---
title: "Humana: Business Model & Revenue Engine"
description: "Humana revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/humana/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Humana: Business Model & Revenue Engine

## Direct Answer

Humana reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Insurance is the largest, with $125 billion of revenue (96% of the total), followed by Center Well at $22.5 billion (17%).

## How Does Humana Make Money?

Insurance supplies 96% of revenue, so Humana's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Center Well grew fastest (+12.7%) and Insurance slowest (+9.5%), so the revenue mix tilts toward Center Well while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Insurance | $125 billion | $114 billion | 96.1% | 9.5% |
| Center Well | $22.5 billion | $19.9 billion | 17.3% | 12.7% |

![Bar chart of Humana revenue by segment for fiscal 2025: Insurance 96.1%, Center Well 17.3%.](https://www.getswoopr.com/images/charts/humana-business-model-segment-mix.webp)
*Humana revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Humana Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Insurance | $1.7 billion | 1.3% |
| Center Well | $1.3 billion | 6.0% |

Segment operating income is the profit measure Humana reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Humana more safely than against another company.

## What the Segment Figures Do Not Show

The rows above add up to 113% of Humana's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Humana reported in the segment note and revenue disclosures of its Form 10-K filed February 19, 2026 (accession 0000049071-26-000009), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Humana's business segments?

In its fiscal 2025 Form 10-K, Humana reports revenue for Insurance and Center Well.

### Which part of Humana brings in the most revenue?

Insurance, with $125 billion of revenue in fiscal 2025, or 96% of the total.

### Where does Humana report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 19, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: HUMANA INC Form 10-K filed February 19, 2026](https://www.sec.gov/Archives/edgar/data/49071/000004907126000009/hum-20251231.htm)
- [SEC EDGAR: HUMANA INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=49071&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

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- [Humana company dossier](https://www.getswoopr.com/stocks/companies/humana/)
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**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).