Detailed financial statements for Humana Inc. (HUM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Humana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. Its operational structure is divided into three main segments: Retail, Group and Specialty, and Healthcare Services. The firm provides a wide array of medical and supplementary insurance plans directly to individual consumers.
Analysis Summary
Humana Inc. reported revenue of $129.66B in the most recent fiscal year, growing at a 5-year CAGR of 10.9%. Net income reached $1.19B, with a -18.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 13.7%, operating margin 1.4%, net margin 0.9%. Free cash flow grew at -39.6% CAGR over 5 years.
At $414.50 (closing price, October 30, 2026), HUM trades at a P/E of 39.25 and an ROE of 6.91%. Market capitalisation stands at $49.8B, placing it among large-cap names.
Balance sheet quality for HUM: debt-to-equity ratio of 0.74, current ratio of 1.74 over the last 12 months, net debt of $8.74B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $375.0M represents 32% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $54.41B | $53.80B | $56.94B | $64.93B | $77.19B | $83.65B | $92.92B | $106.44B | $117.81B | $129.66B |
| Cost of Revenue | $44.90B | $43.39B | $45.75B | $53.74B | $61.50B | $69.20B | $75.69B | $88.39B | $100.66B | $110.81B |
| Gross Profit | $7.77B | $7.08B | $11.19B | $11.19B | $15.69B | $14.45B | $17.23B | $18.05B | $17.15B | $18.85B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $7.77B | $7.08B | $9.12B | $7.72B | $11.02B | $11.03B | $13.67B | $14.73B | $15.52B | $17.40B |
| Operating Income | $1.74B | $3.33B | $2.07B | $3.47B | $4.67B | $3.42B | $3.56B | $3.32B | $1.63B | $1.45B |
| EBITDA | 0 | -$936.0M | $2.83B | $4.29B | $5.57B | $4.46B | $4.81B | $4.73B | $3.25B | $2.91B |
| Interest Expense | $189.0M | $242.0M | $218.0M | $242.0M | $283.0M | $326.0M | $401.0M | $493.0M | $660.0M | $631.0M |
| Pre-tax Income | $1.55B | $4.02B | $2.07B | $3.47B | $4.67B | $3.42B | $3.56B | $3.32B | $1.63B | $1.45B |
| Income Tax | $938.0M | $1.57B | $391.0M | $763.0M | $1.31B | $485.0M | $762.0M | $836.0M | $413.0M | $250.0M |
| Net Income | $614.0M | $2.45B | $1.68B | $2.71B | $3.37B | $2.93B | $2.81B | $2.49B | $1.21B | $1.19B |
| EPS | $4.11 | $16.94 | $12.24 | $20.19 | $25.47 | $22.79 | $22.20 | $20.09 | $10.01 | $9.87 |
| EPS (Diluted) | $4.07 | $16.81 | $12.16 | $20.10 | $25.31 | $22.67 | $22.08 | $20.00 | $9.98 | $9.84 |
| Shares Outstanding (Diluted) | 150.9 M | 145.6 M | 138.4 M | 134.7 M | 133.0 M | 129.4 M | 127.1 M | 124.4 M | 120.9 M | 120.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $32.65B | $32.52B | $39.65B | $40.87B |
| Gross Profit | $4.66B | $3.79B | $5.94B | $5.50B |
| Operating Income | $108.0M | -$1.02B | $1.58B | $1.36B |
| EBITDA | $480.0M | -$685.0M | $1.97B | $1.34B |
| Net Income | $195.0M | -$796.0M | $1.19B | $693.0M |
| EPS | $1.62 | -$6.61 | $9.85 | $5.79 |
| EPS (Diluted) | $1.62 | -$6.61 | $9.83 | $5.72 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.88B | $4.04B | $2.34B | $4.05B | $4.67B | $3.39B | $5.06B | $4.69B | $2.22B | $4.20B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.28B | $854.0M | $1.01B | $1.06B | $1.14B | $1.81B | $1.67B | $2.04B | $2.70B | $3.27B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.70B | $4.90B | $3.36B | $5.11B | $5.81B | $5.21B | $6.74B | $6.73B | $4.92B | $7.47B |
| Property, Plant & Equipment | $1.50B | $1.58B | $1.74B | $2.37B | $2.81B | $3.75B | $3.74B | $3.54B | $2.98B | $2.72B |
| Goodwill | $3.27B | $3.28B | $3.90B | $3.93B | $4.45B | $11.09B | $9.14B | $9.55B | $9.63B | $9.69B |
| Intangible Assets | $280.0M | $226.0M | $245.0M | $177.0M | $329.0M | $2.64B | $1.76B | $1.69B | $1.44B | $1.13B |
| Total Assets | $25.81B | $26.68B | $25.34B | $29.04B | $35.08B | $44.75B | $43.73B | $46.89B | $46.31B | $48.75B |
| Accounts Payable | $4.56B | $3.84B | $4.55B | $5.74B | $7.95B | $8.10B | $9.08B | $10.07B | $10.27B | $9.81B |
| Short-term Debt | $600.0M | $150.0M | $1.69B | $815.0M | $729.0M | $2.14B | $2.26B | $1.61B | $724.0M | $150.0M |
| Total Current Liabilities | $5.44B | $4.37B | $6.53B | $6.80B | $9.00B | $10.49B | $11.63B | $11.95B | $11.26B | $10.31B |
| Long-term Debt | $3.49B | $4.77B | $4.38B | $4.97B | $6.06B | $10.54B | $9.03B | $10.21B | $11.14B | $12.37B |
| Total Liabilities | $15.13B | $16.84B | $15.18B | $17.01B | $21.35B | $28.64B | $28.36B | $30.57B | $29.87B | $31.01B |
| Retained Earnings | $11.45B | $13.67B | $15.07B | $17.48B | $20.52B | $23.09B | $25.49B | $27.54B | $28.32B | $29.07B |
| Total Equity | $10.69B | $9.84B | $10.16B | $12.04B | $13.73B | $16.08B | $15.31B | $16.26B | $16.38B | $17.66B |
| Total Debt | $4.09B | $4.92B | $6.07B | $6.11B | $7.14B | $13.22B | $11.75B | $12.27B | $12.26B | $12.94B |
| Net Debt | $215.0M | $878.0M | $3.73B | $2.06B | $2.47B | $9.83B | $6.69B | $7.58B | $10.04B | $8.74B |
| Working Capital | -$747.0M | $524.0M | -$3.17B | -$1.69B | -$3.19B | -$5.29B | -$4.90B | -$5.22B | -$6.33B | -$2.84B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5.39B | $4.20B | $4.95B | $6.89B |
| Total Assets | $49.72B | $48.75B | $55.28B | $57.20B |
| Total Liabilities | $31.14B | $31.01B | $36.63B | $37.92B |
| Total Equity | $18.52B | $17.66B | $18.58B | $19.21B |
| Total Debt | $12.61B | $12.94B | $13.99B | $14.25B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $614.0M | $2.45B | $1.68B | $2.71B | $3.37B | $2.93B | $2.80B | $2.49B | $1.21B | $1.20B |
| Depreciation & Amortization | $465.0M | $485.0M | $534.0M | $575.0M | $616.0M | $713.0M | $845.0M | $917.0M | $968.0M | $824.0M |
| Stock-based Compensation | $115.0M | $157.0M | $137.0M | $163.0M | $181.0M | $180.0M | $216.0M | $175.0M | $207.0M | $241.0M |
| Change in Working Capital | $747.0M | $688.0M | -$1.17B | $1.66B | $2.14B | -$556.0M | $534.0M | $81.0M | $154.0M | -$1.80B |
| Operating Cash Flow | $1.94B | $4.05B | $2.17B | $5.28B | $5.64B | $2.26B | $4.59B | $3.98B | $2.97B | $921.0M |
| Capital Expenditure | -$527.0M | -$526.0M | -$612.0M | -$736.0M | -$964.0M | -$1.34B | -$1.14B | -$1.00B | -$575.0M | -$546.0M |
| Acquisitions | -$7.0M | -$31.0M | -$2.25B | $542.0M | -$709.0M | -$4.19B | $2.36B | -$233.0M | -$89.0M | -$81.0M |
| Stock Repurchased | -$104.0M | -$3.37B | -$1.09B | -$1.07B | -$1.82B | -$79.0M | -$2.10B | -$1.57B | -$817.0M | -$151.0M |
| Dividends Paid | -$177.0M | -$220.0M | -$265.0M | -$291.0M | -$323.0M | -$354.0M | -$392.0M | -$431.0M | -$431.0M | -$430.0M |
| Free Cash Flow | $1.41B | $3.52B | $1.56B | $4.55B | $4.67B | $920.0M | $3.45B | $2.98B | $2.39B | $375.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $971.0M | -$1.65B | $1.25B | -$426.0M |
| Capital Expenditure | -$135.0M | -$202.0M | -$121.0M | -$132.0M |
| Free Cash Flow | $836.0M | -$1.85B | $1.13B | -$558.0M |
| Dividends Paid | -$107.0M | -$109.0M | -$107.0M | -$107.0M |
| Stock-based Compensation | $83.0M | $48.0M | $51.0M | $65.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.1% | +5.8% | +14.0% | +18.9% | +8.4% | +11.1% | +14.5% | +10.7% | +10.1% | |
| Net Income Growth (YoY) | +298.7% | -31.2% | +60.8% | +24.4% | -12.9% | -4.3% | -11.3% | -51.5% | -1.6% | |
| EPS Growth (YoY) | +312.2% | -27.7% | +65.0% | +26.2% | -10.5% | -2.6% | -9.5% | -50.2% | -1.4% | |
| Shares Change (YoY) | -3.5% | -4.9% | -2.7% | -1.3% | -2.7% | -1.8% | -2.1% | -2.9% | -0.0% | |
| FCF Growth (YoY) | +150.2% | -55.7% | +191.4% | +2.8% | -80.3% | +275.0% | -13.7% | -19.7% | -84.3% | |
| Gross Margin | 14.3% | 13.2% | 19.7% | 17.2% | 20.3% | 17.3% | 18.5% | 17.0% | 14.6% | 14.5% |
| Operating Margin | 3.2% | 6.2% | 3.6% | 5.3% | 6.1% | 4.1% | 3.8% | 3.1% | 1.4% | 1.1% |
| EBITDA Margin | 0.0% | -1.7% | 5.0% | 6.6% | 7.2% | 5.3% | 5.2% | 4.4% | 2.8% | 2.2% |
| Net Margin | 1.1% | 4.6% | 3.0% | 4.2% | 4.4% | 3.5% | 3.0% | 2.3% | 1.0% | 0.9% |
| FCF Margin | 2.6% | 6.6% | 2.7% | 7.0% | 6.1% | 1.1% | 3.7% | 2.8% | 2.0% | 0.3% |
| Effective Tax Rate | 60.4% | 39.1% | 18.9% | 22.0% | 28.0% | 14.2% | 21.4% | 25.2% | 25.4% | 17.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $9.34 | $24.21 | $11.28 | $33.76 | $35.15 | $7.11 | $27.15 | $23.92 | $19.78 | $3.10 |
| Dividends Per Share | $1.17 | $1.51 | $1.91 | $2.16 | $2.43 | $2.74 | $3.08 | $3.46 | $3.57 | $3.56 |
| Shares Outstanding (Basic) | 149.4 M | 144.5 M | 137.5 M | 134.1 M | 132.2 M | 128.7 M | 126.4 M | 123.9 M | 120.6 M | 120.5 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 6.91% |
| Return on Invested Capital | 4.52% |
| Return on Assets | 2.23% |
| Gross Margin | 13.65% |
| Operating Margin | 1.39% |
| Net Margin | 0.88% |
Financial Health
| Debt / Equity | 0.74 |
| Current Ratio | 1.74 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 49.64 | 14.64 | 23.41 | 18.15 | 16.11 | 20.35 | 23.07 | 22.79 | 25.35 | 25.95 |
| P/B | 2.85 | 3.64 | 3.88 | 4.08 | 3.95 | 3.71 | 4.23 | 3.49 | 1.87 | 1.75 |
| P/S | 0.56 | 0.67 | 0.69 | 0.76 | 0.70 | 0.71 | 0.70 | 0.53 | 0.26 | 0.24 |
| Gross Margin | 14.3% | 13.2% | 19.7% | 17.2% | 20.3% | 17.3% | 18.5% | 17.0% | 14.6% | 14.5% |
| Operating Margin | 3.2% | 6.2% | 3.6% | 5.3% | 6.1% | 4.1% | 3.8% | 3.1% | 1.4% | 1.1% |
| Net Margin | 1.1% | 4.6% | 3.0% | 4.2% | 4.4% | 3.5% | 3.0% | 2.3% | 1.0% | 0.9% |
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Explore sector: Healthcare · Medical - Healthcare Plans
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