Clover Health Q4 Revenues Rise 45% and Forecasts $2.8B-$2.9B in 2026
Clover Health delivered Q4 2025 revenues of $487.7 million, up 44.7% year-over-year, driven by a 38% rise in Medicare Advantage membership; the top line beat consensus by 3.2%. The company projects 2026 revenues of $2.81–$2.92 billion, implying 49% growth, and expects GAAP net income of $0–$20 million.
1. Q4 Financial Results
In the fourth quarter of 2025, Clover Health reported revenues of $487.7 million, up 44.7% from the prior year and exceeding estimates by 3.2%. The company recorded an adjusted loss per share of $0.05 and a GAAP loss of $0.10, compared with adjusted EPS of $0.02 and a GAAP loss of $0.04 last year.
2. Membership Growth and Segment Performance
Medicare Advantage membership grew 38% year-over-year, boosting Insurance revenues to $485.9 million, up 46.9%. Insurance benefit expense ratio rose to 95% due to new member dilution and quality investments, while other income fell 71% to $1.8 million.
3. 2026 Guidance Outlook
For fiscal 2026, Clover Health forecasts total revenues between $2.81 billion and $2.92 billion, implying about 49% growth at the midpoint versus consensus of $2.62 billion. The company expects GAAP net income of $0–$20 million and average Medicare Advantage membership of 154,000–158,000.
4. Cash Position and Profitability Path
The company ended Q4 with $78.3 million in cash, down from $190.1 million, and used $66.9 million in operating cash. Management anticipates full-year GAAP net income profitability in 2026 as cohorts mature, supported by a four-star payment year and disciplined cost control.