Filing Flows › Humana (HUM) › Q3 2025
Humana (HUM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Humana (HUM) reported revenue of $32.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +0.8% from the quarter before. Operating margin was 1.2%, net earnings $194M (0.6% of revenue).
Humana, Q3 2025: revenue $32.6B (+11% year over year), operating margin 1.2%, net earnings $194M, operating cash flow $971M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.6B | +0.8% | +11% |
| Operating profit | $400M | -64% | -45% |
| Net earnings | $194M | -64% | -60% |
| Operating cash flow | $971M | -24% | -48% |
| Free cash flow | $836M | -28% | -52% |
What changed
Revenue was $32.6B in Q3 2025, up 11% year over year and up 1% from the previous quarter.
Operating profit was $0.40B, a 1.2% margin (down 1.3 points year over year). Operating profit fell $0.33B even though revenue rose $3.3B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 11%. The fastest-growing cost line was SG&A (+22%). Net earnings were $0.20B, down 59% year over year. The effective tax rate was -79.6%.
Operating cash flow was $1.0B (down 48% year over year), 501% of net earnings. Non-cash charges added back $0.17B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.52B. Capital expenditures of $0.14B left free cash flow of $0.84B.
Questions
What was Humana's revenue in the third quarter 2025?
Humana (HUM) reported revenue of $32.6B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +0.8% from the quarter before.
Was Humana profitable in the third quarter 2025?
Operating profit was $400M (1.2% of revenue) and net earnings $194M.
Source: Humana 10-Q on SEC EDGAR.