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Humana cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.0B in Q3 2026 · $3.1B over twelve months

Operating cash flow$2.2B
Capital spending−$137M
Free cash flow+$2.0B
Cash / net income13.4×

Analysis

In Q3 2026, Humana generated $2.2B of operating cash flow and spent $137M on capital projects, leaving free cash flow of $2.0B. That is $1.2B more than in Q3 2025 ($836M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.7B; the largest uses were other investing ($2.6B), acquisitions ($1.1B), capital spending ($592M); besides operations, cash came from other financing ($2.7B), asset & business sales ($40.0M); the cash balance rose by $1.5B.

Operating cash flow was $2.2B against net income of $161M — 13.4× profit, cash ran ahead of reported earnings. The largest differences: receivables +$2.8B, other liabilities −$1.0B, prepaid and other assets −$372M.

Free cash flow

Humana: free cash flow by quarterHumana: free cash flow by quarter−$682MQ4 2024$236MQ1 2025$1.2BQ2 2025$836MQ3 2025−$1.9BQ4 2025$1.1BQ1 2026$1.8BQ2 2026$2.0BQ3 2026
Operating cash flow less capital spending.
Humana: operating cash flow against capital spendingHumana: operating cash flow against capital spendingOperating cash flowCapital spending−$528M$154MQ4 2024$331M$95.0MQ1 2025$1.3B$114MQ2 2025$971M$135MQ3 2025−$1.7B$202MQ4 2025$1.3B$121MQ1 2026$2.0B$132MQ2 2026$2.2B$137MQ3 2026
Latest (Q3 2026): Operating cash flow $2.2B, Capital spending $137M.

Capital allocation, year by year

Humana: where the cash came from (up) and went (down), by fiscal yearHumana: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.3BFY2021: Net borrowing $3.3BFY2021: Shares issued $30.0MFY2021: Asset sales $26.0MFY2021: Capital spending −$1.3BFY2021: Acquisitions −$4.2BFY2021: Buybacks −$79.0MFY2021: Dividends −$90.0M$5.7BFY2021FY2022: Operating cash flow $4.6BFY2022: Net borrowing $606MFY2022: Shares issued $51.0MFY2022: Asset sales $2.7BFY2022: Capital spending −$1.1BFY2022: Acquisitions −$337MFY2022: Buybacks −$2.1BFY2022: Dividends −$98.0M$8.0BFY2022FY2023: Operating cash flow $4.0BFY2023: Net borrowing $923MFY2023: Shares issued $9.0MFY2023: Asset sales $210MFY2023: Capital spending −$1.0BFY2023: Acquisitions −$233MFY2023: Buybacks −$1.6BFY2023: Dividends −$431M$5.1BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing $218MFY2024: Shares issued $300KFY2024: Asset sales $7.0MFY2024: Capital spending −$575MFY2024: Acquisitions −$89.0MFY2024: Buybacks −$817MFY2024: Dividends −$431M$3.2BFY2024FY2025: Operating cash flow $921MFY2025: Net borrowing $528MFY2025: Asset sales $138MFY2025: Capital spending −$546MFY2025: Acquisitions −$81.0MFY2025: Buybacks −$151MFY2025: Dividends −$430M$1.6BFY2025
Over these 5 years operating cash flow totalled $14.7B; the largest uses were acquisitions ($4.9B) and buybacks ($4.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.1B
Debt$12.5B
Net cash$12.6B

Humana funds itself: free cash flow was $3.1B over the last twelve months, and $25.1B of cash and investments stands against $12.5B of debt.

Humana: debt maturities by year (FY2025)Humana: debt maturities by year (FY2025)$1.0BYear 2$993MYear 3$979MYear 4$500MYear 5$9.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $25.1B of cash and investments now.

Where the cash came from and went

Humana: sources (+) and uses (−) of cash, Q3 2026Humana: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.2BOther investing−$1.9BOther financing$1.4BNet borrowing (+) / repaid (−)−$1.3BCapital spending−$137MDividends−$106MAcquisitions−$77.0MCash drawn (+) / kept (−)−$42.0MBuybacks−$2.0M
Humana: sources (+) and uses (−) of cash, TTM to Q3 2026Humana: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$3.7BOther financing$2.7BOther investing−$2.6BCash drawn (+) / kept (−)−$1.5BAcquisitions−$1.1BCapital spending−$592MDividends−$429MBuybacks−$152MAsset & business sales$40.0MNet borrowing (+) / repaid (−)−$30.0M

From profit to cash

Humana: net income to operating cash flow, Q3 2026Humana: net income to operating cash flow, Q3 2026Net income$161MDepreciation & amortization$158MStock-based pay$67.0MReceivables$2.8BDeferred revenue$21.0MPrepaid and other assets−$372MOther liabilities−$1.0BOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.2B−$137M−$77.0M−$2.0M−$106M−$1.3B−$42.0M$2.0B
Q2 2026$2.0B−$132M−$19.0M−$1.0M−$107M$336M−$1.9B$1.8B
Q1 2026$1.3B−$121M−$911M−$107M−$107M$1.7B−$751M$1.1B
Q4 2025−$1.7B−$202M−$76.0M−$42.0M−$109M−$177M$1.2B−$1.9B
Q3 2025$971M−$135M−$4.0M—−$107M—−$1.3B$836M
Q2 2025$1.3B−$114M−$1.0M−$100M−$106M−$772M$210M$1.2B
Q1 2025$331M−$95.0M—−$9.0M−$108M$1.5B−$2.0B$236M
Q4 2024−$528M−$154M−$52.0M−$49.0M−$108M−$1.1B$2.9B−$682M

Humana: income statement and cash flow

Humana, Q3 2026: revenue $41.2B (+26% year over year), operating margin 0.2%. The chart follows the revenue to costs, profit and cash.

Humana: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.