Clover Health Q4 Revenues Surge 44.7%, 2026 Guidance Tops $2.9B
Clover Health reported Q4 2025 revenues of $487.7 million, up 44.7% year over year, driven by a 38% increase in Medicare Advantage membership and beat estimates by 3.2%. For 2026, the company forecasts revenues of $2.81–$2.92 billion (+49% year-over-year) and expects GAAP net income of $0–$20 million.
1. Q4 Financial Results
Clover Health posted Q4 2025 total revenues of $487.7 million, up 44.7% year over year and 3.2% above estimates, driven by robust insurance sales. The company reported an adjusted EPS loss of $0.05, in line with expectations, and a GAAP loss of $0.10 per share as operating losses widened.
2. Segment and Operational Details
In Q4, insurance segment revenue climbed 46.9% to $485.9 million, fueled by a 38% increase in Medicare Advantage membership and strong retention. The insurance benefit expense ratio rose to 95% from 82.8% due to new member dilution and increased quality investments, while net medical claims grew 70.1% to $413.5 million.
3. Financial Position and 2026 Guidance
Year-end cash and equivalents fell to $78.3 million from $190.1 million, and net cash used in operating activities reached $66.9 million. Clover Health projects 2026 revenues of $2.81–$2.92 billion (about 49% growth) and expects GAAP net income of $0–$20 million, with Medicare Advantage membership targeted at 154,000–158,000.