Humana Inc.

humana.com

What Do They Do?

Provides Medicare and Medicaid health plans and prescription drug coverage to individuals, state program members and employers. Also provides pharmacy, primary care and home services to health plans and other customers.

How Do They Make Money?

Insurance coverage is paid mainly through fixed monthly CMS payments, with beneficiaries also paying premiums or copayments; CenterWell bills pharmacy by transaction and earns prescription revenue when shipped, while primary and home care are paid through monthly arrangements or as services are delivered.

revenue

Segment	Share	Revenue	How money arrives
Insurance Recurring	96% FY2022: 96%		Recurring
CenterWell	17% FY2022: 19%

Who Are Their Customers?

State and federal programs contract for Medicaid and Medicare coverage; individuals can enroll in Medicare and specialty plans through Humana's sales channels, including licensed brokers and agents. Employers obtain group Medicare coverage, while CenterWell serves Humana health plans and other customers.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025.

Operating income, FY2025

2% of revenue

▲ +6% vs FY2024 ($2.6B, 2%)

Net income, FY2025

1% of revenue

▼ −2% vs FY2024 ($1.2B, 1%)

Free cash flow, FY2025

0% of revenue

▼ −84% vs FY2024 ($2.4B, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +26%; vs $32.4B in Q2 FY2025
Net income: ▲ +27%; vs $545M in Q2 FY2025

Insurance share of revenue vs 96.0% in Q2 FY2025

Jul 29, 2026 Humana lowered its 2026 GAAP EPS guidance It cut the forecast to at least $6.52 from at least $8.36 and affirmed adjusted EPS guidance of at least $9.00.
Apr 29, 2026 Humana cut guidance and completed the MaxHealth acquisition It lowered 2026 GAAP EPS guidance to at least $8.36 from at least $8.89; CenterWell Senior Primary Care added approximately 59,000 patients and 54 centers with the acquisition.

Growing. Revenue grew 56% in 4 years, from $83.1B in FY2021 to $129.7B in FY2025, about 12% a year.

Exit from commercial medical plans Humana has exited its employer group commercial medical plans and related wellness and rewards programs; its current Insurance description covers Medicare, state contracts, specialty coverage, military services and pharmacy benefit management.

Revenue over time

Insurance CenterWell

$200B$100B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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