10-K · February 27, 2026
The 2025 Form 10-K emphasizes Clover's technology-first Medicare Advantage strategy centered on its Clover Assistant platform (licensed externally as Counterpart Assistant) and geographic expansion (operating MA plans…
Earnings analysis · 10-Q
CLOV earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Clover Health's Q1 2026 results show substantial revenue growth of 62% year-over-year, driven by an increase in Medicare Advantage membership. However, operating margins remain tight with some costs, particularly…
Read full summary
Clover Health's Q1 2026 results show substantial revenue growth of 62% year-over-year, driven by an increase in Medicare Advantage membership. However, operating margins remain tight with some costs, particularly general and administrative, rising significantly. EPS slightly missed estimates, reflecting ongoing challenges in profitability despite strong revenue performance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.05
- Segment
- Insurance
What stood out
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Revenue Growth of 62% YoY
Reported revenue of $749.2M for Q1 2026, up from $462.3M in Q1 2025, exceeding estimates by 5.01%.
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Positive Net Income
Net income for the quarter was $27.3M, a turnaround from a loss of $1.3M in Q1 2025.
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Improved Operating Metrics
Gross margin improved to 21.3% from 23.6% in the previous year, showing increased efficiency despite rising operational costs.
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Increased Membership Growth
Average Medicare Advantage membership grew by approximately 51% to 154,607 members.
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Adjusted EBITDA Growth
Adjusted EBITDA reached $40.3M, improving from $25.8M in Q1 2025, reflecting operational efficiencies.
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Strong Operating Cash Flow
Net cash provided by operating activities was $107.9M, up from a cash used of $16.3M in the prior year.
What to watch
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Rising General and Administrative Expenses
G&A expenses increased by 47% to $74.6M due to higher professional fees straining operational margins.
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High Medical Claims Growth
Net medical claims incurred rose by 67% to $589.6M, reflecting increased membership and associated costs.
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Stock-Based Compensation Volatility
Stock-based compensation costs were $12.3M, impacting net income despite overall growth.
Management's outlook
Full-year 2026 revenue guidance raised to between $2.81B and $2.92B, with plans for profitability.
Earlier filings 4
10-Q · November 7, 2025
Clover reported Q3 2025 revenue of $496.65M, up $165.66M (≈50.1%) versus Q3 2024, driven by higher premiums earned of $479.13M (up $156.55M). Profitability weakened: gross margin compressed to ~14.7% and operating loss…
10-K · March 3, 2025
Clover Health (10-K for year ended Dec 31, 2024) shows clear operational improvement: Total revenues rose to $1,371,131,000 and Adjusted EBITDA turned positive to $70,091,000, while membership expanded (82,664 members…
10-Q · May 7, 2024
Clover reported Q1 2024 total revenues of $346,922,000 (up from $321,992,000 in Q1 2023) and a narrowed net loss per share to $(0.05) from $(0.17) a year earlier. Operating results improved materially vs. the prior-year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.