What Humana's FY2025 10-K says: 12 signals
Humana filed its latest 10-K with the SEC on Feb 19, 2026. It discusses compliance burden, customer concentration and joint venture.
Public (HUM)Legal Services10,000+ employeeshumana.comLinkedIn
- Filed
- Feb 19, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What Humana's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 12 signals
83% of total 2025 revenue was derived from contracts with the U.S. federal government
An overwhelming majority of Humana's revenue is dependent on federal government contracts, primarily through CMS.
83%
of total premiums and services revenue derived from contracts with the federal government in 2025
Florida Medicare Advantage contracts generated $17.8B, representing 14% of total 2025 revenue
A high concentration of revenue ($17.8 billion) comes from Medicare Advantage contracts in Florida, making the company's financial performance highly sensitive to state-specific regulations, regional competition, and local market dynamics.
$17.8B
premiums revenue from Florida contracts in 2025
14%
of consolidated premiums and services revenue for the year ended December 31, 2025
Humana commenced 9-year TRICARE T-5 East Region contract on Jan 1, 2025, covering 4.6M beneficiaries
This new, long-term contract with the Department of Defense requires significant operational and IT infrastructure to manage administrative services for 4.6 million military personnel and their families.
Humana partners with WCAS to expand primary care, operating 146 clinics under the venture
Humana is aggressively expanding its senior-focused primary care footprint through a strategic partnership with private equity firm Welsh, Carson, Anderson & Stowe (WCAS).
Welsh, Carson, Anderson & StoweWCAS
Humana derives 14% of its entire consolidated revenue from individual Medicare Advantage contracts in Florida alone.
$17.8B
Premiums revenue from Florida individual Medicare Advantage contracts
14%
Percent of consolidated premiums and services revenue
CMS risk-adjustment model requires complex diagnosis data collection from providers
Humana's payments from CMS are directly tied to collecting and submitting accurate diagnosis data from providers.
New 9-year TRICARE T-5 contract with DoD commenced January 1, 2025
The company is transitioning to a new, long-term TRICARE contract covering 4.6 million beneficiaries, which requires significant operational and systems adjustments.
Humana's integrated care model relies on managing $17.7B in internal CenterWell service revenue.
The CenterWell segment generated $17.7 billion in intersegment revenue from its pharmacy, primary care, and home solutions businesses.
$17.7B
Total intersegment revenues from CenterWell segment (pharmacy, primary care, home solutions) for year ended Dec 31, 2025
Humana's new TRICARE contract reduces scope from 6M to 4.6M beneficiaries
The transition from the expired T2017 contract to the new T-5 contract resulted in a loss of 8 states and a reduction of approximately 1.4 million covered beneficiaries.
Humana building integrated care platform via CenterWell, serving 491,100 patients across 350 clinics
Humana is executing an integrated care delivery model through its CenterWell segment, which combines primary care, pharmacy, and home health.
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curl -X POST https://signals.autobound.ai/v1/companies/enrich \
-H "X-API-KEY: $AUTOBOUND_API_KEY" \
-H "Content-Type: application/json" \
-d '{"domain":"humana.com","signal_types":["sec-10k"],"limit":20}'Questions about Humana 10-K
When did Humana file its latest 10-K?
What does Humana's latest 10-K say about customer concentration?
Where can I find Humana's annual report?
Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .