Company: HUM
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000049071-25-000057
Chunk: 25

Company: HUMANA INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 25
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 of our investment securities, and borrowings. Our primary uses of cash historically have included disbursements for claims payments, operating costs, interest on borrowings, taxes, purchases of investment securities, acquisitions, capital expenditures, repayments on borrowings, dividends, and share repurchases. As premiums generally are collected in advance of claim payments by a period of up to several months, our business normally should produce positive cash flows during periods of increasing premiums and enrollment. Conversely, cash flows would be negatively impacted during periods of decreasing premiums and enrollment. From period to period, our cash flows may also be affected by the timing of working capital items including premiums receivable, benefits payable, and other receivables and payables. Our cash flows are impacted by the timing of payments to and receipts from CMS associated with Medicare Part D subsidies for which we do not assume risk. The use of cash flows may be limited by regulatory requirements of state departments of insurance (or comparable state regulators) which require, among other items, that our regulated subsidiaries maintain minimum levels of capital and seek approval before paying dividends from the subsidiaries to the parent. Our use of cash flows derived from our non-insurance subsidiaries, such as in our CenterWell segment, is generally not restricted by state departments of insurance (or comparable state regulators).

For additional information regarding our liquidity risk, refer to Part I, Item 1A, "Risk Factors" in our 2024 Form 10-K and Part II, Item 1A, "Risk Factors" of this Form 10-Q.

Cash and cash equivalents increased to approximately $5.4 billion at September 30, 2025 from $2.2 billion at December 31, 2024. The change in cash and cash equivalents for the nine months ended September 30, 2025 and 2024 is summarized as follows:

Nine Months Ended20252024 (in millions)Net cash provided by operating activities$2,573 $3,494 Net cash provided by (used in) investing activities1,641 (2,889)Net cash used in financing activities(1,047)(183)Increase in cash and cash equivalents$3,167 $422 

Cash Flow from Operating Activities 

Cash flows provided by operations of $2.6 billion in the 2025 period decreased $0.9 billion from cash flows provided by operations of $3.5 billion in the 2024 period. The decrease in our operating cash flows primarily reflected the unfavorable impact of working capital items,