Humana
HUM · NYSEHospital & Medical Service Plans · Fiscal year ends Dec 31
Humana reported revenue of $130B in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was $2.7B, an operating margin of 2.1%, and net income was $1.2B. Operating cash flow of $921M less capital expenditure of $546M left free cash flow of $375M. Net debt was $8.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $83.1B | $92.9B | $106B | $118B | $130B |
| Selling, general & admin | $10.1B | $12.7B | $13.2B | $13.7B | $15.5B |
| Operating income | $3.1B | $3.8B | $4B | $2.6B | $2.7B |
| Interest expense | $326M | $401M | $493M | $660M | $631M |
| Pre-tax income | $3.4B | $3.6B | $3.3B | $1.6B | $1.4B |
| Income tax | $485M | $762M | $836M | $413M | $250M |
| Net income | $2.9B | $2.8B | $2.5B | $1.2B | $1.2B |
| Diluted EPS | 22.67 | 22.08 | 20.00 | 9.98 | 9.84 |
| Diluted shares | 129M | 127M | 124M | 121M | 121M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.4B | $5.1B | $4.7B | $2.2B | $4.2B |
| Receivables | $1.8B | $1.7B | $2B | $2.7B | $3.3B |
| Current assets | $24.9B | $26.2B | $30B | $29.8B | $32.7B |
| Net PP&E | $3.1B | $3.2B | $3B | $2.5B | $2.2B |
| Goodwill | $11.1B | $9.1B | $9.6B | $9.6B | $9.7B |
| Total assets | $44.4B | $43.1B | $47.1B | $46.5B | $48.9B |
| Deferred revenue | $254M | $286M | $266M | $260M | $356M |
| Current liabilities | $15.3B | $17.2B | $18.9B | $16.9B | $16.3B |
| Short-term debt | $2B | $2.1B | $1.4B | $577M | $0 |
| Long-term debt | $10.5B | $9B | $10.2B | $11.1B | $12.4B |
| Total liabilities | $28.3B | $27.7B | $30.7B | $30B | $31.2B |
| Shareholders' equity | $16.1B | $15.3B | $16.3B | $16.4B | $17.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $4.6B | $4B | $3B | $921M |
| Capital expenditure | $1.3B | $1.1B | $1B | $575M | $546M |
| Free cash flow | $920M | $3.5B | $3B | $2.4B | $375M |
| Depreciation & amortisation | $596M | $709M | $779M | $839M | $698M |
| Stock-based compensation | $180M | $216M | $175M | $207M | $241M |
| Acquisitions | $4.2B | $337M | $233M | $89M | $81M |
| Share buybacks | $79M | $2.1B | $1.6B | $817M | $151M |
| Dividends paid | $90M | $98M | $431M | $431M | $430M |
| Dividend per share | 2.73 | 3.06 | 3.44 | 3.54 | 3.54 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.8% | 14.5% | 10.7% | 10.1% |
| Operating income growth (YoY) | – | 20.7% | 5.6% | −36.2% | 5.5% |
| EPS growth (YoY) | – | −2.6% | −9.4% | −50.1% | −1.4% |
| Operating margin | 3.8% | 4.1% | 3.8% | 2.2% | 2.1% |
| Net margin | 3.5% | 3.0% | 2.3% | 1.0% | 0.9% |
| Return on equityBlank when equity is negative | 18.2% | 18.3% | 15.3% | 7.4% | 6.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.8% | 14.7% | 14.2% | 8.7% | 8.3% |
| Free cash flow margin | 1.1% | 3.7% | 2.8% | 2.0% | 0.3% |
| Cash conversion (CFO ÷ net income) | 0.77x | 1.63x | 1.60x | 2.46x | 0.78x |
| Receivable days | 8 | 7 | 7 | 8 | 9 |
| Interest cover | 9.66x | 9.48x | 8.14x | 3.88x | 4.29x |
| Debt ÷ equity | 0.78x | 0.73x | 0.72x | 0.72x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.1B | $6.1B | $7B | $9.5B | $8.2B |
| Current ratio | 1.62x | 1.52x | 1.59x | 1.76x | 2.00x |
Recent filings
More in Hospital & Medical Service Plans
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.