HUMHumana

Health care · Health Insurance · NYSE

Headquartered in Louisville, Kentucky, Humana Inc. and its subsidiaries, referred to throughout this document as “we,” “us,” “our,” the “Company” or “Humana,” is committed to putting health first - for our teammates, our customers, and our company. 10-K, Item 1

Employees: 67,060
Headquarters: Louisville, KY
CEO: James A. Rechtin
Next results: around Feb 10, 2027

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What the 10-K filed 2026-02-19 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-20.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“We derived approximately 83% of our total premiums and services revenue from contracts with the federal government in 2025, including 14% related to our federal government contracts with the Centers for Medicare and Medicaid Services, or CMS, to provide health insurance coverage for individual Medicare Advantage members in Florida.”
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“Our Medicare products, which accounted for approximately 83% of our total premiums and services revenue for the year ended December 31, 2025, primarily consisted of products covered under the Medicare Advantage and Medicare Part D Prescription Drug Plan contracts with the federal government.”
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“Premium and services revenues derived from our contracts with the federal government, as a percentage of our total premium and services revenues, were approximately 83% for 2025, 85% for 2024 and 84% for 2023.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

3 new

Pending cases, settlements and what the company has set aside for them.

New “This comparison was significantly impacted by put/call valuation adjustments associated with non-consolidating minority interest investments, charges associated with value creation initiatives, impairment charges, loss on sale of business and settlement of certain litigation expenses.”
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New “Settlement of certain litigation expenses 15 —”
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New “Settlement of certain litigation expenses 0.13 —”
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“A liability, if recorded, is not considered resolved until the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, or the tax position is ultimately settled through examination, negotiation, or litigation.”
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“On September 1, 2023, Humana Inc. and Humana Benefit Plan of Texas, Inc. filed suit against the United States Department of Health and Human Services, and Xavier Becerra in his official capacity as Secretary, in the United States District Court, Northern District of Texas, Fort Worth Division seeking a determination that the Final RADV Rule violates the APA and should be set aside.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“The remaining reinsurance recoverables of $13 million are divided between 7 other reinsurers, with none subject to funds withheld accounts or other financial guarantees supporting the repayment of these amounts.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

“In addition, our credit agreements contain customary restrictive covenants and a financial covenant regarding maximum debt to capitalization of 60%, as well as”
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“We are in compliance with this financial covenant, with actual debt to capitalization of 41.1% as measured in accordance with the revolving credit agreements as of December 31, 2025.”
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New “Accordingly, as of December 31, 2025, we had $4.990 billion of remaining borrowing capacity under the credit agreement (which excludes the uncommitted $1.0 billion of incremental loan facilities), none of which would be restricted by our financial covenant compliance requirement.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“We have purchase obligation commitments of $1.2 billion in 2026, $953 million in 2027, $595 million in 2028, $298 million in 2029, and $273 million in 2030.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on HUM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/HUM/export.csv") into a cell.