Clover Health Investments (CLOV) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 52.9% YoY to $759.3M; GAAP net income was $6.4M versus a $24.4M loss. 9M revenue increased 56.7% to $2.252B, with net income of $61.8M versus a $36.2M loss.

• 9M Adjusted EBITDA rose to $97.2M from $45.0M; average MA membership increased 48.8% to 156,610, and quarter-end membership reached 158,907, up 45% YoY.

• FY2026 guidance increased across revenue, GAAP net income, Consolidated Gross Profit, Adjusted EBITDA and average MA membership; cohort maturation and operating leverage underpin expected 2027 earnings expansion.

Financial highlights

• Q3 Consolidated Gross Profit was $129.8M, up 77.3% YoY; 9M gross profit was $442.4M versus $281.7M.

• Q3 Adjusted EBITDA was $16.1M versus $2.1M; 9M Adjusted EBITDA was $97.2M versus $45.0M. Adjusted net income was $15.4M for Q3 and $95.5M for 9M.

• Q3 Adjusted SG&A was $113.8M; 9M Adjusted SG&A was $345.2M, or 15.3% of revenue versus 16.5%.

• Q3 net income included $10.5M of other income, down 40% YoY, partly because the prior-year period included a non-recurring gain tied to Character Biosciences.

Outlook and guidance

• FY2026 revenue guidance rose to $2.97B–$3.00B from $2.92B–$3.00B; Consolidated Gross Profit guidance increased to $540M–$555M from $525M–$555M.

• FY2026 GAAP net income guidance increased to $25M–$35M from $20M–$35M; Adjusted EBITDA guidance rose to $75M–$85M from $70M–$85M.

• Average MA membership guidance increased to 157,000–158,000 from 156,000–158,000; first full-year GAAP net income profitability is expected in 2026.

• 2027 AEP was tracking well, with significant growth expected in core markets; no formal 2027–2028 guidance was provided.