HUM Income Statement - Humana Inc

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Price: 396 EUR 9.39% Market Closed

Market Cap: €48.8B

Financial profile · Q3 FY2026

A scaled premium insurer with rapid growth and claims-sensitive margins

Over the multi-year history, revenue has expanded steadily while operating margins have remained thin and below earlier levels, leaving earnings exposed to claims experience and product and reimbursement mix. Insurance remains the core underwriting engine; CenterWell broadens the revenue base, while cash generation can vary with working-capital movements.

What is developing

The latest results reinforce revenue growth but show that premium expansion can coexist with compressed operating earnings when benefit costs rise. This is deterioration within Humana’s established claims-sensitive model, not by itself evidence of a permanent change.

What matters next

Whether the insurance benefit ratio moderates while premium growth continues would clarify if margin pressure is easing.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Gross Premiums Earned	54B	53.4B	56.4B	64.4B	76B	82.9B	92.5B	105.3B	116.5B	128.7B
Revenue	54.4B	53.8B	56.9B	64.9B	77.2B	83.1B	92.9B	106.4B	117.8B	129.7B
Operating Expenses	(52.6B)	(50.4B)	(53.8B)	(61.7B)	(72.2B)	(79.8B)	(88.7B)	(101.7B)	(114.7B)	(126.3B)
Selling, General & Administrative	—	—	—	(236m)	—	—	—	(265m)	(248m)	(242m)
Depreciation & Amortization	(354m)	(378m)	(405m)	(458m)	(489m)	(596m)	(709m)	(779m)	(839m)	(698m)
Benefits, Claims & Loss Adjustment	(45B)	(43.5B)	(45.9B)	(53.9B)	(61.6B)	(69.2B)	(75.7B)	(88.4B)	(100.7B)	(110.8B)
Other Operating Expenses	(7.3B)	(6.6B)	(7.5B)	(7.1B)	(10.1B)	(10B)	(12.3B)	(12.3B)	(13B)	(14.5B)
Operating Income	1.7B	3.3B	3.1B	3.2B	5B	3.3B	4.2B	4.7B	3B	3.4B
Net Interest Income (Expense)	(189m)	(242m)	(218m)	(242m)	(283m)	(326m)	(401m)	(493m)	(660m)	(631m)
Interest Expense	189m	242m	218m	242m	283m	326m	401m	493m	660m	631m
Non-Recurring Items	0	936m	(786m)	0	0	(128m)	(116m)	(654m)	(481m)	(769m)
Total Other Income	—	—	(33m)	506m	(103m)	532m	(68m)	(137m)	(181m)	(451m)
Pre-Tax Income	1.6B	4B	2.1B	3.5B	4.6B	3.4B	3.6B	3.4B	1.7B	1.6B
Tax Provision	(938m)	(1.4B)	(352m)	(763m)	(1.3B)	(485m)	(762m)	(836m)	(413m)	(250m)
Income from Continuing Operations	614m	2.6B	1.7B	2.7B	3.3B	2.9B	2.8B	2.5B	1.3B	1.3B
Income to Minority Interest	—	—	—	—	—	(1m)	4m	5m	(7m)	(15m)
Equity Earnings Affiliates	—	—	11m	14m	74m	65m	(4m)	(63m)	(94m)	(102m)
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	16.76	12.19	20.05	25.31	22.73	22.08	20.00	9.99	9.83