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Humana10-K: Customer concentration

83% of total 2025 revenue was derived from contracts with the U.S. federal government

What happened

An overwhelming majority of Humana's revenue is dependent on federal government contracts, primarily through CMS. This creates significant risk related to contract renewals, regulatory changes, and government audits, necessitating robust compliance and government relations functions.

Source

SEC EDGARFeb 19, 2026

Annual report (Form 10-K)

Humana 10-K for FY2025

Filing excerpt

During 2025, 83% of our total premiums and services revenue were derived from contracts with the federal government, including 14% derived from our individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services, or CMS...

sec.gov/Archives/edgar/data/49071/000004907126000009/hum-20251231.htmRead the full source

Other signals in this filing (11)

Extracted by Autobound

From the Signal API record
Signal
10-K: Customer concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 19, 2026

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The full record

From the Signal API record

Numbers

Percent
83% (of total premiums and services revenue derived from contracts with the federal government in 2025)

Details

CIK
49071
Accession number
0000049071-26-000009
Timeframe
Current year
Filing year
2026
Why it matters
Diversification strategy
Signal category
Market

Topics and mentions

Regions named

  • Florida

Extraction

Confidence
High
Relevance
90%
Sentiment
Negative
Detected
Feb 24, 2026
signal_type
sec-10k
signal_subtype
customerConcentration

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/f8b02130-fcdf-4ccf-aa17-7f2fd5eba20e returns this record as JSON. POST /v1/companies/enrich returns every signal for humana.com.

{
  "signal_id": "f8b02130-fcdf-4ccf-aa17-7f2fd5eba20e",
  "signal_type": "sec-10k",
  "signal_subtype": "customerConcentration",
  "detected_at": "2026-02-24T09:25:52.142+00:00",
  "company": {
    "name": "Humana",
    "domain": "humana.com"
  },
  "data": {
    "detail": "An overwhelming majority of Humana's revenue is dependent on federal government contracts, primarily through CMS. This creates significant risk related to contract renewals, regulatory changes, and government audits, necessitating robust compliance and government relations functions.",
    "metrics": {
      "pct": 0.83,
      "timeframe": "current_year",
      "pct_context": "of total premiums and services revenue derived from contracts with the federal government in 2025"
    },
    "summary": "83% of total 2025 revenue was derived from contracts with the U.S. federal government",
    "excerpts": "During 2025, 83% of our total premiums and services revenue were derived from contracts with the federal government, including 14% derived from our individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services, or CMS...",
    "relevance": 0.9,
    "sentiment": "negative",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/49071/000004907126000009/hum-20251231.htm",
    "filing_date": "2026-02-19",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Diversification strategy",
    "signal_category": "market",
    "regions_mentioned": [
      "Florida"
    ]
  }
}

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