Humana (HUM) Q4 FY2025 earnings: revenue $32.5 billion, up 11.3% on the year

Humana Inc. (HUM) reported revenue of $32.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.3% on the same quarter a year earlier. Net income was -$796 million, and diluted earnings per share $-6.61. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$32.5 billion

+11.3% on the year · -0.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-2.5%

-1.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$796 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$6.61

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 new.

Fourth quarter loss per share: The company reported 4Q25 GAAP net loss per share of $6.61 and adjusted net loss per share of $3.96, against $(5.76) and $(2.16) in 4Q24.
Full-year EPS on both bases: FY 2025 EPS was $9.84 on a GAAP basis and $17.14 on an Adjusted basis, against $9.98 and $16.21 for FY 2024.
Insurance quarterly operating loss: Insurance segment GAAP loss from operations was $927 million in 4Q25, against $646 million in 4Q24; FY 2025 GAAP income from operations was $1,664 million against $1,289 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	32,515	32,649	29,213	-0.4%	+11.3%
Selling, general and administrative	4,438	4,085	4,167	+8.6%	+6.5%
Operating income	-808	400	-543
Operating margin	-2.5%	1.2%	-1.9%
Interest expense	146	168	164	-13.1%	-11.0%
Pre-tax income	-1,011	134	-906
Income tax	-249	-86.0	-216
Effective tax rate	n/a	-64.2%	n/a
Net income	-796	195	-693
Net margin	-2.4%	0.6%	-2.4%
Diluted EPS	-$6.61	$1.62	-$5.76

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	-1,652	971	-528
Capital expenditure	202	135	154	+49.6%	+31.2%
Free cash flow	-1,854	836	-682
Free cash flow margin	-5.7%	2.6%	-2.3%
Cash from investing	632	980	-63.0	-35.5%
Cash from financing	-168	-603	-2,304
Depreciation and amortisation	164	173	208	-5.2%	-21.2%
Share-based compensation	48.0	83.0	54.0	-42.2%	-11.1%
Buybacks	42.0	0.0	49.0		-14.3%
Dividends paid	109	107	108	+1.9%	+0.9%
Dividend per share	$0.89	$0.89	$0.89	0.0%	0.0%
Diluted shares, weighted	120m	121m	120m	-0.3%	-0.1%
Shares outstanding at period end	121m	120m	121m	+0.3%	-0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	17,657	18,522	16,375	-4.7%	+7.8%
Non-controlling interest	80.0	60.0	70.0	+33.3%	+14.3%
Debt	12,369	12,607	11,721	-1.9%	+5.5%
Operating lease liabilities	418	n/a	392		+6.6%
Other liabilities	18,385	18,530	17,921	-0.8%	+2.6%
Total liabilities and equity	48,909	49,719	46,479	-1.6%	+5.2%
Fixed assets	2,231	2,268	2,532	-1.6%	-11.9%
Goodwill	9,686	9,619	9,631	+0.7%	+0.6%
Intangible assets	1,128	1,230	1,443	-8.3%	-21.8%
Investments	16,196	17,176	18,635	-5.7%	-13.1%
Cash and equivalents	4,200	5,388	2,221	-22.0%	+89.1%
Receivables	3,270	2,684	2,704	+21.8%	+20.9%
Other assets	12,198	11,354	9,313	+7.4%	+31.0%
Total assets	48,909	49,719	46,479	-1.6%	+5.2%

Questions

What was Humana's revenue in Q4 FY2025?

Humana (HUM) reported revenue of $32.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 11.3% on the same quarter a year earlier.

How much did Humana earn in Q4 FY2025?

Net loss for Q4 FY2025 was $796 million, and the diluted loss per share $6.61.

When did Humana report Q4 FY2025 results?

Humana filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	21,054	23,970	23,662	22,799	22,439	26,742	26,747	26,423	26,462	29,611	29,540	29,397	29,213	32,112	32,388	32,649	32,515	39,648	40,867	41,155
SG&A	3,395	2,886	3,173	3,061	3,551	2,979	3,111	3,271	3,827	3,042	3,148	3,339	4,167	3,380	3,547	4,085	4,438	4,024	3,978	4,598
Operating income	61.0	1,289	1,215	1,172	124	1,719	1,436	1,206	-348	1,236	1,141	728	-543	2,014	1,098	400	-808	1,754	1,360	75.0
Operating margin	0%	5%	5%	5%	1%	6%	5%	5%	-1%	4%	4%	2%	-2%	6%	3%	1%	-2%	4%	3%	0%
Interest expense	91.0	90.0	101	102	108	113	120	114	146	159	168	169	164	160	157	168	146	193	197	217
Pre-tax income	-64.0	1,216	1,124	1,300	-76.0	1,597	1,252	1,086	-615	990	901	635	-906	1,691	741	134	-1,011	1,595	952	216
Tax rate	n/a	24%	38%	8%	n/a	22%	24%	24%	n/a	25%	25%	24%	n/a	24%	24%	-64%	n/a	25%	25%	19%
Net income	-14.0	930	696	1,195	-15.0	1,239	959	832	-541	741	679	480	-693	1,244	545	195	-796	1,186	694	162
Net margin	-0%	4%	3%	5%	-0%	5%	4%	3%	-2%	3%	2%	2%	-2%	4%	2%	1%	-2%	3%	2%	0%
Diluted EPS	-$0.11	$7.29	$5.48	$9.39	-$0.12	$9.87	$7.66	$6.71	-$4.42	$6.11	$5.62	$3.98	-$5.76	$10.30	$4.51	$1.62	-$6.61	$9.83	$5.73	$1.33
Operating cash flow	-96.0	302	959	8,453	-5,127	6,687	3,176	1,252	-7,134	423	1,213	1,858	-528	331	1,271	971	-1,652	1,254	1,966	2,163
Capital expenditure	371	295	279	288	258	223	264	234	283	177	114	130	154	95.0	114	135	202	121	132	137
Free cash flow	-467	7.0	680	8,165	-5,385	6,464	2,912	1,018	-7,417	246	1,099	1,728	-682	236	1,157	836	-1,854	1,133	1,834	2,026
Buybacks	43.0	1,024	4.0	4.0	1,064	94.0	529	379	571	717	49.0	2.0	49.0	9.0	100	0.0	42.0	107	1.0	2.0
Dividends paid	91.0	91.0	100	100	101	100	111	109	111	109	107	107	108	108	106	107	109	107	107	106
Shares outstanding	127m	126m	127m	127m	125m	125m	124m	123m	121m	121m	120m	120m	121m	121m	120m	120m	121m	120m	120m	120m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.