Health Care · NYSE: HUM
Humana: how the business works
Humana sells Medicare Advantage, Medicare drug, Medicaid and military health plans and runs CenterWell clinics and pharmacies, with revenue of $129.7 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Humana Inc. · Louisville, Kentucky
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $129.7B
- Net income, FY2025
- $1.19B
- Benefit ratio (share of premiums spent on members' care), FY2025
- 90.2%
- Medical members, Sep 30, 2026
- 18.0 million
- Employees, Dec 31, 2025
- About 67,060
The short version
Humana in 5 points
1 · What it sells
Humana sells Medicare Advantage, Medicare drug, Medicaid and military health plans, with 18.0 million medical members at Sep 30, 2026, and runs CenterWell clinics, pharmacy and home health.
2 · Who pays it
In FY2025, individual Medicare Advantage brought in 70.3% of Humana's premiums and services revenue, Medicaid and other state contracts 11.2%, group Medicare Advantage 7.0%, Medicare drug plans 5.3%, CenterWell's outside customers 3.7% and other lines 2.4% (Cityfort calculation from the 10-K).
3 · What it keeps from $100
Of every $100 that came in during FY2025, Humana spent $85.46 on members' benefits and kept $0.92 as net income after one-off charges, while income from operations was $2.09 per $100.
4 · Where the operating profit comes from
In FY2025, the Insurance segment earned $1,664 million from operations and CenterWell $1,339 million, before $299 million of corporate costs and eliminations.
5 · The one thing to watch
The benefit ratio was 93.9% in Q3 FY2026, against 91.1% a year earlier, with $67 million of favorable prior-period reserve development, against $275 million.
Sources: From Humana's FY2025 10-K, its Q3 FY2026 10-Q and earnings release, and its Q4 FY2025 earnings release · checked
See the full receipt and the management scorecard below
01Where $100 of an insurer's money goes · FY2025
Where does $100 of Humana's money go?
Humana · FY2025
Receipt for every $100
| Members' benefits (medical and drug claims) | $85.5 |
|---|---|
| Operating costs (staff, sales and administration) | $11.9 |
| Depreciation and amortization | $0.5 |
| Interest on debt | $0.5 |
| Other costs, a business sale loss and partly owned businesses | $0.5 |
| Income tax | $0.2 |
| Kept as net income | $0.9 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K: each line ÷ total revenues of $129,664 million × 100 (premiums, services revenue and investment income). Net income of $0.92 per $100 is after $449 million of value-creation charges, $253 million of impairment charges and a $67 million loss on selling a business; income from operations was $2,704 million, or $2.09 per $100.
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02The business in one line
What does Humana do?
The federal government, states and members pay Humana premiums to cover members' health care; most of the money goes on members' medical and drug bills, and what is left after running costs is profit.
- 83% of Humana's FY2025 premiums and services revenue came from contracts with the federal government, mainly Medicare.
- In FY2025, benefits took $85.46 of every $100 that came in, and $0.92 was left as net income.
03Who pays it
Who pays Humana?
CMS and members, individual Medicare Advantage
70%
of revenue
Premiums for individual Medicare Advantage plans: $90,403 million, 70.3% of FY2025 premiums and services revenue, as stated in the FY2025 10-K.
States, Medicaid and other state contracts
11%
of revenue
Premiums from state-based contracts: $14,477 million, 11.2%.
Employers and CMS, group Medicare Advantage
7%
of revenue
Premiums for retiree plans sold through employers: $9,014 million, 7.0%.
CMS and members, Medicare drug plans
5%
of revenue
Premiums for stand-alone prescription drug plans: $6,844 million, 5.3%.
CenterWell's outside customers
4%
of revenue
Pharmacy, primary care and home health services sold outside Humana's own plans: $4,816 million, 3.7%.
Members, Medicare Supplement and specialty plans
2%
of revenue
Medicare Supplement ($1,098 million, 0.9%) and dental, vision and other specialty premiums ($989 million, 0.8%): 1.6% together (Cityfort calculation from the FY2025 10-K).
Department of Defense and others, military services
1%
of revenue
Services revenue from the TRICARE contract and other services: $1,017 million, 0.8%.
- CMS and members, individual Medicare Advantage70%
- States, Medicaid and other state contracts11%
- Employers and CMS, group Medicare Advantage7%
- CMS and members, Medicare drug plans5%
- CenterWell's outside customers4%
- Members, Medicare Supplement and specialty plans2%
- Department of Defense and others, military services1%
Customer concentration
Humana says 83% of its FY2025 premiums and services revenue came from contracts with the federal government, and about 93% from federal and state programs. Its Florida individual Medicare Advantage contracts with CMS alone were about $17.8 billion, 14%. Medicare Supplement, specialty and military services together were 2.4% (Cityfort calculation from the FY2025 10-K). Investment income is not counted in these shares.
- Largest customer
- 83%
04Why it makes money
Why does Humana make money?
Humana profits when the premiums it prices ahead of time cover the care members actually use
Humana sets its plans' prices and benefits before the year starts. If members use more care than it priced for, the benefit ratio rises and profit shrinks: the ratio went from 87.3% in FY2023 to 90.2% in FY2025, while net income fell from $2,489 million to $1,188 million.
Benefit ratio (benefits ÷ premiums)
86.7%90.2%
FY2021 to FY2025
- Price plans for the coming year
- Sign up members
- Collect premiums, mostly from the federal government
- Pay members' medical and drug bills
- Keep what is left after care and running costs
- Higher Star Ratings bring bonus payments
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Humana?
Insurance
85%Medicare Advantage, Medicare drug, Medicaid, military and other health plans. Income from operations was $1,664 million in FY2025, up from $1,289 million in FY2024. Shares are of $147,036 million of segment revenue before eliminations; corporate costs and eliminations took $299 million of income (Cityfort calculation from the FY2025 10-K).
Revenue $124.6B · Operating profit $1.7B
CenterWell
15%Primary care clinics, pharmacy and home health. Income from operations was $1,339 million in FY2025. Of its revenue, $17,657 million came from Humana's own plans and $4,816 million from outside customers.
Revenue $22.5B · Operating profit $1.3B
How the mix changed
- Insurance
- CenterWell
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Humana done?
Premiums
$122.8BFY2025
Premiums rose every year, from $79,822 million in FY2021 to $122,825 million in FY2025, and were $38,701 million in Q3 FY2026, up from $30,711 million a year earlier.
US$ · premiums from policyholders and plan members, as reported
See the yearly numbers
See the quarterly numbers
Medical care ratio
90.2%FY2025
The benefit ratio, the share of premiums spent on members' care, rose from 86.3% in FY2022 to 90.2% in FY2025 and was 93.9% in Q3 FY2026.
Humana calls its medical care ratio the benefit ratio (benefits ÷ premiums), and its operating cost ratio divides operating costs by revenue less investment income, so no expense ratio on premiums is shown.
% of premiums · medical costs per $100 of premiums, as reported
See the yearly numbers
See the quarterly numbers
Net income
$1.2BFY2025
Net income fell from $2,933 million in FY2021 to $1,188 million in FY2025, and Q3 FY2026's $162 million included a $358 million pretax non-cash gain on put and call valuations.
US$ · after claims, costs, investment results and tax; the table shows where it came from
See the numbers
See all yearly numbers
Medical care ratio = medical costs ÷ premiums, as the company reports it. Net investment income is interest and dividends on the money the company holds before paying claims; realized and unrealized gains are shown apart because they move with markets. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31. Humana's fiscal year matches the calendar year: FY2025 ended Dec 31, 2025, and Q3 FY2026 ended Sep 30, 2026.).
- Investment income is one line in Humana's income statement and includes realized gains and losses (a $60 million net gain in FY2025) and part of FY2025's impairment charges for a minority joint-venture stake; Humana reports no separate realized or unrealized gains lines.
- Book value per share and ROE are Cityfort calculations from the FY2022 to FY2025 10-Ks (Humana shareholders' equity ÷ shares issued less treasury shares; net income ÷ average Humana shareholders' equity); Humana does not report them.
- Members are total medical members at year end, as reported; the FY2025 fall came mostly from the new TRICARE military contract, under which the government bears the health-cost risk.
Download Humana's yearly and quarterly numbers (CSV, with source ids)
Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What is return on equity? Profit on equity, with real US companies
Sources (8)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (ended Dec 31, 2022)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Q4 FY2025 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q1 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q2 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
07Who runs it
Who runs Humana, and did they deliver?
James A. Rechtin
Chief Executive Officer · since 2024
CEO since Jul 1, 2024; he joined in January 2024 as President and Chief Operating Officer. His 2025 pay was $18,757,075, of which $13,868,141 was stock awards.
Celeste M. Mellet
Chief Financial Officer · since 2025
CFO since January 2025.
Aaron Martin
Insurance Segment President · since 2026
Joined from Amazon as President of Medicare Advantage in January 2026. Humana said on Apr 29, 2026 that George Renaudin would retire as Insurance Segment President effective Jun 29, 2026, and that Martin would then formally take on that role.
Kurt J. Hilzinger
Chairman of the Board
What they said, and what happened
3 too early to tell · 1 partly delivered · 1 delivered
Said on Feb 11, 2026
Grow individual Medicare Advantage membership by about 25% in 2026.
Too early to tellWhat happened
Up 23.0% (1,207,600 members) by Sep 30, 2026; management said on Nov 6, 2026 that growth is tracking in line.
Said on Feb 11, 2026
Add about 1,000,000 individual stand-alone Medicare drug plan members in 2026.
Too early to tellWhat happened
Humana said on Nov 6, 2026 that individual stand-alone drug plan members grew by about 1,220,000 by Sep 30, 2026.
Said on Feb 11, 2026
Open 60 to 70 CenterWell primary care clinics and add 120,000 to 140,000 patients in 2026.
Partly deliveredWhat happened
By Sep 30, 2026: 146,800 more patients and 49 more centers, with one quarter left.
Said on Feb 11, 2026
Reach Top Quartile Star Ratings results for bonus year 2028.
DeliveredWhat happened
Humana said on Oct 9, 2026 that it "exceeded its goal of Top Quartile results", by its own measure against a named peer group.
Said on Nov 6, 2026
Reach an individual Medicare Advantage pre-tax margin of at least 3% in 2028.
Too early to tellWhat happened
Not yet reported.
Sources (9)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 8-K, Item 5.02: Insurance segment leadership changes (press release Ex. 99.1)
- Q1 FY2026 earnings release (8-K Ex. 99.1)
- Q4 FY2025 prepared management remarks (Feb 11, 2026; no Q&A)
- Q4 FY2025 earnings release (8-K Ex. 99.1)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A)
- Form 8-K, Item 7.01: 2027 Medicare Advantage Star Ratings
08What could go wrong
What could go wrong for Humana?
- Pricing
Medical costs above what was priced
Humana prices plans before the year starts. The benefit ratio rose from 87.3% in FY2023 to 90.2% in FY2025. It was 93.9% in Q3 FY2026, against 91.1% a year earlier; favorable prior-period reserve development was $67 million, against $275 million.
Watch The benefit ratio each quarter. Humana guided on Feb 11, 2026 to an Insurance segment ratio of 92.75%, plus or minus 0.25 points, for 2026.
- Concentration
Dependence on the federal government
83% of FY2025 premiums and services revenue came from federal government contracts, and about 93% from federal and state programs. CMS contracts are renewed each year, and Florida alone was 14%.
Watch Medicare Advantage payment rules and contract renewals described in each 10-K and 10-Q.
- Regulation
Star Ratings and bonus payments
The 2025 Star Ratings showed a significant decline in members in 4-star-or-higher plans, which cuts 2026 bonus payments, Humana says. Its court challenge was rejected on Oct 14, 2025 and is on appeal.
Watch The appeal in the Fifth Circuit and Star Ratings published each October.
- Regulation
Risk adjustment audits
Medicare pays plans more for sicker members, and audits (RADV) can claw payments back. A court vacated the government's Final RADV Rule on Sep 25, 2025; the government appealed on Nov 21, 2025.
Watch The outcome of Humana v. Kennedy in the Fifth Circuit.
- Legal
Lawsuits
A Department of Justice False Claims Act complaint, a stockholder class action and a telephone marketing class action are pending; the complaints allege improper broker payments, misleading statements and unlawful calls. Humana says it will defend them.
Watch Legal updates in each 10-Q and 10-K.
- Debt
Debt and the holding company's cash
Debt was $12,504 million at Sep 30, 2026, and the parent held $528 million of cash and short-term investments. In 2026 Humana issued $1.0 billion of junior subordinated notes and set up a facility to issue up to $1.5 billion more. State rules limit dividends from its insurance subsidiaries to the parent.
Watch Debt-to-total capitalization (40.9% at Sep 30, 2026) and any rating change from S&P (BBB) or Moody's (Baa2).
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q4 FY2025 earnings release (8-K Ex. 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K, Items 1.01/2.03: $1.0 billion 6.625% junior subordinated notes due 2056
- Form 8-K, Items 1.01/2.03: pre-capitalized trust securities (P-Caps) facility
09Both sides
What do supporters and critics point to?
What supporters point to
- Individual Medicare Advantage members rose 23.0% in the first nine months of 2026, to 6.46 million.
- Revenue rose every year, from $83.1 billion in FY2021 to $129.7 billion in FY2025, and was 26.1% higher in Q3 FY2026 than a year earlier.
- CenterWell earned $1,339 million from operations in FY2025.
- Humana's insurance subsidiaries held about $14.1 billion of statutory capital at Dec 31, 2025, against a $6.9 billion minimum, the company says.
- Humana says its 2027 Star Ratings beat its own "Top Quartile" goal.
What critics point to
- The benefit ratio rose from 87.3% in FY2023 to 90.2% in FY2025, and was 93.9% in Q3 FY2026.
- Net income fell from $2,933 million in FY2021 to $1,188 million in FY2025.
- Q3 FY2026 net income of $162 million included a $358 million pretax non-cash gain, while the Insurance segment lost $303 million from operations.
- 83% of FY2025 premiums and services revenue came from federal government contracts that are renewed each year.
- A Department of Justice False Claims Act complaint and a stockholder class action against Humana are pending.
10What to watch next
What should you watch next at Humana?
Next event
Q4 and full-year FY2026 results
Date not announced yet.
The benefit ratio
It was 93.9% in Q3 FY2026. Humana's 2026 guide for the Insurance segment, set on Feb 11, 2026, is 92.75%, plus or minus 0.25 points.
FY2026 results against the guide
On Nov 6, 2026, Humana guided to 2026 GAAP EPS of at least $15.09 and adjusted EPS of at least $9.50.
The Dec 10, 2026 investor update
Humana said it will hold a virtual investor update on Dec 10, 2026. Management said on Nov 6, 2026, in its Q3 prepared remarks, that it is committed to returning individual Medicare Advantage to a pre-tax margin of at least 3% in 2028.
Court cases
The Star Ratings and RADV appeals, the False Claims Act case and the stockholder suits, as reported in each 10-Q and 10-K.
11Key dates
What are the key dates for Humana?
| Event | Date | Source |
|---|---|---|
| Quarterly dividend of $0.885 a share paid | Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) | |
| Virtual investor update | Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A) | |
| Quarterly dividend of $0.885 a share paid | Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) |
12Key facts
Key facts about Humana
- What does Humana do?
- Humana Inc. is a US health insurer focused on Medicare. It had 18.0 million medical members at Sep 30, 2026, including 6.46 million in individual Medicare Advantage plans, and it runs the CenterWell primary care, pharmacy and home health businesses.
- How does Humana make money?
- Humana collects premiums, mainly from the federal Medicare program, and keeps what is left after paying for members' care and its running costs. Premiums were $122,825 million of Humana's $129,664 million of FY2025 revenue, or 94.7%.
- Is Humana profitable?
- Yes. Humana reported net income of $1,188 million in FY2025, down from $2,933 million in FY2021, and kept $0.92 of every $100 of FY2025 revenue as net income.
- What is Humana's revenue by segment?
- In FY2025, Humana's Insurance segment had revenue of $124,563 million and income from operations of $1,664 million. Its CenterWell segment had revenue of $22,473 million, including $17,657 million from Humana's own plans, and income from operations of $1,339 million.
- Who are Humana's customers?
- In FY2025, 83% of Humana's premiums and services revenue came from contracts with the federal government, mainly Medicare. Individual Medicare Advantage plans alone brought in 70.3%, and state Medicaid and other state contracts 11.2%.
- How big is Humana?
- Humana had FY2025 revenue of $129.7 billion, about 67,060 employees at Dec 31, 2025, and 18.0 million medical members at Sep 30, 2026.
- Who owns Humana?
- Humana has one class of common stock. Dodge & Cox reported 9.5% and Vanguard Capital Management 7.55% as of Mar 31, 2026, and the 2026 proxy lists BlackRock with 7.7%. Humana's directors and executive officers held 0.20% at Jan 15, 2026.
- How big is Humana's Medicare drug plan business?
- Humana had 4.03 million members in stand-alone Medicare prescription drug plans at Sep 30, 2026. These plans brought in $6,844 million, 5.3% of Humana's FY2025 premiums and services revenue.
- Does Humana run Medicaid and military health plans?
- Yes. Humana's state-based contracts, mainly Medicaid, brought in $14,477 million in FY2025 and had 1.61 million members at Sep 30, 2026. Its TRICARE military contract had 4.64 million members, and the government bears that contract's health-cost risk.
- What is Humana's benefit ratio?
- Humana's benefit ratio, its benefits expense divided by premiums, was 90.2% in FY2025, up from 87.3% in FY2023. It was 93.9% in Q3 FY2026.
Sources (7)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Schedule 13G/A, Dodge & Cox (event Mar 31, 2026)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Earnings per share (EPS)
- Market cap
- Net margin
- P/E ratio
- Revenue vs net income
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Humana sell?
Individual Medicare Advantage
Private plans that people on Medicare can choose instead of the government's original Medicare. The federal Medicare agency (CMS) pays most of the premium under yearly contracts. 6.46 million members at Sep 30, 2026.
Group Medicare Advantage
The same kind of plans, sold through employers and unions for their retirees. 728,300 members at Sep 30, 2026.
Medicare drug plans
Stand-alone prescription drug plans for people on original Medicare, including a plan co-branded with Walmart. 4.03 million members at Sep 30, 2026.
Medicaid and other state contracts
Health plans run for states for people with low incomes. Humana held Medicaid contracts in 10 states in its FY2025 10-K. 1.61 million members at Sep 30, 2026.
TRICARE military health plan
Runs health benefits for military families in the East Region for the Department of Defense. The government bears the health-cost risk, so Humana earns a services fee. 4.64 million members at Sep 30, 2026.
CenterWell
Senior primary care clinics (399 centers and about 638,000 patients at Sep 30, 2026), CenterWell Pharmacy and Specialty Pharmacy, and CenterWell Home Health in 37 states.
Medicare Supplement and specialty plans
Medicare Supplement policies that cover costs original Medicare leaves to the member, plus dental and vision plans.
Think of it like this
Like a fixed-fee service plan: Humana receives a set premium for each member every month and pays whatever covered care that member needs.
What it does
- Does: Takes on the cost of members' covered care in return for premiums
- Does: Runs its own primary care clinics, pharmacy and home health services under the CenterWell name
- Does: Invests premiums in bonds until claims are paid
What it does not do
- Does not: Sell employer health insurance for working-age people: it exited that business, a move finalized in 2025
- Does not: Bear the cost of care on its TRICARE military contract: the government does
- Does not: Fully own all of its primary care clinics: some sit in a joint venture with BlackRock's HPS since October 2026
14How the money flows
14How the money flows · FY2025
How does money flow through Humana?
Money in
- Premiums$122.8B
- Services revenue (CenterWell and military contract)$5.8B
- Investment income (including realized gains)$1.0B
The company
Humana
$129.7B came in
Money out
- Members' benefits (medical and drug claims)$110.8B
- Operating costs (staff, sales and administration)$15.5B
- Depreciation and amortization$698M
- Interest on debt$631M
- Other costs, a business sale loss and partly owned businesses$635M
- Income tax$250M
- Net income attributable to Humana$1.2B
- Members and the government pay premiums: $122.8 billion in FY2025, mostly from the federal Medicare program.
- CenterWell and the military contract add $5.8 billion of services revenue, and investments earn $1.0 billion.
- Members' doctor, hospital and drug bills take $110.8 billion, 90.2% of premiums.
- Staff, sales and administration take $15.5 billion.
- Interest, tax and other items leave $1,188 million of net income.
15Competitors and what protects it
15Competitors and what protects it
Who does Humana compete with?
UnitedHealth Group
NYSE: UNH
Listed as "United" in the peer group Humana's Oct 9, 2026 8-K uses for its Medicare Advantage Star Ratings goal.
CVS Health
NYSE: CVS
Listed as "CVS" in the same Star Ratings peer group.
Elevance Health
NYSE: ELV
Listed as "Elevance" in the same Star Ratings peer group.
Centene
Listed in the same Star Ratings peer group.
Health Care Service Corporation (HCSC)
Listed as "HCSC" in the same Star Ratings peer group.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Medicare Advantage scale4 of 5
Humana had 6.46 million individual Medicare Advantage members at Sep 30, 2026, and these plans brought in 70.3% of FY2025 premiums and services revenue.
- Its own care businesses3 of 5
CenterWell ran 399 senior primary care centers with about 638,000 patients at Sep 30, 2026, plus a pharmacy and home health in 37 states.
- Government contract experience3 of 5
Humana held Medicaid contracts in 10 states and the TRICARE East Region military contract in its FY2025 10-K.
Weak spot
One main payer
83% of FY2025 premiums and services revenue came from federal government contracts, which CMS renews each year, and Star Ratings decide bonus payments.
16Where growth could come from
16Where growth could come from
Where could Humana's growth come from?
Humana said on Nov 6, 2026 that it expects 2026 GAAP EPS of at least $15.09, which includes $11.42 a share of gains from put and call valuation adjustments, and adjusted EPS of at least $9.50. It first guided on Feb 11, 2026 to GAAP EPS of at least $8.89 and adjusted EPS of at least $9.00, lowered the GAAP figure on Apr 29 and Jul 29, and reaffirmed both on Sep 1. Its Feb 11 guide for revenue of at least $160 billion was unchanged on Nov 6.
Individual Medicare Advantage members
Working+23.0% in 2026 to Sep 30
Members rose from 5,249,300 at Dec 31, 2025 to 6,456,900 at Sep 30, 2026. Humana guided on Feb 11, 2026 to growth of about 25% for the year.
Status: Working, on track against what the company said.
Medicare drug plans
WorkingAbout +1,220,000 individual members in 2026 to Sep 30
Humana said on Nov 6, 2026 that individual stand-alone drug plan members grew by about 1,220,000, or 54%, in 2026 to Sep 30, ahead of its Feb 11, 2026 plan of about 1 million more for the year. Counting group plans, stand-alone drug plan members totaled 4.03 million at Sep 30, 2026.
Status: Working, on track against what the company said.
CenterWell Senior Primary Care
Mixed+146,800 patients, +49 centers in 2026 to Sep 30
Management planned 60 to 70 new clinics and 120,000 to 140,000 more patients in 2026, it said on Feb 11, 2026.
Status: Mixed, partly on track.
Medicaid in more states
New13 states, with Georgia and Texas from 2027
Humana said on Feb 11, 2026 that its Medicaid footprint spans 13 states, including Georgia and Texas, which it expects to launch in 2027.
Status: New, recently announced.
Star Ratings for bonus year 2028
EarlyCompany says its "Top Quartile" goal was exceeded
Humana said on Oct 9, 2026 that its 2027 Star Ratings met its own goal: Stars revenue per member 10% above the median of a named peer group.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (10)
- Q3 FY2026 earnings release (8-K Ex. 99.1)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q4 FY2025 earnings release (8-K Ex. 99.1)
- Q1 FY2026 earnings release (8-K Ex. 99.1)
- Q2 FY2026 earnings release (8-K Ex. 99.1)
- Form 8-K, Item 7.01: FY2026 guidance reaffirmed
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A)
- Q4 FY2025 prepared management remarks (Feb 11, 2026; no Q&A)
- Form 8-K, Item 7.01: 2027 Medicare Advantage Star Ratings
17The company's own measures (non-GAAP)
17The company's own measures · FY2025, and Q3 FY2026 (quarter ended Sep 30, 2026)
What do Humana's own measures show?
Official (GAAP): Diluted EPS, FY2025
$9.84
Company's own measure: Adjusted EPS, FY2025
$17.14
Humana adds back, before tax, $513 million of put and call valuation adjustments on minority investments, $449 million of value-creation costs, $253 million of impairment charges, a $67 million loss on a business sale and $51 million of intangible amortization, among other items.
Official (GAAP): Income before income taxes and equity in net losses, FY2025
$1.6B
Company's own measure: Adjusted pretax income, FY2025
$2.8B
Same definition: the adjusted figure is $1,286 million higher (Cityfort calculation from the Q4 FY2025 earnings release).
Official (GAAP): Diluted EPS, Q3 FY2026
$1.33
Company's own measure: Adjusted EPS, Q3 FY2026
−$0.70
Humana leaves out a $358 million pretax gain from put and call valuation adjustments and adds back $25 million of value-creation costs and $10 million of amortization. A year earlier, adjusted EPS was $3.24 and diluted EPS $1.62.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength: investments, debt, capital
18Financial strength · Sep 30, 2026
How strong is Humana's balance sheet?
What the premiums are invested in
- Corporate bonds$8.6B
45.9% of the investments listed
- U.S. government agency mortgage-backed securities$4.3B
22.7% of the investments listed
- U.S. Treasury and agency bonds$2.7B
14.6% of the investments listed
- Asset-backed securities$1.3B
6.7% of the investments listed
- Commercial mortgage-backed securities$1.1B
6.0% of the investments listed
- Residential mortgage-backed securities$396M
2.1% of the investments listed
- Tax-exempt municipal bonds$360M
1.9% of the investments listed
Shares of the portfolio: Cityfort calculation from the FY2025 10-K, each type ÷ the total listed.
- Book value per share
- $146.42
- shareholders' equity per share at the end of FY2025, as reported
- Return on equity
- 7.0%
- net income as % of average shareholders' equity, as reported
- Investments
- $18.8B
- money held in bonds, stocks and cash until claims are paid
- Debt
- $12.5B
- borrowings on the balance sheet
- Shareholders' equity
- $18.8B
- what the company owns minus what it owes
- Debt to capital
- 40.9%
- debt ÷ (debt + equity), as reported by the company
- Members
- 15 million
- people covered at the end of FY2025, as reported
Humana says its state-regulated insurance subsidiaries had about $14.1 billion of statutory capital and surplus at Dec 31, 2025, above a $6.9 billion minimum, and about $15.7 billion against $8.9 billion at Jun 30, 2026. The 40.9% debt-to-total capitalization is as Humana states it, measured under its revolving credit agreement (maximum 60%); about 97% of its debt securities were investment grade.
Figures at Sep 30, 2026, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.
19Who owns it
19Who owns it · ownership as of Jan 15, 2026
Who owns Humana?
- Officers and directors (as a group), shares
- 0.2%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Humana's insiders report trading?
Humana's insiders made 46 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 1 purchase (810 shares) and no sales in the open market or privately (codes P and S).
The same filings report 60 other share transactions (F: 22, M: 22, A: 16).
They also report 28 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 61 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Humana's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
20What it does with profit
20What it does with profit
What does Humana do with its profit?
Dividend per share
$3.54FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
FY2021: paid $79 million for its own shares.
$79M
Buyback · Dec 31, 2022
FY2022: paid $2.1 billion for its own shares.
$2.1B
Buyback · Dec 31, 2023
FY2023: paid $1.6 billion for its own shares.
$1.6B
Buyback · Dec 31, 2024
FY2024: paid $817 million for its own shares.
$817M
Buyback · Dec 31, 2025
FY2025: paid $151 million for its own shares.
$151M
21Governance signals
21Governance signals
What do Humana's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1968
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Humana's board reviews related-person transactions under a written policy. For 2025, the 2026 proxy says the transactions reviewed were on ordinary-course terms, not material to Humana, and gave the related party no material interest.
- Credit rating
- S&P Global Ratings and Moody's (as stated in Humana's Q3 FY2026 10-Q) BBB (S&P) / Baa2 (Moody's) (Not stated in the filing), Sep 30, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
Department of Justice False Claims Act case
On May 1, 2025, the Department of Justice joined part of a whistleblower lawsuit. The complaint alleges civil violations tied to non-commission payments Humana made to three call center broker partners, and to its marketing of Medicare Advantage plans to people under 65. Humana says it will vigorously defend against the allegations.
other
Shareholder and consumer lawsuits
A putative stockholder class action filed in June 2024 alleges that Humana made false or misleading statements from July 2022 to October 2024 about its financial performance, medical costs, Star Ratings and some distribution relationships. Derivative suits allege breaches of duty by current and former directors and officers. A separate class action alleging Telephone Consumer Protection Act violations will proceed after an appeals court declined Humana's appeal request on Dec 30, 2025.
regulatory
Humana's own lawsuits against Medicare rules
Humana challenged its 2025 Star Ratings in court; the court rejected the challenge on Oct 14, 2025, and Humana's appeal is pending. A court vacated the government's Final RADV Rule on risk adjustment audits on Sep 25, 2025, after Humana sued; the government has appealed.
other
Board changes and pay vote
Robert S. Field joined the board after the 2026 annual meeting, following input from John Petry of Sessa Capital, Humana said. Frederick Crawford, former President and COO of Aflac, and Paul Smith joined on Jul 29, 2026. On Apr 16, 2026, 95.4% of votes cast for or against backed executive pay (Cityfort calculation from the 8-K filed Apr 20, 2026).
shares as collateral
Humana stock as loan collateral
Humana's policy bars all employees, including executive officers and directors, from hedging Humana stock, holding it in margin accounts or using it as collateral.
disclosure
What Humana does not report
Humana reports realized investment gains inside one investment income line, posts call remarks without the question-and-answer part, gives no Star Ratings percentages in its Oct 9, 2026 8-K, and has not stated the value of the stake it keeps in the new primary care joint venture.
Sources (9)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K, Item 5.02: new director Robert S. Field (press release Ex. 99.1)
- Form 8-K, Item 5.02: two new directors (press release Ex. 99)
- Form 8-K, Item 5.07: 2026 annual meeting vote results
- Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A)
- Form 8-K, Item 7.01, with press release: CenterWell primary care joint venture with BlackRock (HPS)
- Form 8-K, Item 7.01: 2027 Medicare Advantage Star Ratings
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for Humana on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: $411.79, the close shown in Nasdaq's historical price table for Humana; the shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 120.1 million shares (Sep 30, 2026), that is a market value of about $49.5 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 40.3 on diluted EPS of $10.23 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases). That EPS includes a Q4 FY2025 loss of $6.61 a share and a net $181 million pretax gain from put and call valuation adjustments in 2026. Price to book is 2.63 on Humana shareholders' equity of $18.8 billion at Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 earnings release). The $3.54 annual dividend ($0.885 a quarter) is 0.86% of this price.
- Share price
- $411.79
- Market value (market cap)
- $49.5B
- P/E
- 40.3×
- P/B
- 2.6×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
0.3×
$49.5B market value ÷ $154.2B revenue (four quarters to Sep 30, 2026) = 0.3×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: Nasdaq historical price table for HUM (NYSE-listed), close Nov 5, 2026; EDGAR company submissions for Humana Inc. (CIK 0000049071); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) and 5 more
How price ratios workDividend yield
0.86%
$3.54 dividends per share (FY2025) ÷ $411.79 share price = 0.86%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: Nasdaq historical price table for HUM (NYSE-listed), close Nov 5, 2026; EDGAR company submissions for Humana Inc. (CIK 0000049071); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) and 4 more
What dividend yield means
Shares used for the market value: 120.1 million ($411.79 × 120.1 million shares ≈ $49.5B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Source: Nasdaq historical price table for HUM (NYSE-listed), close Nov 5, 2026; EDGAR company submissions for Humana Inc. (CIK 0000049071); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) and 3 more
Sources (9)
- Nasdaq historical price table for HUM (NYSE-listed), close Nov 5, 2026
- EDGAR company submissions for Humana Inc. (CIK 0000049071)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 FY2026 earnings release (8-K Ex. 99.1)
- Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q4 FY2025 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q1 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Q2 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
23How it got here
23How it got here
How did Humana get here?
1964
Milestone
Organized in Delaware
Humana Inc. was organized as a Delaware corporation in 1964 and is based in Louisville, Kentucky.
2021
Business-model change
Bought Kindred at Home
The home health business, bought on Aug 17, 2021, is now CenterWell Home Health. Humana spent about $4.2 billion in cash on acquisitions in 2021.
2022
Business-model change
Sold most of Gentiva Hospice
Humana sold 60% of its hospice business on Aug 11, 2022, for a $237 million gain, and kept a minority stake.
2023
Business-model change
Exit from employer health plans
Announced in February 2023 and finalized in 2025: Humana stopped selling employer group commercial medical plans.
2024
Crisis
Star Ratings fell
The 2025 Star Ratings, published in October 2024, showed a significant decline in members in 4-star-or-higher plans. Humana sued; the court rejected the challenge in October 2025.
2024
Milestone
New CEO
James A. Rechtin became CEO on Jul 1, 2024.
2025
Business-model change
New military contract
Under the new TRICARE T-5 East Region contract, military members went from 6.0 million at Dec 31, 2024 to 4.6 million at Dec 31, 2025.
2026
Business-model change
Bought MaxHealth
Humana bought MaxHealth, a Florida primary care group, on Feb 13, 2026 for about $908 million in cash, net.
2026
Business-model change
Primary care joint venture with BlackRock's HPS
Announced on Oct 13, 2026: a new CenterWell primary care joint venture with HPS replaced the earlier ones with Welsh, Carson, Anderson & Stowe.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 8-K, Item 7.01, with press release: CenterWell primary care joint venture with BlackRock (HPS)
- Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A)
24Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
- S6Q3 FY2026 earnings release (8-K Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
- S7Q3 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
- S8Q2 FY2026 earnings release (8-K Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S9Q2 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S10Q1 FY2026 earnings release (8-K Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S11Q1 FY2026 detailed earnings release and statistical supplement (8-K Ex. 99.2) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S12Q4 FY2025 earnings release (8-K Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S13Q4 FY2025 detailed earnings release and statistical supplement (8-K Ex. 99.2) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S14Q3 FY2026 prepared management remarks (Nov 6, 2026; no Q&A) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2026
- S15Q4 FY2025 prepared management remarks (Feb 11, 2026; no Q&A) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S162026 proxy statement (DEF 14A) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2026
- S17Form 8-K, Item 5.07: 2026 annual meeting vote results · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
- S18Schedule 13G/A, The Vanguard Group (event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S19Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S20Schedule 13G/A, Dodge & Cox (event Mar 31, 2026) · Dodge & Cox (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
- S21Form 8-K, Item 7.01, with press release: CenterWell primary care joint venture with BlackRock (HPS) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 13, 2026
- S22Form 8-K, Item 7.01: 2027 Medicare Advantage Star Ratings · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2026
- S23Form 8-K, Item 7.01: FY2026 guidance reaffirmed · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
- S24Form 8-K, Items 1.01/2.03: $1.0 billion 6.625% junior subordinated notes due 2056 · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 9, 2026
- S25Form 8-K, Items 1.01/2.03: pre-capitalized trust securities (P-Caps) facility · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
- S26Form 8-K, Item 5.02: two new directors (press release Ex. 99) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S27Form 8-K, Item 5.02: new director Robert S. Field (press release Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 10, 2026
- S28Form 8-K, Item 5.02: Insurance segment leadership changes (press release Ex. 99.1) · Humana Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 16, 2025
- S29Nasdaq historical price table for HUM (NYSE-listed), close Nov 5, 2026 · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 7, 2026
- S30EDGAR company submissions for Humana Inc. (CIK 0000049071) · SEC EDGAR · Tier 1: company or exchange filing · Nov 7, 2026
Changes to this page (v1 · Nov 7, 2026)
- v1 · Nov 7, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.