CLOV earnings analysis
What we found in CLOV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%.
- Positive Net Income
- Net income for the quarter was $27.3M, a turnaround from a loss of $1.3M in Q1 2025.
- Improved Operating Metrics
- Gross margin improved to 21.3% from 23.6% in the previous year, showing increased efficiency despite rising operational costs.
- Increased Membership Growth
- Average Medicare Advantage membership grew by approximately 51% to 154,607 members.
- Adjusted EBITDA Growth
- Adjusted EBITDA reached $40.3M, improving from $25.8M in Q1 2025, reflecting operational efficiencies.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising General and Administrative Expenses
- G&A expenses increased by 47% to $74.6M due to higher professional fees straining operational margins.
- High Medical Claims Growth
- Net medical claims incurred rose by 67% to $589.6M, reflecting increased membership and associated costs.
- Stock-Based Compensation Volatility
- Stock-based compensation costs were $12.3M, impacting net income despite overall growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
- Gross margin
- 21.3%
- Operating margin
- 3.6%
- Segment
- Insurance
What they said about what is next.
Full-year 2026 revenue guidance raised to between $2.81B and $2.92B, with plans for profitability.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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