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HUM

Humana Inc.

HUM

Humana Inc. • NYSE
$245.77 ▼ -0.09% (-0.22)
Market Cap $29.56 B
52w High $315.35
52w Low $206.87
Dividend Yield 3.54%
P/E 22.99
Volume 616.43K
Outstanding Shares 120.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $32.649B ▲ $32.515B ▲ $195M ▼ 0.597% ▼ $1.62 ▼ $480M ▼
Q2-2025 $32.388B ▲ $31.647B ▲ $545M ▼ 1.683% ▼ $4.52 ▼ $1.109B ▼
Q1-2025 $32.112B ▲ $30.421B ▲ $1.244B ▲ 3.874% ▲ $10.31 ▲ $2.066B ▲
Q4-2024 $29.213B ▼ $30.075B ▲ $-693M ▼ -2.372% ▼ $-5.75 ▼ $-458M ▼
Q3-2024 $29.397B $28.746B $480M 1.633% $3.99 $1.063B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.124B ▲ $49.719B ▼ $31.137B ▼ $18.522B ▲
Q2-2025 $21.708B ▼ $50.357B ▼ $32.062B ▼ $18.234B ▲
Q1-2025 $22.138B ▲ $50.93B ▲ $33.111B ▲ $17.751B ▲
Q4-2024 $20.435B ▼ $46.479B ▼ $30.034B ▼ $16.375B ▼
Q3-2024 $24.149B $50.007B $32.383B $17.565B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $194M ▼ $971M ▼ $980M ▲ $-603M ▲ $1.348B ▲ $836M ▼
Q2-2025 $543M ▼ $1.271B ▲ $347M ▲ $-1.828B ▼ $-210M ▼ $1.157B ▲
Q1-2025 $1.242B ▲ $331M ▲ $314M ▲ $1.384B ▲ $2.029B ▲ $236M ▲
Q4-2024 $-686M ▼ $-528M ▼ $-63M ▲ $-2.304B ▼ $-2.895B ▼ $-682M ▼
Q3-2024 $480M $1.858B $-1.473B $-770M $-385M $1.728B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
CenterWell Segment
CenterWell Segment
 $5.13Bn ▲$5.09Bn ▼$5.54Bn ▲$5.88Bn ▲
Insurance Segment
Insurance Segment
 $28.17Bn ▲$30.94Bn ▲$31.09Bn ▲$31.19Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Humana’s income statement shows a company growing in size but under earnings pressure. Revenue has climbed steadily each year, reflecting strong membership growth and pricing power in its health plans and services. However, profits have moved in the opposite direction: operating income, EBITDA, and net income are all down from earlier levels, despite the larger revenue base. This pattern suggests margin compression, likely from higher medical costs, more intensive utilization by members, and heavier spending on growth initiatives like CenterWell and technology. Earnings per share have fallen notably over the period, which indicates that the underlying profitability of each dollar of sales has weakened. The business is clearly scaling, but the quality of that growth, in terms of profitability, has deteriorated and is a key area to watch.

Balance Sheet

Balance Sheet The balance sheet is solid but has become more leveraged and a bit less liquid over time. Total assets have trended upward, reflecting investment in health services infrastructure, technology, and the broader CenterWell ecosystem. Shareholders’ equity has grown gradually, which is positive and points to cumulative value creation over the longer run. On the other hand, debt levels are meaningfully higher than a few years ago and have stayed elevated, while the cash balance has come down from prior peaks. This mix points to a more levered but still reasonably balanced capital structure. The company appears to have adequate capital, but there is less flexibility than when cash was higher and debt was lower, increasing the importance of consistent cash generation and stable credit markets.

Cash Flow

Cash Flow Humana continues to generate healthy cash from its operations, but cash flow has become more volatile and, in recent years, weaker than its best period. Operating cash flow has remained clearly positive each year, which is essential for an insurer and services provider, yet it has stepped down from prior highs. Free cash flow tells a similar story: still comfortably positive, but not as strong as in the past. Capital spending has been steady and relatively modest compared with the overall size of the company, indicating disciplined investment in clinics, technology, and infrastructure without overbuilding. Overall, the cash-flow profile is a strength, but the recent downward drift in operating and free cash flow, alongside softer earnings, makes it important to monitor whether new investments and value-based models begin to translate into stronger, more stable cash generation.

Competitive Edge

Competitive Edge Humana holds a strong, focused position in the U.S. healthcare landscape, especially in Medicare Advantage and senior-focused care. Its key edge is an integrated ecosystem under the CenterWell brand, bringing together primary care clinics, home health, and pharmacy services with its insurance products. This vertical integration lets Humana influence both the cost and quality of care, which is well aligned with value-based care models. The company’s deep specialization in seniors, large data set, and long track record in value-based arrangements differentiate it from more broadly diversified competitors. However, its concentration in Medicare Advantage also creates sensitivity to regulatory changes, reimbursement shifts, and political risk. Competition remains intense from much larger, diversified players that can cross-subsidize and invest heavily. Humana’s moat looks meaningful in its niche, but it is not immune to policy, pricing, and medical cost pressures.

Innovation and R&D

Innovation and R&D Humana is investing heavily in innovation, particularly around digital health, data, and integrated care delivery. It is using advanced analytics and artificial intelligence to predict health risks, manage medical costs, detect fraud, and personalize care. Telehealth, remote monitoring, and robust digital member tools are increasingly embedded in its offerings, which can improve convenience and outcomes while lowering avoidable costs. Studio H serves as an in-house innovation hub, and partnerships with major technology and health IT vendors, such as Microsoft and Epic, extend its capabilities. These efforts aim to turn Humana from a traditional insurer into a technology-enabled health services company, with CenterWell at the core. The upside is a more scalable, data-rich model of care; the risks lie in execution, integration across platforms and care settings, and keeping pace with rapid advances and regulatory scrutiny around AI and data privacy.

Summary

Humana is a growing healthcare platform with a clear strategic identity but meaningful financial and regulatory challenges. The company has expanded its revenue base steadily and built a distinctive integrated care model around CenterWell, focusing on Medicare Advantage and value-based senior care. Its use of data, AI, and partnerships underscores a serious commitment to innovation and to owning more of the care delivery chain, not just selling insurance. At the same time, profitability and cash generation have softened from prior highs, even as the business has scaled. Margins are under pressure, earnings per share have declined, and the balance sheet, while sound, now relies more on debt and somewhat less on cash. The key questions going forward are whether Humana can translate its strategic advantages—value-based care expertise, integrated services, and digital capabilities—into a recovery in margins and more durable cash flows, while managing regulatory, policy, and competitive risks inherent in its senior-focused model.

NEWS

November 24, 2025 · 3:59 PM UTC

Berman Tabacco Announces Investigation of Humana, Inc. (NYSE:HUM)

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November 20, 2025 · 9:00 AM UTC

New Survey Offers Important Insights into How Medicare Advantage Beneficiaries Use and Value Their Supplemental Benefits

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November 20, 2025 · 7:30 AM UTC

Plus Therapeutics Secures National Coverage Agreement with Humana for CNSide® Cerebrospinal Fluid Assay for Metastatic CNS Cancer

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November 19, 2025 · 10:00 AM UTC

New Research from the Humana Foundation Examines Food Insecurity Crisis Among Kentucky Seniors

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November 18, 2025 · 9:00 AM UTC

CenterWell Home Health Branches Collect 287,000 Meals for Needy

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