HUM · 10-Q · 2026Q3 · Full report
Cash Flow and Liquidity
HUMANA INC · 2026-11-06 · Importance 63 · Surprise 64 · From source text
Cash and cash equivalents increased to approximately $6.9 billion at September 30, 2026, from $4.2 billion at December 31, 2025. Operating cash flow rose to $5.4 billion in the first nine months of 2026 from $2.6 billion in 2025, mainly because of favorable working capital activity, including higher IBNR balances and receivable collections, and modestly higher earnings. Investing activities used $4.9 billion, while financing activities provided $2.2 billion during the 2026 period. Humana reported investment-grade ratings of BBB from S&P and Baa2 from Moody’s at September 30, 2026.
Key facts
- Humana Inc. maintained $0.5 billion of parent-company cash, cash equivalents, and short-term investments at September 30, 2026, compared with $1.5 billion at December 31, 2025. source
- Net cash provided by operating activities was $5.383 billion in the nine months ended September 30, 2026, compared with $2.573 billion in the 2025 period. source
- Humana cash and cash equivalents increased to approximately $6.9 billion at September 30, 2026, from $4.2 billion at December 31, 2025. source
- In March 2026, Humana issued $1.0 billion aggregate principal amount of 6.625% fixed-to-fixed rate junior subordinated notes due September 15, 2056, receiving approximately $990 million net proceeds. source
- Humana acquired MaxHealth for approximately $908 million cash consideration, net of cash acquired, during the 2026 nine-month period. source
- Humana expects significant operating cash outflows in the remainder of 2026 due to seasonal effects on operating results and working capital. source
- Humana believes cash balances, investment securities, operating cash flows, and available credit and commercial paper or other financing sources are adequate for at least the next twelve months to fund operations, regulatory requirements, acquisitions, expansion, capital expenditures, debt repayment or refinancing, and share repurchases. source
- In August 2026, Humana received a $100 million short-term cash advance from FHLB secured by certain marketable securities; it remained outstanding at September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +4.9% | Net cash provided by operating activities was $5.383 billion in the nine months ended September 30, 2026, compared with $2.573 billion in… |
| cash | negative | realized | -1.8% | Humana Inc. maintained $0.5 billion of parent-company cash, cash equivalents, and short-term investments at September 30, 2026, compared… |