Clover Health Q4 Revenues Jump 44.7% to $487.7M, 2026 Revenue Guidance $2.9B
Clover Health posted Q4 revenues of $487.7M, up 44.7% year over year, fueled by a 46.9% jump in Insurance revenues and 38% Medicare Advantage membership growth, while adjusted loss per share was $0.05. For 2026 it forecasts revenues of $2.81-$2.92B and GAAP net income of $0-$20M.
1. Q4 Financial Results
Clover Health reported Q4 2025 adjusted loss of $0.05 per share, matching estimates, and GAAP loss of $0.10, compared to a $0.04 loss a year earlier. Total revenues rose 44.7% to $487.7 million, beating consensus by 3.2%.
2. Membership and Segment Performance
Insurance revenues increased 46.9% to $485.9 million as Medicare Advantage membership grew 38% to drive top-line growth. Insurance benefit expense ratio rose to 95% from 82.8%, reflecting new member dilution and quality investments.
3. 2026 Financial Guidance
The company forecasts 2026 revenues of $2.81-$2.92 billion, up about 49% at midpoint, compared to consensus of $2.62 billion. It expects GAAP net income between $0 and $20 million and membership of 154,000-158,000.
4. Cash Position and Operating Expenses
Cash and equivalents fell to $78.3 million from $190.1 million, while net cash used in operations was $66.9 million. Operating expenses rose 49.8% to $537 million on higher medical claims and administrative costs.