Humana Inc. (HUM) financials
NYSE · Healthcare · Medical - Healthcare Plans · 67,060 employees · CEO James A. Rechtin
- Price
- $414.50 -0.52%
- Market cap
- $49.8B
- Enterprise value
- $57.1B
- Last report
- Q2 '26 filed 2026-07-29
- Next report
- 2026-11-06 EPS est. -$1.00
Revenue (TTM)$146B+18.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)1.4%-0.3 pp vs a year agoOperating income $2.02B
Net income (TTM)$1.28B-18.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$443M-118.2% vs a year agoCapex $590M
Diluted EPS (TTM)$10.56-19.0% vs a year agoSum of the last 4 quarters
Net cash$9.62B+212.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $49.8B EV $57.1B
- Revenue
- $146B Trailing 12 months
- Revenue growth
- +25% FY2026 consensus
- Profit margin
- 0.9% Net income / revenue, TTM
- P/E
- 38.9× Forward 45.3× (FY2026)
- P/S
- 0.3× Price / sales, TTM
- EV / EBITDA
- 18.4× TTM
- Free cash flow
- -$443M Trailing 12 months
- Net income
- $1.28B Trailing 12 months
- Revenue estimate
- $163B FY2026 consensus
- Earnings
- 2026-11-06 Revenue est. $40.9B
- Dividend
- $3.54 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-29): revenue beat by 0.7%, EPS beat by 4.7%Revenue $40.9B vs $40.6B expected (+0.7%); EPS $7.61 vs $7.27 (+4.7%).
- Revenue growth accelerating: 26.2% year on yearQ2 '26 revenue $40.9B, against an average of 13.9% over the four quarters before.
- Operating margin 1.4% (TTM), -0.3 pp on a year agoOperating income grew -4.0% while revenue grew 18.3%.
- 25.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.61B vs operating income $2.02B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.4% of revenue (a year ago 0.4%)$590M invested in the last 4 quarters (+19.7% on a year earlier). Free cash flow -$443M = -34.7% of net income.
- Diluted share count up 0.1% in a year121M diluted shares in Q2 '26, 121M a year earlier.
- Net cash $9.62BCash + short-term investments $23.9B, debt incl. leases $14.2B; a year ago net debt $8.55B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $40.9B | $32.4B | +26.2% |
| Gross margin | 13.5% | 14.9% | -1.4 pp |
| Operating income | $1.36B | $722M | +88.4% |
| Operating margin | 3.3% | 2.2% | +1.1 pp |
| Net income | $693M | $545M | +27.2% |
| Diluted EPS | $5.72 | $4.51 | +26.8% |
| Operating cash flow | -$426M | $1.27B | -133.5% |
| Capex | $132M | $114M | +15.8% |
| Free cash flow | -$558M | $1.16B | -148.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $65M | $61M | +6.6% |
Reported vs consensus
2026-07-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $40.9B | $40.6B | +0.7% |
| EPS (as estimated) | $7.61 | $7.27 | +4.7% |
From the report of 2026-07-29 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Insurance | $39.1B | – | 95.8% | – | – | |
| Insurance Segment | – | – | – | – | – | |
| CenterWell | $6.79B | – | 16.6% | – | – | |
| CenterWell Segment | – | – | – | – | – | |
| Eliminations/ Corporate | -$5.06B | – | -12.4% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Insurance Segment | – | – | $820M | +7.0% | – | – | $1.58B |
| Center Well Segment | – | – | $466M | +35.5% | – | – | $1.36B |
| Corporate And Eliminations | – | – | $74M | +716.7% | – | – | -$231M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $147M
- Capex
- -$590M
- Buybacks
- -$150M
- Dividends
- -$323M
- Acquisitions
- -$895M
- Net debt issued
- $1.4B
- Stock-based compensation
- $247M
- Free cash flow
- -$443M
- Returned to shareholders / FCF
- -106.8%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 38.9× | 23.5× | 20.4× – 26.0× |
| EV / EBITDA | 18.4× | 14.0× | 12.5× – 15.6× |
| EV / Sales | 0.4× | 0.6× | 0.3× – 0.8× |
| Price / FCF | -112.4× | 39.6× | 12.8× – 82.3× |
| Price / Book | 2.6× | 3.0× | 1.7× – 4.2× |
| FCF yield | -0.9% | 4.2% | 1.2% – 7.8% |
| Return on invested capital | 4.5% | 5.9% | 3.1% – 8.2% |
| Return on equity | 6.9% | 13.2% | 6.7% – 18.3% |
Analysts
Consensus target $469.89 (+13.4%)
range $300.00 – $596.00 · rating Hold
Strong buy0
Buy20
Hold23
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $163B | +25.4% | $9.16 | -6.9% | 45.3× | 17 |
| FY2027 | $168B | +3.2% | $17.00 | +85.6% | 24.4× | 16 |
| FY2028 | $180B | +7.5% | $30.52 | +79.5% | 13.6× | 9 |
| FY2029 | $189B | +5.0% | $34.91 | +14.4% | 11.9× | 3 |
| FY2030 | $205B | +8.0% | $35.53 | +1.8% | 11.7× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 282 figures Humana Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $6.53B | $5.38B | +21.4% | $5.72B | $5.26B | +8.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $102M | $121M | -15.7% | $108M | $98M | +10.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.29B2025-12-31 | $3.14B | +4.7% | $3.29B | $3.14B | +4.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$731M | -$868M | +15.8% | -$633M | -$1.07B | +40.7% |
| Additional Paid in Capital, Common Stock | $3.64B | $3.5B | +4.1% | $3.6B | $3.46B | +4.0% |
| Amortization | $11M | $15M | -26.7% | $51M | $60M | -15.0% |
| Amortization of Intangible Assets | $11M | $15M | -26.7% | $51M | $60M | -15.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.32M | 1.81M | +28.6% | 895K | 814K | +10.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $51M | $50M | +2.0% | $241M | $207M | +16.4% |
| Asset Impairment Charges | – | – | – | $253M | $200M | +26.5% |
| Assets | $55.3B | $50.9B | +8.5% | $48.9B | $46.5B | +5.2% |
| Assets, Current | $38.1B | $34.4B | +10.6% | $32.7B | $29.8B | +9.8% |
| Assets, Fair Value Disclosure | $22.8B | – | – | $20.8B | $21.1B | -1.5% |
| Benefits, Losses and Expenses | $37.9B | $30.1B | +25.9% | $127B | $115B | +10.2% |
| Capitalized Computer Software, Amortization | – | – | – | $536M | $660M | -18.8% |
| Cash and Cash Equivalents, at Carrying Value | $4.95B | $4.25B | +16.5% | $4.2B | $2.22B | +89.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $4.6B | – | – | $3.95B | $2.05B | +92.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.95B | $4.25B | +16.5% | $4.2B | $2.22B | +89.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $751M | $2.03B | -63.0% | $1.98B | -$2.47B | +180.0% |
| Ceded Premiums Written | – | – | – | $7M | $5M | +40.0% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.892025-09-30 | $0.89 | 0.0% | $3.54 | $3.54 | 0.0% |
| Common Stock, Dividends, Per Share, Declared | $0.89 | $0.89 | 0.0% | $1.162016-12-31 | $1.15 | +0.9% |
| Common Stock, Par or Stated Value Per Share | $0.17 | $0.17 | 0.0% | $0.17 | $0.17 | 0.0% |
| Common Stock, Shares Authorized | 300M | 300M | 0.0% | 300M | 300M | 0.0% |
| Common Stock, Shares, Issued | 199M | 199M | 0.0% | 199M | 199M | 0.0% |
| Common Stock, Value, Issued | $33M | $33M | 0.0% | $33M | $33M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.09B | $1.44B | -24.6% | $1.62B | $1.14B | +42.4% |
| Contract with Customer, Liability, Current | $269M | $265M | +1.5% | $356M | $260M | +36.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $130M | $566M | -77.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $175M | $605M | -71.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $45M | $39M | +15.4% |
| Current Year Claims and Claims Adjustment Expense | $34.1B | $27B | +26.2% | $112B | $101B | +10.3% |
| Debt and Equity Securities, Gain (Loss) | -$1M | $2M | -150.0% | -$50M | $24M | -308.3% |
| Debt Securities, Available-for-sale | $17.6B | $18.3B | -3.6% | $16.2B | $18.6B | -13.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $25M | $36M | -30.6% | $46M | $26M | +76.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $970M | $1.16B | -16.6% | $867M | $1.41B | -38.5% |
| Debt Securities, Available-for-sale, Amortized Cost | $18.6B | $19.4B | -4.3% | $17B | $20B | -15.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $1.28B | $1.16B | +9.7% | $1.31B | $1.29B | +1.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $4.36B | $4.34B | +0.5% | $4.04B | $4.29B | -5.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $4.76B | $5.34B | -10.9% | $4.41B | $5.57B | -20.8% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.13B | $988M | +14.1% | $1B | $1.07B | -6.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $7.76B | $8.79B | -11.7% | $8.74B | $9.1B | -4.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $876M | $1.08B | -19.0% | $851M | $1.23B | -30.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $7.29B | $5.59B | +30.3% | $2.33B | $7.2B | -67.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $94M | $82M | +14.6% | $16M | $178M | -91.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $1.07B | $962M | +11.6% | $1.12B | $1.07B | +4.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $4.21B | $4.11B | +2.3% | $3.92B | $3.98B | -1.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $4.64B | $5.21B | -11.0% | $4.33B | $5.4B | -19.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.12B | $985M | +13.6% | $999M | $1.07B | -6.4% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $7.06B | $7.59B | -7.0% | $6.26B | $7.8B | -19.7% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $6.6B | $7.03B | -6.0% | $5.83B | $7.13B | -18.1% |
| Debt Securities, Available-for-sale, Noncurrent | $626M | $410M | +52.7% | $493M | $421M | +17.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $15B | $14.4B | +4.6% | $11.1B | $16.3B | -32.1% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $970M | $1.16B | -16.6% | $867M | $1.41B | -38.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,690 position | 1,530 position | +10.5% | 1,150 position | 1,780 position | -35.4% |
| Debt, Current | $1.72B | $577M | +197.9% | $0 | $577M | -100.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $89M | -$179M | +149.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $75M | -$192M | +139.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02