Selected Financial Data
since 2005
Income Statement
Humana Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | External revenues | Income from operations | Net income attributable to Humana |
|---|---|---|---|
| Dec 31, 2023 | 105,305) | 4,013) | 2,489) |
| Dec 31, 2022 | 92,488) | 3,800) | 2,806) |
| Dec 31, 2021 | 82,877) | 3,148) | 2,933) |
| Dec 31, 2020 | 76,001) | 4,986) | 3,367) |
| Dec 31, 2019 | 64,387) | 3,192) | 2,707) |
| Dec 31, 2018 | 56,398) | 3,100) | 1,683) |
| Dec 31, 2017 | 53,362) | 4,262) | 2,448) |
| Dec 31, 2016 | 53,990) | 1,741) | 614) |
| Dec 31, 2015 | 53,815) | 2,347) | 1,276) |
| Dec 31, 2014 | 48,123) | 2,362) | 1,147) |
| Dec 31, 2013 | 40,938) | 2,061) | 1,231) |
| Dec 31, 2012 | 38,735) | 2,016) | 1,222) |
| Dec 31, 2011 | 36,466) | 2,344) | 1,419) |
| Dec 31, 2010 | 33,539) | 1,855) | 1,099) |
| Dec 31, 2009 | 30,664) | 1,708) | 1,040) |
| Dec 31, 2008 | 28,726) | 1,073) | 647) |
| Dec 31, 2007 | 24,976) | 1,358) | 834) |
| Dec 31, 2006 | 21,125) | 825) | 487) |
| Dec 31, 2005 | 14,275) | 461) | 308) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by an aggressive and consistent expansion in top-line revenue, contrasted by more volatile operating and net income trajectories. While the scale of operations has grown substantially, the conversion of that revenue into operating profit and net income has exhibited significant fluctuations over the eighteen-year period.
- Revenue Growth Trends
- External revenues have maintained a continuous upward trajectory, increasing from 14,275 million US dollars in 2005 to 105,305 million US dollars in 2023. This represents an approximate 7.3-fold increase over the analyzed period. Growth remained steady through the first decade, with a notable acceleration in scale beginning around 2019, where revenues climbed from 64,387 million US dollars to exceed 100 billion US dollars by 2023.
- Operating Income Performance
- Income from operations demonstrates a general increase but with marked instability. Operating income rose from 461 million US dollars in 2005 to 4,013 million US dollars in 2023. However, this growth was non-linear, characterized by periodic contractions, such as the decline observed in 2008 and a significant dip in 2016 to 1,741 million US dollars. A peak in operational efficiency occurred in 2020, reaching 4,986 million US dollars, before stabilizing in the 3,100 to 4,000 million US dollar range in subsequent years.
- Net Income and Profitability
- Net income attributable to the company reflects the volatility seen in operating results. Starting at 308 million US dollars in 2005, net income reached a peak of 3,367 million US dollars in 2020. A sharp divergence is noted in 2016, where net income fell to 614 million US dollars, followed by a rapid recovery to 2,448 million US dollars in 2017. In the most recent three-year period from 2021 to 2023, a downward trend in net income is observable, declining from 2,933 million US dollars to 2,489 million US dollars, despite the continued growth in external revenues.
- Operational Margin Analysis
- A comparative analysis of revenue and operating income reveals a compression in operating margins over the long term. In 2005, operating income represented approximately 3.2% of external revenues. By 2023, despite the absolute increase in dollar value, operating income represented approximately 3.8% of revenues. The lack of proportional growth between revenue and profit suggests that the costs associated with scaling operations have largely kept pace with the increase in external revenues.
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Balance Sheet: Assets
Humana Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 29,986) | 47,065) |
| Dec 31, 2022 | 26,183) | 43,055) |
| Dec 31, 2021 | 24,893) | 44,358) |
| Dec 31, 2020 | 23,641) | 34,969) |
| Dec 31, 2019 | 19,888) | 29,074) |
| Dec 31, 2018 | 16,948) | 25,413) |
| Dec 31, 2017 | 17,402) | 27,178) |
| Dec 31, 2016 | 16,190) | 25,396) |
| Dec 31, 2015 | 15,711) | 24,705) |
| Dec 31, 2014 | 14,712) | 23,466) |
| Dec 31, 2013 | 12,300) | 20,735) |
| Dec 31, 2012 | 11,710) | 19,979) |
| Dec 31, 2011 | 11,181) | 17,708) |
| Dec 31, 2010 | 10,138) | 16,103) |
| Dec 31, 2009 | 9,253) | 14,153) |
| Dec 31, 2008 | 8,396) | 13,042) |
| Dec 31, 2007 | 8,733) | 12,879) |
| Dec 31, 2006 | 7,333) | 10,127) |
| Dec 31, 2005 | 4,206) | 6,870) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2023, there was a substantial and consistent expansion in the overall asset base, with total assets increasing from 6,870 million USD to 47,065 million USD. This growth reflects a long-term upward trajectory, characterized by periods of steady accumulation and phases of rapid acceleration.
- Current Asset Trajectory
- Current assets exhibited a persistent upward trend, growing from 4,206 million USD in 2005 to 29,986 million USD in 2023. A significant acceleration is observed between 2019 and 2023, where current assets rose from 19,888 million USD to nearly 30,000 million USD, indicating an increase in short-term financial resources.
- Total Asset Expansion and Volatility
- Total assets grew steadily for the majority of the period, with a notable phase of rapid expansion occurring between 2019 and 2021, during which assets increased from 29,074 million USD to 44,358 million USD. A brief contraction is noted in 2018, where total assets decreased to 25,413 million USD from 27,178 million USD in 2017, before the growth trend resumed.
- Asset Composition and Liquidity Ratio
- A high proportion of total assets is consistently maintained as current assets. In 2005, current assets represented approximately 61.2% of total assets. By 2023, this proportion remained relatively stable at approximately 63.7%. This consistency suggests a disciplined approach to maintaining liquidity relative to the total balance sheet size over the 18-year period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Humana Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt, including book overdraft | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 18,872) | 30,747) | 12,009) | 16,262) |
| Dec 31, 2022 | 17,178) | 27,685) | 11,424) | 15,311) |
| Dec 31, 2021 | 15,331) | 28,255) | 12,820) | 16,080) |
| Dec 31, 2020 | 13,394) | 21,241) | 6,980) | 13,728) |
| Dec 31, 2019 | 10,929) | 17,037) | 5,891) | 12,037) |
| Dec 31, 2018 | 10,077) | 15,252) | 6,240) | 10,161) |
| Dec 31, 2017 | 9,406) | 17,336) | 5,061) | 9,842) |
| Dec 31, 2016 | 7,822) | 14,711) | 4,304) | 10,685) |
| Dec 31, 2015 | 8,152) | 14,359) | 4,421) | 10,346) |
| Dec 31, 2014 | 7,355) | 13,820) | 4,159) | 9,646) |
| Dec 31, 2013 | 6,323) | 11,419) | 3,003) | 9,316) |
| Dec 31, 2012 | 6,375) | 11,132) | 2,935) | 8,847) |
| Dec 31, 2011 | 6,056) | 9,645) | 1,965) | 8,063) |
| Dec 31, 2010 | 5,745) | 9,179) | 2,078) | 6,924) |
| Dec 31, 2009 | 5,260) | 8,377) | 2,053) | 5,776) |
| Dec 31, 2008 | 5,184) | 8,585) | 2,162) | 4,457) |
| Dec 31, 2007 | 5,792) | 8,850) | 1,957) | 4,029) |
| Dec 31, 2006 | 5,192) | 7,074) | 1,563) | 3,054) |
| Dec 31, 2005 | 3,220) | 4,396) | 1,095) | 2,474) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2023, the balance sheet exhibits a substantial expansion in scale, characterized by a consistent increase in both total obligations and shareholders' capital. Total liabilities grew from 4,396 million US$ in 2005 to 30,747 million US$ by 2023, while stockholders' equity rose from 2,474 million US$ to 16,262 million US$ over the same period.
- Liability Structure and Trends
- Current liabilities demonstrate a long-term upward trajectory, increasing nearly six-fold from 3,220 million US$ in 2005 to 18,872 million US$ in 2023. While growth was steady through 2016, an accelerated increase is observed starting in 2017, with a particularly sharp rise between 2019 and 2023. The proportion of current liabilities relative to total liabilities shifted from approximately 73% in 2005 to 61% in 2023, indicating an increase in the relative weight of long-term obligations.
- Debt Accumulation and Leverage
- Total debt, including book overdrafts, remained relatively stable and low as a percentage of total liabilities until 2014. A significant inflection point occurred between 2020 and 2021, where total debt nearly doubled from 6,980 million US$ to 12,820 million US$. Despite a slight correction in 2022, debt levels remained elevated at 12,009 million US$ by the end of 2023, representing a marked shift in the company's financing strategy toward greater leverage in the latter part of the observed period.
- Equity Growth and Capital Stability
- Stockholders' equity grew steadily from 2005 through 2016, peaking at 10,685 million US$ before experiencing a brief period of volatility between 2017 and 2018. From 2019 onward, equity resumed a strong growth pattern, reaching 16,262 million US$ by 2023. This growth in equity has occurred in tandem with rising liabilities, though the rate of increase in total liabilities has generally outpaced the growth of equity, particularly after 2020.
The overall financial trajectory suggests a strategic expansion of the balance sheet. The most notable shift is the substantial increase in debt and current liabilities since 2020, which suggests a higher reliance on external financing and short-term obligations to support operations or growth compared to the more conservative capital structure maintained between 2005 and 2015.
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Cash Flow Statement
Humana Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 3,981) | (3,492) | (856) |
| Dec 31, 2022 | 4,587) | (1,006) | (1,914) |
| Dec 31, 2021 | 2,262) | (6,556) | 3,015) |
| Dec 31, 2020 | 5,639) | (3,065) | (1,955) |
| Dec 31, 2019 | 5,284) | (1,278) | (2,295) |
| Dec 31, 2018 | 2,173) | (3,087) | (785) |
| Dec 31, 2017 | 4,051) | (2,941) | (945) |
| Dec 31, 2016 | 1,936) | (1,362) | 732) |
| Dec 31, 2015 | 868) | 320) | (552) |
| Dec 31, 2014 | 1,618) | (63) | (758) |
| Dec 31, 2013 | 1,716) | (1,182) | (702) |
| Dec 31, 2012 | 1,923) | (1,965) | (29) |
| Dec 31, 2011 | 2,079) | (1,358) | (1,017) |
| Dec 31, 2010 | 2,242) | (1,811) | (371) |
| Dec 31, 2009 | 1,422) | (1,859) | 81) |
| Dec 31, 2008 | 982) | (498) | (554) |
| Dec 31, 2007 | 1,224) | (1,845) | 921) |
| Dec 31, 2006 | 1,687) | (1,654) | 976) |
| Dec 31, 2005 | 626) | (767) | 294) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2023 exhibits a significant expansion in operational cash generation, contrasted by an aggressive and increasing commitment to investing activities and a shift in financing strategies.
- Operating Cash Flow Dynamics
- A long-term upward trend in net cash provided by operating activities is observed, growing from 626 million USD in 2005 to 3,981 million USD in 2023. While growth was generally consistent through 2010, a period of volatility occurred between 2011 and 2016, including a notable decline to 868 million USD in 2015. Cash generation peaked between 2019 and 2020, reaching a maximum of 5,639 million USD, before stabilizing in the 4,000 million USD range toward the end of the period.
- Investing Activity Patterns
- Investing activities remained predominantly negative throughout the period, indicating a consistent outflow of capital for investments or acquisitions. Outflows intensified significantly after 2016, with substantial expenditures exceeding 3,000 million USD in 2018 and 2020. A critical peak occurred in 2021, where net cash used in investing activities reached 6,556 million USD, the highest recorded outflow in the analyzed timeframe.
- Financing Activity Transitions
- The financing profile shifted from a reliance on external inflows in the early years (2005-2007) to a pattern of net outflows, suggesting a transition toward debt repayment or shareholder distributions. Significant outflows were observed in 2019 and 2020, exceeding 1,900 million USD annually. A notable exception occurred in 2021, where a net inflow of 3,015 million USD was recorded, coinciding with the period of maximum investing expenditure, suggesting a strategic financing event to fund capital allocations.
- Integrated Cash Flow Analysis
- For the majority of the period, operating cash flows were sufficient to cover investing outflows, though the gap narrowed during peak investment years. The 2021 fiscal year represents a distinct anomaly where the combination of record investing outflows and a temporary dip in operating cash flow necessitated substantial financing inflows to maintain liquidity.
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Per Share Data
Humana Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 20.09 | 20.00 | 3.44 |
| Dec 31, 2022 | 22.20 | 22.08 | 3.06 |
| Dec 31, 2021 | 22.79 | 22.67 | 2.73 |
| Dec 31, 2020 | 25.47 | 25.31 | 2.43 |
| Dec 31, 2019 | 20.20 | 20.10 | 2.15 |
| Dec 31, 2018 | 12.24 | 12.16 | 1.90 |
| Dec 31, 2017 | 16.94 | 16.81 | 1.49 |
| Dec 31, 2016 | 4.11 | 4.07 | 1.16 |
| Dec 31, 2015 | 8.54 | 8.44 | 1.14 |
| Dec 31, 2014 | 7.44 | 7.36 | 1.10 |
| Dec 31, 2013 | 7.81 | 7.73 | 1.06 |
| Dec 31, 2012 | 7.56 | 7.47 | 1.02 |
| Dec 31, 2011 | 8.58 | 8.46 | 0.75 |
| Dec 31, 2010 | 6.55 | 6.47 | 0.00 |
| Dec 31, 2009 | 6.21 | 6.15 | 0.00 |
| Dec 31, 2008 | 3.87 | 3.83 | 0.00 |
| Dec 31, 2007 | 5.00 | 4.91 | 0.00 |
| Dec 31, 2006 | 2.97 | 2.90 | 0.00 |
| Dec 31, 2005 | 1.91 | 1.87 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a long-term growth trajectory in profitability per share from 2005 to 2023, characterized by a significant expansion in earnings and the establishment of a consistent dividend growth policy.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a strong positive correlation over the nineteen-year period. An initial growth phase is observed from 2005 to 2011, with basic EPS rising from 1.91 to 8.58. This was followed by a period of relative instability between 2012 and 2016, culminating in a sharp decline to 4.11 in 2016. A rapid recovery occurred in 2017, with earnings jumping to 16.94, leading to a peak in 2020 at 25.47. From 2021 through 2023, a moderate downward trend is evident, with basic EPS settling at 20.09.
- Dividend Distribution Trends
- Dividend payments were non-existent until 2011, when a dividend of 0.75 per share was initiated. Following this introduction, a pattern of uninterrupted annual growth is observed. The dividend per share increased steadily from 0.75 in 2011 to 3.44 in 2023. This consistent upward progression indicates a disciplined approach to returning capital to shareholders, as dividend growth continued even during years when earnings per share experienced volatility or decline.
- Analysis of Dilution and Payout Stability
- The variance between basic and diluted earnings per share remained minimal throughout the entire period, suggesting a limited impact from dilutive securities. Furthermore, the decoupling of dividend growth from EPS volatility is notable; while earnings fluctuated significantly between 2016 and 2023, the dividend per share maintained a linear growth path, reflecting a stable payout strategy despite fluctuations in annual net income.
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