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H
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Humana Inc
F:HUM
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US |
Humana has expanded revenue at roughly 11% annually from 2020 through 2025, but operating profitability has settled into a thinner range after earlier years. Its insurance model remains claims-sensitive, while benefit-payable and other working-capital movements make cash conversion uneven.
The latest comparable results show faster revenue expansion and improved quarterly operating earnings, but elevated benefit costs continue to limit margin expansion. This is a meaningful development in earnings mix and cost absorption, not yet a clear change in the underlying financial model.
Whether the insurance benefit ratio normalizes as the enlarged Medicare membership base matures while recent administrative cost efficiencies persist.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 54B | 53.4B | 56.4B | 64.4B | 76B | 82.9B | 92.5B | 105.3B | 116.5B | 128.7B | |
| 54.4B | 53.8B | 56.9B | 64.9B | 77.2B | 83.1B | 92.9B | 106.4B | 117.8B | 129.7B | |
| (52.6B) | (50.4B) | (53.8B) | (61.7B) | (72.2B) | (79.8B) | (88.7B) | (101.7B) | (114.7B) | (126.3B) | |
| — | — | — | (236m) | — | — | — | (265m) | (248m) | (242m) | |
| (354m) | (378m) | (405m) | (458m) | (489m) | (596m) | (709m) | (779m) | (839m) | (698m) | |
| (45B) | (43.5B) | (45.9B) | (53.9B) | (61.6B) | (69.2B) | (75.7B) | (88.4B) | (100.7B) | (110.8B) | |
| (7.3B) | (6.6B) | (7.5B) | (7.1B) | (10.1B) | (10B) | (12.3B) | (12.3B) | (13B) | (14.5B) | |
| 1.7B | 3.3B | 3.1B | 3.2B | 5B | 3.3B | 4.2B | 4.7B | 3B | 3.4B | |
| (189m) | (242m) | (218m) | (242m) | (283m) | (326m) | (401m) | (493m) | (660m) | (631m) | |
| 189m | 242m | 218m | 242m | 283m | 326m | 401m | 493m | 660m | 631m | |
| 0 | 936m | (786m) | 0 | 0 | (128m) | (116m) | (654m) | (481m) | (769m) | |
| — | — | (33m) | 506m | (103m) | 532m | (68m) | (137m) | (181m) | (451m) | |
| 1.6B | 4B | 2.1B | 3.5B | 4.6B | 3.4B | 3.6B | 3.4B | 1.7B | 1.6B | |
| (938m) | (1.4B) | (352m) | (763m) | (1.3B) | (485m) | (762m) | (836m) | (413m) | (250m) | |
| 614m | 2.6B | 1.7B | 2.7B | 3.3B | 2.9B | 2.8B | 2.5B | 1.3B | 1.3B | |
| — | — | — | — | — | (1m) | 4m | 5m | (7m) | (15m) | |
| — | — | 11m | 14m | 74m | 65m | (4m) | (63m) | (94m) | (102m) | |
| 614m | 2.4B | 1.7B | 2.7B | 3.4B | 2.9B | 2.8B | 2.5B | 1.2B | 1.2B | |
| 4.07 | 16.76 | 12.19 | 20.05 | 25.31 | 22.73 | 22.08 | 20.00 | 9.99 | 9.83 |
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