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Centene vs Humana: revenue, profit, margins and growth compared

Centene brought in $194.8B of revenue in fiscal 2025, Humana $129.7B in fiscal 2025. Revenue changed by +19.4% at Centene and +10.1% at Humana on the year before, so Centene grew faster. Centene kept -3.4% of its revenue as net profit, Humana 0.9%. Free cash flow was $4.3B at Centene and $375M at Humana.

Side by side, latest fiscal year

CNCHUM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$194.8B$129.7B
Revenue growth+19.4%+10.1%
Net income-$6.7B$1.2B
Net margin-3.4%0.9%
Free cash flow$4.3B$375M
Free cash flow margin2.2%0.3%
Earnings per share (diluted)-$13.53$9.84
Cash$17.9B$4.2B
Debt$17.5B$12.4B
Price to earningsn/a40.4
Market value$30.5B$47.8B
Dividend yieldn/a0.89%
Rank by revenue in sector#7 of 523 · Health care#8 of 523 · Health care

Over the years

Revenue
CNC FY2018: $60.1BCNC FY2019: $74.6BCNC FY2020: $111.1BCNC FY2021: $126BCNC FY2022: $144.5BCNC FY2023: $154BCNC FY2024: $163.1BCNC FY2025: $194.8BHUM FY2018: $56.9BHUM FY2019: $64.9BHUM FY2020: $77.2BHUM FY2021: $83.1BHUM FY2022: $92.9BHUM FY2023: $106.4BHUM FY2024: $117.8BHUM FY2025: $129.7BFY18FY19FY20FY21FY22FY23FY24FY25
CNC $194.8BHUM $129.7B
Net income
CNC FY2018: $900MCNC FY2019: $1.3BCNC FY2020: $1.8BCNC FY2021: $1.3BCNC FY2022: $1.2BCNC FY2023: $2.7BCNC FY2024: $3.3BCNC FY2025: -$6.7BHUM FY2018: $1.7BHUM FY2019: $2.7BHUM FY2020: $3.4BHUM FY2021: $2.9BHUM FY2022: $2.8BHUM FY2023: $2.5BHUM FY2024: $1.2BHUM FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
CNC -$6.7BHUM $1.2B
Net margin
CNC FY2018: 1.5%CNC FY2019: 1.8%CNC FY2020: 1.6%CNC FY2021: 1.1%CNC FY2022: 0.8%CNC FY2023: 1.8%CNC FY2024: 2.0%CNC FY2025: -3.4%HUM FY2018: 3.0%HUM FY2019: 4.2%HUM FY2020: 4.4%HUM FY2021: 3.5%HUM FY2022: 3.0%HUM FY2023: 2.3%HUM FY2024: 1.0%HUM FY2025: 0.9%FY18FY19FY20FY21FY22FY23FY24FY25
CNC -3.4%HUM 0.9%
Revenue growth
CNC FY2019: +24.2%CNC FY2020: +48.9%CNC FY2021: +13.4%CNC FY2022: +14.7%CNC FY2023: +6.5%CNC FY2024: +5.9%CNC FY2025: +19.4%HUM FY2019: +14.0%HUM FY2020: +18.9%HUM FY2021: +7.7%HUM FY2022: +11.8%HUM FY2023: +14.5%HUM FY2024: +10.7%HUM FY2025: +10.1%FY19FY20FY21FY22FY23FY24FY25
CNC +19.4%HUM +10.1%
Free cash flow
CNC FY2018: $559MCNC FY2019: $753MCNC FY2020: $4.6BCNC FY2021: $3.3BCNC FY2022: $5.3BCNC FY2023: $7.3BCNC FY2024: -$490MCNC FY2025: $4.3BHUM FY2018: $1.6BHUM FY2019: $4.5BHUM FY2020: $4.7BHUM FY2021: $920MHUM FY2022: $3.5BHUM FY2023: $3BHUM FY2024: $2.4BHUM FY2025: $375MFY18FY19FY20FY21FY22FY23FY24FY25
CNC $4.3BHUM $375M

Fiscal years as each company reports them; the two may end in different months.

Questions about Centene and Humana

Which is bigger by revenue, Centene or Humana?

Centene is bigger by revenue: $194.8B in fiscal 2025, against $129.7B for Humana in fiscal 2025.

Which keeps more of its revenue as profit, Centene or Humana?

Centene had a net margin of -3.4% in fiscal 2025; Humana had 0.9% in fiscal 2025.

Which grew revenue faster, Centene or Humana?

In their latest fiscal years revenue changed by +19.4% at Centene and +10.1% at Humana.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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