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Elevance Health vs Humana: revenue, profit, margins and growth compared

Elevance Health brought in $199.1B of revenue in fiscal 2025, Humana $129.7B in fiscal 2025. Revenue changed by +12.5% at Elevance Health and +10.1% at Humana on the year before, so Elevance Health grew faster. Elevance Health kept 2.8% of its revenue as net profit, Humana 0.9%. Free cash flow was $3.2B at Elevance Health and $375M at Humana.

Open the ELV pageOpen the HUM page

Side by side, latest fiscal year

ELVHUM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$199.1B$129.7B
Revenue growth+12.5%+10.1%
Net income$5.7B$1.2B
Net margin2.8%0.9%
Free cash flow$3.2B$375M
Free cash flow margin1.6%0.3%
Earnings per share (diluted)$25.21$9.84
Cash$9.5B$4.2B
Debt$31.9B$12.4B
Price to earnings15.740.4
Market value$85.9B$47.8B
Dividend yieldn/a0.89%
Rank by revenue in sector#6 of 523 · Health care#8 of 523 · Health care

Over the years

Revenue
ELV FY2018: $92.1BELV FY2019: $104.2BELV FY2020: $121.9BELV FY2021: $138.6BELV FY2022: $156.6BELV FY2023: $171.3BELV FY2024: $177BELV FY2025: $199.1BHUM FY2018: $56.9BHUM FY2019: $64.9BHUM FY2020: $77.2BHUM FY2021: $83.1BHUM FY2022: $92.9BHUM FY2023: $106.4BHUM FY2024: $117.8BHUM FY2025: $129.7BFY18FY19FY20FY21FY22FY23FY24FY25
ELV $199.1BHUM $129.7B
Net income
ELV FY2018: $3.8BELV FY2019: $4.8BELV FY2020: $4.6BELV FY2021: $6.2BELV FY2022: $5.9BELV FY2023: $6BELV FY2024: $6BELV FY2025: $5.7BHUM FY2018: $1.7BHUM FY2019: $2.7BHUM FY2020: $3.4BHUM FY2021: $2.9BHUM FY2022: $2.8BHUM FY2023: $2.5BHUM FY2024: $1.2BHUM FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
ELV $5.7BHUM $1.2B
Net margin
ELV FY2018: 4.1%ELV FY2019: 4.6%ELV FY2020: 3.8%ELV FY2021: 4.4%ELV FY2022: 3.8%ELV FY2023: 3.5%ELV FY2024: 3.4%ELV FY2025: 2.8%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
ELV 2.8%HUM 0.9%
Revenue growth
ELV FY2019: +13.1%ELV FY2020: +16.9%ELV FY2021: +13.8%ELV FY2022: +13.0%ELV FY2023: +9.4%ELV FY2024: +3.3%ELV FY2025: +12.5%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
ELV +12.5%HUM +10.1%
Free cash flow
ELV FY2018: $2.6BELV FY2019: $5BELV FY2020: $9.7BELV FY2021: $7.3BELV FY2022: $7.2BELV FY2023: $6.8BELV FY2024: $4.6BELV FY2025: $3.2BHUM FY2018: $1.6BHUM FY2019: $4.5BHUM FY2020: $4.7BHUM FY2021: $920MHUM FY2022: $3.5BHUM FY2023: $3BHUM FY2024: $2.4BHUM FY2025: $375MFY18FY19FY20FY21FY22FY23FY24FY25
ELV $3.2BHUM $375M

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

Questions about Elevance Health and Humana

Which is bigger by revenue, Elevance Health or Humana?

Elevance Health is bigger by revenue: $199.1B in fiscal 2025, against $129.7B for Humana in fiscal 2025.

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

Elevance Health had a net margin of 2.8% in fiscal 2025; Humana had 0.9% in fiscal 2025.

Which grew revenue faster, Elevance Health or Humana?

In their latest fiscal years revenue changed by +12.5% at Elevance Health 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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