Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Humana's care business out-earns its insurance per dollar
CenterWell's revenue equals 16.6% of Humana's total, yet it earns 34.3% of operating income, mostly selling care to Humana's own plans.
For investorsWhat has to go right for this year's new members to pay off?
For foundersOwning your biggest supplier: the CenterWell playbook
Benefits outgrew premiums, and overhead growing at half the pace of revenue left the operating margin almost unchanged.
Medicare costs climb as members pass their deductibles, so operating income falls through the year; both recent fourth quarters were losses.
Revenue kept rising while the annual operating margin fell from 3.77% to 2.09% in two years.
Unlock the financial breakdown, competitive insights, historical trends and founder playbook, plus research across the company library.
Free CXProWealth membership required
Business Lens describes Humana from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
