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Humana (HUM) FY2025 results: revenue $129.7 billion, up 10.1% on the year

Humana Inc. (HUM) reported revenue of $129.7 billion for fiscal 2025, the year ended 31 December 2025, up 10.1% on the year before. Net income was $1.2 billion, down 1.6%, and diluted earnings per share $9.84. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$129.7 billion
+10.1% on the year
FY2018FY2025
Operating margin
2.1%
2.2% a year earlier
FY2018FY2025
Net income
$1.2 billion
-1.6% on the year
FY2018FY2025
Diluted EPS
$9.84
-1.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Insurance quarterly benefit ratio rose: The Insurance segment GAAP benefit ratio was 93.1 percent in 4Q25, against 92.1 percent in 4Q24.
  • CenterWell patient base grew: CenterWell Senior Primary Care grew by 100,600 patients in 2025, or over 25 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

Humana was organised as a Delaware corporation in 1964 and is run from Louisville, Kentucky. It sells health insurance and, through CenterWell, delivers health care itself. At the end of 2025 it had about 15 million members in its medical benefit plans and about 4.7 million in specialty products.

Humana Inc., the 10-K for 2025

Humana was organised as a Delaware corporation in 1964 and is run from Louisville, Kentucky. It sells health insurance and, through CenterWell, delivers health care itself. At the end of 2025 it had about 15 million members in its medical benefit plans and about 4.7 million in specialty products.

The single most important fact about this business

In 2025, 83 percent of Humana's total premiums and services revenue came from contracts with the federal government. Within that, 14 percent came from individual Medicare Advantage contracts in Florida alone, held with the Centers for Medicare and Medicaid Services, under which Humana covered about 1.0 million members at the end of the year.

Those two figures together describe a business whose income comes very largely from federal contracts, with a further concentration inside that in one state and one product.

Two segments

Insurance and CenterWell. The filing states that the split is based on a combination of the type of health plan customer and the adjacent businesses built around well-being solutions, sold to its own health plans and to others. The filing states that the chief executive, acting as the chief operating decision maker, uses these groupings and each segment's income from operations to judge performance and allocate resources, mainly through the annual budget and periodic forecast updates.

The products

Medical and specialty insurance products that let members reach health care services mainly through networks of providers Humana has contracted with.

Who it serves

The filing names Medicare and Medicaid participants, families, individuals, military service personnel and communities. Read alongside the federal contract figure, that list is a description of a business built around government health programmes rather than around employers.

How the company describes itself

Humana states that through its insurance services and its CenterWell health care services it makes it easier for the people it serves to achieve their best health, delivering care and service when it is needed.

From Humana's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue129,664117,761106,374+10.1%
Selling, general and administrative15,45013,69613,188+12.8%
Operating income2,7042,5624,013+5.5%
Operating margin2.1%2.2%3.8%
Interest expense631660493-4.4%
Pre-tax income1,4381,6203,320-11.2%
Income tax250413836-39.5%
Effective tax rate17.4%25.5%25.2%
Net income1,1881,2072,489-1.6%
Net margin0.9%1.0%2.3%
Diluted EPS$9.84$9.98$20.00-1.4%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9212,9663,981-68.9%
Capital expenditure5465751,004-5.0%
Free cash flow3752,3912,977-84.3%
Free cash flow margin0.3%2.0%2.8%
Cash from investing2,273-2,952-3,492
Cash from financing-1,215-2,487-856
Depreciation and amortisation698839779-16.8%
Share-based compensation241207175+16.4%
Buybacks1518171,573-81.5%
Dividends paid430431431-0.2%
Dividend per share$3.54$3.54$3.440.0%
Diluted shares, weighted121m121m124m-0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity17,65716,37516,262+7.8%
Non-controlling interest80.070.056.0+14.3%
Debt12,36911,72111,656+5.5%
Operating lease liabilities418392444+6.6%
Other liabilities18,38517,92118,647+2.6%
Total liabilities and equity48,90946,47947,065+5.2%
Fixed assets2,2312,5323,030-11.9%
Goodwill9,6869,6319,550+0.6%
Intangible assets1,1281,4431,693-21.8%
Investments16,19618,63517,008-13.1%
Cash and equivalents4,2002,2214,694+89.1%
Receivables3,2702,7042,035+20.9%
Other assets12,1989,3139,055+31.0%
Total assets48,90946,47947,065+5.2%

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