | $194.8B | +19.4% | −$6.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.