Humana Inc
NYSE: HUM · HEALTHCARE · HEALTHCARE PLANS
Updated 2026-06-05
Humana Inc (HUM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.42B | $25.29B | $29.05B | $30.96B | $33.87B | $36.83B | $39.13B | $41.31B | $48.50B | $54.29B | $54.41B | $53.80B | $56.94B | $64.93B | $77.19B | $83.65B | $92.92B | $106.44B | $117.81B | $129.66B |
| Revenue growth (YoY) | — | +18.1% | +14.9% | +6.6% | +9.4% | +8.8% | +6.2% | +5.6% | +17.4% | +11.9% | +0.2% | -1.1% | +5.8% | +14.0% | +18.9% | +8.4% | +11.1% | +14.5% | +10.7% | +10.1% |
| Cost of revenue | $17.42B | $20.27B | $23.71B | $24.78B | $27.09B | $28.82B | $30.94B | $32.56B | $38.17B | $44.18B | $44.90B | $43.39B | $45.75B | $53.74B | $61.50B | $69.20B | $75.69B | $88.39B | $100.66B | $110.81B |
| Gross profit | $3.17B | $3.66B | $4.17B | $4.48B | $4.76B | $5.67B | $6.13B | $6.69B | $7.97B | $7.76B | $7.77B | $7.08B | $11.19B | $11.19B | $15.69B | $14.45B | $17.23B | $18.05B | $17.15B | $18.85B |
| Gross margin | 14.8% | 14.5% | 14.3% | 14.5% | 14.1% | 15.4% | 15.7% | 16.2% | 16.4% | 14.3% | 14.3% | 13.2% | 19.7% | 17.2% | 20.3% | 17.3% | 18.5% | 17.0% | 14.6% | 14.5% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $3.02B | $3.48B | $3.94B | $4.23B | $4.66B | $5.39B | $5.83B | $6.36B | $7.64B | $7.32B | $7.28B | $6.57B | $7.53B | $7.38B | $10.05B | $10.12B | — | $265.00M | $248.00M | $242.00M |
| Operating income | $825.23M | $1.36B | $1.18B | $1.71B | $2.02B | $2.34B | $2.06B | $2.06B | $2.36B | $2.35B | $1.74B | $3.33B | $2.07B | $3.47B | $4.67B | $3.42B | $3.56B | $3.32B | $1.63B | $1.45B |
| Operating margin | 3.9% | 5.4% | 4.0% | 5.5% | 6.0% | 6.4% | 5.3% | 5.0% | 4.9% | 4.3% | 3.2% | 6.2% | 3.6% | 5.3% | 6.1% | 4.1% | 3.8% | 3.1% | 1.4% | 1.1% |
| EBITDA | $973.82M | $1.54B | $103.10M | $1.96B | $162.40M | $2.65B | $46.00M | $2.49B | $2.81B | $-270.00M | $2.21B | $-936.00M | $2.83B | $4.29B | $5.57B | $4.46B | $4.81B | $4.73B | $3.25B | $2.91B |
| EBITDA margin | 4.5% | 6.1% | 0.4% | 6.3% | 0.5% | 7.2% | 0.1% | 6.0% | 5.8% | -0.5% | 4.1% | -1.7% | 5.0% | 6.6% | 7.2% | 5.3% | 5.2% | 4.4% | 2.8% | 2.2% |
| EBIT | $825.23M | $1.36B | $-117.25M | $1.71B | $-100.60M | $2.34B | $-292.00M | $2.06B | $2.36B | $-717.00M | $1.74B | $-1.42B | $2.29B | $3.71B | $4.96B | $3.75B | $3.96B | $3.81B | $2.29B | $2.08B |
| Interest expense | $63.14M | $68.88M | $80.29M | $105.84M | $105.00M | $109.00M | $105.00M | $140.00M | $192.00M | $186.00M | $189.00M | $242.00M | $218.00M | $242.00M | $283.00M | $326.00M | $401.00M | $493.00M | $660.00M | $631.00M |
| Income tax | $274.66M | $455.62M | $345.69M | $562.09M | $650.00M | $816.00M | $689.00M | $690.00M | $1.02B | $1.16B | $938.00M | $1.57B | $391.00M | $763.00M | $1.31B | $485.00M | $762.00M | $836.00M | $413.00M | $250.00M |
| Effective tax rate | 36.0% | 35.3% | 34.8% | 35.1% | 37.2% | 36.5% | 36.1% | 35.9% | 47.1% | 47.5% | 60.4% | 39.1% | 18.9% | 22.0% | 28.0% | 14.2% | 21.4% | 25.1% | 25.5% | 17.4% |
| Net income | $487.42M | $833.68M | $647.15M | $1.04B | $1.10B | $1.42B | $1.22B | $1.23B | $1.15B | $1.28B | $614.00M | $2.45B | $1.68B | $2.71B | $3.37B | $2.93B | $2.81B | $2.49B | $1.21B | $1.19B |
| Net income growth (YoY) | — | +71.0% | -22.4% | +60.7% | +5.7% | +29.1% | -13.9% | +0.7% | -6.8% | +11.2% | -51.9% | +298.7% | -31.3% | +60.8% | +24.4% | -12.9% | -4.3% | -11.3% | -51.5% | -1.6% |
| Profit margin | 2.3% | 3.3% | 2.2% | 3.4% | 3.2% | 3.9% | 3.1% | 3.0% | 2.4% | 2.4% | 1.1% | 4.6% | 3.0% | 4.2% | 4.4% | 3.5% | 3.0% | 2.3% | 1.0% | 0.9% |
Frequently asked questions
What is Humana Inc's revenue?
Humana Inc's trailing twelve-month revenue is $137.20B, and consensus projects about $211.50B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is HUM?
In its most recent fiscal year, HUM ran a gross margin of 14.54%, an operating margin of 1.12%, and a net margin of 0.92%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does HUM generate?
HUM produced $375.00M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is HUM's balance sheet healthy?
HUM holds $4.20B in cash and equivalents against $12.37B in long-term debt, on $17.66B of shareholder equity. That debt is best read against the cash flow the business throws off each year.