Humana Financials
This page shows Humana (HUM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Humana has an operating margin of 2.1%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is down from 2.2% the prior year.
Humana's revenue grew 10.1% year-over-year to $129.7B, a solid pace of expansion. This earns a growth score of 50/100.
Humana carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.
Humana's current ratio of 2.00 indicates adequate short-term liquidity, earning a score of 36/100. The company can meet its near-term obligations, though with limited headroom.
Humana's free cash flow margin of 0.3% results in a low score of 26/100. Capital expenditures of $546.0M absorb a large share of operating cash flow.
Humana generates a 6.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 26/100. This is down from 7.4% the prior year.
Humana scores 4.47, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Humana passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Humana generates $0.78 in operating cash flow ($921.0M OCF vs $1.2B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Humana earns $4.3 in operating income for every $1 of interest expense ($2.7B vs $631.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Humana generated $129.7B in revenue in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Humana's EBITDA was $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.0% from the prior year.
Humana reported $1.2B in net income in fiscal year 2025. This represents a decrease of 1.6% from the prior year.
Humana earned $9.84 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Cash & Balance Sheet
Humana generated $375.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 84.3% from the prior year.
Humana held $4.2B in cash against $12.4B in long-term debt as of fiscal year 2025.
Humana paid $3.54 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Humana had 121M shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.
Margins & Returns
Humana's operating margin was 2.1% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.
Humana's net profit margin was 0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Humana's ROE was 6.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Capital Allocation
Humana spent $151.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 81.5% from the prior year.
Humana invested $546.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.0% from the prior year.
HUM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $32.5B-0.4% | $32.6B+0.8% | $32.4B+0.9% | $32.1B+9.9% | $29.2B-0.6% | $29.4B-0.5% | $29.5B-0.2% | $29.6B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $4.4B+8.6% | $4.1B+15.2% | $3.5B+4.9% | $3.4B-18.9% | $4.2B+24.8% | $3.3B+6.1% | $3.1B+3.5% | $3.0B |
| Operating Income | -$808.0M-302.0% | $400.0M-63.6% | $1.1B-45.5% | $2.0B+470.9% | -$543.0M-174.6% | $728.0M-36.2% | $1.1B-7.7% | $1.2B |
| Interest Expense | $146.0M-13.1% | $168.0M+7.0% | $157.0M-1.9% | $160.0M-2.4% | $164.0M-3.0% | $169.0M+0.6% | $168.0M+5.7% | $159.0M |
| Income Tax | -$249.0M-189.5% | -$86.0M-148.0% | $179.0M-55.9% | $406.0M+288.0% | -$216.0M-239.4% | $155.0M-30.5% | $223.0M-11.2% | $251.0M |
| Net Income | -$796.0M-508.2% | $195.0M-64.2% | $545.0M-56.2% | $1.2B+279.5% | -$693.0M-244.4% | $480.0M-29.3% | $679.0M-8.4% | $741.0M |
| EPS (Diluted) | N/A | $1.62-64.1% | $4.51-56.2% | $10.30 | N/A | $3.98-29.2% | $5.62-8.0% | $6.11 |
HUM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $48.9B-1.6% | $49.7B-1.3% | $50.4B-1.1% | $50.9B+9.6% | $46.5B-7.1% | $50.0B-0.2% | $50.1B0.0% | $50.1B |
| Current Assets | $32.7B-0.1% | $32.8B-2.6% | $33.6B-2.3% | $34.4B+15.5% | $29.8B-9.4% | $32.9B+0.2% | $32.9B+0.2% | $32.8B |
| Cash & Equivalents | $4.2B-22.0% | $5.4B+33.4% | $4.0B-4.9% | $4.3B+91.4% | $2.2B-56.6% | $5.1B-7.0% | $5.5B-6.9% | $5.9B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $9.7B+0.7% | $9.6B-0.1% | $9.6B0.0% | $9.6B0.0% | $9.6B+0.4% | $9.6B+0.2% | $9.6B0.0% | $9.6B |
| Total Liabilities | $31.2B+0.1% | $31.1B-2.9% | $32.1B-3.2% | $33.1B+10.2% | $30.0B-7.3% | $32.4B-2.9% | $33.4B-1.6% | $33.9B |
| Current Liabilities | $16.3B+1.0% | $16.2B-6.0% | $17.2B-4.6% | $18.0B+6.5% | $16.9B-9.5% | $18.7B-5.4% | $19.8B+0.5% | $19.7B |
| Long-Term Debt | $12.4B-1.9% | $12.6B+0.2% | $12.6B-1.1% | $12.7B+14.2% | $11.1B-6.2% | $11.9B+1.2% | $11.7B-5.2% | $12.4B |
| Total Equity | $17.7B-4.7% | $18.5B+1.6% | $18.2B+2.7% | $17.8B+8.4% | $16.4B-6.8% | $17.6B+5.4% | $16.7B+3.4% | $16.1B |
| Retained Earnings | $29.1B-3.0% | $30.0B+0.3% | $29.9B+1.5% | $29.5B+4.0% | $28.3B-2.8% | $29.1B+1.3% | $28.7B+2.0% | $28.2B |
HUM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.7B-270.1% | $971.0M-23.6% | $1.3B+284.0% | $331.0M+162.7% | -$528.0M-128.4% | $1.9B+53.2% | $1.2B+186.8% | $423.0M |
| Capital Expenditures | $202.0M+49.6% | $135.0M+18.4% | $114.0M+20.0% | $95.0M-38.3% | $154.0M+18.5% | $130.0M+14.0% | $114.0M-35.6% | $177.0M |
| Free Cash Flow | -$1.9B-321.8% | $836.0M-27.7% | $1.2B+390.3% | $236.0M+134.6% | -$682.0M-139.5% | $1.7B+57.2% | $1.1B+346.7% | $246.0M |
| Investing Cash Flow | $632.0M-35.5% | $980.0M+182.4% | $347.0M+10.5% | $314.0M+598.4% | -$63.0M+95.7% | -$1.5B-47.0% | -$1.0B-142.0% | -$414.0M |
| Financing Cash Flow | -$168.0M+72.1% | -$603.0M+67.0% | -$1.8B-232.1% | $1.4B+160.1% | -$2.3B-199.2% | -$770.0M-24.2% | -$620.0M-151.4% | $1.2B |
| Dividends Paid | $109.0M+1.9% | $107.0M+0.9% | $106.0M-1.9% | $108.0M0.0% | $108.0M+0.9% | $107.0M0.0% | $107.0M-1.8% | $109.0M |
| Share Buybacks | $42.0M | $0-100.0% | $100.0M+1011.1% | $9.0M-81.6% | $49.0M+2350.0% | $2.0M-95.9% | $49.0M-93.2% | $717.0M |
HUM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -2.5%-3.7pp | 1.2%-2.2pp | 3.4%-2.9pp | 6.3%+8.1pp | -1.9%-4.3pp | 2.5%-1.4pp | 3.9%-0.3pp | 4.2% |
| Net Margin | -2.5%-3.0pp | 0.6%-1.1pp | 1.7%-2.2pp | 3.9%+6.2pp | -2.4%-4.0pp | 1.6%-0.7pp | 2.3%-0.2pp | 2.5% |
| Return on Equity | -4.5%-5.6pp | 1.1%-1.9pp | 3.0%-4.0pp | 7.0%+11.2pp | -4.2%-7.0pp | 2.7%-1.3pp | 4.1%-0.5pp | 4.6% |
| Return on Assets | -1.6%-2.0pp | 0.4%-0.7pp | 1.1%-1.4pp | 2.4%+3.9pp | -1.5%-2.5pp | 1.0%-0.4pp | 1.4%-0.1pp | 1.5% |
| Current Ratio | 2.00-0.0 | 2.02+0.1 | 1.95+0.0 | 1.91+0.1 | 1.760.0 | 1.76+0.1 | 1.660.0 | 1.67 |
| Debt-to-Equity | 0.70+0.0 | 0.680.0 | 0.69-0.0 | 0.72+0.0 | 0.680.0 | 0.68-0.0 | 0.70-0.1 | 0.77 |
| FCF Margin | -5.7%-8.3pp | 2.6%-1.0pp | 3.6%+2.8pp | 0.7%+3.1pp | -2.3%-8.2pp | 5.9%+2.2pp | 3.7%+2.9pp | 0.8% |
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Frequently Asked Questions
What is Humana's annual revenue?
Humana (HUM) reported $129.7B in total revenue for fiscal year 2025. This represents a 10.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Humana's revenue growing?
Humana (HUM) revenue grew by 10.1% year-over-year, from $117.8B to $129.7B in fiscal year 2025.
Is Humana profitable?
Yes, Humana (HUM) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 0.9%.
What is Humana's EBITDA?
Humana (HUM) had EBITDA of $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Humana have?
As of fiscal year 2025, Humana (HUM) had $4.2B in cash and equivalents against $12.4B in long-term debt.
What is Humana's operating margin?
Humana (HUM) had an operating margin of 2.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Humana's net profit margin?
Humana (HUM) had a net profit margin of 0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Humana pay dividends?
Yes, Humana (HUM) paid $3.54 per share in dividends during fiscal year 2025.
What is Humana's return on equity (ROE)?
Humana (HUM) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Humana's free cash flow?
Humana (HUM) generated $375.0M in free cash flow during fiscal year 2025. This represents a -84.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Humana's operating cash flow?
Humana (HUM) generated $921.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Humana's total assets?
Humana (HUM) had $48.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Humana's capital expenditures?
Humana (HUM) invested $546.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Humana's current ratio?
Humana (HUM) had a current ratio of 2.00 as of fiscal year 2025, which is generally considered healthy.
What is Humana's debt-to-equity ratio?
Humana (HUM) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Humana's return on assets (ROA)?
Humana (HUM) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Humana's Altman Z-Score?
Humana (HUM) has an Altman Z-Score of 4.47, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Humana's Piotroski F-Score?
Humana (HUM) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Humana's earnings high quality?
Humana (HUM) has an earnings quality ratio of 0.78x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Humana cover its interest payments?
Humana (HUM) has an interest coverage ratio of 4.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Humana?
Humana (HUM) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.