Humana Inc. (HUM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$7	$7.61	+8.7%	—	—	—
Q4 26	$10.2	$10.3	+1.1%	—	—	—
Q3 26	-$3.99	-$3.96	+0.8%	—	—	—
Q2 26	$2.83	$3.24	+14.5%	—	—	—
Q1 26	$5.87	$6.27	+6.8%	—	—	—
Q4 25	$10.1	$11.6	+15.0%	—	—	—
Q3 25	-$2.12	-$2.16	-1.9%	—	—	—
Q2 25	$3.39	$4.16	+22.7%	—	—	—
Q1 25	$5.86	$6.96	+18.8%	—	—	—
Q4 24	$6	$7.23	+20.5%	—	—	—
Q3 24	$0.92	-$0.11	-112.0%	—	—	—
Q2 24	$7.17	$7.78	+8.5%	—	—	—
Q1 24	$8.83	$8.94	+1.2%	—	—	—
Q4 23	$9.2	$9.38	+2.0%	—	—	—
Q3 23	$1.46	$1.62	+11.0%	—	—	—
Q2 23	$6.28	$6.88	+9.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.87	—	—	$129.7B	—
FY24	—	$10	—	—	$117.8B	—
FY23	—	$20.1	—	—	$106.4B	—
FY22	—	$22.2	—	—	$92.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$54.4B	$53.8B	$56.9B	$64.9B	$77.2B	$83.1B	$92.9B	$106.4B	$117.8B	$129.7B
YoY change	+0.17%	-1.13%	+5.85%	+14%	+18.9%	+7.66%	+11.8%	+14.5%	+10.7%	+10.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	54.4B	53.8B	56.9B	64.9B	77.2B	83.1B	92.9B	106.4B	117.8B	129.7B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.2B	6.6B	7.5B	7.4B	10.1B	—	—	—	—	—
Operating expenses	14.3B	13.1B	15.1B	14.3B	20.2B	9.6B	12.7B	13.3B	13.9B	15.9B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	1.6B	4B	2.1B	3.5B	4.6B	3.4B	3.6B	3.4B	1.7B	1.6B
Income tax	938M	1.6B	391M	763M	1.3B	485M	762M	836M	413M	250M
Net income	614M	2.4B	1.7B	2.7B	3.4B	2.9B	2.8B	2.5B	1.2B	1.2B
Net margin	1.13%	4.55%	2.96%	4.17%	4.36%	3.53%	3.02%	2.34%	1.03%	0.93%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	4.11	16.9	12.2	20.2	25.5	22.8	22.2	20.1	10	9.87
Diluted EPS	4.07	16.8	12.2	20.1	25.3	22.7	22.1	20	9.98	9.84

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	26.4B	26.5B	29.6B	29.5B	29.4B	29.2B	32.1B	32.4B	32.6B	32.5B	39.6B	40.9B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	3.3B	3.9B	3.1B	3.2B	3.2B	4.3B	3.5B	3.7B	4.1B	4.5B	4B	4.2B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	1.1B	-591M	1B	918M	651M	-862M	1.7B	741M	134M	-1B	1.6B	952M
Income tax	256M	-75M	251M	223M	155M	-216M	406M	179M	-86M	-249M	395M	238M
Net income	830M	-540M	739M	678M	480M	-683M	1.2B	543M	194M	-776M	1.2B	693M
Net margin	3.14%	-2.04%	2.5%	2.3%	1.63%	-2.34%	3.87%	1.68%	0.59%	-2.39%	2.99%	1.7%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	6.74	-4.42	6.13	5.63	3.99	-5.76	10.3	4.52	1.62	—	9.85	5.78
Diluted EPS	6.71	-4.42	6.11	5.62	3.98	-5.76	10.3	4.51	1.62	—	9.83	5.73

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	30.5B	35.8B	39.4B	49.1B	54.2B	59.7B	64.8B	56.7B	30.6B	30.9B	46.8B
Enterprise value	23.1B	27.2B	33.1B	39.8B	43.7B	55.6B	56.9B	47B	21.9B	23.3B	38.7B
Shares outstanding	149.4M	144.5M	137.5M	134.1M	132.2M	128.7M	126.4M	123.9M	120.6M	120.5M	120.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	49.6	14.6	23.4	18.2	16.1	20.3	23.1	22.8	25.2	25.6	37.6
P/S	0.56	0.67	0.69	0.76	0.7	0.72	0.7	0.53	0.26	0.24	0.33
P/B	2.85	3.64	3.88	4.08	3.95	3.71	4.21	3.48	1.86	1.74	2.49
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	10.8
EV/Sales	0.42	0.51	0.58	0.61	0.57	0.67	0.61	0.44	0.19	0.18	0.27
Earnings yield	2.01%	6.83%	4.27%	5.51%	6.21%	4.92%	4.33%	4.38%	3.97%	3.9%	2.66%
FCF yield	4.62%	9.84%	3.96%	9.26%	8.62%	1.54%	5.33%	5.25%	7.82%	1.22%	4.15%
PEG	—	—	—	—	—	—	—	—	—	—	1.35

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	3.46%
Net margin	1.13%	4.55%	2.96%	4.17%	4.36%	3.53%	3.02%	2.34%	1.03%	0.93%	0.88%
ROE	5.75%	24.9%	16.6%	22.5%	24.5%	18.2%	18.2%	15.2%	7.38%	6.78%	6.89%
ROA	—	—	—	—	—	—	—	—	2.61%	2.46%	3.9%
Return on tangible assets	—	—	—	—	—	—	—	—	4.99%	4.41%	3.57%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	1.74
Debt / equity	0.38	0.5	0.6	0.47	0.49	0.78	0.72	0.71	0.71	0.7	0.76
Debt / assets	—	—	—	—	—	—	—	—	0.25	0.25	0.25
Net debt / EBITDA	—	—	—	—	—	—	—	—	—	—	-2.54
Interest coverage	9.21	17.6	10.5	15.3	17.3	11.3	9.9	7.86	3.61	3.46	3.37
Effective tax rate	60.4%	39.1%	19%	22.1%	28.4%	14.5%	21.4%	24.7%	24%	16.1%	17.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	364	372.1	413.9	484	583.6	645.5	734.6	858.8	976.7	1.1K	1.2K
EPS (basic)	4.11	16.9	12.2	20.2	25.5	22.8	22.2	20.1	10	9.87	9.87
EPS (diluted)	4.07	16.8	12.2	20.1	25.3	22.7	22.1	20	9.98	9.84	10.6
Book value per share	71.5	68.1	73.9	89.8	103.8	125.1	121.6	131.7	136.4	147.3	160
FCF per share	9.43	24.4	11.4	33.9	35.4	7.15	27.3	24	19.8	3.11	16.1
Cash per share	76.8	94.1	90	112.1	130.3	128.9	149.8	172.1	169.5	165.2	198.8
Capex per share	3.53	3.63	4.45	5.49	7.29	10.2	8.86	6.41	4.71	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.97%	0.97%	1.08%	1.13%	1.25%	1.58%	1.21%	0.75%	0.48%	—	—
Capex / operating cash flow	33.6%	14.6%	64.2%	15.4%	16.2%	50.4%	31.8%	29.6%	38.1%	—	—
Payout ratio	28.8%	8.99%	15.7%	10.7%	9.59%	12.1%	14%	17.4%	35.5%	35.7%	33.5%
Dividend yield	0.58%	0.61%	0.67%	0.59%	0.6%	0.59%	0.61%	0.76%	1.41%	1.39%	0.91%

Yield

0.91%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.885

ex-dividend Jun 26, 2026

Payout ratio

33%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 26, 2026	$0.885
Mar 27, 2026	$0.885
Dec 26, 2025	$0.885

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$26.4B	$26.5B	$29.6B	$29.5B	$29.4B	$29.2B	$32.1B	$32.4B	$32.6B	$32.5B	$39.6B	$40.9B
YoY change	+15.9%	+17.9%	+10.7%	+10.4%	+11.3%	+10.4%	+8.45%	+9.64%	+11.1%	+11.3%	+23.5%	+26.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	11.5B	13.6B	12.4B	15B	17.2B	16.6B	18.9B	21.3B	20.4B	19.9B
Receivables	1.3B	854M	1B	1.1B	1.1B	1.8B	1.7B	2B	2.7B	3.3B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	7.1B	7B	8.3B	8.2B	9.6B	27.5B	21.8B	22.5B	22.1B	21.6B
Total assets	—	—	—	—	—	—	—	—	46.5B	48.9B
Accounts payable	9.9B	11.7B	8.1B	9.8B	12.2B	12.8B	14.5B	16.8B	15.7B	15.7B
Short-term debt	300M	150M	1.7B	699M	600M	2B	3.2B	1.4B	577M	0
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	3.8B	4.8B	4.4B	5B	6.1B	10.5B	7.9B	10.2B	11.1B	12.4B
Total liabilities	—	—	—	—	—	—	—	—	30B	31.2B
Shareholders' equity	10.7B	9.8B	10.2B	12B	13.7B	16.1B	15.4B	16.3B	16.4B	17.7B
Total debt	4.1B	4.9B	6.1B	5.7B	6.7B	12.5B	11.1B	11.7B	11.7B	12.4B
Net debt	215M	878M	3.7B	1.6B	2B	9.1B	6.1B	7B	9.5B	8.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	30.3B	21.3B	22.6B	22.9B	24.1B	20.4B	22.1B	21.7B	22.1B	19.9B	22B	23.9B
Receivables	1.8B	2B	3.9B	4.1B	2.1B	2.7B	4.5B	4.5B	2.7B	3.3B	5.2B	5.7B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	19.1B	22.5B	19.1B	19.1B	19.2B	22.1B	19.3B	19.3B	19.2B	21.6B	21B	21B
Total assets	—	—	50.1B	50.1B	50B	46.5B	50.9B	50.4B	49.7B	48.9B	55.3B	57.2B
Accounts payable	17.8B	16.8B	18.2B	18B	17B	15.7B	16.8B	16.6B	15.6B	15.7B	19.2B	20.1B
Short-term debt	2.2B	1.4B	822M	1.1B	1.1B	577M	577M	0	0	0	1.7B	2.3B
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	9.5B	10.2B	12.4B	11.7B	11.9B	11.1B	12.7B	12.6B	12.6B	12.4B	12.3B	12B
Total liabilities	—	—	—	33.4B	32.4B	30B	33.1B	32.1B	31.1B	31.2B	36.6B	37.9B
Shareholders' equity	17B	16.3B	16.2B	16.7B	17.6B	16.4B	17.8B	18.3B	18.6B	17.7B	18.6B	19.3B
Total debt	11.7B	11.7B	13.2B	12.9B	13B	11.7B	13.3B	12.6B	12.6B	12.4B	14B	14.2B
Net debt	-3.4B	7B	7.3B	7.4B	7.9B	9.5B	9.1B	8.5B	7.2B	8.2B	9B	7.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	614M	2.4B	1.7B	2.7B	3.4B	2.9B	2.8B	2.5B	1.2B	1.2B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	115M	157M	137M	163M	181M	180M	216M	175M	207M	241M
Change in working capital	708M	688M	-1.2B	1.7B	2.1B	-556M	534M	81M	154M	-1.8B
Operating cash flow	1.6B	3.6B	954M	4.8B	5.9B	2.6B	3.5B	2.7B	1.5B	921M
Capital expenditure	-527M	-524M	-612M	-736M	-964M	-1.3B	-1.1B	-794M	-568M	—
Investing cash flow	-1.4B	-2.9B	-3.1B	-1.3B	-3.1B	-6.6B	-1B	-3.5B	-3B	2.8B
Dividends paid	-177M	-220M	-265M	-291M	-323M	-354M	-392M	-431M	-431M	-430M
Share repurchases	-104M	-3.4B	-1.1B	-1.1B	-1.8B	-79M	-2.1B	-1.6B	-817M	-151M
Financing cash flow	721M	-1B	-830M	-2.4B	-2B	3B	-2.3B	-956M	-3.8B	-1.5B
Net change in cash	926M	-368M	-3B	1.2B	915M	-928M	226M	-1.8B	-5.3B	2.2B
Free cash flow	1.4B	3.5B	1.6B	4.5B	4.7B	920M	3.5B	3B	2.4B	375M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	830M	-540M	739M	678M	480M	-683M	1.2B	543M	194M	-776M	1.2B	693M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	53M	33M	45M	55M	53M	54M	49M	61M	83M	48M	51M	65M
Change in working capital	70M	-7B	-692M	154M	1B	-310M	-1.2B	418M	427M	-1.4B	-215M	964M
Operating cash flow	970M	-7.6B	125M	898M	1.6B	-907M	66M	1B	971M	-1.7B	1.3B	2B
Capital expenditure	-234M	-73M	-177M	-114M	-130M	-147M	-95M	-114M	—	—	—	—
Investing cash flow	-585M	-882M	-414M	-1B	-1.6B	405M	314M	347M	1.1B	811M	-2.4B	-141M
Dividends paid	-109M	-111M	-109M	-107M	-107M	-108M	-108M	-106M	-107M	-109M	-107M	-107M
Share repurchases	-379M	-571M	-717M	-49M	-2M	-49M	-9M	-100M	0	-42M	-107M	-1M
Financing cash flow	-1.7B	-2.5B	563M	24M	204M	-3.6B	1.2B	-1.7B	-691M	-349M	2.1B	130M
Net change in cash	-1.3B	-11.1B	274M	-80M	219M	-4.1B	1.6B	-333M	1.4B	-1.2B	927M	2B
Free cash flow	1B	-7.4B	246M	1.1B	1.7B	-682M	236M	1.2B	836M	-1.9B	1.1B	1.8B

Date	Ratio
Aug 1, 1991	3:2
Feb 1, 1984	6:5
Feb 1, 1983	4:3
Feb 1, 1982	3:2

Humana Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history