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 analysis of the financial data over the period from 2005 to 2023 reveals several notable trends in revenues, operating income, and net income attributable to the entity.
- External Revenues
- The external revenues exhibit a consistent upward trajectory throughout the entire period. Starting at 14,275 million US dollars in 2005, revenues increased markedly to 105,305 million US dollars by the end of 2023. This represents significant growth, with occasional acceleration periods especially between 2018 and 2023, indicating strong market expansion or business scaling.
- Income from Operations
- Operating income shows a more variable pattern relative to revenues. Initial growth from 461 million in 2005 reached a peak of 2,344 million in 2011. However, from 2011 to 2013, there was a decline with a trough of 1,741 million in 2016, followed by a sharp rise in 2017 to 4,262 million, which is the highest point in the dataset. After 2017, operating income fluctuated but generally remained elevated relative to earlier years, ending at 4,013 million in 2023. This volatility may suggest changing operational efficiencies, cost structures, or business environment impacts during the period.
- Net Income Attributable to the Company
- Net income attributable to the company generally increased from 308 million in 2005 to 2,489 million in 2023. This growth, however, is not linear. There are notable declines in some years, particularly a significant drop between 2014 (1,276 million) and 2016 (614 million), followed by a strong rebound to 2,448 million in 2017. Post-2017, net income exhibited fluctuations but largely maintained higher levels compared to the early years, suggesting improvements in profitability but also periods of financial challenges or restructuring.
Overall, the company’s revenues have shown steady and robust growth over the analyzed years. Operating income and net income manifest more pronounced variability, with peaks and troughs that may reflect operational adjustments, margin pressures, or external market factors. Despite these fluctuations, the long-term trend for profitability remains positive, with both income metrics at higher levels in recent years than historically observed.
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).
Analysis of the financial data reveals consistent growth in key asset categories over the observed period. Current assets demonstrate a general upward trend from 2005 through 2023, increasing from approximately 4.2 billion US dollars to nearly 30 billion US dollars. This growth, although steady, shows occasional periods of slower expansion, such as a slight decline or plateau around 2017-2018, followed by resumed growth thereafter.
Total assets also increase significantly over the same timeframe. Starting at roughly 6.9 billion US dollars in 2005, total assets nearly septuple by 2023 to over 47 billion US dollars. This growth in total assets is marked by consistent year-on-year increases with minimal interruptions, suggesting ongoing asset accumulation or acquisition activities. Notable is a modest dip around 2017-2018, similar to the trend observed in current assets, before continuing its upward trajectory.
- Current Assets
- The rise in current assets over the years indicates improving liquidity and a strengthening short-term financial position. The generally increasing balance suggests better management of cash, receivables, and other liquid assets. The period between 2016 and 2018 shows a slight decline or stagnation, which might warrant further investigation to understand its causes and implications.
- Total Assets
- The consistent increase in total assets signals expansion in overall resource base. This escalation could be due to asset purchases, investments, or earnings retention. The brief slowdown or contraction near 2017-2018 mirrors patterns in current assets and may imply broader corporate adjustments or market factors during that period.
Overall, both current assets and total assets exhibit strong growth patterns with only minor interruptions. These trends reflect positively on the entity's asset management capabilities and growth strategy over the nearly two-decade span.
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).
Over the observed period, several notable trends emerge in the financial structure. Current liabilities increased steadily from 3,220 million USD at the end of 2005 to 18,872 million USD by the end of 2023. This represents a substantial rise, indicating that short-term obligations have grown more than fivefold over the period, with particularly sharp increases after 2014.
Total liabilities followed a similar upward trajectory, increasing from 4,396 million USD in 2005 to 30,747 million USD in 2023. Although there was some fluctuation, with a slight decrease around 2018, total liabilities generally expanded, reflecting an overall increase in the company's total financial obligations.
Total debt, including book overdrafts, showed noteworthy growth and volatility. Starting at 1,095 million USD in 2005, it rose notably to 12,009 million USD in 2023. The increase was particularly pronounced after 2018 when total debt surged from 6,240 million USD to over 12,000 million USD by 2023, indicating an increased reliance on debt financing in recent years. However, there was some fluctuation in the debt levels during this period, with a peak in 2020 followed by a slight decline and then renewed growth.
Conversely, stockholders’ equity experienced consistent growth from 2,474 million USD in 2005 to 16,262 million USD in 2023. Despite minor fluctuations, equity increased steadily year over year, showing substantial capitalization improvements. There was a modest decline between 2016 and 2017, but equity resumed growth afterwards.
- Summary of Financial Trends:
- - Current liabilities expanded significantly, indicating growing short-term financial obligations.
- - Total liabilities rose substantially, reflecting an overall increase in total obligations with some volatility.
- - Total debt increased markedly, especially after 2018, suggesting more aggressive debt financing strategies.
- - Stockholders’ equity showed steady growth suggesting strengthening capitalization and retained earnings over time.
Overall, the data shows a company expanding its liabilities and debt while also improving its equity base. The rise in debt proportion relative to equity and liabilities indicates an increasing leverage level in recent years, which may affect financial risk and capital structure considerations going forward.
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).
- Net Cash Provided by Operating Activities
- The net cash from operating activities demonstrates considerable variability over the periods analyzed. Starting at $626 million in 2005, this metric experienced notable increases and decreases, peaking at $5,639 million in 2020. The years 2006 and 2007 saw higher levels than 2005 but were followed by fluctuations, including a dip to $868 million in 2014. Subsequently, there was a strong recovery and growth trend, with significant peaks in 2015 ($4,051 million) and 2019 ($5,284 million). The figures for the most recent years show fluctuation but remain relatively strong, with values of $4,587 million in 2022 and a slight decrease to $3,981 million in 2023. Overall, the trend signals generally increased cash generation from operations in recent years, with intermittent volatility.
- Net Cash (Used in) Provided by Investing Activities
- Cash flows related to investing activities have predominantly been negative throughout the period, indicating sustained investment outflows. Several years stand out with large negative values, including 2006 at -$1,654 million, 2009 at -$1,859 million, and 2021 with the largest outflow of -$6,556 million. Exceptions to this pattern appear in 2014 and 2015, with positive inflows of $320 million and a minor reduction in outflows, respectively. The period after 2015 generally features substantial negative cash flows, suggesting increased investment spending or asset acquisitions in those years. The overall trend reflects continuous capital deployment, with occasional periods of restraint or divestment.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows exhibit pronounced variability with alternating periods of positive and negative values. Early years such as 2006 and 2007 saw positive inflows of $976 million and $921 million, respectively, followed by several years of negative cash flow, including significant withdrawals in 2008 (-$554 million), 2011 (-$1,017 million), and 2014 (-$758 million). A marked positive spike occurred in 2016 with $732 million, and in 2021 financing activities contributed $3,015 million, the highest positive value in the series. The recent year 2023 shows a moderate negative cash flow of -$856 million. This pattern reflects active management of capital structure, with periods of debt issuance or equity raises alternating with debt repayment or share repurchases.
Per Share Data
Humana Inc., selected data per share, long-term trends
US$
| 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.
- Basic Earnings Per Share (EPS)
- The basic earnings per share exhibited a generally upward trend from 2005 through 2023, despite some fluctuations. Initially, the EPS increased from $1.91 in 2005 to a peak of $8.58 in 2011. After a slight decrease in subsequent years, it surged notably in 2017 to $16.94, followed by a peak at $25.47 in 2020. Post-2020, the EPS showed a moderate decline, finishing at $20.09 in 2023. This pattern indicates periods of strong profitability growth interspersed with some volatility.
- Diluted Earnings Per Share (EPS)
- The diluted EPS mirrored the trends observed in basic EPS closely, confirming consistency in earnings per share calculations after potential dilution effects. It increased from $1.87 in 2005 to a high of $8.46 in 2011, then experienced a similar downward adjustment before rising sharply to $16.81 in 2017 and topping at $25.31 in 2020. The diluted EPS slightly decreased afterward, reaching $20 in 2023, consistent with the basic EPS trend.
- Dividend Per Share
- Dividend payments commenced in 2012 at $0.75 per share, evidencing the company's initiation or resumption of shareholder returns through dividends. From 2012 onwards, dividends steadily increased each year without interruption, growing from $0.75 to $3.44 per share by 2023. This consistent growth in dividends suggests an emphasis on rewarding shareholders and reflects improving cash flow stability and confidence in future earnings.
- Overall Financial Patterns and Insights
- The earnings per share metrics indicate sustained profitability growth with certain years marked by notable volatility, possibly reflecting external economic factors or internal restructuring phases. The significant jump in EPS around 2017 and peaking in 2020 could be indicative of operational efficiencies, revenue growth, or strategic initiatives yielding higher profitability. The initiation and continual increase in dividends from 2012 onwards point to a strategic focus on shareholder value enhancement. Despite some EPS decline after 2020, dividend increases continued uninterrupted, suggesting strong cash generation capacity and a commitment to shareholder returns.