HUMANA INC. (HUM) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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HUMANA INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $921,000,000.00Net income → Operating adjustments reconciliation: $282,000,000.00Other liabilities → Operating adjustments reconciliation: $1,322,000,000.00Depreciation → Operating adjustments reconciliation: $773,000,000.00Stock-based compensation → Operating adjustments reconciliation: $241,000,000.00Impairment of indefinite-lived intangible assets → Operating adjustments reconciliation: $128,000,000.00Equity in net losses → Operating adjustments reconciliation: $102,000,000.00Unearned revenues → Operating adjustments reconciliation: $96,000,000.00Deferred income taxes → Operating adjustments reconciliation: $75,000,000.00Loss on sale of business → Operating adjustments reconciliation: $67,000,000.00Amortization → Operating adjustments reconciliation: $51,000,000.00Loss (gain) on investment securities, net → Operating adjustments reconciliation: $50,000,000.00Impairment of property and equipment → Operating adjustments reconciliation: $28,000,000.00Operating adjustments reconciliation → Other assets: $2,173,000,000.00Operating adjustments reconciliation → Receivables: $570,000,000.00Operating adjustments reconciliation → Benefits payable: $472,000,000.00Proceeds from sales of investment securities → investing reconciliation: $6,510,000,000.00Proceeds from maturities of investment securities → investing reconciliation: $2,912,000,000.00Proceeds from sale of business, net → investing reconciliation: $115,000,000.00Proceeds from sale of property and equipment → investing reconciliation: $23,000,000.00investing reconciliation → Net cash from investing activities: $2,273,000,000.00investing reconciliation → Purchases of investment securities: $6,440,000,000.00investing reconciliation → Purchases of property and equipment: $546,000,000.00investing reconciliation → Changes in securities lending collateral receivable: $220,000,000.00investing reconciliation → Acquisitions, net of cash and cash equivalents acquired: $81,000,000.00Net cash used in financing activities → financing reconciliation: $1,215,000,000.00Proceeds from issuance of senior notes, net → financing reconciliation: $1,481,000,000.00Changes in securities lending payable → financing reconciliation: $220,000,000.00financing reconciliation → (Payments) receipts from contract deposits, net: $1,076,000,000.00financing reconciliation → Repayment of senior notes: $948,000,000.00financing reconciliation → Dividends paid: $430,000,000.00financing reconciliation → Common stock repurchases: $151,000,000.00financing reconciliation → Changes in rebate factor payable: $123,000,000.00financing reconciliation → Change in book overdraft: $97,000,000.00financing reconciliation → Other, net: $81,000,000.00financing reconciliation → (Repayments) proceeds from issuance of commercial paper, net: $5,000,000.00financing reconciliation → Debt issue costs: $5,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $2,221,000,000.00Net cash from operating activities → Cash sources and uses: $921,000,000.00Net cash from investing activities → Cash sources and uses: $2,273,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $4,200,000,000.00Cash sources and uses → Net cash used in financing activities: $1,215,000,000.00Other, net: $0.00Equity in net losses: $102,000,000.00Equity-method results+$102.00 MDeferred income taxes: $75,000,000.00Deferred taxes & credits+$75.00 MLoss (gain) on investment securities, net: $50,000,000.00Securities gain & loss, net+$50.00 MBenefits payable: -$472,000,000.00Health insurance liabilities−$472.00 MReceivables: -$570,000,000.00Receivables, net−$570.00 MStock-based compensation: $241,000,000.00Stock-based compensation+$241.00 MImpairment of property and equipment: $28,000,000.00PP&E impairments+$28.00 MOther liabilities: $1,322,000,000.00Other operating liabilities+$1.32 BDepreciation: $773,000,000.00Depreciation expense+$773.00 MImpairment of indefinite-lived intangible assets: $128,000,000.00Indefinite intangible impairment+$128.00 MAmortization: $51,000,000.00Amortization expense+$51.00 MLoss on sale of business: $67,000,000.00Business sale gain & loss+$67.00 MNet income: $1,203,000,000.00Net income+$1.20 BUnearned revenues: $96,000,000.00Deferred revenue+$96.00 MOther assets: -$2,173,000,000.00Other operating assets−$2.17 BNet cash from operating activities: $921,000,000.00Operating cash+$921.00 MOperating adjustments reconciliation: $3,215,000,000.00Other, net: -$81,000,000.00Other financing, net−$81.00 M(Repayments) proceeds from issuance of commercial paper, net: -$5,000,000.00Commercial paper, net−$5.00 MCommon stock repurchases: -$151,000,000.00Common stock repurchases−$151.00 MRepayment of short-term borrowings: $0.00Repayment of senior notes: -$948,000,000.00Senior debt repaid−$948.00 MProceeds from issuance of senior notes, net: $1,481,000,000.00Senior debt issued+$1.48 BDebt issue costs: -$5,000,000.00Debt issuance costs−$5.00 MProceeds from short-term borrowings: $0.00Changes in rebate factor payable: -$123,000,000.00Changes in rebate factor payable−$123.00 MDividends paid: -$430,000,000.00Dividends paid−$430.00 MChange in book overdraft: -$97,000,000.00Bank overdrafts, net−$97.00 M(Payments) receipts from contract deposits, net: -$1,076,000,000.00(Payments) receipts from contract deposits, net−$1.08 BChanges in securities lending payable: $220,000,000.00Securities lending, net+$220.00 MRepayment of term loan: $0.00Net cash used in financing activities: -$1,215,000,000.00. Cash required to fund net payments.Financing cash−$1.22 Bfinancing reconciliation: $2,916,000,000.00Proceeds from maturities of investment securities: $2,912,000,000.00AFS securities maturities+$2.91 BProceeds from sales of investment securities: $6,510,000,000.00AFS securities sales+$6.51 BPurchases of property and equipment: -$546,000,000.00PP&E purchases−$546.00 MProceeds from sale of property and equipment: $23,000,000.00PP&E sales+$23.00 MPurchases of investment securities: -$6,440,000,000.00AFS securities purchases−$6.44 BOther: $0.00Acquisitions, net of cash and cash equivalents acquired: -$81,000,000.00Acquisitions, net of cash−$81.00 MProceeds from sale of business, net: $115,000,000.00Business sales, net of cash+$115.00 MChanges in securities lending collateral receivable: -$220,000,000.00Securities loan collateral, net−$220.00 MNet cash from investing activities: $2,273,000,000.00Investing cash+$2.27 Binvesting reconciliation: $9,560,000,000.00Cash sources and uses: $5,415,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $2,221,000,000.00Beginning cash$2.22 BEnding cash: Cash, cash equivalents, and restricted cash: $4,200,000,000.00Ending cash$4.20 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$375.00 MOperating cash − cash spent on PP&ECash flow / Net income0.77×Operating cash flow ÷ net incomeNet cash change+$1.98 BEnding cash − beginning cash
Chart details

HUMANA INC. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
2,221,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
921,000,000 US dollars. Net cash provided.
Other, net
0 US dollars
Equity in net losses
102,000,000 US dollars
Deferred income taxes
75,000,000 US dollars
Loss (gain) on investment securities, net
50,000,000 US dollars
Benefits payable
negative 472,000,000 US dollars
Receivables
negative 570,000,000 US dollars
Stock-based compensation
241,000,000 US dollars
Impairment of property and equipment
28,000,000 US dollars
Other liabilities
1,322,000,000 US dollars
Depreciation
773,000,000 US dollars
Impairment of indefinite-lived intangible assets
128,000,000 US dollars
Amortization
51,000,000 US dollars
Loss on sale of business
67,000,000 US dollars
Net income
1,203,000,000 US dollars
Unearned revenues
96,000,000 US dollars
Other assets
negative 2,173,000,000 US dollars
Investing activities
2,273,000,000 US dollars. Net cash provided.
Proceeds from maturities of investment securities
2,912,000,000 US dollars
Proceeds from sales of investment securities
6,510,000,000 US dollars
Purchases of property and equipment
negative 546,000,000 US dollars
Proceeds from sale of property and equipment
23,000,000 US dollars
Purchases of investment securities
negative 6,440,000,000 US dollars
Other
0 US dollars
Acquisitions, net of cash and cash equivalents acquired
negative 81,000,000 US dollars
Proceeds from sale of business, net
115,000,000 US dollars
Changes in securities lending collateral receivable
negative 220,000,000 US dollars
Financing activities
negative 1,215,000,000 US dollars. Net cash used.
Other, net
negative 81,000,000 US dollars
(Repayments) proceeds from issuance of commercial paper, net
negative 5,000,000 US dollars
Common stock repurchases
negative 151,000,000 US dollars
Repayment of short-term borrowings
0 US dollars
Repayment of senior notes
negative 948,000,000 US dollars
Proceeds from issuance of senior notes, net
1,481,000,000 US dollars
Debt issue costs
negative 5,000,000 US dollars
Proceeds from short-term borrowings
0 US dollars
Changes in rebate factor payable
negative 123,000,000 US dollars
Dividends paid
negative 430,000,000 US dollars
Change in book overdraft
negative 97,000,000 US dollars
(Payments) receipts from contract deposits, net
negative 1,076,000,000 US dollars
Changes in securities lending payable
220,000,000 US dollars
Repayment of term loan
0 US dollars
Operating adjustment reconciliation
3,215,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
2,916,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
9,560,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
4,200,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
5,415,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,979,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.77×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
921,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
546,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
375,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $921.00M of net income directly to operating cash and $282.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 921,000,000 US dollars minus 546,000,000 US dollars equals 375,000,000 US dollars.
HUMANA INC. (HUM) FY2025 Annual Statement of Cash Flows Sankey chart
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