Clover Health Reports 38% Membership Growth and $356M Gross Profit, Sees GAAP Profitability
Clover Health grew Medicare Advantage membership 38% year-over-year to about 114,000 members in Q4 2025 while controlling underlying medical cost trends at approximately 5% and generating $356 million Consolidated Gross Profit. The company achieved full-year Adjusted EBITDA profitability and forecasted GAAP net income breakeven to $20 million in 2026.
1. Q4 2025 Financial Performance
In Q4 2025, Clover Health grew Medicare Advantage membership by 38% year-over-year to about 114,000 members and achieved 53% annual enrollment period growth, driven by strong retention and expanded Clover Assistant usage. Insurance revenue reached $486 million, up 47% year-over-year, while full-year insurance revenue totaled $1.9 billion, up 41%.
2. Profitability and Cost Management
The company reported full-year Adjusted EBITDA profitability of $22 million and $20 million of adjusted net income in 2025, controlling underlying medical cost trends at roughly 5% ex-pharmacy. Clover introduced Consolidated Gross Profit as its primary operating metric, registering $356 million in 2025, and ended the quarter with $320 million in cash after using $67 million in operating cash primarily for working-capital timing.
3. 2026 Outlook and Guidance
For 2026, management guided to average Medicare Advantage membership of 154,000–158,000 (46% growth at midpoint), total revenue of $2.81–2.92 billion (49% growth midpoint), and Consolidated Gross Profit of $470–510 million. The company targets Adjusted EBITDA of $50–70 million and GAAP net income between breakeven and $20 million, marking its first full year of GAAP profitability.