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

Humana brought in $129.7B of revenue in fiscal 2025, Unitedhealth $447.6B in fiscal 2025. Revenue changed by +10.1% at Humana and +11.8% at Unitedhealth on the year before, so Unitedhealth grew faster. Humana kept 0.9% of its revenue as net profit, Unitedhealth 2.7%. Free cash flow was $375M at Humana and $16.1B at Unitedhealth.

Side by side, latest fiscal year

HUMUNH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$129.7B$447.6B
Revenue growth+10.1%+11.8%
Net income$1.2B$12.1B
Net margin0.9%2.7%
Free cash flow$375M$16.1B
Free cash flow margin0.3%3.6%
Earnings per share (diluted)$9.84$13.23
Cash$4.2B$24.4B
Debt$12.4B$72.3B
Price to earnings40.428.5
Market value$47.8B$338B
Dividend yield0.89%2.32%
Rank by revenue in sector#8 of 523 · Health care#1 of 523 · Health care

Over the years

Revenue
HUM FY2018: $56.9BHUM FY2019: $64.9BHUM FY2020: $77.2BHUM FY2021: $83.1BHUM FY2022: $92.9BHUM FY2023: $106.4BHUM FY2024: $117.8BHUM FY2025: $129.7BUNH FY2018: $226.2BUNH FY2019: $242.2BUNH FY2020: $257.1BUNH FY2021: $287.6BUNH FY2022: $324.2BUNH FY2023: $371.6BUNH FY2024: $400.3BUNH FY2025: $447.6BFY18FY19FY20FY21FY22FY23FY24FY25
HUM $129.7BUNH $447.6B
Net income
HUM FY2018: $1.7BHUM FY2019: $2.7BHUM FY2020: $3.4BHUM FY2021: $2.9BHUM FY2022: $2.8BHUM FY2023: $2.5BHUM FY2024: $1.2BHUM FY2025: $1.2BUNH FY2018: $12BUNH FY2019: $13.8BUNH FY2020: $15.4BUNH FY2021: $17.3BUNH FY2022: $20.1BUNH FY2023: $22.4BUNH FY2024: $14.4BUNH FY2025: $12.1BFY18FY19FY20FY21FY22FY23FY24FY25
HUM $1.2BUNH $12.1B
Net margin
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%UNH FY2018: 5.3%UNH FY2019: 5.7%UNH FY2020: 6.0%UNH FY2021: 6.0%UNH FY2022: 6.2%UNH FY2023: 6.0%UNH FY2024: 3.6%UNH FY2025: 2.7%FY18FY19FY20FY21FY22FY23FY24FY25
HUM 0.9%UNH 2.7%
Revenue growth
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%UNH FY2019: +7.0%UNH FY2020: +6.2%UNH FY2021: +11.8%UNH FY2022: +12.7%UNH FY2023: +14.6%UNH FY2024: +7.7%UNH FY2025: +11.8%FY19FY20FY21FY22FY23FY24FY25
HUM +10.1%UNH +11.8%
Free cash flow
HUM FY2018: $1.6BHUM FY2019: $4.5BHUM FY2020: $4.7BHUM FY2021: $920MHUM FY2022: $3.5BHUM FY2023: $3BHUM FY2024: $2.4BHUM FY2025: $375MUNH FY2018: $13.7BUNH FY2019: $16.4BUNH FY2020: $20.1BUNH FY2021: $19.9BUNH FY2022: $23.4BUNH FY2023: $25.7BUNH FY2024: $20.7BUNH FY2025: $16.1BFY18FY19FY20FY21FY22FY23FY24FY25
HUM $375MUNH $16.1B

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

Questions about Humana and Unitedhealth

Which is bigger by revenue, Humana or Unitedhealth?

Unitedhealth is bigger by revenue: $447.6B in fiscal 2025, against $129.7B for Humana in fiscal 2025.

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

Humana had a net margin of 0.9% in fiscal 2025; Unitedhealth had 2.7% in fiscal 2025.

Which grew revenue faster, Humana or Unitedhealth?

In their latest fiscal years revenue changed by +10.1% at Humana and +11.8% at Unitedhealth.

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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