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Humana (HUM) stock

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NYSE: HUM NYSE Managed Health Care Next results ~November 6, 2026

B Fundamentals grade

Humana is a US-listed company in the managed health care industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Humana valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Humana files

Where Humana stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $145.7bn, up 18.3% on a year earlier, faster than 14.1% a quarter earlier. Free-cash-flow margin held at 1.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 7 financial-health checks.

Our model value for Humana is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Humana's trailing-twelve-month revenue grew 18.3% year on year, with a free-cash-flow margin of 1.3%.

Our discounted-cash-flow model values the business at ~$620 per share in the base case (~$460–$840 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 18.3% (+4.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.3% over the last 12 months, against a median of 18.3% for managed health care companies we cover.
  • Growth speeding up. The growth rate is 4.2 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.6% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 0.6 against the S&P 500.

Latest results: FY2026 Q2

Filed July 29, 2026
Earnings per share
$7.61 against an average estimate of $7.00: beat by 8.8%
Revenue
$40.87bn, up 26.2% on a year earlier
Share reaction
-5.7% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
insurance segment benefit ratio 92.75% (full year (FY) 2026); adjusted EPS $9 (the year ending December 31, 2026 (FY 2026))
Next report
November 6, 2026; average EPS estimate -$1.00

Humana's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week-1.4%
  • 1 month+5.9%
  • This year+61.8%
  • 1 year+49.5%
  • 5 years-6.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$146B
Operating margin
1.9%
Net margin
0.9%
EPS (TTM, diluted)
$10.58

Growth

Revenue growth
+18.3%
Change in growth rate
+4.2 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
1.3%
Stock pay % of revenue
0.2%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Leadership
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Humana valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

Our value per share comes from a discounted-cash-flow model of Humana's free cash flow after stock-based pay ( $2.5B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Humana as a health plan, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$200–$270 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$620 ~$460–$840 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$330 ~$220–$500 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$350 ~$290–$440 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Humana with health plans in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$163.15$187.38$229.73$267.11$344.41$388.17$441.74$491.01$442.21$247.84$253.70$410.41
Market value$24.7bn$28.3bn$33.4bn$37.0bn$46.4bn$51.6bn$57.2bn$62.4bn$55.0bn$30.0bn$30.7bn$49.6bn
+ Net debt (− = net cash)$1.5bn$215m$878m$3.7bn$1.6bn$2.0bn$9.1bn$6.1bn$7.0bn$9.5bn$8.2bn$7.4bn
Enterprise value$26.2bn$28.5bn$34.3bn$40.7bn$48.0bn$53.6bn$66.3bn$68.5bn$62.0bn$39.5bn$38.8bn$57.0bn
Multiples
Price / sales 0.5x0.5x0.6x0.6x0.7x0.7x0.7x0.7x0.5x0.3x0.2x0.3x
Price / earnings 19.3x46.1x13.7x22.0x17.1x15.3x19.5x22.2x22.1x24.8x25.8x38.8x
Price / free cash flow 71.5x20.1x9.5x23.7x10.2x11.0x62.1x18.1x18.5x12.5x81.7x25.5x
EV / EBITDA 9.7x13.4x7.3x11.5x13.0x9.7x17.7x15.2x12.9x11.6x11.4x16.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Humana's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.8% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 4.7%; its worst year was 1.9%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 9 of 10 years, at a median 2.5% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.9% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (53 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $40.9bn and EPS of −$1.00 (range −$1.16 to −$0.60) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.16 −47% $162.7bn +26%
Next $17.09 +87% $168.7bn +4%

Next year's EPS estimate has moved +6.6% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.3% on 90 days ago. In the last 30 days, 5 analysts raised Humana's forecast and 1 cut it.

Consensus EPS forecast Humana, last 90 days
$5.00 $10.00 $15.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.96 Current fiscal year, 60 days ago: $9.15 Current fiscal year, 30 days ago: $9.15 Current fiscal year, 7 days ago: $9.16 Current fiscal year, Now: $9.16 $9.16 Next fiscal year, 90 days ago: $16.03 Next fiscal year, 60 days ago: $16.57 Next fiscal year, 30 days ago: $16.57 Next fiscal year, 7 days ago: $17.09 Next fiscal year, Now: $17.09 $17.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.96$16.03
60 days ago $9.15$16.57
30 days ago $9.15$16.57
7 days ago $9.16$17.09
Now $9.16$17.09

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $7.00 $7.61 +8.8%
Mar 2026 $10.20 $10.31 +1.1%
Dec 2025 −$3.99 −$3.96 +0.7%
Sept 2025 $2.83 $3.24 +14.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Adjusted EPS the year ending December 31, 2026 (FY 2026) about $9.00 Non-GAAP Maintained
    “Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'.” source
  • GAAP EPS the year ending December 31, 2026 (FY 2026) about $6.52 GAAP Lowered
    “Humana revises its GAAP EPS guidance for the year ending December 31, 2026 (FY 2026) to 'at least $6.52' from 'at least $8.36', while affirming its Adjusted EPS guidance of 'at least $9.00'.” source
  • Insurance segment benefit ratio full year (FY) 2026 about 92.75% GAAP Maintained
    “2Q26 Insurance segment GAAP benefit ratio of 91.2 percent, in line with management's guidance of 'slightly above 91 percent'; affirms full year (FY) 2026 Insurance segment benefit ratio guidance of 92.75 percent, plus or minus 25 basis points” source
  • individual Medicare Advantage (MA) membership growth FY 2026 about 25% growth Maintained
    “Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25 percent' over 2025; driven by new sales and improved retention from the company's customer-led benefit strategy and changes to its customer service approach” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Humana's revenue by +14.5% next year and +11.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.8%, weight 70%) and the company's own record (+16.1%, weight 30%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy1662%
Hold935%
Sell14%

Monthly trend

  1. Oct 2026313926
  2. Sep 20262111226
  3. Aug 2026111326
  4. Jul 20261112226

Counts of recommendations published by analysts covering Humana, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
2.41
at average volume
Short interest, 1 month
+29%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
67,060
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +49.5%

$274.61 on October 31, 2025 to $410.41

ThenNowEffect
Revenue (last 12 months) $123.1bn $145.7bn +18.3%
Net margin 1.3% 0.9% −31.4%
P/E multiple 21.0x 38.8x +84.3%
Share count 121m 121m −0.1%

Biggest factor: p/e multiple.

Last 3 years −10.8%

$459.85 on November 3, 2023 to $410.41

ThenNowEffect
Revenue (last 12 months) $98.7bn $145.7bn +47.6%
Net margin 3.4% 0.9% −74.3%
P/E multiple 17.2x 38.8x +125.9%
Share count 126m 121m +4.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HUM+14%+11%−10%−44%+2%+62%
Industry peers (median)+45%−1%+1%−2%−25%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HUM42%67%42%25%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HUM−18%−22%−21%−50%−28%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from November 3, 2022 to March 12, 2026. Getting back needed a 232% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$162.12 – $432.58
From 52-week high
−5.1%
vs 50-day average
+2.4%
vs 200-day average
+33.3%
Volatility (1 year)
47%
Beta vs S&P 500
0.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±5.8%
After a week
4 up, 8 down
typical move ±8.7%
After a month
5 up, 7 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −5.7% +0.1% −6.4% +1.0%
April 29, 2026 +2.9% +1.0% +7.2% +33.0%
February 11, 2026 −1.4% −1.6% +5.1% −8.8%
November 5, 2025 −10.9% −0.7% −14.7% −8.5%
July 30, 2025 +7.4% −0.5% +10.3% +28.1%
April 30, 2025 −1.3% +0.7% −2.4% −10.1%
February 11, 2025 −2.5% −0.2% −0.5% −5.6%
October 30, 2024 0.0% −2.3% +11.9% +15.0%
July 31, 2024 −11.3% +0.2% −14.6% −13.1%
April 24, 2024 −5.1% −0.4% −4.2% +7.4%
January 25, 2024 −10.2% +0.4% −6.6% −10.5%
January 18, 2024 −10.3% +2.1% −20.6% −18.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Humana in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Humana
$100B $120B $140B $160B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $102.4B Revenue (TTM), FY23 Q4: $106.4B Revenue (TTM), FY24 Q1: $109.2B Revenue (TTM), FY24 Q2: $112B Revenue (TTM), FY24 Q3: $115B Revenue (TTM), FY24 Q4: $117.8B Revenue (TTM), FY25 Q1: $120.3B Revenue (TTM), FY25 Q2: $123.1B Revenue (TTM), FY25 Q3: $126.4B Revenue (TTM), FY25 Q4: $129.7B Revenue (TTM), FY26 Q1: $137.2B Revenue (TTM), FY26 Q2: $145.7B $145.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $102.4B
FY23 Q4 $106.4B
FY24 Q1 $109.2B
FY24 Q2 $112B
FY24 Q3 $115B
FY24 Q4 $117.8B
FY25 Q1 $120.3B
FY25 Q2 $123.1B
FY25 Q3 $126.4B
FY25 Q4 $129.7B
FY26 Q1 $137.2B
FY26 Q2 $145.7B
Revenue growth, TTM YoY Humana
5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 11.9% Revenue growth, TTM YoY, FY23 Q4: 14.5% Revenue growth, TTM YoY, FY24 Q1: 14.2% Revenue growth, TTM YoY, FY24 Q2: 13.5% Revenue growth, TTM YoY, FY24 Q3: 12.4% Revenue growth, TTM YoY, FY24 Q4: 10.7% Revenue growth, TTM YoY, FY25 Q1: 10.1% Revenue growth, TTM YoY, FY25 Q2: 9.9% Revenue growth, TTM YoY, FY25 Q3: 9.9% Revenue growth, TTM YoY, FY25 Q4: 10.1% Revenue growth, TTM YoY, FY26 Q1: 14.1% Revenue growth, TTM YoY, FY26 Q2: 18.3% 18.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 11.9%
FY23 Q4 14.5%
FY24 Q1 14.2%
FY24 Q2 13.5%
FY24 Q3 12.4%
FY24 Q4 10.7%
FY25 Q1 10.1%
FY25 Q2 9.9%
FY25 Q3 9.9%
FY25 Q4 10.1%
FY26 Q1 14.1%
FY26 Q2 18.3%
Operating margin (TTM) Humana
1% 2% 3% 4% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.4% Operating margin (TTM), FY23 Q4: 3.8% Operating margin (TTM), FY24 Q1: 3.2% Operating margin (TTM), FY24 Q2: 2.9% Operating margin (TTM), FY24 Q3: 2.4% Operating margin (TTM), FY24 Q4: 2.2% Operating margin (TTM), FY25 Q1: 2.8% Operating margin (TTM), FY25 Q2: 2.7% Operating margin (TTM), FY25 Q3: 2.3% Operating margin (TTM), FY25 Q4: 2.1% Operating margin (TTM), FY26 Q1: 1.8% Operating margin (TTM), FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.4%
FY23 Q4 3.8%
FY24 Q1 3.2%
FY24 Q2 2.9%
FY24 Q3 2.4%
FY24 Q4 2.2%
FY25 Q1 2.8%
FY25 Q2 2.7%
FY25 Q3 2.3%
FY25 Q4 2.1%
FY26 Q1 1.8%
FY26 Q2 1.9%
FCF margin (TTM) Humana
-5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 4.9% FCF margin (TTM), FY23 Q4: 2.8% FCF margin (TTM), FY24 Q1: -3.0% FCF margin (TTM), FY24 Q2: -4.5% FCF margin (TTM), FY24 Q3: -3.8% FCF margin (TTM), FY24 Q4: 2.0% FCF margin (TTM), FY25 Q1: 2.0% FCF margin (TTM), FY25 Q2: 2.0% FCF margin (TTM), FY25 Q3: 1.2% FCF margin (TTM), FY25 Q4: 0.3% FCF margin (TTM), FY26 Q1: 0.9% FCF margin (TTM), FY26 Q2: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 4.9%
FY23 Q4 2.8%
FY24 Q1 -3.0%
FY24 Q2 -4.5%
FY24 Q3 -3.8%
FY24 Q4 2.0%
FY25 Q1 2.0%
FY25 Q2 2.0%
FY25 Q3 1.2%
FY25 Q4 0.3%
FY26 Q1 0.9%
FY26 Q2 1.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Humana took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $130B
  2. Selling, general and admin $15.4B · 11.9%
  3. Other operating costs $112B · 86.0%
  4. Operating income $2.7B · 2.1%
  5. Interest and other $1.3B · 1.0%
  6. Net income $1.2B · 0.9%

Shares of revenue. Source: Humana's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 30.7 33.6 36.8 39.1 41.3 48.5 54.3 54.4 53.8 56.9 64.9 77.2 83.1 92.9 106.4 117.8 129.7 145.7
EBITDA 2.0 2.1 2.6 2.4 2.4 2.7 2.7 2.1 4.7 3.5 3.7 5.5 3.7 4.5 4.8 3.4 3.4 3.4
Operating income 1.7 1.9 2.3 2.0 2.1 2.4 2.3 1.7 4.3 3.1 3.2 5.0 3.1 3.8 4.0 2.6 2.7 2.7
Net income 1.0 1.1 1.4 1.2 1.2 1.1 1.3 0.6 2.4 1.7 2.7 3.4 2.9 2.8 2.5 1.2 1.2 1.3
Diluted EPS $6.15 $6.47 $8.46 $7.47 $7.73 $7.36 $8.44 $4.07 $16.81 $12.16 $20.10 $25.31 $22.67 $22.08 $20.00 $9.98 $9.84 $10.58
Growth (year on year)
Revenue +6.2% +9.3% +9.6% +6.2% +5.6% +17.4% +11.9% +0.2% −1.1% +5.8% +14.0% +18.9% +7.7% +11.8% +14.5% +10.7% +10.1% +18.3%
EBITDA +51.4% +8.1% +25.0% −11.1% +0.7% +13.5% +0.4% −21.2% +119.4% −24.1% +4.3% +49.1% −32.1% +20.4% +6.3% −29.0% +0.0% −17.4%
Operating income +59.2% +8.5% +26.4% −14.0% +2.2% +14.6% −0.6% −25.8% +144.8% −27.3% +3.0% +56.2% −36.9% +20.7% +5.6% −36.2% +5.5% −17.9%
Net income +60.7% +5.7% +29.1% −13.9% +0.7% −6.8% +11.2% −51.9% — −31.3% +60.8% +24.4% −12.9% −4.3% −11.3% −51.5% — —
Diluted EPS +60.6% +5.2% +30.8% −11.7% +3.5% −4.8% +14.7% −51.8% — −27.7% +65.3% +25.9% −10.4% −2.6% −9.4% −50.1% — —
Margins
EBITDA margin 6.4% 6.3% 7.2% 6.0% 5.7% 5.5% 5.0% 3.9% 8.7% 6.2% 5.7% 7.1% 4.5% 4.9% 4.5% 2.9% 2.6% 2.3%
Operating margin 5.6% 5.5% 6.4% 5.2% 5.0% 4.9% 4.3% 3.2% 7.9% 5.4% 4.9% 6.5% 3.8% 4.1% 3.8% 2.2% 2.1% 1.9%
Net margin 3.4% 3.3% 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% 0.9%
Free-cash-flow margin 4.0% 6.0% 4.7% 3.9% 3.1% 2.2% 0.6% 2.6% 6.6% 2.7% 7.0% 6.1% 1.1% 3.7% 2.8% 2.0% 0.3% 1.3%
Cash flow
Cash from operations 1.4 2.2 2.1 1.9 1.7 1.6 0.9 1.9 4.1 2.2 5.3 5.6 2.3 4.6 4.0 3.0 0.9 2.5
Capital spending 0.2 0.2 0.3 0.4 0.4 0.5 0.5 0.5 0.5 0.6 0.7 1.0 1.3 1.1 1.0 0.6 0.5 0.6
Free cash flow 1.2 2.0 1.7 1.5 1.3 1.1 0.3 1.4 3.5 1.6 4.5 4.7 0.9 3.5 3.0 2.4 0.4 1.9
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 1.2 2.0 1.7 1.4 1.2 1.0 0.2 1.3 3.4 1.4 4.4 4.5 0.7 3.2 2.8 2.2 0.1 1.7
Balance sheet
Cash 1.6 1.7 1.4 1.3 1.1 1.9 2.6 3.9 4.0 2.3 4.1 4.7 3.4 5.1 4.7 2.2 4.2 6.9
Total debt 1.7 2.1 2.0 2.9 3.0 4.2 4.1 4.1 4.9 6.1 5.7 6.7 12.5 11.1 11.7 11.7 12.4 14.2
Net debt (negative = net cash) 0.1 0.4 0.6 1.6 1.9 2.2 1.5 0.2 0.9 3.7 1.6 2.0 9.1 6.1 7.0 9.5 8.2 7.4
Diluted shares 169m 170m 168m 163m 159m 156m 151m 151m 146m 138m 135m 133m 129m 127m 124m 121m 121m 121m
Returned to shareholders
Dividends 0.0 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4
Buybacks 0.0 0.1 0.5 0.5 0.5 0.9 0.4 0.1 3.4 1.1 1.1 1.8 0.1 2.1 1.6 0.8 0.2 0.2
Total returned 0.0 0.1 0.6 0.7 0.7 1.0 0.6 0.3 3.6 1.4 1.4 2.1 0.4 2.5 2.0 1.2 0.6 0.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $57.2bn
Short-term assets $40.1bnLonger-term assets $17.1bn
What it owes, and who funded it · $57.1bn
Short-term liabilities $23.0bnLonger-term liabilities $14.9bnShareholders' equity $19.2bn
  • Short-term assets cover short-term liabilities $40.1bn of assets due within a year against $23.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $40.1bn short-term assets against $14.9bn of longer-dated liabilities.
  • More cash than debt $6.9bn of cash against $14.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 74% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 66% to 74% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.5bn of operating cash flow against $14.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.7bn against $704m of interest.

From Humana's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$150M
Dividends (TTM)
$430M
Returned to shareholders
30%
of free cash flow
Buybacks, last 3 fiscal years
$2.5B
Diluted share count
+0.1%
year over year
Total shareholder yield
1.2%
dividends 0.9% + buybacks 0.3% of market value
Dividend payout ratio
34%
of net income paid out
Sales & admin spending
11.3%
of revenue

Competitors: side by side with peers

Closest by revenue in managed health care
Last 12 months unless stated HUM ELV CNC UNH MOH OSCR Median
Revenue, last 12 months $145.7bn $201.8bn $203.9bn $450.1bn $44.1bn $15.3bn $94.9bn
Revenue growth, last 12 months 18.3% 3.6% 9.7% 6.5% −0.9% 42.8% 14.0%
Revenue growth, 3-year average 13.8% 6.2% 10.7% 8.9% 9.9% 45.6% 12.3%
Revenue growth, latest quarter 26.2% 1.4% 1.9% 0.4% −3.4% 70.4% 14.1%
Gross margin — 89.0% 7.9% 88.6% 12.6% — 24.9%
Operating margin 1.9% 2.7% 0.5% 4.8% 0.4% 4.1% 1.4%
Operating margin, 3-year average 2.5% 3.8% −0.3% 6.8% 2.5% 1.2% 1.8%
Net margin 0.9% 2.5% 0.7% 3.1% −0.1% 3.6% 0.8%
Cash from operations / revenue 1.7% 3.8% 2.3% 6.0% 0.8% 28.8% 2.7%
Free-cash-flow margin 1.3% 3.2% 1.9% 5.2% 0.5% 28.6% 2.5%
Free-cash-flow margin, 3-year average −0.4% 1.9% 1.3% 4.3% −0.2% 14.4% 0.6%
Stock pay / revenue 0.2% 0.1% 0.1% 0.2% 0.2% 0.5% 0.2%
Change in share count 0.1% −3.3% −0.4% −1.7% −6.1% 12.1% −0.2%

Median of all 8 companies we cover in managed health care. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 managed health care companies
Measure Company Peer median Rank
Revenue growth Growth 18.3% 18.3% 4 of 8
Change in growth rate Growth +4.2pp -1.3pp 3 of 8
Operating margin Profitability 1.9% 1.9% 4 of 8
Net margin Profitability 0.9% 0.9% 4 of 8
Stock pay as % of revenue Cash generation 0.2% 0.2% 3 of 8
Long-term debt as % of assets Balance sheet 20.9% 22.4% 3 of 7
Change in share count Balance sheet 0.1% 0.1% 5 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
External Revenues $129B ▲ 10.4%
Services $5.8B ▲ 31.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Humana's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$46.8B
Institutions reporting
921
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
228 / 90

Top buyers and sellers, Q2 2026: 547 institutions bought and 351 sold ; the biggest buyer was Capital World Investors (+928K shares) and the biggest seller Pzena Investment Management LLC (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $4.3B 10.9M 9.3% ▼ 3.9%
Blackrock, Inc. $4.1B 10.4M 8.8% ▲ 2.1%
Vanguard Capital Management LLC $3.1B 7.8M 6.7% ▲ 0.1%
Vanguard Portfolio Management LLC $2.3B 5.8M 4.9% ▲ 0.2%
State Street Corp $2.2B 5.5M 4.6% ▲ 0.1%
Pzena Investment Management LLC $1.7B 4.4M 3.7% ▼ 19.5%
Eagle Capital Management LLC $1.5B 3.8M 3.3% ▲ 29.6%
Sessa Capital Im, L.P. $1.5B 3.7M 3.2% 0.0%
Massachusetts Financial Services Co $1.3B 3.4M 2.9% ▼ 24.1%
Geode Capital Management, LLC $1.3B 3.4M 2.9% ▲ 1.3%
Jpmorgan Chase & Co $1.3B 3.2M 2.7% ▲ 6.6%
FMR LLC $1.2B 2.9M 2.5% ▲ 2.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Humana's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $150,016 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $150,016 net buying
Insider Date Trade Shares Price Value
Shetty Sanjay K President, CenterWell February 23, 2026 Buy 810 $185.21 $150,016

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 25 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of Humana shares.

  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 10, 2026, filed March 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • November 5, 2025
  • July 30, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Humana was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Humana in brief

What does Humana do?
Humana is a US-listed company in the managed health care industry. Its financial year ends in December.
What is Humana's stock ticker?
Humana trades under the ticker HUM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Humana's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Humana reported revenue of $146B, 18.3% higher than a year earlier, according to its SEC filings.
What is Humana's free cash flow?
Humana's free-cash-flow margin is 1.3% of revenue over the trailing twelve months.
Who are Humana's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Humana buying back stock, and does it pay a dividend?
Humana spent $150M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Humana's market cap?
On November 2, 2026, Humana's market capitalisation was about $49.6B, with a price-to-earnings ratio of 38.8 and net debt of $7.4B. Market figures come from third-party market data and may be delayed.
Does Humana pay a dividend?
Yes: Humana paid $430M in dividends over the trailing twelve months, a dividend yield of 0.86% and a payout ratio of 33.6%.
How much debt does Humana have?
Humana's debt-to-equity ratio is 74.2%, from its latest balance sheet (65.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Humana's competitors?
In our Managed Health Care peer group, the companies closest to Humana are Elevance Health, Centene Corporation, UnitedHealth Group, Molina Healthcare, Inc. and Oscar Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Humana's.
Are insiders buying or selling Humana stock?
Over the last 12 months, Humana's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Humana's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Humana announces its own schedule.