Filing Flows › Humana (HUM) › Q4 2025
Humana (HUM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Humana (HUM) reported revenue of $32.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -0.4% from the quarter before. Operating margin was -2.5%, net loss $776M (2.4% of revenue).
Humana, Q4 2025: revenue $32.5B (+11% year over year), operating margin -2.5%, net loss $776M, operating cash flow −$1.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.5B | -0.4% | +11% |
| Operating profit | −$808M | -302% | — |
| Net earnings | −$776M | -500% | — |
| Operating cash flow | −$1.7B | -270% | — |
What changed
Revenue was $32.5B in Q4 2025, up 11% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $0.81B, an operating margin of -2.5%. Total costs grew 12% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+13%). The quarter ended with a net loss of $0.78B, after a profit of $0.19B the previous quarter.
Operating cash flow was −$1.7B. Non-cash charges added back $0.16B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $1.1B. Capital expenditures of $0.20B exceeded it, leaving free cash flow of −$1.9B.
Questions
What was Humana's revenue in the fourth quarter 2025?
Humana (HUM) reported revenue of $32.5B for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and -0.4% from the quarter before.
Was Humana profitable in the fourth quarter 2025?
Operating loss was $808M (-2.5% of revenue) and net loss $776M.
Source: Humana 10-K on SEC EDGAR.