Clover Health Posts $27M Q1 Profit, 62% Revenue Growth, 51% Membership Increase
CLOV•Clover Health posted first-quarter GAAP net income of $27 million on $749 million in revenue, rising 62%, with adjusted EBITDA of $40 million and Medicare Advantage membership up 51% to 155,773. For 2026, it projects 154,000–158,000 members (+46%), revenue of $2.81–$2.92 billion (+49%) and net income of $0–$20 million.
1. Q1 2026 Financial Results
Clover Health delivered GAAP net income of $27 million in Q1 2026, reversing a $1.3 million loss from the prior year, on total revenue of $749 million, a 62% increase. Consolidated gross profit rose 47% to $160 million and adjusted EBITDA climbed 56% to $40 million.
2. Membership and Cost Metrics
Medicare Advantage membership averaged 155,773 in Q1, up 51% year-over-year, driven by its wide-network PPO model and Clover Assistant clinical interventions. Insurance benefits expense ratio held at 86.5%, reflecting stable medical cost trends across both new and returning cohorts.
3. Full-Year 2026 Guidance
For full year 2026, Clover forecasts average Medicare Advantage members of 154,000–158,000 (+46%), revenue of $2.81–$2.92 billion (+49%), consolidated gross profit of $470–$510 million (+38%), adjusted EBITDA of $50–$70 million and net income of $0–$20 million.
