Revenue growth accelerated to 23.5% in 2026Q1, though profitability remains strained by gross margins that have fluctuated between 11.7% and 17.4% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 137.2B | 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 % | 14.08% | 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% |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 19.22B | 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 % | 14.01% | 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% | - | - | 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 | 17.83B | 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 % of Revenue | - | 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% | - | 15.23% | 97.25% | 98.19% | 98.2% | 98.92% | 103.96% | 97.94% | 14.14% | 15.42% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.88B | 1.87B | 1.78B | 1.55B | 1.52B | 1.47B | 1.41B | 1.12B | 940M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.33% | 15.27% | 15.82% | 15.16% | 14.39% | 14.36% | 14.32% | 13.89% | 13.85% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.38B | 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 % | 1.01% | 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 | 2.19B | 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 % | 1.59% | 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% |
| EBITDA Growth % | -32.21% | -12.25% | -38.75% | -3.9% | 6.7% | -21.89% | 30.78% | 55.1% | -31.57% | 72.76% | -21.05% | -0.6% | 13.03% | 3.62% | -9.33% | 16.1% | 16.45% | 40.19% | -9.49% | 58.45% | 65.09% | 5.94% | 20.26% | 42.78% | -8.42% | 32.32% | 196.3% | -183.93% | -95.28% | 20.02% | 39.36% |
| D&A (Non-Cash Add-back) | 803M | 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 |
| EBIT | 2.05B | 2.08B | 2.29B | 3.81B | 3.96B | 3.75B | 4.96B | 3.71B | 2.29B | 4.75B | 2.21B | 3.06B | 2.81B | 2.49B | 2.35B | 2.65B | 2.12B | 1.96B | 1.29B | 1.54B | 973.82M | 461.03M | 439.02M | 353.58M | 220.8M | 208.38M | 142.6M | -371.45M | 250.06M | 20M | 11M |
| Net Interest Income | -664M | -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 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 664M | 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 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.38B | 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 % | 1.01% | 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% | - | - |
| Income Tax | 239M | 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 % | 17.27% | 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 | 1.13B | 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 % | 0.82% | 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 % | -33.92% | -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% |
| Net Income (Continuing) | 1.15B | 1.2B | 1.21B | 2.48B | 2.8B | 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 | 129M | 173M | 12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 66M | 80M | 70M | 56M | 59M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.37 | 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 % | -33.92% | -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 | 120.65M | 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 |
| Basic Shares Outstanding | 120.33M | 120.45M | 120.57M | 123.87M | 126.42M | 128.69M | 132.2M | 134.05M | 137.49M | 144.49M | 149.37M | 149.45M | 154.19M | 157.5M | 161.48M | 165.41M | 167.78M | 167.36M | 167.17M | 166.87M | 164.12M | 161.51M | 160.01M | 158.68M | 167.95M | 165.03M | 166.76M | 167.73M | 167.48M | 163.41M | 162.53M |
| Dividend Payout Ratio | - | 36.2% | 35.71% | 17.32% | 13.97% | 12.07% | 9.59% | 10.75% | 15.75% | 8.99% | 28.83% | 13.48% | 15% | 13.65% | 13.5% | 5.78% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
CMS reimbursement rate volatility
According to the latest quarterly financial data, Humana achieved a 23.5% year-over-year revenue increase in 2026Q1, marking a significant acceleration from the double-digit growth rates observed throughout 2024 and 2025, which suggests a successful scaling of its core Medicare Advantage membership base despite broader industry headwinds.
The recent surge in top-line performance appears to be driven by aggressive member acquisition, though investors should monitor whether this growth is sustainable given the competitive intensity of the Medicare Advantage market. The acceleration warrants further investigation into whether this volume expansion is coming at the expense of long-term pricing power or if it reflects a successful capture of market share from less specialized peers.
As reported in recent income statements, Humana's gross margin fluctuated between 11.7% and 17.4% over the last ten quarters, reflecting the inherent volatility of medical loss ratios in a post-pandemic environment where senior utilization of outpatient and orthopedic services has consistently pressured the company's core profitability.
The inability to maintain a stable gross margin suggests that the company's actuarial models may be struggling to keep pace with the current medical cost trend. This margin instability implies that Humana is highly sensitive to external utilization shocks, making its profitability profile appear structurally vulnerable to any unexpected spikes in high-acuity care demand.
Based on the provided financial history, the fourth quarter of each fiscal year consistently acts as a negative inflection point, with 2024Q4 and 2025Q4 reporting operating losses of $899 million and $1.0 billion respectively, highlighting a recurring seasonal pattern of elevated medical claims and year-end reserve adjustments.
These recurring year-end losses suggest that the company's cost recognition process is heavily back-weighted, potentially masking underlying margin trends during the first three quarters of the year. Analysts should interpret these Q4 results as a critical indicator of the company's true annual medical cost exposure rather than mere seasonal noise.
Data from the company's recent filings indicates that the reliance on government-funded programs creates a binary risk profile, where any adverse shift in CMS reimbursement rates or Star Rating methodologies could rapidly erode the thin operating margins that currently characterize the firm's core insurance operations.
Short-term profitability gains may be masking a long-term structural risk where the cost of providing care in a value-based model exceeds the reimbursement growth provided by federal regulators. Investors should remain cautious, as the current reliance on Medicare Advantage leaves little room for error if medical inflation continues to outpace annual premium adjustments.
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.