HUMANA INC

Listed Company

HUMCIK 0000049071NYSELarge AcceleratedHospital & Medical Service PlansDelawareFY ends Dec 31

Period

FY 2025

Revenue

$129.66B

Net Income

$1.19B

Total Assets

$48.91B

Equity

$17.66B

Shares Out

120.06M

Op. Cash Flow

$921.00M

Business

Humana Inc. provides health insurance and integrated health care services that deliver coordinated, value-based care to Medicare and Medicaid beneficiaries, employers, individuals, military personnel and communities. Its main products and services include Medicare Advantage plans, stand‑alone prescription drug plans, state‑based Medicaid contracts, specialty ancillary benefits, pharmacy benefit management, primary care centers, home health and related home‑based services, hospice interests and pharmacy solutions. The company operates two reportable segments: Insurance (insurance products and PBM) and CenterWell (pharmacy, primary care and home solutions). Humana distributes its offerings across the United States through provider networks, government contracts (CMS and TRICARE), employers, brokers and retail partnerships.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	122,825	112,104	101,272	87,712	79,822
Services	5,833	4,431	4,033	4,776	3,055
Investment income	1,006	1,226	1,069	382	187
Total revenues	129,664	117,761	106,374	92,870	83,064
Benefits	110,812	100,664	88,394	75,690	—
Operating costs	15,450	13,696	13,188	12,671	10,121
Depreciation and amortization	698	839	779	709	596
Total operating expenses	126,960	115,199	102,361	89,070	79,916
Income (loss) from operations	2,704	2,562	4,013	3,800	3,148
Loss on sale of business	67	0	0	−237	0
Interest expense	631	660	493	401	—
Other expense, net	451	181	137	68	−532
Income before income taxes and equity in net losses	1,555	1,721	3,383	3,568	3,354
Provision for income taxes	250	413	836	762	485
Equity in net losses	−102	−94	−63	−4	65
Net income	1,203	1,214	2,484	2,802	2,934
Net (income) loss attributable to noncontrolling interests	−15	−7	5	4	−1
Net income attributable to Humana	1,188	1,207	2,489	2,806	2,933
Basic earnings per common share (in dollars per share)	9.87	10.01	20.09	22.2	22.79
Diluted earnings per common share (in dollars per share)	9.84	9.98	20	22.08	22.67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	4,200	2,221	4,694	5,061	3,394
Investment securities	15,703	18,214	16,626	13,881	13,192
Receivables, net of allowances of $108 in 2025 and $98 in 2024	3,270	2,704	2,035	1,674	1,814
Other current assets	9,560	6,676	6,631	5,567	6,493
Total current assets	32,733	29,815	29,986	26,183	24,893
Property and equipment, net	2,231	2,532	3,030	3,221	3,073
Long-term investment securities	493	421	382	380	780
Goodwill	9,686	9,631	9,550	9,142	11,092
Equity method investments	638	697	740	749	141
Other long-term assets	3,128	3,383	3,377	3,380	4,379
Total assets	48,909	46,479	47,065	43,055	44,358
Benefits payable	9,967	10,440	10,241	9,264	8,289
Trade accounts payable and accrued expenses	5,717	5,259	6,569	5,238	4,509
Book overdraft	306	403	353	298	326
Unearned revenues	356	260	266	286	254
Short-term debt	0	577	1,443	2,092	1,953
Total current liabilities	16,346	16,939	18,872	17,178	15,331
Long-term debt	12,369	11,144	10,213	9,034	10,541
Other long-term liabilities	2,457	1,951	1,662	1,473	2,383
Total liabilities	31,172	30,034	30,747	27,685	28,255
Commitments and contingencies (Note 17)	—	—	—	—	—
Preferred stock, $1 par; 10,000,000 shares authorized; none issued	0	0	0	0	0
Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,719,321 shares issued at December 31, 2025 and 198,718,810 shares issued at December 31, 2024	33	33	33	33	33
Capital in excess of par value	3,600	3,463	3,346	3,246	3,082
Retained earnings	29,075	28,317	27,540	25,492	23,086
Accumulated other comprehensive loss	−633	−1,067	−999	−1,304	42
Treasury stock, at cost, 78,128,009 shares at December 31, 2025 and 78,077,195 shares at December 31, 2024	−14,418	−14,371	−13,658	−12,156	−10,163
Total stockholders' equity	17,657	16,375	16,262	15,311	16,080
Noncontrolling interests	80	70	56	59	23
Total equity	17,737	16,445	16,318	15,370	16,103
Total liabilities and equity	48,909	46,479	47,065	43,055	44,358

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loss (gain) on investment securities, net	50	−24	54	205	130
Stock-based compensation	241	207	175	216	180
Depreciation	773	908	850	749	640
Amortization	51	60	67	96	73
Impairment of property and equipment	28	237	206	248	0
Impairment of indefinite-lived intangible assets	128	200	55	0	0
Deferred income taxes	75	−192	−167	−100	15
Receivables	−570	−669	−337	−54	−280
Other assets	−2,173	1,003	−1,318	−463	−491
Benefits payable	−472	199	915	975	104
Other liabilities	1,322	−373	841	44	176
Unearned revenues	96	−6	−20	32	−65
Other, net	0	108	113	70	40
Net cash provided by operating activities	921	2,966	3,981	4,587	2,262
Proceeds from sale of business, net	115	0	0	2,701	0
Acquisitions, net of cash and cash equivalents acquired	−81	−89	−233	−337	−4,187
Purchases of property and equipment	−546	−575	−1,004	−1,137	−1,342
Proceeds from sale of property and equipment	23	7	210	17	26
Changes in securities lending collateral receivable	−220	−418	0	0	—
Purchases of investment securities	−6,440	−8,185	−7,552	−6,049	−7,197
Proceeds from maturities of investment securities	2,912	2,982	1,292	1,365	2,597
Proceeds from sales of investment securities	6,510	3,376	3,795	2,434	3,547
Other	0	−50	0	0	—
Net cash provided by (used in) investing activities	2,273	−2,952	−3,492	−1,006	−6,556
(Payments) receipts from contract deposits, net	−1,076	−1,933	828	1,993	−306
Proceeds from issuance of senior notes, net	1,481	2,232	2,544	1,982	2,984
Repayment of senior notes	−948	−1,107	−1,832	−1,000	0
(Repayments) proceeds from issuance of commercial paper, net	−5	−907	211	−376	352
Proceeds from short-term borrowings	0	0	100	0	0
Repayment of short-term borrowings	0	0	−100	0	0
Repayment of term loan	0	0	−500	−2,000	−2,078
Debt issue costs	−5	−7	−7	−6	−31
Common stock repurchases	−151	−817	−1,573	−2,096	−79
Dividends paid	−430	−431	−431	−392	−354
Changes in securities lending payable	220	418	0	0	—
Changes in rebate factor payable	−123	123	0	0	—
Change in book overdraft	−97	50	55	−28	6
Other, net	−81	−108	−151	9	21
Net cash used in financing activities	−1,215	−2,487	−856	−1,914	3,015
Increase (decrease) in cash and cash equivalents	1,979	−2,473	−367	1,667	−1,279
Interest payments	628	584	394	354	285
Fair value of assets acquired, net of cash acquired	91	124	462	460	9,804
Less: Fair value of liabilities assumed	−10	−35	−234	−70	−3,235
Less: Noncontrolling interests acquired	0	0	5	−53	−22

Filings

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