Humana (HUM) financial statements
Humana reported revenue of $5.8B in fiscal 2025, up 22.1% a year over 9 years.
Net income was $1.2B and the operating margin 46.4%, against 179.7% in 2016.
Free cash flow was $375M, and the company returned $430M in dividends and $151M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Humana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $969M | $982M | $1.5B | $1.4B | $1.8B | $3.1B | $4.8B | $4.0B | $4.4B | $5.8B |
| Selling, general and admin | $7.2B | $6.6B | $7.5B | $7.4B | $10.1B | $10.1B | $12.7B | $13.2B | $13.7B | $15.4B |
| Operating income | $1.7B | $4.3B | $3.1B | $3.2B | $5.0B | $3.1B | $3.8B | $4.0B | $2.6B | $2.7B |
| Interest expense | $189M | $242M | $218M | $242M | $283M | $326M | $401M | $493M | $660M | $631M |
| Pre-tax income | $1.6B | $4.0B | $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 |
| EPS (diluted) | $4.07 | $16.81 | $12.16 | $20.10 | $25.31 | $22.67 | $22.08 | $20.00 | $9.98 | $9.84 |
| Diluted shares | 151M | 146M | 138M | 135M | 133M | 129M | 127M | 124M | 121M | 121M |
| Operating margin | 179.7% | 434.0% | 212.8% | 221.8% | 274.7% | 103.0% | 79.6% | 99.5% | 57.8% | 46.4% |
| Net margin | 63.4% | 249.3% | 115.5% | 188.1% | 185.5% | 96.0% | 58.8% | 61.7% | 27.2% | 20.4% |
Balance sheet
Fiscal years, from Humana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11.5B | $13.6B | $12.4B | $15.0B | $17.2B | $16.6B | $18.9B | $21.3B | $20.4B | $19.9B |
| Receivables | $1.3B | $854M | $1.0B | $1.1B | $1.1B | $1.8B | $1.7B | $2.0B | $2.7B | $3.3B |
| Total current assets | $16.2B | $17.4B | $16.9B | $19.9B | $23.6B | $24.9B | $26.2B | $30.0B | $29.8B | $32.7B |
| Property, plant and equipment | $1.5B | $1.6B | $1.7B | $2.0B | $2.4B | $3.1B | $3.2B | $3.0B | $2.5B | $2.2B |
| Goodwill | $3.3B | $3.3B | $3.9B | $3.9B | $4.4B | $11.1B | $9.1B | $9.6B | $9.6B | $9.7B |
| Total assets | $25.4B | $27.2B | $25.4B | $29.1B | $35.0B | $44.4B | $43.1B | $47.1B | $46.5B | $48.9B |
| Total current liabilities | $7.8B | $9.4B | $10.1B | $10.9B | $13.4B | $15.3B | $17.2B | $18.9B | $16.9B | $16.3B |
| Long-term debt | $3.8B | $4.8B | $4.4B | $5.0B | $6.1B | $10.5B | $9.0B | $10.2B | $11.1B | $12.4B |
| Total liabilities | $14.7B | $17.3B | $15.3B | $17.0B | $21.2B | $28.3B | $27.7B | $30.7B | $30.0B | $31.2B |
| Shareholders' equity | $10.7B | $9.8B | $10.2B | $12.0B | $13.7B | $16.1B | $15.3B | $16.3B | $16.4B | $17.7B |
| Net debt | -$85M | $728M | $3.7B | $1.6B | $2.0B | $9.1B | $6.1B | $7.0B | $9.5B | $8.2B |
Cash flow
Fiscal years, from Humana's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $4.1B | $2.2B | $5.3B | $5.6B | $2.3B | $4.6B | $4.0B | $3.0B | $921M |
| Capital spending | $527M | $524M | $612M | $736M | $964M | $1.3B | $1.1B | $1.0B | $575M | $546M |
| Free cash flow | $1.4B | $3.5B | $1.6B | $4.5B | $4.7B | $920M | $3.5B | $3.0B | $2.4B | $375M |
| Stock-based compensation | $115M | $157M | $137M | $163M | $181M | $180M | $216M | $175M | $207M | $241M |
| Dividends paid | $177M | $220M | $265M | $291M | $323M | $354M | $392M | $431M | $431M | $430M |
| Share buybacks (net) | -$104M | -$3.4B | -$1.1B | -$1.1B | -$1.8B | -$79M | -$2.1B | -$1.6B | -$817M | -$151M |
| Net borrowing | -$2M | -$953M | $485M | -$760M | $295M | $352M | -$376M | $211M | -$907M | -$5M |
| Free cash flow margin | 145.4% | 359.2% | 107.1% | 316.1% | 257.6% | 30.1% | 72.2% | 73.8% | 54.0% | 6.4% |
| Dividends per share | $1.17 | $1.51 | $1.91 | $2.16 | $2.43 | $2.74 | $3.08 | $3.46 | $3.57 | $3.56 |
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Open HUM in InvestinglyQuestions
What was Humana's revenue in 2025?
$5.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Humana generate?
$375M in fiscal 2025 (operating cash flow minus capital spending).
From Humana's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.