HUM Income Statement - Humana Inc

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Price: 396 EUR -1%

Market Cap: €47.8B

Financial profile · Q3 FY2026

Premium growth at scale, with earnings sensitive to medical costs

Humana has expanded revenue over time, but operating earnings have not kept pace with that growth. Its insurer economics remain sensitive to benefit costs and Medicare pricing, while administrative efficiency can partly offset claims pressure.

What is developing

The latest results continued rapid revenue growth but left only a narrow operating margin, showing that enrollment scale has not yet translated into consistent operating leverage. Higher benefit costs absorbed much of the added premium revenue, despite improved administrative cost efficiency.

What matters next

Whether the benefit ratio improves as the effects of new-member mix and Star Ratings funding become clearer.

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	16.81	12.16	20.09	25.31	22.67	22.08	20.00	9.99	9.83