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HumanaHUM

Legal name
Humana Inc.
Sector
Healthcare
Industry
Hospital & Medical Service Plans
Exchange
NYSE

Stock Price $HUM

Latest filings

You are here#31 of 53 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K199

HUM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 199 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $129.66B
YoY changeLargest recent move+18.9%in FY20Latest +10.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All HUM Financial Metrics55 metrics

Income Statement11

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

Humana Financial Overview 2021–2025

Updated Nov 4, 2026

Humana's revenue grew 56%a between FY2021 and FY2025, while its diluted EPS fell 57% over the same stretch. That gap is the story. Humana became a much bigger insurer that earns far less on each premium dollar, and its valuation rests on a margin recovery rather than on FY2025 results.

Revenue climbed from $83.06 billion in FY2021 to $129.66 billionb in FY2025, while diluted EPS slid from $22.67 to $9.84. The culprit is medical costs. The benefit ratio rose from 86.7% in FY2021 to 89.8% in FY2024, even as the operating cost ratio improved from 12.2% to 11.8%. Net income in FY2025 was about $1.2 billion, weighed down by $513 million of put/call valuation adjustments, $449 million of value creation charges and $253 million of impairments. Operating cash flow dropped to $921 million from $2.97 billion in FY2024. Individual Medicare Advantage membership fell 7.3% to 5,249,300 as Humana exited unprofitable plans and counties.

The market priced that reset richly. At the close of FY2025, the shares traded at $256.13c, or 26.0x earnings. At that multiple, investors are paying up for earnings that have yet to return.

Recent Developments (Q1 and Q2 2026)

Humana's Q2 2026 earnings rose to $5.73d per diluted share from $4.51, but the benefit ratio climbed to 91.1% from 89.7%. Revenue reached $40.87 billion, up from $32.39 billion, as individual Medicare Advantage membership grew 23.4% to 6,453,700. In July, management cut FY2026 GAAP EPS guidance to at least $6.52 from $8.36 and held adjusted EPS at $9.00. On October 8, Humana said final 2027 Star Ratings beat its top-quartile goal. On October 12, it announced a joint venture with HPS (BlackRock) for nearly 150 CenterWell clinics, expected to close in Q4 2026.

The bull case: Stars strength supports a 2028 earnings benefit and the venture lowers capital costs. The bear case: the benefit ratio is rising, debt-to-capitalization reached 42.7%, and RADV litigation is unresolved. At 41.1x earnings as of the July 28, 2026 report date, the stock is priced for recovery.

What to watch: December 10 investor update on 2028 benefit sizing; Fifth Circuit ruling on the RADV rule

03—Filings

Recent SEC Filings

  1. 8-KHumana 8-K Report, Regulation FD Disclosure (Oct 13, 2026)On October 13, 2026, Humana Inc. (NYSE: HUM) announced a new joint venture with funds and accounts managed by HPS Investment Partners, a part of BlackRock, to manage and operate an existing network of nearly 150 CenterWell Senior Primary Care clinics. The new joint venture replaces CenterWell's existing joint ventures with Welsh, Carson, Anderson & Stowe (WCAS) through BlackRock's acquisition of WCAS's current equity stake, which is valued at approximately $2.8 billion, with modified terms. The new joint venture is majority owned by BlackRock and minority owned by CenterWell, and CenterWell will continue to manage the clinics. Humana expects a significant reduction in balance sheet liabilities because the new arrangement has no put option, though it will create a derivative instrument recorded at fair value. Humana also anticipates a significantly lower cost of capital and expects the transaction to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals. Humana also affirmed its FY 2026 guidance of at least $9.00 in adjusted EPS, stating it does not expect changes to that non-GAAP guidance. The company does expect potential changes to its FY 2026 GAAP EPS guidance, driven by value creation initiatives including the significant reduction in liabilities from removing the WCAS put option. The company is still completing its close for the third quarter and says a GAAP reconciliation is not available without unreasonable effort at this time. The release states the transaction is not expected to have a material impact on Humana's 2026 adjusted earnings guidance. The filing also notes this is Humana's second strategic transaction with BlackRock this year, following a definitive agreement to divest all or substantially all of its minority interest in Gentiva to a consortium of investors that includes BlackRock. Beginning in 2028, CenterWell may elect to purchase clinics from the joint venture. If CenterWell has not acquired all clinics by the end of 2033, BlackRock may exit through a sale process, subject to CenterWell's right of first offer on remaining clinics.
  2. 8-KHumana 8-K Report, Regulation FD Disclosure (Oct 9, 2026)Humana Inc. reported in this Form 8-K, under Regulation FD, that based on final 2027 Medicare Advantage (MA) Star Ratings data (Bonus Year 2028) provided by the Centers for Medicare and Medicaid Services (CMS) on October 8, 2026, it has exceeded its goal of Top Quartile results. The company defines Top Quartile as Stars revenue per member per month (PMPM) 10% above the peer group median, with peers including Centene, CVS, Elevance, HCSC, and United. The comparison normalizes for plan design, geographic mix, and membership mix using a consistent 3.0 benchmark of $1,370, a risk score of 1.15, and a $222 rebate for all payers. Humana cautions that actual 2028 Stars revenue PMPM will differ based on 2028 membership, contract mix, risk scores, benchmark, and rebates. Humana expects to manage its product and benefit structure to approximate Top Quartile results. It anticipates that part of its 2028 outperformance relative to Top Quartile will be one-time in nature, and expects a 2028 benefit that it will use for one-time investments and return to shareholders. The company will provide more detail on the size and use of this benefit once it has more 2028 information, and intends to do so before or when it gives detailed 2028 guidance on its fourth quarter 2027 earnings call. Humana also states it is well positioned to deliver on its commitment to unlock earnings potential by 2028, as laid out at its 2025 Investor Day. It will hold a virtual investor update on December 10, 2026. For 2026, Humana affirmed its guidance of at least $9.00 in adjusted earnings per common share (Adjusted EPS), consistent with its July 29, 2026 press release and its September 1, 2026 Form 8-K. The company is still completing its financial close for the three and nine months ended September 30, 2026, so it cannot yet reconcile Adjusted EPS guidance to GAAP diluted EPS without unreasonable effort. It does not expect changes to Adjusted EPS guidance but does expect potential changes to its GAAP EPS guidance due to ongoing value creation and other strategic initiatives.
  3. 8-KHumana 8-K Report, Regulation FD Disclosure (Sep 1, 2026)Humana Inc. (HUM) disclosed in a Regulation FD Current Report filed September 1, 2026 that members of its senior management team are scheduled to meet with investors and analysts between September 1, 2026 and September 30, 2026. During these meetings, the Company intends to reaffirm its FY 2026 guidance of at least $6.52 in diluted earnings per common share (EPS) or at least $9.00 in adjusted earnings per common share (Adjusted EPS). The guidance is consistent with the outlook issued in Humana's press release dated July 29, 2026. The filing notes that the Company will not comment on its 2027 Medicare Advantage (MA) Star Ratings (Bonus Year 2028) until the Centers for Medicare and Medicaid Services (CMS) releases final 2027 MA Star Ratings data in October. Investors should therefore not expect Star Ratings commentary during the September meetings. The filing also includes a reconciliation from GAAP EPS to Adjusted (non-GAAP) EPS for FY 2026. The reconciling items are amortization of identifiable intangibles ($0.30), put/call valuation adjustments on non-consolidating minority interest investments ($1.47), value creation initiatives ($1.27), impairment charges ($0.17), and a cumulative net tax impact of $(0.73). The Company states that FY 2026 Adjusted EPS guidance is not expected to change, while GAAP EPS guidance may change due to ongoing value creation and strategic initiatives.
  4. 8-KHumana 8-K Report, Executive Changes (Jul 29, 2026)Humana Inc. (NYSE: HUM) filed a Current Report on Form 8-K dated July 29, 2026, disclosing under Item 5.02 that its Board of Directors expanded the number of authorized directors from eleven to thirteen on July 28, 2026, and elected Frederick J. Crawford and Paul J. Smith as directors, effective the same day. The Board determined both are independent under New York Stock Exchange standards. Each will receive restricted stock units under the company's director compensation program, and no committee appointments have been determined yet. Smith is described in the attached press release (Exhibit 99.1) as Chief Commercial Officer at Anthropic, PBC, with more than 30 years of experience scaling go-to-market strategies at enterprise technology companies, including prior roles at ServiceNow, Salesforce and Microsoft. Crawford previously served as Executive Vice President and Chief Financial Officer at Aflac-related insurance holding companies and as President and Chief Operating Officer of Aflac until his retirement in 2024. He also sits on the board of Webster Financial Corporation. Chairman Kurt J. Hilzinger said the new directors will support Humana's long-term vision to become a consumer healthcare company. For investors, the filing is governance-focused and contains no financial results, guidance or transaction terms. The main takeaways are a larger board with two new independent directors bringing technology commercialization and insurance finance expertise.
  5. 8-KHumana 8-K Report, Financial Results (Jul 29, 2026)Humana Inc. (NYSE: HUM) reported second quarter 2026 results on July 29, 2026, furnishing the press release, detailed earnings release with statistical pages, and prepared management remarks as Exhibits 99.1, 99.2 and 99.3. GAAP diluted EPS was $5.73 for 2Q26 versus $4.51 in 2Q25, and Adjusted EPS was $7.61 versus $6.27. Year-to-date GAAP diluted EPS was $15.55 and Adjusted EPS was $17.91. Consolidated revenues were $40.87 billion for the quarter, compared with $32.39 billion a year earlier. The Insurance segment benefit ratio was 91.2%, in line with management's guidance of 'slightly above 91 percent'. The company revised its FY 2026 GAAP EPS guidance to 'at least $6.52' from 'at least $8.36', while affirming Adjusted EPS guidance of 'at least $9.00'. The filing states that the Adjusted EPS outlook anticipates a year-over-year decline because of the Star Ratings headwind for Bonus Year 2026, net of mitigation. Management also affirmed individual Medicare Advantage membership growth of approximately 25% for 2026 and expects third-quarter Adjusted EPS of approximately ($1.00). Full-year guidance for the Insurance segment benefit ratio is 92.75%, plus or minus 25 basis points. Other developments include a statewide Illinois Medicaid managed care contract expected to go live in January 2027, growth of 130,900 patients (27%) in CenterWell Senior Primary Care year to date, and $1.50 billion of pre-capitalized trust security arrangements entered during the quarter. Debt-to-total capitalization was 42.7% at June 30, 2026. Management also said it will hold a virtual investor update on December 10, 2026, and referenced a pending agreement to divest its minority interest in Gentiva, valued at approximately $900 million.
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04—See also

Related Companies

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