Revenue growth accelerated to 26.2% year-over-year in 2026Q2, reaching $40.9B, but the combined ratio of 96.7% indicates a narrow underwriting margin of just 3.3%.
Humana Inc. (HUM) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 145.68B | 129.66B | 117.81B | 106.44B | 92.92B | 83.65B | 77.19B | 64.93B | 56.94B | 53.8B | 54.41B | 54.29B | 48.5B | 41.31B | 39.13B | 36.83B | 33.87B | 30.96B | 29.05B | 25.29B | 21.42B | 14.42B | 13.1B | 12.23B | 11.26B | 10.19B | 10.6B | 10.21B | 9.87B | 8.04B | 6.79B |
| Revenue Growth % | 18.33% | 10.06% | 10.68% | 14.55% | 11.09% | 8.37% | 18.88% | 14.03% | 5.84% | -1.11% | 0.21% | 11.94% | 17.4% | 5.59% | 6.23% | 8.75% | 9.39% | 6.58% | 14.87% | 18.09% | 48.54% | 10.03% | 7.18% | 8.57% | 10.46% | -3.79% | 3.76% | 3.5% | 22.77% | 18.39% | 44.36% |
| Medical Costs & Claims | 125.79B | 110.81B | 100.66B | 88.39B | 75.69B | 69.2B | 61.5B | 53.74B | 45.75B | 43.39B | 44.9B | 44.18B | 38.17B | 32.56B | 30.94B | 28.82B | 27.09B | 24.78B | 23.71B | 20.27B | 17.42B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 86.35% | 85.46% | 85.45% | 83.05% | 81.46% | 82.73% | 79.67% | 82.76% | 80.35% | 80.65% | 82.52% | 81.37% | 78.69% | 78.82% | 79.08% | 78.26% | 79.98% | 80.02% | 81.61% | 80.15% | 81.34% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Gross Profit | 19.89B | 18.85B | 17.15B | 18.05B | 17.23B | 14.45B | 15.69B | 11.19B | 11.19B | 7.08B | 7.77B | 7.76B | 7.97B | 6.69B | 6.13B | 5.67B | 4.76B | 4.48B | 4.17B | 3.66B | 3.17B | 0 | 0 | 12.23B | 11.26B | 10.19B | 10.6B | 10.21B | 9.87B | 8.04B | 6.79B |
| Gross Margin % | 13.65% | 14.54% | 14.55% | 16.95% | 18.54% | 17.27% | 20.33% | 17.24% | 19.65% | 13.17% | 14.28% | 14.3% | 16.44% | 16.19% | 15.65% | 15.38% | 14.06% | 14.46% | 14.34% | 14.48% | 14.8% | 0% | 0% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 9.94% | -4.98% | 4.72% | 19.26% | -7.91% | 40.18% | 0.02% | 57.95% | -8.79% | 0.04% | -2.6% | 19.2% | 9.19% | 8.12% | 18.93% | 6.38% | 7.51% | 13.76% | 15.49% | - | - | -100% | 8.57% | 10.46% | -3.79% | 3.76% | 3.5% | 22.77% | 18.39% | 44.36% |
| Operating Expenses | 17.87B | 17.4B | 15.52B | 14.73B | 13.67B | 11.03B | 11.02B | 7.72B | 9.12B | 7.08B | 7.77B | 7.76B | 7.97B | 6.69B | 6.13B | 5.67B | 4.76B | 4.48B | 4.17B | 3.66B | 3.17B | 0 | 2B | 11.89B | 11.06B | 10.01B | 10.48B | 10.62B | 9.66B | 1.14B | 1.05B |
| OpEx / Revenue % | 12.27% | 13.42% | 13.17% | 13.84% | 14.71% | 13.19% | 14.27% | 11.89% | 16.01% | 13.17% | 14.28% | 14.3% | 16.44% | 16.19% | 15.65% | 15.38% | 14.06% | 14.46% | 14.34% | 14.48% | 14.8% | 0% | 15.23% | 97.25% | 98.19% | 98.2% | 98.92% | 103.96% | 97.94% | 14.14% | 15.42% |
| Depreciation & Amortization | 751M | 824M | 968M | 917M | 845M | 713M | 616M | 575M | 534M | 485M | 465M | 447M | 449M | 426M | 338M | 303M | 263M | 250.27M | 220.35M | 184.81M | 148.6M | 128.86M | 117.79M | 126.78M | 120.73M | 171.02M | 153.62M | 126.96M | 128M | 108M | 98M |
| Combined Ratio % | 98.61% | 98.88% | 98.62% | 96.88% | 96.16% | 95.91% | 93.94% | 94.66% | 96.36% | 93.82% | 96.8% | 95.68% | 95.13% | 95.01% | 94.73% | 93.64% | 94.04% | 94.48% | 95.95% | 94.63% | 96.15% | 0% | 15.23% | 97.25% | 98.19% | 98.2% | 98.92% | 103.96% | 97.94% | 14.14% | 15.42% |
| Operating Income | 2.02B | 1.45B | 1.63B | 3.32B | 3.56B | 3.42B | 4.67B | 3.47B | 2.07B | 3.33B | 1.74B | 2.35B | 2.36B | 2.06B | 2.06B | 2.34B | 2.02B | 1.71B | 1.18B | 1.36B | 825.23M | 461.03M | 439.02M | 336.21M | 203.55M | 183.08M | 113.99M | -404.84M | 203.08M | 6.9B | 5.74B |
| Operating Margin % | 1.39% | 1.12% | 1.38% | 3.12% | 3.84% | 4.09% | 6.06% | 5.34% | 3.64% | 6.18% | 3.2% | 4.32% | 4.87% | 4.99% | 5.27% | 6.36% | 5.96% | 5.52% | 4.05% | 5.37% | 3.85% | 3.2% | 3.35% | 2.75% | 1.81% | 1.8% | 1.08% | -3.96% | 2.06% | 85.86% | 84.58% |
| Operating Income Growth % | - | -10.69% | -50.99% | -6.85% | 4.24% | -26.85% | 34.7% | 67.31% | -37.64% | 91.04% | -25.82% | -0.64% | 14.6% | -0.05% | -12.03% | 16.21% | 18.12% | 45.18% | -13.4% | 64.58% | 79% | 5.01% | 30.58% | 65.18% | 11.18% | 60.61% | 128.16% | -299.35% | -97.06% | 20.19% | 39.34% |
| EBITDA | 2.77B | 2.28B | 2.6B | 4.24B | 4.41B | 4.13B | 5.29B | 4.04B | 2.61B | 3.81B | 2.21B | 2.79B | 2.81B | 2.49B | 2.4B | 2.65B | 2.28B | 1.96B | 1.4B | 1.54B | 973.82M | 589.89M | 556.81M | 462.99M | 324.28M | 354.1M | 267.61M | -277.88M | 331.08M | 7.01B | 5.84B |
| EBITDA Margin % | 1.9% | 1.76% | 2.2% | 3.98% | 4.74% | 4.94% | 6.85% | 6.23% | 4.58% | 7.08% | 4.05% | 5.15% | 5.8% | 6.02% | 6.13% | 7.19% | 6.73% | 6.32% | 4.81% | 6.1% | 4.55% | 4.09% | 4.25% | 3.79% | 2.88% | 3.47% | 2.53% | -2.72% | 3.36% | 87.21% | 86.02% |
| Interest Expense | 704M | 631M | 660M | 493M | 401M | 326M | 283M | 242M | 218M | 242M | 189M | 186M | 192M | 140M | 105M | 109M | 105M | 105.84M | 80.29M | 68.88M | 63.14M | 39.31M | 23.17M | 17.37M | 17.25M | 25.3M | 28.61M | 33.39M | 46.97M | 20M | 11M |
| Non-Operating Income | -296M | -631M | -660M | -493M | -401M | -326M | -283M | -242M | -218M | 694M | -189M | 84M | -192M | -140M | -151M | -109M | -267.46M | -105.84M | -183.39M | -68.88M | -63.14M | 0 | 0 | -17.37M | -17.25M | -25.3M | -28.61M | -33.39M | -46.97M | 6.88B | 5.73B |
| Pretax Income | 1.61B | 1.45B | 1.63B | 3.32B | 3.56B | 3.42B | 4.67B | 3.47B | 2.07B | 4.02B | 1.55B | 2.43B | 2.17B | 1.92B | 1.91B | 2.23B | 1.75B | 1.6B | 992.85M | 1.29B | 762.09M | 421.71M | 415.85M | 336.21M | 203.55M | 183.08M | 113.99M | -404.84M | 203.08M | 0 | 0 |
| Pretax Margin % | 1.11% | 1.12% | 1.38% | 3.12% | 3.84% | 4.09% | 6.06% | 5.34% | 3.64% | 7.47% | 2.85% | 4.48% | 4.47% | 4.65% | 4.88% | 6.07% | 5.17% | 5.17% | 3.42% | 5.1% | 3.56% | 2.92% | 3.17% | 2.75% | 1.81% | 1.8% | 1.08% | -3.96% | 2.06% | 0% | 0% |
| Income Tax | 298M | 250M | 413M | 836M | 762M | 485M | 1.31B | 763M | 391M | 1.57B | 938M | 1.16B | 1.02B | 690M | 689M | 816M | 650M | 562.09M | 345.69M | 455.62M | 274.66M | 113.23M | 135.84M | 112.47M | 67.18M | 65.91M | 23.94M | -22.42M | 74M | 97M | 6M |
| Effective Tax Rate % | 18.46% | 17.21% | 25.38% | 25.18% | 21.38% | 14.19% | 27.96% | 21.99% | 18.85% | 39.1% | 60.44% | 47.51% | 47.14% | 35.92% | 36.05% | 36.51% | 37.15% | 35.09% | 34.82% | 35.34% | 36.04% | 26.85% | 32.67% | 33.45% | 33% | 36% | 21% | 5.54% | 36.44% | - | - |
| Net Income | 1.28B | 1.19B | 1.21B | 2.49B | 2.81B | 2.93B | 3.37B | 2.71B | 1.68B | 2.45B | 614M | 1.28B | 1.15B | 1.23B | 1.22B | 1.42B | 1.1B | 1.04B | 647.15M | 833.68M | 487.42M | 308.48M | 280.01M | 223.74M | 142.75M | 117.17M | 90.05M | -382.42M | 128.96M | 173M | 12M |
| Net Margin % | 0.88% | 0.92% | 1.02% | 2.34% | 3.02% | 3.51% | 4.36% | 4.17% | 2.96% | 4.55% | 1.13% | 2.35% | 2.36% | 2.98% | 3.12% | 3.85% | 3.24% | 3.36% | 2.23% | 3.3% | 2.28% | 2.14% | 2.14% | 1.83% | 1.27% | 1.15% | 0.85% | -3.74% | 1.31% | 2.15% | 0.18% |
| Net Income Growth % | -18.91% | -1.57% | -51.51% | -11.3% | -4.33% | -12.89% | 24.38% | 60.84% | -31.25% | 298.7% | -51.88% | 11.25% | -6.82% | 0.74% | -13.88% | 29.12% | 5.71% | 60.65% | -22.37% | 71.04% | 58.01% | 10.17% | 25.15% | 56.73% | 21.83% | 30.11% | 123.55% | -396.55% | -25.46% | 1341.67% | -93.68% |
| EPS (Diluted) | 10.57 | 9.84 | 9.98 | 20.00 | 22.08 | 22.67 | 25.31 | 20.10 | 12.16 | 16.81 | 4.07 | 8.44 | 7.36 | 7.73 | 7.47 | 8.46 | 6.47 | 6.15 | 3.83 | 4.91 | 2.90 | 1.87 | 1.72 | 1.38 | 0.83 | 0.70 | 0.54 | -2.28 | 0.77 | 1.05 | 0.07 |
| EPS Growth % | -18.96% | -1.4% | -50.1% | -9.42% | -2.6% | -10.43% | 25.92% | 65.3% | -27.66% | 313.02% | -51.78% | 14.67% | -4.79% | 3.48% | -11.7% | 30.76% | 5.2% | 60.57% | -22% | 69.31% | 55.08% | 8.72% | 24.64% | 66.27% | 18.57% | 29.63% | 123.68% | -396.1% | -26.67% | 1400% | -93.97% |
| EPS (Basic) | - | 9.87 | 10.01 | 20.09 | 22.20 | 22.79 | 25.47 | 20.19 | 12.24 | 16.94 | 4.11 | 8.54 | 7.44 | 7.82 | 7.57 | 8.58 | 6.55 | 6.21 | 3.87 | 5.00 | 2.97 | 1.91 | 1.75 | 1.41 | 0.85 | 0.71 | 0.54 | -2.28 | 0.77 | 1.06 | 0.07 |
| Diluted Shares Outstanding | 120.89M | 120.83M | 120.87M | 124.44M | 127.09M | 129.4M | 133.01M | 134.73M | 138.4M | 145.58M | 150.92M | 151.14M | 155.87M | 159.15M | 163.46M | 167.83M | 169.8M | 169.07M | 168.97M | 169.82M | 168.08M | 164.96M | 162.8M | 162.13M | 171.99M | 167.39M | 166.76M | 167.73M | 167.48M | 165.84M | 165.28M |
Quick answers to the most common questions about buying HUM stock.
For fiscal year 2025, Humana Inc. (HUM) reported total revenue of $129.66B. This represents a 1810.2% increase compared to $6.79B in 1996.
Humana Inc. (HUM) is profitable, generating $1.19B in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Humana Inc. (HUM) reported an operating income of $1.45B, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Humana Inc. (HUM) generated $18.85B in gross profit for the year, representing a gross profit margin of 14.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Medicare Advantage reimbursement pressure
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Sharply
Humana's revenue surged 26.2% year-over-year in 2026Q2, reaching $40.9B, according to the latest quarterly report, signaling robust membership expansion and pricing actions.
The acceleration from 11.3% growth in 2025Q4 to 26.2% in 2026Q2 suggests a significant inflection, likely driven by Medicare Advantage enrollment gains and premium rate increases. This pace outpaces peers like UNH (11.8%) and ELV (12.6%), indicating Humana is capturing market share. However, sustainability depends on the competitive landscape and regulatory changes.
Underwriting Profitability Remains Thin
The combined ratio improved to 96.7% in 2026Q2 from 103.2% in 2025Q4, as per financial statements, but still leaves a narrow underwriting margin of 3.3%.
While the combined ratio has dipped below 100% in recent quarters, the loss ratio of 86.5% indicates high medical cost pressure. The improvement from the 2025Q4 loss-making quarter suggests better cost management, but the margin is vulnerable to utilization spikes. Compared to peers, Humana's operating margin of 3.4% (2026Q2) is below UNH's 4.2%, highlighting a competitive disadvantage in cost efficiency.
Reserve Releases Mask Underlying Trends
Prior-year reserve releases appear to have supported earnings, as evidenced by the 2026Q2 net income of $693M despite a 96.7% combined ratio, based on reported figures.
The gap between the combined ratio and net income suggests favorable reserve development is contributing to profitability. This may indicate that current underwriting performance is weaker than reported, as releases can inflate earnings. Investors should monitor the quality of reserves, as excessive releases could signal inadequate reserving in prior periods.
Investment Income Not a Major Driver
Investment income data is unavailable for all quarters, but given the focus on health insurance, it likely contributes minimally to overall earnings, as per the income statement.
Unlike P&C insurers, health insurers like Humana rely primarily on underwriting income. The absence of investment income figures suggests it is not a material component of profitability. This reduces sensitivity to market fluctuations but also limits a potential buffer during underwriting downturns.
Expense Ratio Efficiency Improves
The expense ratio, derived from the combined ratio minus loss ratio, fell to 10.2% in 2026Q2 from 14.9% in 2025Q4, as per company filings, indicating improved operating leverage.
The decline in the expense ratio suggests Humana is scaling its administrative costs effectively as revenue grows. This is a positive sign for operating efficiency, but it may also reflect cost-cutting measures that could impact service quality. The company's ability to maintain this efficiency while managing medical costs will be crucial for sustaining profitability.
2025Q4 Loss Marks Turning Point
The 2025Q4 underwriting loss, with a combined ratio of 103.2% and net loss of $796M, as reported, appears to be a trough from which Humana has rebounded strongly.
The sharp recovery in 2026Q1 and Q2, with combined ratios below 97%, suggests that the Q4 loss was driven by one-off items or seasonal factors. This inflection indicates that management has addressed the underlying issues, but the volatility in quarterly results warrants caution. The ability to sustain this improvement will be key to restoring investor confidence.
What Could Invalidate the Base Case
Despite recent improvements, Humana's underwriting margins remain thin, and the reliance on reserve releases may mask underlying cost pressures, as per the latest financials.
The 2026Q2 combined ratio of 96.7% leaves only a 3.3% margin, which could be easily eroded by higher-than-expected medical utilization or regulatory changes in Medicare Advantage reimbursement. Additionally, the favorable reserve development that appears to be boosting earnings may not be sustainable, and if reserves are inadequate, future earnings could be negatively impacted. Investors should also consider the competitive pressures from peers like UNH and ELV, which have stronger operating margins, suggesting Humana may need to improve cost efficiency to maintain profitability.