Humana (HUM) Financials

$274.58 +27.46 (+11.11%)

Closing price 03:59 PM Eastern

Extended Trading

$271.06 -3.51 (-1.28%)

As of 07:59 PM Eastern

Annual Income Statements for Humana

This table shows Humana's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	1,276	614	2,448	1,683	2,707	3,367	2,933	2,806	2,489	1,207	1,188
Consolidated Net Income / (Loss)	1,276	614	2,448	1,683	2,707	3,367	2,934	2,802	2,484	1,214	1,203
Net Income / (Loss) Continuing Operations	1,276	614	2,448	1,683	2,707	3,367	2,934	2,802	2,484	1,214	1,203
Total Pre-Tax Income	2,431	1,552	4,020	2,063	3,456	4,600	3,354	3,568	3,383	1,721	1,555
Total Operating Income	2,347	1,741	4,262	3,100	3,192	4,986	3,148	3,800	4,013	2,562	2,704
Total Gross Profit	10,020	9,372	10,271	11,030	11,031	15,527	13,865	17,180	17,980	17,097	18,852
Total Revenue	54,289	54,379	53,767	56,912	64,888	77,155	83,064	92,870	106,374	117,761	129,664
Operating Revenue	54,289	54,379	53,767	56,912	64,387	76,001	82,877	92,488	105,305	116,535	128,658
Other Revenue	-	-	-	-	-	1,154	187	382	1,069	1,226	1,006
Total Cost of Revenue	44,269	45,007	43,496	45,882	53,857	61,628	69,199	75,690	88,394	100,664	110,812
Operating Cost of Revenue	44,269	45,007	43,496	45,882	53,857	61,628	69,199	75,690	88,394	100,664	110,812
Total Operating Expenses	7,673	7,631	6,009	7,930	7,839	10,541	10,717	13,380	13,967	14,535	16,148
Selling, General & Admin Expense	7,295	7,173	6,567	7,525	7,381	10,052	10,121	12,671	13,188	13,696	15,450
Depreciation Expense	355	354	378	405	458	489	596	709	779	839	698
Total Other Income / (Expense), net	84	-189	-242	-1,037	264	-386	206	-232	-630	-841	-1,149
Interest Expense	186	189	242	218	242	283	326	401	493	660	631
Other Income / (Expense), net	270	0.00	0.00	-819	506	-103	532	169	-137	-181	-518
Income Tax Expense	1,155	938	1,572	391	763	1,307	485	762	836	413	250
Other Gains / (Losses), net	-	-	0.00	11	14	74	65	-4.00	-63	-94	-102
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	1.00	-4.00	-5.00	7.00	15
Basic Earnings per Share	$8.54	$4.11	$16.94	$12.24	$20.20	$25.47	$22.79	$22.20	$20.09	$10.01	$9.87
Weighted Average Basic Shares Outstanding	149.46M	149.38M	144.49M	137.49M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Diluted Earnings per Share	$8.44	$4.07	$16.81	$12.16	$20.10	$25.31	$22.67	$22.08	$20.00	$9.98	$9.84
Weighted Average Diluted Shares Outstanding	149.46M	149.38M	144.49M	137.49M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Weighted Average Basic & Diluted Shares Outstanding	149.46M	149.38M	144.49M	137.49M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Cash Dividends to Common per Share	$1.14	$1.16	$1.49	$1.90	$2.15	$2.43	$2.73	$3.06	$3.44	$3.54	$3.54

This table shows Humana's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	832	-541	741	679	480	-693	1,244	545	195	-796	1,186
Consolidated Net Income / (Loss)	830	-540	739	678	480	-683	1,242	543	194	-776	1,184
Net Income / (Loss) Continuing Operations	830	-540	739	678	480	-683	1,242	543	194	-776	1,184
Total Pre-Tax Income	1,098	-591	1,014	918	651	-862	1,691	741	134	-1,011	1,595
Total Operating Income	1,206	-348	1,236	1,141	728	-543	2,014	1,098	400	-808	1,754
Total Gross Profit	4,678	3,680	4,487	4,501	4,277	3,832	5,577	4,823	4,658	3,794	5,941
Total Revenue	26,423	26,462	29,611	29,540	29,397	29,213	32,112	32,388	32,649	32,515	39,648
Operating Revenue	26,115	26,168	29,323	29,242	29,054	28,916	31,848	32,116	32,311	32,383	39,386
Other Revenue	308	294	288	298	343	297	264	272	338	132	262
Total Cost of Revenue	21,745	22,782	25,124	25,039	25,120	25,381	26,535	27,565	27,991	28,721	33,707
Operating Cost of Revenue	21,745	22,782	25,124	25,039	25,120	25,381	26,535	27,565	27,991	28,721	33,707
Total Operating Expenses	3,472	4,028	3,251	3,360	3,549	4,375	3,563	3,725	4,258	4,602	4,187
Selling, General & Admin Expense	3,271	3,827	3,042	3,148	3,339	4,167	3,380	3,547	4,085	4,438	4,024
Depreciation Expense	201	201	209	212	210	208	183	178	173	164	163
Total Other Income / (Expense), net	-108	-243	-222	-223	-77	-319	-323	-357	-266	-203	-159
Interest Expense	114	146	159	168	169	164	160	157	168	146	193
Other Income / (Expense), net	6.00	-97	-63	-55	92	-155	-163	-200	-98	-57	34
Income Tax Expense	256	-75	251	223	155	-216	406	179	-86	-249	395
Other Gains / (Losses), net	-12	-24	-24	-17	-16	-37	-43	-19	-26	-14	-16
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.00	1.00	-2.00	-1.00	0.00	10	-2.00	-2.00	-1.00	20	-2.00
Basic Earnings per Share	$6.74	($4.26)	$6.13	$5.63	$3.99	($5.74)	$10.31	$4.52	$1.62	($6.58)	$9.85
Weighted Average Basic Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Diluted Earnings per Share	$6.71	($4.24)	$6.11	$5.62	$3.98	($5.73)	$10.30	$4.51	$1.62	($6.59)	$9.83
Weighted Average Diluted Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Weighted Average Basic & Diluted Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.89	$0.89	-	-	$0.89

This table details how cash moves in and out of Humana's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	636	1,306	165	-1,699	1,711	619	-1,279	1,667	-367	-2,473	1,979
Net Cash From Operating Activities	868	1,936	4,051	2,173	5,284	5,639	2,262	4,587	3,981	2,966	921
Net Cash From Continuing Operating Activities	868	1,936	4,051	2,173	5,284	5,639	2,262	4,587	3,981	2,966	921
Net Income / (Loss) Continuing Operations	1,276	614	2,448	1,683	2,707	3,367	2,934	2,802	2,484	1,214	1,203
Consolidated Net Income / (Loss)	1,276	614	2,448	1,683	2,707	3,367	2,934	2,802	2,484	1,214	1,203
Depreciation Expense	354	388	410	444	505	528	640	749	850	908	773
Amortization Expense	93	77	75	90	70	88	73	96	67	60	51
Non-Cash Adjustments To Reconcile Net Income	-246	58	241	822	51	-731	-884	436	533	708	712
Changes in Operating Assets and Liabilities, net	-609	799	877	-866	1,951	2,387	-501	504	47	76	-1,818
Net Cash From Investing Activities	320	-1,362	-2,941	-3,087	-1,278	-3,065	-6,556	-1,006	-3,492	-2,952	2,273
Net Cash From Continuing Investing Activities	320	-1,362	-2,941	-3,087	-1,278	-3,065	-6,556	-1,006	-3,492	-2,952	2,273
Purchase of Property, Plant & Equipment	-523	-527	-524	-612	-736	-964	-1,342	-1,137	-1,004	-575	-546
Acquisitions	-38	-7.00	-31	-2,254	0.00	-709	-4,187	-337	-233	-89	-81
Purchase of Investments	-6,739	-6,566	-6,265	-4,687	-6,361	-9,125	-7,197	-6,049	-7,552	-8,603	-6,660
Sale of Property, Plant & Equipment	1.00	-	-	-	-	-	26	17	210	7.00	23
Divestitures	1,061	0.00	0.00	-	-	0.00	0.00	2,701	0.00	0.00	115
Sale and/or Maturity of Investments	6,558	5,738	3,879	4,466	5,819	7,733	6,144	3,799	5,087	6,358	9,422
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.00	-50	0.00
Net Cash From Financing Activities	-552	732	-945	-785	-2,295	-1,955	3,015	-1,914	-856	-2,487	-1,215
Net Cash From Continuing Financing Activities	-552	732	-945	-785	-2,295	-1,955	3,015	-1,914	-856	-2,487	-1,215
Repayment of Debt	298	-2.00	-953	-350	-1,410	-1,056	-1,736	-3,373	-2,379	-2,129	-1,039
Repurchase of Common Equity	-385	-104	-3,365	-1,090	-1,070	-1,820	-79	-2,096	-1,573	-817	-151
Payment of Dividends	-172	-177	-220	-265	-291	-323	-354	-392	-431	-431	-430
Issuance of Debt	0.00	0.00	1,779	1,485	987	2,088	5,484	1,982	2,644	2,232	1,481
Other Financing Activities, net	-293	1,015	1,814	-565	-511	-844	-300	1,965	883	-1,342	-1,076
Cash Interest Paid	187	185	216	195	212	258	285	354	394	584	628

This table details how cash moves in and out of Humana's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1,066	-10,454	1,216	-409	-385	-2,895	2,029	-210	1,348	-1,188	751
Net Cash From Operating Activities	1,252	-7,134	423	1,213	1,858	-528	331	1,271	971	-1,652	1,254
Net Cash From Continuing Operating Activities	1,252	-7,134	423	1,213	1,858	-528	331	1,271	971	-1,652	1,254
Net Income / (Loss) Continuing Operations	830	-540	739	678	480	-683	1,242	543	194	-776	1,184
Consolidated Net Income / (Loss)	830	-540	739	678	480	-683	1,242	543	194	-776	1,184
Depreciation Expense	218	222	226	228	228	226	200	196	191	186	183
Amortization Expense	17	16	16	15	15	14	15	15	13	8.00	11
Non-Cash Adjustments To Reconcile Net Income	-6,992	292	136	127	101	385	104	106	124	383	-17
Changes in Operating Assets and Liabilities, net	7,179	-7,124	-694	165	1,034	-470	-1,230	411	449	-1,453	-107
Net Cash From Investing Activities	-585	-882	-414	-1,002	-1,473	-63	314	347	980	632	-2,553
Net Cash From Continuing Investing Activities	-585	-882	-414	-1,002	-1,473	-63	314	347	980	632	-2,553
Purchase of Property, Plant & Equipment	-234	-283	-177	-114	-130	-154	-95	-114	-135	-202	-121
Acquisitions	-34	-10	-14	-3.00	-20	-52	0.00	-1.00	-4.00	-76	-911
Purchase of Investments	-629	-4,186	-1,259	-1,703	-3,441	-2,200	-1,002	-987	-3,350	-1,321	-2,839
Sale and/or Maturity of Investments	312	3,387	1,036	818	2,118	2,386	1,411	1,449	4,354	2,208	1,318
Net Cash From Financing Activities	-1,733	-2,438	1,207	-620	-770	-2,304	1,384	-1,828	-603	-168	2,050
Net Cash From Continuing Financing Activities	-1,733	-2,438	1,207	-620	-770	-2,304	1,384	-1,828	-603	-168	2,050
Repayment of Debt	-5.00	-1,639	-678	-272	261	-1,440	-19	-824	-14	-182	665
Repurchase of Common Equity	-379	-571	-717	-49	-2.00	-49	-9.00	-100	-	-42	-107
Payment of Dividends	-109	-111	-109	-107	-107	-108	-108	-106	-107	-109	-107
Issuance of Debt	-	1,429	2,232	-	-	-	1,481	-	-	-	990
Other Financing Activities, net	-1,240	-1,546	479	-192	-922	-707	39	-798	-482	165	609
Cash Interest Paid	142	77	158	92	166	168	143	150	147	188	142

This table presents Humana's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	24,678	25,396	27,178	25,413	29,074	34,969	44,358	43,055	47,065	46,479	48,909
Total Current Assets	15,711	16,190	17,402	16,948	19,888	23,641	24,893	26,183	29,986	29,815	32,733
Cash & Equivalents	2,571	3,877	4,042	2,343	4,054	4,673	3,394	5,061	4,694	2,221	4,200
Short-Term Investments	7,267	7,595	9,557	10,026	10,972	12,554	13,192	13,881	16,626	18,214	15,703
Accounts Receivable	1,161	1,280	854	1,015	1,056	1,138	1,814	1,674	2,035	2,704	3,270
Other Current Assets	4,712	3,438	2,949	3,564	3,806	5,276	6,493	5,567	6,631	6,676	9,560
Plant, Property, & Equipment, net	1,384	1,505	1,584	1,735	1,955	2,371	3,073	3,221	3,030	2,532	2,231
Total Noncurrent Assets	7,583	7,701	8,192	6,730	7,231	8,957	16,392	13,651	14,049	14,132	13,945
Long-Term Investments	1,843	2,203	2,745	1,458	1,469	2,382	921	1,129	1,122	1,118	1,131
Goodwill	3,265	3,272	3,281	3,897	3,928	4,447	11,092	9,142	9,550	9,631	9,686
Other Noncurrent Operating Assets	2,475	2,226	2,166	1,375	1,834	2,128	4,379	3,380	3,377	3,383	3,128
Total Liabilities & Shareholders' Equity	24,678	25,396	27,178	25,413	29,074	34,969	44,358	43,055	47,065	46,479	48,909
Total Liabilities	14,332	14,711	17,336	15,252	17,037	21,241	28,255	27,685	30,747	30,034	31,172
Total Current Liabilities	8,152	7,822	9,406	10,077	10,929	13,394	15,331	17,178	18,872	16,939	16,346
Short-Term Debt	600	512	291	1,694	699	600	1,953	2,092	1,443	577	0.00
Accounts Payable	2,212	2,467	4,069	3,067	3,754	4,013	4,509	5,238	6,569	5,259	5,717
Current Deferred Revenue	364	280	378	283	247	318	254	286	266	260	356
Other Current Liabilities	4,976	4,563	4,668	5,033	6,229	8,463	8,615	9,562	10,594	10,843	10,273
Total Noncurrent Liabilities	6,180	6,889	7,930	5,175	6,108	7,847	12,924	10,507	11,875	13,095	14,826
Long-Term Debt	3,794	3,792	4,770	4,375	4,967	6,060	10,541	9,034	10,213	11,144	12,369
Other Noncurrent Operating Liabilities	2,386	3,097	3,160	800	1,141	1,787	2,383	1,473	1,662	1,951	2,457
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,346	10,685	9,842	10,161	12,037	13,728	16,103	15,370	16,318	16,445	17,737
Total Preferred & Common Equity	10,346	10,685	9,842	10,161	12,037	13,728	16,080	15,311	16,262	16,375	17,657
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,346	10,685	9,842	10,161	12,037	13,728	16,080	15,311	16,262	16,375	17,657
Common Stock	2,563	2,595	2,478	2,568	2,853	2,738	3,115	3,279	3,379	3,496	3,633
Retained Earnings	11,017	11,454	13,670	15,072	17,483	20,517	23,086	25,492	27,540	28,317	29,075
Treasury Stock	-3,292	-3,298	-6,325	-7,320	-8,455	-9,918	-10,163	-12,156	-13,658	-14,371	-14,418
Accumulated Other Comprehensive Income / (Loss)	58	-66	19	-159	156	391	42	-1,304	-999	-1,067	-633
Noncontrolling Interest	-	-	-	-	-	0.00	23	59	56	70	80

This table presents Humana's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	56,455	55,905	47,065	50,091	50,093	50,007	46,479	50,930	50,357	49,719	55,280
Total Current Assets	38,759	38,253	29,986	32,796	32,858	32,926	29,815	34,422	33,615	32,752	38,080
Cash & Equivalents	16,214	15,148	4,694	5,910	5,501	5,116	2,221	4,250	4,040	5,388	4,951
Short-Term Investments	15,251	15,145	16,626	16,697	17,424	19,033	18,214	17,888	17,668	16,736	17,014
Accounts Receivable	1,429	1,824	2,035	3,925	4,090	2,144	2,704	4,459	4,504	2,684	5,218
Other Current Assets	5,865	6,136	6,631	6,264	5,843	6,633	6,676	7,825	7,403	7,944	10,897
Plant, Property, & Equipment, net	3,309	3,342	3,030	2,979	2,821	2,693	2,532	2,427	2,356	2,268	2,170
Total Noncurrent Assets	14,387	14,310	14,049	14,316	14,414	14,388	14,132	14,081	14,386	14,699	15,030
Long-Term Investments	1,122	1,132	1,122	1,110	1,124	1,129	1,118	1,069	1,067	1,063	1,259
Goodwill	9,539	9,540	9,550	9,563	9,567	9,590	9,631	9,631	9,633	9,619	10,489
Other Noncurrent Operating Assets	3,726	3,638	3,377	3,643	3,723	3,669	3,383	3,381	3,686	4,017	3,282
Total Liabilities & Shareholders' Equity	56,455	55,905	47,065	50,091	50,093	50,007	46,479	50,930	50,357	49,719	55,280
Total Liabilities	39,564	38,901	30,747	33,905	33,365	32,383	30,034	33,111	32,062	31,137	36,634
Total Current Liabilities	28,279	27,823	18,872	19,689	19,790	18,727	16,939	18,043	17,219	16,180	21,507
Short-Term Debt	2,022	2,245	1,443	822	1,149	1,136	577	577	0.00	0.00	1,719
Accounts Payable	8,118	7,600	6,569	6,504	6,527	5,915	5,259	5,380	5,587	5,519	6,531
Current Deferred Revenue	7,378	7,536	266	301	313	195	260	265	274	265	269
Other Current Liabilities	10,761	10,442	10,594	12,062	11,801	11,481	10,843	11,821	11,358	10,396	12,988
Total Noncurrent Liabilities	11,285	11,078	11,875	14,216	13,575	13,656	13,095	15,068	14,843	14,957	15,127
Long-Term Debt	9,722	9,483	10,213	12,390	11,746	11,886	11,144	12,729	12,586	12,607	12,274
Other Noncurrent Operating Liabilities	1,563	1,595	1,662	1,826	1,829	1,770	1,951	2,339	2,257	2,350	2,853
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,891	17,004	16,318	16,186	16,728	17,624	16,445	17,819	18,295	18,582	18,646
Total Preferred & Common Equity	16,834	16,949	16,262	16,130	16,671	17,565	16,375	17,751	18,234	18,522	18,580
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,834	16,949	16,262	16,130	16,671	17,565	16,375	17,751	18,234	18,522	18,580
Common Stock	3,346	3,395	3,379	3,402	3,453	3,504	3,496	3,530	3,590	3,672	3,674
Retained Earnings	27,468	28,191	27,540	28,173	28,745	29,118	28,317	29,453	29,891	29,980	30,153
Treasury Stock	-12,754	-13,134	-13,658	-14,359	-14,405	-14,404	-14,371	-14,364	-14,464	-14,464	-14,516
Accumulated Other Comprehensive Income / (Loss)	-1,226	-1,503	-999	-1,086	-1,122	-653	-1,067	-868	-783	-666	-731
Noncontrolling Interest	57	55	56	56	57	59	70	68	61	60	66

This table displays calculated financial ratios and metrics derived from Humana's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.94%	0.17%	-1.13%	5.85%	14.01%	18.90%	7.66%	11.81%	14.54%	10.70%	10.11%
EBITDA Growth	9.00%	-28.00%	115.19%	-40.70%	51.79%	28.69%	-20.11%	9.58%	-0.44%	-30.13%	-10.12%
EBIT Growth	10.80%	-33.47%	144.80%	-46.48%	62.12%	32.04%	-24.64%	7.85%	-2.34%	-38.57%	-8.19%
NOPAT Growth	-1.33%	-44.09%	276.81%	-3.19%	-1.00%	43.50%	-24.56%	10.98%	1.10%	-35.55%	16.54%
Net Income Growth	11.25%	-51.88%	298.70%	-31.25%	60.84%	24.38%	-12.86%	-4.50%	-11.35%	-51.13%	-0.91%
EPS Growth	14.67%	-51.78%	313.02%	-27.66%	65.30%	25.92%	-10.43%	-2.60%	-9.42%	-50.10%	-1.40%
Operating Cash Flow Growth	-46.35%	123.04%	109.25%	-46.36%	143.17%	6.72%	-59.89%	102.79%	-13.21%	-25.50%	-68.95%
Free Cash Flow Firm Growth	-123.10%	1,109.48%	119.84%	-124.89%	376.54%	8.58%	-290.54%	200.46%	-48.86%	-77.87%	-121.90%
Invested Capital Growth	92.88%	-57.04%	-209.67%	266.76%	-49.73%	-35.51%	1,323.62%	-42.06%	-13.90%	19.54%	37.18%
Revenue Q/Q Growth	1.94%	-0.88%	0.58%	1.75%	3.39%	3.72%	2.46%	1.51%	3.93%	2.39%	2.61%
EBITDA Q/Q Growth	6.09%	-24.66%	27.20%	-23.44%	3.94%	-15.61%	11.44%	0.61%	-8.77%	-6.97%	-6.61%
EBIT Q/Q Growth	7.74%	-29.46%	30.82%	-27.56%	4.40%	-17.52%	12.78%	0.15%	-11.06%	-9.61%	-7.10%
NOPAT Q/Q Growth	-5.02%	-42.88%	30.16%	12.38%	-3.17%	-13.33%	11.78%	1.85%	-13.80%	-2.16%	-8.35%
Net Income Q/Q Growth	-3.33%	-44.98%	31.40%	11.31%	6.16%	-18.93%	9.76%	-0.18%	-17.37%	-10.54%	-7.18%
EPS Q/Q Growth	-3.32%	-45.00%	31.95%	10.65%	6.74%	-18.93%	9.36%	0.14%	-17.22%	-12.99%	-8.04%
Operating Cash Flow Q/Q Growth	19.89%	-61.63%	-3.29%	636.54%	19.04%	-3.90%	-14.35%	-52.31%	-33.52%	181.48%	-54.96%
Free Cash Flow Firm Q/Q Growth	18.54%	-56.54%	-11.91%	60.01%	35.04%	-1.86%	-20.68%	-41.56%	-26.38%	114.27%	-20.01%
Invested Capital Q/Q Growth	-14.62%	262.02%	70.54%	256.53%	134.11%	39.11%	19.48%	829.28%	305.42%	23.19%	13.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.46%	17.23%	19.10%	19.38%	17.00%	20.12%	16.69%	18.50%	16.90%	14.52%	14.54%
EBITDA Margin	5.64%	4.06%	8.83%	4.95%	6.59%	7.13%	5.29%	5.18%	4.51%	2.84%	2.32%
Operating Margin	4.32%	3.20%	7.93%	5.45%	4.92%	6.46%	3.79%	4.09%	3.77%	2.18%	2.09%
EBIT Margin	4.82%	3.20%	7.93%	4.01%	5.70%	6.33%	4.43%	4.27%	3.64%	2.02%	1.69%
Profit (Net Income) Margin	2.35%	1.13%	4.55%	2.96%	4.17%	4.36%	3.53%	3.02%	2.34%	1.03%	0.93%
Tax Burden Percent	52.49%	39.56%	60.90%	81.58%	78.33%	73.20%	87.48%	78.53%	73.43%	70.54%	77.36%
Interest Burden Percent	92.89%	89.14%	94.32%	90.44%	93.46%	94.20%	91.14%	89.90%	87.28%	72.28%	71.13%
Effective Tax Rate	47.51%	60.44%	39.10%	18.95%	22.08%	28.41%	14.46%	21.36%	24.71%	24.00%	16.08%
Return on Invested Capital (ROIC)	53.04%	31.50%	0.00%	522.34%	137.76%	359.27%	45.38%	34.12%	50.54%	32.07%	28.94%
ROIC Less NNEP Spread (ROIC-NNEP)	52.47%	32.40%	0.00%	531.05%	135.40%	360.97%	42.69%	36.80%	55.98%	39.18%	40.46%
Return on Net Nonoperating Assets (RNNOA)	-40.28%	-25.66%	0.00%	-505.51%	-113.37%	-333.13%	-25.70%	-16.32%	-34.86%	-24.65%	-21.90%
Return on Equity (ROE)	12.77%	5.84%	23.85%	16.83%	24.39%	26.14%	19.67%	17.81%	15.68%	7.41%	7.04%
Cash Return on Invested Capital (CROIC)	-10.38%	111.31%	0.00%	-55.41%	203.95%	402.45%	-128.37%	87.39%	65.47%	14.26%	-2.42%
Operating Return on Assets (OROA)	10.86%	6.95%	16.21%	8.67%	13.57%	15.25%	9.28%	9.08%	8.60%	5.09%	4.58%
Return on Assets (ROA)	5.29%	2.45%	9.31%	6.40%	9.94%	10.51%	7.40%	6.41%	5.51%	2.60%	2.52%
Return on Common Equity (ROCE)	12.77%	5.84%	23.85%	16.83%	24.39%	26.14%	19.66%	17.76%	15.62%	7.38%	7.01%
Return on Equity Simple (ROE_SIMPLE)	12.33%	5.75%	24.87%	16.56%	22.49%	24.53%	18.25%	18.30%	15.27%	7.41%	0.00%
Net Operating Profit after Tax (NOPAT)	1,232	689	2,595	2,512	2,487	3,569	2,693	2,988	3,021	1,947	2,269
NOPAT Margin	2.27%	1.27%	4.83%	4.41%	3.83%	4.63%	3.24%	3.22%	2.84%	1.65%	1.75%
Net Nonoperating Expense Percent (NNEP)	0.57%	-0.90%	-1.43%	-8.71%	2.36%	-1.70%	2.69%	-2.67%	-5.45%	-7.11%	-11.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.28%	10.80%	6.91%	7.54%
Cost of Revenue to Revenue	81.54%	82.77%	80.90%	80.62%	83.00%	79.88%	83.31%	81.50%	83.10%	85.48%	85.46%
SG&A Expenses to Revenue	13.44%	13.19%	12.21%	13.22%	11.38%	13.03%	12.18%	13.64%	12.40%	11.63%	11.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.13%	14.03%	11.18%	13.93%	12.08%	13.66%	12.90%	14.41%	13.13%	12.34%	12.45%
Earnings before Interest and Taxes (EBIT)	2,617	1,741	4,262	2,281	3,698	4,883	3,680	3,969	3,876	2,381	2,186
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,064	2,206	4,747	2,815	4,273	5,499	4,393	4,814	4,793	3,349	3,010
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	2.69	3.44	3.72	3.90	3.85	3.64	4.16	3.43	1.87	1.74
Price to Tangible Book Value (P/TBV)	3.52	3.88	5.15	6.03	5.79	5.70	11.73	10.32	8.30	4.53	3.86
Price to Revenue (P/Rev)	0.46	0.53	0.63	0.66	0.72	0.69	0.70	0.69	0.52	0.26	0.24
Price to Earnings (P/E)	19.52	46.87	13.81	22.43	17.36	15.72	19.94	22.68	22.39	25.31	25.93
Dividend Yield	0.68%	0.60%	0.80%	0.73%	0.62%	0.63%	0.62%	0.63%	0.78%	1.40%	1.38%
Earnings Yield	5.12%	2.13%	7.24%	4.46%	5.76%	6.36%	5.01%	4.41%	4.47%	3.95%	3.86%
Enterprise Value to Invested Capital (EV/IC)	5.76	14.77	0.00	12.48	29.93	51.31	4.82	8.52	8.13	3.14	2.45
Enterprise Value to Revenue (EV/Rev)	0.32	0.36	0.42	0.53	0.56	0.52	0.64	0.59	0.42	0.18	0.17
Enterprise Value to EBITDA (EV/EBITDA)	5.75	8.80	4.75	10.65	8.46	7.27	12.18	11.37	9.39	6.21	7.38
Enterprise Value to EBIT (EV/EBIT)	6.73	11.15	5.29	13.15	9.78	8.19	14.54	13.79	11.61	8.73	10.16
Enterprise Value to NOPAT (EV/NOPAT)	14.31	28.18	8.68	11.94	14.54	11.20	19.87	18.32	14.89	10.68	9.79
Enterprise Value to Operating Cash Flow (EV/OCF)	20.30	10.03	5.56	13.80	6.84	7.09	23.65	11.94	11.30	7.01	24.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.97	4.21	0.00	9.82	10.00	0.00	7.15	11.50	24.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.40	0.51	0.60	0.47	0.49	0.78	0.72	0.71	0.71	0.70
Long-Term Debt to Equity	0.37	0.35	0.48	0.43	0.41	0.44	0.65	0.59	0.63	0.68	0.70
Financial Leverage	-0.77	-0.79	-1.01	-0.95	-0.84	-0.92	-0.60	-0.44	-0.62	-0.63	-0.54
Leverage Ratio	2.41	2.38	2.56	2.63	2.45	2.49	2.66	2.78	2.84	2.86	2.79
Compound Leverage Factor	2.24	2.12	2.42	2.38	2.29	2.34	2.42	2.50	2.48	2.06	1.99
Debt to Total Capital	29.81%	28.71%	33.96%	37.39%	32.01%	32.67%	43.69%	41.99%	41.67%	41.61%	41.08%
Short-Term Debt to Total Capital	4.07%	3.42%	1.95%	10.44%	3.95%	2.94%	6.83%	7.90%	5.16%	2.05%	0.00%
Long-Term Debt to Total Capital	25.74%	25.30%	32.01%	26.96%	28.06%	29.72%	36.86%	34.10%	36.51%	39.57%	41.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.22%	0.20%	0.25%	0.27%
Common Equity to Total Capital	70.19%	71.29%	66.04%	62.61%	67.99%	67.33%	56.23%	57.79%	58.13%	58.14%	58.65%
Debt to EBITDA	1.43	1.95	1.07	2.16	1.33	1.21	2.84	2.31	2.43	3.50	4.11
Net Debt to EBITDA	-2.38	-4.25	-2.38	-2.76	-2.53	-2.35	-1.14	-1.86	-2.25	-2.94	-2.88
Long-Term Debt to EBITDA	1.24	1.72	1.00	1.55	1.16	1.10	2.40	1.88	2.13	3.33	4.11
Debt to NOPAT	3.57	6.25	1.95	2.42	2.28	1.87	4.64	3.72	3.86	6.02	5.45
Net Debt to NOPAT	-5.92	-13.61	-4.35	-3.09	-4.35	-3.63	-1.86	-2.99	-3.57	-5.05	-3.82
Long-Term Debt to NOPAT	3.08	5.51	1.84	1.74	2.00	1.70	3.91	3.02	3.38	5.72	5.45
Altman Z-Score	4.59	4.57	4.72	5.18	5.52	5.34	4.38	4.92	4.72	4.50	4.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.26%	0.36%	0.38%	0.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	2.07	1.85	1.68	1.82	1.77	1.62	1.52	1.59	1.76	2.00
Quick Ratio	1.35	1.63	1.54	1.33	1.47	1.37	1.20	1.20	1.24	1.37	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-241	2,434	5,350	-1,332	3,682	3,998	-7,618	7,653	3,914	866	-190
Operating Cash Flow to CapEx	166.28%	367.36%	773.09%	355.07%	717.93%	584.96%	171.88%	409.55%	501.39%	522.18%	176.10%
Free Cash Flow to Firm to Interest Expense	-1.30	12.88	22.11	-6.11	15.22	14.13	-23.37	19.09	7.94	1.31	-0.30
Operating Cash Flow to Interest Expense	4.67	10.24	16.74	9.97	21.83	19.93	6.94	11.44	8.08	4.49	1.46
Operating Cash Flow Less CapEx to Interest Expense	1.86	7.46	14.57	7.16	18.79	16.52	2.90	8.65	6.46	3.63	0.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.25	2.17	2.05	2.16	2.38	2.41	2.09	2.12	2.36	2.52	2.72
Accounts Receivable Turnover	49.04	44.55	50.39	60.90	62.66	70.33	56.28	53.25	57.36	49.70	43.41
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.57	37.65	34.81	34.29	35.17	35.67	30.52	29.51	34.03	42.34	54.45
Accounts Payable Turnover	20.56	19.24	13.31	12.86	15.79	15.87	16.24	15.53	14.97	17.02	20.19
Days Sales Outstanding (DSO)	7.44	8.19	7.24	5.99	5.82	5.19	6.49	6.85	6.36	7.34	8.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	17.76	18.97	27.42	28.38	23.11	23.00	22.48	23.50	24.38	21.44	18.08
Cash Conversion Cycle (CCC)	-10.31	-10.78	-20.18	-22.39	-17.29	-17.81	-15.99	-16.65	-18.01	-14.10	-9.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,059	1,314	-1,441	2,403	1,208	779	11,090	6,425	5,532	6,613	9,072
Invested Capital Turnover	23.38	24.87	-846.72	118.32	35.94	77.66	14.00	10.60	17.79	19.39	16.53
Increase / (Decrease) in Invested Capital	1,473	-1,745	-2,755	3,844	-1,195	-429	10,311	-4,665	-893	1,081	2,459
Enterprise Value (EV)	17,624	19,409	22,525	29,991	36,154	39,971	53,499	54,749	45,001	20,788	22,221
Market Capitalization	24,911	28,780	33,808	37,749	46,983	52,920	58,489	63,635	55,731	30,550	30,806
Book Value per Share	$69.80	$71.66	$68.89	$74.07	$90.90	$103.73	$125.10	$120.94	$132.09	$135.99	$146.81
Tangible Book Value per Share	$47.77	$49.72	$45.93	$45.66	$61.23	$70.13	$38.81	$48.73	$54.52	$56.01	$66.27
Total Capital	14,740	14,989	14,903	16,230	17,703	20,388	28,597	26,496	27,974	28,166	30,106
Total Debt	4,394	4,304	5,061	6,069	5,666	6,660	12,494	11,126	11,656	11,721	12,369
Total Long-Term Debt	3,794	3,792	4,770	4,375	4,967	6,060	10,541	9,034	10,213	11,144	12,369
Net Debt	-7,287	-9,371	-11,283	-7,758	-10,829	-12,949	-5,013	-8,945	-10,786	-9,832	-8,665
Capital Expenditures (CapEx)	522	527	524	612	736	964	1,316	1,120	794	568	523
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,679	-2,592	-5,312	-3,804	-5,368	-6,380	-5,071	-7,845	-8,763	-6,982	-3,516
Debt-free Net Working Capital (DFNWC)	8,159	8,880	8,287	8,565	9,658	10,847	11,515	11,097	12,557	13,453	16,387
Net Working Capital (NWC)	7,559	8,368	7,996	6,871	8,959	10,247	9,562	9,005	11,114	12,876	16,387
Net Nonoperating Expense (NNE)	-44	75	147	829	-220	202	-241	186	537	733	1,066
Net Nonoperating Obligations (NNO)	-7,287	-9,371	-11,283	-7,758	-10,829	-12,949	-5,013	-8,945	-10,786	-9,832	-8,665
Total Depreciation and Amortization (D&A)	447	465	485	534	575	616	713	845	917	968	824
Debt-free, Cash-free Net Working Capital to Revenue	-3.09%	-4.77%	-9.88%	-6.68%	-8.27%	-8.27%	-6.10%	-8.45%	-8.24%	-5.93%	-2.71%
Debt-free Net Working Capital to Revenue	15.03%	16.33%	15.41%	15.05%	14.88%	14.06%	13.86%	11.95%	11.80%	11.42%	12.64%
Net Working Capital to Revenue	13.92%	15.39%	14.87%	12.07%	13.81%	13.28%	11.51%	9.70%	10.45%	10.93%	12.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.54	$4.11	$16.94	$12.24	$20.20	$25.47	$22.79	$22.20	$20.09	$10.01	$9.87
Adjusted Weighted Average Basic Shares Outstanding	148.30M	149.32M	137.68M	135.57M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Adjusted Diluted Earnings per Share	$8.44	$4.07	$16.81	$12.16	$20.10	$25.31	$22.67	$22.08	$20.00	$9.98	$9.84
Adjusted Weighted Average Diluted Shares Outstanding	148.30M	149.32M	137.68M	135.57M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	148.30M	149.32M	137.68M	135.57M	132.11M	128.86M	126.63M	124.97M	120.65M	120.64M	120.60M
Normalized Net Operating Profit after Tax (NOPAT)	1,232	1,219	2,595	2,512	2,487	3,569	2,693	2,988	3,021	1,947	2,269
Normalized NOPAT Margin	2.27%	2.24%	4.83%	4.41%	3.83%	4.63%	3.24%	3.22%	2.84%	1.65%	1.75%
Pre Tax Income Margin	4.48%	2.85%	7.48%	3.62%	5.33%	5.96%	4.04%	3.84%	3.18%	1.46%	1.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	14.07	9.21	17.61	10.46	15.28	17.25	11.29	9.90	7.86	3.61	3.46
NOPAT to Interest Expense	6.62	3.64	10.72	11.53	10.28	12.61	8.26	7.45	6.13	2.95	3.60
EBIT Less CapEx to Interest Expense	11.26	6.42	15.45	7.66	12.24	13.85	7.25	7.10	6.25	2.75	2.64
NOPAT Less CapEx to Interest Expense	3.82	0.86	8.56	8.72	7.24	9.21	4.22	4.66	4.52	2.09	2.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.48%	28.83%	8.99%	15.75%	10.75%	9.59%	12.07%	13.99%	17.35%	35.50%	35.74%
Augmented Payout Ratio	43.65%	45.77%	146.45%	80.51%	50.28%	63.65%	14.76%	88.79%	80.68%	102.80%	48.30%

This table displays calculated financial ratios and metrics derived from Humana's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	120,061,500.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	120,061,500.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	9.88
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.90%	17.93%	10.73%	10.44%	11.26%	10.40%	8.45%	9.64%	11.06%	11.30%	23.47%
EBITDA Growth	-10.29%	-181.50%	-27.25%	-17.35%	-26.54%	-121.26%	46.01%	-16.55%	-52.40%	-46.51%	-4.07%
EBIT Growth	-13.37%	-1,302.70%	-32.08%	-21.42%	-32.34%	-56.85%	57.80%	-17.31%	-63.17%	-23.93%	-3.40%
NOPAT Growth	-14.00%	-380.65%	-30.42%	-21.41%	-40.02%	-56.03%	64.56%	-3.60%	18.40%	-48.80%	-13.78%
Net Income Growth	-30.43%	-2,900.00%	-40.31%	-29.08%	-42.17%	-26.48%	68.07%	-19.91%	-59.58%	-13.62%	-4.67%
EPS Growth	-28.54%	-5,200.00%	-38.10%	-26.63%	-40.69%	-35.14%	68.58%	-19.75%	-59.30%	-15.01%	-4.56%
Operating Cash Flow Growth	-85.19%	-39.15%	-93.67%	-61.81%	48.40%	92.60%	-21.75%	4.78%	-47.74%	-212.88%	278.85%
Free Cash Flow Firm Growth	-75.65%	-86.33%	-149.48%	-175.09%	-374.27%	-324.99%	88.76%	80.38%	73.66%	-107.01%	74.90%
Invested Capital Growth	-205.68%	-13.90%	470.58%	241.04%	299.33%	19.54%	39.38%	45.43%	49.07%	37.18%	18.91%
Revenue Q/Q Growth	-1.21%	0.15%	11.90%	-0.24%	-0.48%	-0.63%	9.92%	0.86%	0.81%	-0.41%	21.94%
EBITDA Q/Q Growth	-10.01%	-114.31%	783.57%	-6.08%	-20.02%	-143.09%	551.09%	-46.32%	-54.37%	-232.61%	395.38%
EBIT Q/Q Growth	-12.30%	-136.72%	363.60%	-7.42%	-24.49%	-185.12%	365.19%	-51.49%	-66.37%	-386.42%	306.71%
NOPAT Q/Q Growth	-15.86%	-126.34%	481.79%	-7.12%	-35.79%	-168.53%	502.64%	-45.59%	-21.14%	-186.13%	333.31%
Net Income Q/Q Growth	-13.18%	-165.06%	236.85%	-8.25%	-29.20%	-242.29%	281.84%	-56.28%	-64.27%	-500.00%	252.58%
EPS Q/Q Growth	-12.40%	-163.19%	244.10%	-8.02%	-29.18%	-243.97%	279.76%	-56.21%	-64.08%	-506.79%	249.17%
Operating Cash Flow Q/Q Growth	-60.58%	-669.81%	105.93%	186.76%	53.17%	-128.42%	162.69%	283.99%	-23.60%	-270.13%	175.91%
Free Cash Flow Firm Q/Q Growth	-76.28%	-76.27%	-1,067.66%	-37.85%	13.34%	80.54%	51.64%	-140.50%	-16.36%	-52.97%	94.14%
Invested Capital Q/Q Growth	31.86%	305.42%	2.69%	-1.88%	-3.70%	23.19%	19.73%	2.37%	-1.28%	13.37%	3.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.70%	13.91%	15.15%	15.24%	14.55%	13.12%	17.37%	14.89%	14.27%	11.67%	14.98%
EBITDA Margin	5.48%	-0.78%	4.78%	4.50%	3.62%	-1.57%	6.43%	3.42%	1.55%	-2.06%	5.00%
Operating Margin	4.56%	-1.32%	4.17%	3.86%	2.48%	-1.86%	6.27%	3.39%	1.23%	-2.49%	4.42%
EBIT Margin	4.59%	-1.68%	3.96%	3.68%	2.79%	-2.39%	5.76%	2.77%	0.93%	-2.66%	4.51%
Profit (Net Income) Margin	3.14%	-2.04%	2.50%	2.30%	1.63%	-2.34%	3.87%	1.68%	0.59%	-2.39%	2.99%
Tax Burden Percent	75.59%	91.37%	72.88%	73.86%	73.73%	79.23%	73.45%	73.28%	144.78%	76.76%	74.23%
Interest Burden Percent	90.59%	132.81%	86.45%	84.53%	79.39%	123.50%	91.36%	82.52%	44.37%	116.88%	89.21%
Effective Tax Rate	23.32%	0.00%	24.75%	24.29%	23.81%	0.00%	24.01%	24.16%	-64.18%	0.00%	24.76%
Return on Invested Capital (ROIC)	0.00%	-16.38%	165.44%	403.97%	162.24%	-25.23%	84.30%	46.28%	38.02%	-28.76%	52.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-13.38%	166.77%	405.14%	162.71%	-22.29%	87.12%	48.99%	42.07%	-26.49%	54.11%
Return on Net Nonoperating Assets (RNNOA)	0.00%	8.33%	-145.69%	-385.59%	-150.14%	14.03%	-52.28%	-29.86%	-26.54%	14.33%	-28.39%
Return on Equity (ROE)	18.04%	-8.05%	19.75%	18.38%	12.10%	-11.20%	32.01%	16.42%	11.48%	-14.43%	24.30%
Cash Return on Invested Capital (CROIC)	0.00%	65.47%	-81.10%	-128.45%	-113.09%	14.26%	4.59%	-0.19%	-2.36%	-2.42%	6.31%
Operating Return on Assets (OROA)	8.80%	-3.97%	8.25%	7.73%	6.06%	-6.02%	13.72%	6.80%	2.34%	-7.23%	11.65%
Return on Assets (ROA)	6.03%	-4.82%	5.20%	4.83%	3.55%	-5.89%	9.21%	4.11%	1.51%	-6.49%	7.72%
Return on Common Equity (ROCE)	17.98%	-8.02%	19.68%	18.32%	12.06%	-11.16%	31.90%	16.37%	11.45%	-14.36%	24.21%
Return on Equity Simple (ROE_SIMPLE)	17.74%	0.00%	12.31%	10.24%	7.73%	0.00%	9.67%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	925	-244	930	864	555	-380	1,530	833	657	-566	1,320
NOPAT Margin	3.50%	-0.92%	3.14%	2.92%	1.89%	-1.30%	4.77%	2.57%	2.01%	-1.74%	3.33%
Net Nonoperating Expense Percent (NNEP)	-0.51%	-3.00%	-1.33%	-1.16%	-0.47%	-2.94%	-2.83%	-2.72%	-4.05%	-2.28%	-1.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.87%	-	-	-	-1.35%	4.92%	2.70%	2.11%	-1.88%	4.04%
Cost of Revenue to Revenue	82.30%	86.09%	84.85%	84.76%	85.45%	86.88%	82.63%	85.11%	85.73%	88.33%	85.02%
SG&A Expenses to Revenue	12.38%	14.46%	10.27%	10.66%	11.36%	14.26%	10.53%	10.95%	12.51%	13.65%	10.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.14%	15.22%	10.98%	11.37%	12.07%	14.98%	11.10%	11.50%	13.04%	14.15%	10.56%
Earnings before Interest and Taxes (EBIT)	1,212	-445	1,173	1,086	820	-698	1,851	898	302	-865	1,788
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,447	-207	1,415	1,329	1,063	-458	2,066	1,109	506	-671	1,982
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.52	3.43	2.64	2.70	2.17	1.87	1.80	1.62	1.69	1.74	1.13
Price to Tangible Book Value (P/TBV)	8.06	8.30	6.48	6.34	4.78	4.53	3.93	3.43	3.51	3.86	2.58
Price to Revenue (P/Rev)	0.58	0.52	0.39	0.40	0.33	0.26	0.27	0.24	0.25	0.24	0.15
Price to Earnings (P/E)	19.80	22.39	21.39	26.32	28.06	25.31	18.67	18.72	24.24	25.93	18.50
Dividend Yield	0.71%	0.78%	1.02%	0.95%	1.12%	1.40%	1.34%	1.45%	1.36%	1.38%	2.04%
Earnings Yield	5.05%	4.47%	4.68%	3.80%	3.56%	3.95%	5.36%	5.34%	4.13%	3.86%	5.40%
Enterprise Value to Invested Capital (EV/IC)	0.00	8.13	5.66	6.09	4.83	3.14	2.79	2.39	2.60	2.45	1.25
Enterprise Value to Revenue (EV/Rev)	0.39	0.42	0.29	0.30	0.23	0.18	0.18	0.16	0.16	0.17	0.09
Enterprise Value to EBITDA (EV/EBITDA)	7.62	9.39	7.54	8.52	7.21	6.21	5.52	5.13	6.44	7.38	4.01
Enterprise Value to EBIT (EV/EBIT)	9.19	11.61	9.67	11.21	9.85	8.73	7.22	6.75	8.83	10.16	5.53
Enterprise Value to NOPAT (EV/NOPAT)	11.43	14.89	12.33	14.34	13.03	10.68	8.67	7.69	8.39	9.79	5.75
Enterprise Value to Operating Cash Flow (EV/OCF)	6.69	11.30	0.00	0.00	0.00	7.01	7.69	6.61	10.16	24.13	6.37
Enterprise Value to Free Cash Flow (EV/FCFF)	7.53	11.50	0.00	0.00	0.00	24.00	70.83	0.00	0.00	0.00	21.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.71	0.82	0.77	0.74	0.71	0.75	0.69	0.68	0.70	0.75
Long-Term Debt to Equity	0.56	0.63	0.77	0.70	0.67	0.68	0.71	0.69	0.68	0.70	0.66
Financial Leverage	-1.11	-0.62	-0.87	-0.95	-0.92	-0.63	-0.60	-0.61	-0.63	-0.54	-0.52
Leverage Ratio	3.20	2.84	3.20	3.17	3.06	2.86	2.97	2.87	2.75	2.79	2.91
Compound Leverage Factor	2.90	3.78	2.76	2.68	2.43	3.53	2.71	2.37	1.22	3.26	2.60
Debt to Total Capital	40.82%	41.67%	44.94%	43.53%	42.49%	41.61%	42.75%	40.76%	40.42%	41.08%	42.87%
Short-Term Debt to Total Capital	7.81%	5.16%	2.80%	3.88%	3.71%	2.05%	1.85%	0.00%	0.00%	0.00%	5.27%
Long-Term Debt to Total Capital	33.01%	36.51%	42.15%	39.65%	38.78%	39.57%	40.90%	40.76%	40.42%	41.08%	37.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.19%	0.20%	0.19%	0.19%	0.19%	0.25%	0.22%	0.20%	0.19%	0.27%	0.20%
Common Equity to Total Capital	58.99%	58.13%	54.87%	56.28%	57.32%	58.14%	57.03%	59.05%	59.39%	58.65%	56.93%
Debt to EBITDA	2.23	2.43	3.10	3.24	3.62	3.50	3.33	3.33	3.91	4.11	4.78
Net Debt to EBITDA	-3.75	-2.25	-2.46	-2.80	-3.40	-2.94	-2.48	-2.70	-3.28	-2.88	-3.15
Long-Term Debt to EBITDA	1.80	2.13	2.91	2.95	3.30	3.33	3.18	3.33	3.91	4.11	4.19
Debt to NOPAT	3.35	3.86	5.07	5.45	6.54	6.02	5.22	5.00	5.09	5.45	6.85
Net Debt to NOPAT	-5.62	-3.57	-4.03	-4.71	-6.16	-5.05	-3.88	-4.04	-4.27	-3.82	-4.52
Long-Term Debt to NOPAT	2.71	3.38	4.75	4.96	5.97	5.72	4.99	5.00	5.09	5.45	6.01
Altman Z-Score	3.75	4.42	4.11	4.23	4.22	4.28	4.26	4.28	4.41	4.42	4.05
Noncontrolling Interest Sharing Ratio	0.35%	0.36%	0.34%	0.34%	0.33%	0.38%	0.36%	0.34%	0.33%	0.44%	0.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.59	1.67	1.66	1.76	1.76	1.91	1.95	2.02	2.00	1.77
Quick Ratio	1.15	1.24	1.35	1.37	1.40	1.37	1.47	1.52	1.53	1.42	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,737	649	-6,284	-8,662	-7,506	-1,461	-707	-1,699	-1,977	-3,025	-177
Operating Cash Flow to CapEx	535.04%	-2,520.85%	238.98%	1,064.04%	1,429.23%	-342.86%	348.42%	1,114.91%	719.26%	-817.82%	1,036.36%
Free Cash Flow to Firm to Interest Expense	24.01	4.45	-39.52	-51.56	-44.42	-8.91	-4.42	-10.82	-11.77	-20.72	-0.92
Operating Cash Flow to Interest Expense	10.98	-48.86	2.66	7.22	10.99	-3.22	2.07	8.10	5.78	-11.32	6.50
Operating Cash Flow Less CapEx to Interest Expense	8.93	-50.80	1.55	6.54	10.22	-4.16	1.48	7.37	4.98	-12.70	5.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.92	2.36	2.08	2.10	2.17	2.52	2.38	2.45	2.53	2.72	2.58
Accounts Receivable Turnover	59.63	57.36	31.07	40.60	57.97	49.70	28.69	28.65	52.35	43.41	28.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	31.20	34.03	35.17	36.55	38.11	42.34	44.49	47.56	50.94	54.45	59.69
Accounts Payable Turnover	11.72	14.97	13.16	12.93	14.51	17.02	17.18	17.27	18.80	20.19	19.81
Days Sales Outstanding (DSO)	6.12	6.36	11.75	8.99	6.30	7.34	12.72	12.74	6.97	8.41	12.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	31.14	24.38	27.75	28.23	25.15	21.44	21.25	21.14	19.42	18.08	18.42
Cash Conversion Cycle (CCC)	-25.02	-18.01	-16.00	-19.24	-18.86	-14.10	-8.52	-8.40	-12.44	-9.67	-5.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2,693	5,532	5,681	5,574	5,368	6,613	7,918	8,106	8,002	9,072	9,415
Invested Capital Turnover	-57.28	17.79	52.67	138.15	85.99	19.39	17.69	18.00	18.90	16.53	15.83
Increase / (Decrease) in Invested Capital	-1,812	-893	7,214	9,526	8,061	1,081	2,237	2,532	2,634	2,459	1,497
Enterprise Value (EV)	40,058	45,001	32,132	33,928	25,939	20,788	22,090	19,379	20,771	22,221	11,745
Market Capitalization	59,700	55,731	42,581	45,025	38,136	30,550	31,923	29,507	31,291	30,806	20,910
Book Value per Share	$136.79	$132.09	$133.86	$138.35	$145.89	$135.99	$147.13	$151.08	$154.00	$146.81	$154.07
Tangible Book Value per Share	$59.80	$54.52	$54.50	$58.95	$66.24	$56.01	$67.31	$71.26	$74.02	$66.27	$67.09
Total Capital	28,732	27,974	29,398	29,623	30,646	28,166	31,125	30,881	31,189	30,106	32,639
Total Debt	11,728	11,656	13,212	12,895	13,022	11,721	13,306	12,586	12,607	12,369	13,993
Total Long-Term Debt	9,483	10,213	12,390	11,746	11,886	11,144	12,729	12,586	12,607	12,369	12,274
Net Debt	-19,697	-10,786	-10,505	-11,154	-12,256	-9,832	-9,901	-10,189	-10,580	-8,665	-9,231
Capital Expenditures (CapEx)	234	283	177	114	130	154	95	114	135	202	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17,618	-8,763	-8,678	-8,708	-8,814	-6,982	-5,182	-5,312	-5,552	-3,516	-3,673
Debt-free Net Working Capital (DFNWC)	12,675	12,557	13,929	14,217	15,335	13,453	16,956	16,396	16,572	16,387	18,292
Net Working Capital (NWC)	10,430	11,114	13,107	13,068	14,199	12,876	16,379	16,396	16,572	16,387	16,573
Net Nonoperating Expense (NNE)	95	296	191	186	75	303	288	290	463	210	136
Net Nonoperating Obligations (NNO)	-19,697	-10,786	-10,505	-11,154	-12,256	-9,832	-9,901	-10,189	-10,580	-8,665	-9,231
Total Depreciation and Amortization (D&A)	235	238	242	243	243	240	215	211	204	194	194
Debt-free, Cash-free Net Working Capital to Revenue	-17.21%	-8.24%	-7.94%	-7.77%	-7.66%	-5.93%	-4.31%	-4.31%	-4.39%	-2.71%	-2.68%
Debt-free Net Working Capital to Revenue	12.38%	11.80%	12.75%	12.69%	13.33%	11.42%	14.10%	13.32%	13.11%	12.64%	13.33%
Net Working Capital to Revenue	10.19%	10.45%	12.00%	11.66%	12.35%	10.93%	13.62%	13.32%	13.11%	12.64%	12.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.74	($4.26)	$6.13	$5.63	$3.99	($5.74)	$10.31	$4.52	$1.62	($6.58)	$9.85
Adjusted Weighted Average Basic Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Adjusted Diluted Earnings per Share	$6.71	($4.24)	$6.11	$5.62	$3.98	($5.73)	$10.30	$4.51	$1.62	($6.59)	$9.83
Adjusted Weighted Average Diluted Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	123.11M	120.65M	120.50M	120.40M	120.41M	120.64M	120.69M	120.27M	120.27M	120.60M	120.06M
Normalized Net Operating Profit after Tax (NOPAT)	925	-244	930	864	555	-380	1,530	833	280	-566	1,320
Normalized NOPAT Margin	3.50%	-0.92%	3.14%	2.92%	1.89%	-1.30%	4.77%	2.57%	0.86%	-1.74%	3.33%
Pre Tax Income Margin	4.16%	-2.23%	3.42%	3.11%	2.21%	-2.95%	5.27%	2.29%	0.41%	-3.11%	4.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.63	-3.05	7.38	6.46	4.85	-4.26	11.57	5.72	1.80	-5.92	9.26
NOPAT to Interest Expense	8.11	-1.67	5.85	5.14	3.28	-2.32	9.57	5.30	3.91	-3.87	6.84
EBIT Less CapEx to Interest Expense	8.58	-4.99	6.26	5.79	4.08	-5.20	10.98	4.99	0.99	-7.31	8.64
NOPAT Less CapEx to Interest Expense	6.06	-3.61	4.74	4.46	2.51	-3.26	8.97	4.58	3.11	-5.26	6.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.01%	17.35%	22.17%	25.54%	31.98%	35.50%	25.04%	27.12%	33.10%	35.74%	37.47%
Augmented Payout Ratio	82.73%	80.68%	132.80%	126.07%	130.66%	102.80%	31.39%	37.23%	45.29%	48.30%	59.21%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Humana (NYSE: HUM) using the last four years of quarterly data provided (Q1 2023 through Q4 2025). The focus is on trends in revenue, profitability, cash flow, and the balance sheet.

Revenue stability: Humana’s quarterly operating revenue sits in a narrow band around $32–33 billion in the latest year, suggesting a relatively stable top line even as quarterly results swing elsewhere.
Positive operating cash flow in recent quarter: Net cash from continuing operating activities was positive in Q3 2025 (about $971 million), indicating healthy cash generation during that period.
Shareholder returns via dividends: Humana paid cash dividends per share of $0.885 in Q2 2025, supporting ongoing distributions to shareholders.
Solid equity base: Total Common Equity around $18.5–18.6 billion in 2025 (e.g., Q3 2025 shows roughly $18.55B), signaling a robust capital base to support operations and growth.
Balance sheet size remains large but typical for the sector: Total assets run near $50 billion across the latest quarters, with long-term debt around $12.6 billion, indicating a sizable but conventional balance sheet for a large managed-care company.
Debt level and leverage context: Long-term debt typically sits around $12–13 billion in the latest periods, a neutral factor for evaluating financing flexibility given the business model.
Quarterly net income volatility: Net income attributable to common shareholders turned negative in Q4 2025, posting about a $796 million loss, which reverses a string of stronger quarterly results.
Operating income weakness in latest quarter: Total Operating Income was negative in Q4 2025 (about -$808 million), signaling rising costs or margin pressure in that quarter.
Cash burn in latest quarter: Net Change in Cash & Equivalents for Q4 2025 shows an outflow of roughly $1.188 billion, indicating a cash compression in that period.
Quarterly earnings per share fell into negative territory: Basic EPS for Q4 2025 was -$6.58 (diluted -$6.59), reflecting the quarterly loss and elevated per-share impact on profitability.

05/08/26 09:01 PM ETAI Generated. May Contain Errors.

Humana Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Humana's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Humana's net income appears to be on an upward trend, with a most recent value of $1.20 billion in 2025, falling from $1.28 billion in 2015. The previous period was $1.21 billion in 2024. See Humana's forecast for analyst expectations on what's next for the company.

Humana's total operating income in 2025 was $2.70 billion, based on the following breakdown:

Total Gross Profit: $18.85 billion
Total Operating Expenses: $16.15 billion

Over the last 10 years, Humana's total revenue changed from $54.29 billion in 2015 to $129.66 billion in 2025, a change of 138.8%.

Humana's total liabilities were at $31.17 billion at the end of 2025, a 3.8% increase from 2024, and a 117.5% increase since 2015.

In the past 10 years, Humana's cash and equivalents has ranged from $2.22 billion in 2024 to $5.06 billion in 2022, and is currently $4.20 billion as of their latest financial filing in 2025.

Over the last 10 years, Humana's book value per share changed from 69.80 in 2015 to 146.81 in 2025, a change of 110.3%.

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Financial statements for NYSE:HUM last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Humana (HUM) Financials

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Humana (HUM) Financials

Annual Income Statements for Humana

Quarterly Income Statements for Humana

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Quarterly Cash Flow Statements for Humana

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Quarterly Balance Sheets for Humana

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Quarterly Metrics And Ratios for Humana

Financials Breakdown Chart

Key Financial Trends

Humana Financials - Frequently Asked Questions

When does Humana's fiscal year end?

How has Humana's net income changed over the last 10 years?

What is Humana's operating income?

How has Humana's revenue changed over the last 10 years?

How much debt does Humana have?

How much cash does Humana have?

How has Humana's book value per share changed over the last 10 years?

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