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哈门那公司HUMANA(HUM)2025年年度报告「NYSE」(英文版)(148页).pdf

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1、2025 Annual Report Generally Accepted Accounting Principles(GAAP)*2025 2024 2023 2022 2021 OPERATING RESULTS Revenues$129,664$117,761$106,374$92,870$83,064 Net income attributable to Humana$1,188$1,207$2,489$2,806$2,933 Diluted earnings per common share$9.84$9.98$20.00$22.08$22.67 FINANCIAL POSITION

2、 Total assets$48,909$46,479$47,065$43,055$44,358 Total liabilities$31,172$30,034$30,747$27,685$28,255 Total stockholders equity$17,737$16,445$16,318$15,370$16,103 Cash flows from operations$921$2,966$3,981$4,587$2,262 MEMBERSHIP BY SEGMENT(IN THOUSANDS)Consolidated medical membership 14,999.7 16,347

3、.1 16,857.8 17,079.2 17,067.0 Consolidated specialty membership 4,742.6 4,562.0 4,868.3 5,194.8 5,294.3 Humana Inc.financial highlights 2025 Annual Report*Dollars in millions,except per common share results.1 Thank you for your confidence in Humana and our mission of helping people achieve their bes

4、t health.We have made significant progress toward returning the enterprise to its full earnings power by becoming a consumer healthcare company.Healthcare consumers have an unmet need for a partner within the industry that gives them a simpler and more intuitive experience of Americas complex system

5、.Humana is working to meet that need,making it easier to make healthy choices,while clarifying the path to high-quality care.This is what it means to be a consumer healthcare company.When we deliver outstanding preventive carethrough both our health plans and CenterWellaccurate diagnosis,effective f

6、ollow-up care,and a seamless customer experience,our members and patients have better health outcomes.This combination drives loyalty,retention,reduced medical costs,and attractive economics for the business,a virtuous cycle that is the foundation of our long-term strategy.We have made significant p

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1. **财务表现**:2025年营收129.66亿美元,净利润11.88亿美元,稀释每股收益9.84美元;调整后EPS达17.14美元(非GAAP)。 2. **会员规模**:合并医疗会员1499.7万(2025年),专科会员474.3万;医疗保险会员占比83%,其中佛罗里达州Medicare Advantage会员100.6万。 3. **战略转型**:聚焦“消费者医疗公司”定位,强化Medicare Advantage核心业务,通过预防性护理、临床卓越和会员服务提升健康结果与忠诚度。 4. **业务布局**:保险 segment占营收96.3%(Medicare占82.6%),CenterWell segment提供药房、初级保健及家庭解决方案服务。 5. **风险应对**:应对Medicare Advantage周期性压力,优先考虑消费者导向,优化运营效率并投资Medicaid和CenterWell业务。
**Humana战略转型?** **MA业务优势?** **会员增长动力?**
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