Humana (HUM) 10-K Summary — Year Ended Dec 31, 2025
Humana Inc. reported a year of revenue growth and positive net income, though operating cash flow was lower than net income. The company faces ongoing risks from government program changes and medical cost trends.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Humana Inc. reported a year of revenue growth and positive net income, though operating cash flow was lower than net income. The company faces ongoing risks from government program changes and medical cost trends.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$129.7B
Revenue reported for the fiscal year.
Operating income
$2.7B
Income from operations reported for the year.
Net income
$1.2B
Net income reported for the year.
Operating cash flow
$921M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $92.9B | +11.8% |
| Dec 31, 2023 | $106.4B | +14.5% |
| Dec 31, 2024 | $117.8B | +10.7% |
| Dec 31, 2025 | $129.7B | +10.1% |
Business overview
Humana is a health and well-being company that offers medical and supplemental benefit plans primarily through Medicare Advantage, Medicaid, and commercial insurance. The company also provides pharmacy solutions and other healthcare services to its members.
Financial performance
Revenue increased compared to the prior year, while operating income and net income were positive. Operating cash flow was lower than net income, indicating a difference between earnings and cash generation.
Material risks
The company is exposed to risks from changes in government healthcare programs, including Medicare and Medicaid, which could affect reimbursement rates and membership. Medical cost trends and utilization patterns also pose material risks to financial results.
Liquidity and capital
The filing discusses liquidity and capital resources, but no specific capital allocation themes such as share repurchases or dividends are highlighted in the provided context.
What to watch
Readers should monitor changes in Medicare Advantage reimbursement rates and medical cost trends in the next filing.