Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Humana Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Premiums	27,951)	28,142)	28,261)	25,128)	25,099)	25,495)	25,550)	21,275)	21,468)	22,266)	22,703)	19,835)	19,885)	19,978)	20,124)	18,364)	18,904)	18,556)	18,362)	15,809)	15,712)	15,776)	15,651)
Services	1,103)	1,100)	1,062)	1,040)	1,016)	978)	999)	1,004)	1,159)	1,349)	1,264)	1,253)	845)	491)	466)	484)	457)	450)	424)	336)	393)	355)	355)
External revenues	29,054)	29,242)	29,323)	26,168)	26,115)	26,473)	26,549)	22,279)	22,627)	23,615)	23,967)	21,088)	20,730)	20,469)	20,590)	18,848)	19,361)	19,006)	18,786)	16,145)	16,105)	16,131)	16,006)
Investment income (loss)	343)	298)	288)	294)	308)	274)	193)	160)	172)	47)	3)	(34)	(33)	176)	78)	214)	714)	77)	149)	150)	136)	114)	101)
Benefits	(25,120)	(25,039)	(25,124)	(22,782)	(21,745)	(22,009)	(21,858)	(18,582)	(18,384)	(19,099)	(19,625)	(17,438)	(17,316)	(17,149)	(17,296)	(16,213)	(15,611)	(14,175)	(15,629)	(13,689)	(13,357)	(13,318)	(13,493)
Operating costs	(3,339)	(3,148)	(3,042)	(3,827)	(3,271)	(3,111)	(2,979)	(3,551)	(3,061)	(3,173)	(2,886)	(3,395)	(2,603)	(2,116)	(2,007)	(3,068)	(2,513)	(2,354)	(2,117)	(2,129)	(1,889)	(1,703)	(1,660)
Depreciation and amortization	(210)	(212)	(209)	(201)	(201)	(191)	(186)	(182)	(182)	(175)	(170)	(160)	(150)	(144)	(142)	(127)	(128)	(119)	(115)	(115)	(127)	(109)	(107)
Operating expenses	(28,669)	(28,399)	(28,375)	(26,810)	(25,217)	(25,311)	(25,023)	(22,315)	(21,627)	(22,447)	(22,681)	(20,993)	(20,069)	(19,409)	(19,445)	(19,408)	(18,252)	(16,648)	(17,861)	(15,933)	(15,373)	(15,130)	(15,260)
Income from operations	728)	1,141)	1,236)	(348)	1,206)	1,436)	1,719)	124)	1,172)	1,215)	1,289)	61)	628)	1,236)	1,223)	(346)	1,823)	2,435)	1,074)	362)	868)	1,115)	847)
Gain on sale of Gentiva Hospice	—)	—)	—)	—)	—)	—)	—)	(3)	240)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest expense	(169)	(168)	(159)	(146)	(114)	(120)	(113)	(108)	(102)	(101)	(90)	(91)	(88)	(79)	(68)	(72)	(75)	(76)	(60)	(58)	(62)	(60)	(62)
Other income (expense), net	92)	(55)	(63)	(97)	6)	(54)	8)	(84)	(13)	8)	21)	(30)	1,096)	(419)	(115)	(40)	7)	227)	(297)	289)	82)	174)	(39)
Income before income taxes and equity in net earnings (losses)	651)	918)	1,014)	(591)	1,098)	1,262)	1,614)	(71)	1,297)	1,122)	1,220)	(60)	1,636)	738)	1,040)	(458)	1,755)	2,586)	717)	593)	888)	1,229)	746)
Provision for income taxes	(155)	(223)	(251)	75)	(256)	(296)	(359)	58)	(107)	(427)	(286)	51)	(120)	(183)	(233)	178)	(450)	(783)	(252)	(79)	(200)	(301)	(183)
Equity in net earnings (losses)	(16)	(17)	(24)	(24)	(12)	(10)	(17)	(5)	3)	2)	(4)	(4)	15)	33)	21)	6)	35)	25)	8)	(2)	1)	12)	3)
Net income	480)	678)	739)	(540)	830)	956)	1,238)	(18)	1,193)	697)	930)	(13)	1,531)	588)	828)	(274)	1,340)	1,828)	473)	512)	689)	940)	566)
Net (income) loss attributable to noncontrolling interests	—)	1)	2)	(1)	2)	3)	1)	3)	2)	(1)	—)	(1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income attributable to Humana	480)	679)	741)	(541)	832)	959)	1,239)	(15)	1,195)	696)	930)	(14)	1,531)	588)	828)	(274)	1,340)	1,828)	473)	512)	689)	940)	566)

Revenue Trends: Premiums consistently increased over the observed periods, rising from approximately $15.7 billion in early 2019 to around $28.3 billion by the first quarter of 2024, indicating steady growth in core revenue streams. External revenues followed a similar upward trajectory, moving from roughly $16.0 billion to about $29.3 billion in the same timeframe, reflecting expansion in overall business activity and possibly diversification. Services revenue experienced notable volatility; it trended upward from $355 million to a peak of approximately $1.3 billion by late 2021, then slightly declined and stabilized around $1.1 billion through mid-2024.
Investment and Other Income: Investment income showed significant fluctuations, with a low of $3 million in early 2022 and a high of $714 million in the third quarter of 2020, suggesting periods of strong investment returns amid some volatility. Other income (expense), net, was variable, with notable spikes such as a positive $1.1 billion in the third quarter of 2021 and sharp negative variations elsewhere. This irregular pattern points to non-recurring or atypical items impacting results.
Costs and Expenses: Benefits expense increased steadily from about $13.5 billion in early 2019 to over $25.1 billion by mid-2024, reflecting rising claims or insured costs accompanying business growth. Operating costs gradually rose, though less consistently than benefits, from roughly $1.7 billion to peaks around $3.8 billion at various points, with general upward pressure aligned with scale expansion. Depreciation and amortization showed a moderate increase over time, moving from approximately $107 million to around $210 million, consistent with asset growth and capital expenditure over the period. Overall operating expenses increased significantly from about $15.3 billion to near $28.7 billion, indicating substantial cost growth that may impact profitability if not matched by revenue increases.
Profitability Metrics: Income from operations fluctuated notably, peaking above $2.4 billion in mid-2020, but falling into negative territory in late 2020 and late 2023, suggesting periods of margin pressure possibly due to elevated costs or one-time events. Income before income taxes and equity earnings generally maintained positive values, despite some negative quarters, with a high of $2.6 billion in mid-2020, reinforcing a pattern of profitability mixed with volatility. Provision for income taxes varied widely, turning from negative to positive values, indicating changing tax positions aligned with profitability swings. Net income attributable to the company displayed substantial variability, with highs above $1.8 billion in mid-2020 and lows in negative territory such as a loss of $541 million in the first quarter of 2024, reflecting operational and market challenges.
Special Items and Other Observations: A single significant gain related to the sale of Gentiva Hospice is evident in late 2021, amounting to $240 million, which likely contributed to a temporary profit spike. Interest expense gradually increased from around $60 million to near $169 million, indicating rising debt costs or increased borrowing. Equity in net earnings remained minor and relatively volatile, generally contributing minimal impact on overall earnings.
Overall Assessment: The data illustrates consistent growth in revenue lines, especially premiums and external revenues, accompanied by rising benefits and operating expenses which compress profitability in certain quarters. Investment income and other income streams exhibit volatility, suggesting exposure to market or non-recurring items that influence earnings unpredictably. Profitability shows sensitivity to cost escalation and special items, with several periods of operational losses demonstrating the need for managing expense growth and operational efficiency. The presence of significant one-time gains and variable tax provisions indicates some earnings volatility, warranting close attention to recurring income quality.

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Humana Inc. (NYSE:HUM)

Income Statement Quarterly Data

Income Statement
Quarterly Data