Clover Health Investments (CLOV) Q4 2025 earnings summary

Executive summary

• Achieved full year 2025 Adjusted EBITDA profitability of $22 million and Adjusted Net Income of $20 million, with Medicare Advantage membership up 38% year-over-year and insurance revenue up 41%.

• Maintained strong retention and stable benefit offerings, especially in core New Jersey markets, reinforcing the durability and repeatability of the growth strategy.

• Achieved #1 PPO plan nationwide on HEDIS quality measures for the second consecutive year and high Star Ratings (4.94 and 4.72 out of 5 for 2025 and 2026).

• Positioned for first full year of GAAP net income and EPS profitability in 2026, driven by strong cohort economics, technology-enabled care, and structural tailwinds.

• Technology-driven model and Clover Assistant platform underpin both Medicare Advantage and Counterpart Health, supporting scalable growth and improved care delivery.

Financial highlights

• Medicare Advantage membership increased 38% year-over-year to approximately 114,000 at year-end 2025.

• Insurance revenue for 2025 was $1.9 billion, up 41% year-over-year; total revenue reached $1.92 billion, up 40% year-over-year.

• Consolidated Gross Profit for 2025 was $356 million; Adjusted EBITDA was $22 million; Adjusted Net Income was $20 million.

• Adjusted SG&A as a percentage of total revenue improved to 17% for the full year, down from 21.5% in 2024.

• FY25 GAAP Net loss was $86 million, compared to $46 million in 2024.

Outlook and guidance

• 2026 Medicare Advantage membership expected to average 154,000–158,000, reflecting 46% growth at midpoint.

• 2026 total revenue guidance: $2.81–$2.92 billion (49% YoY growth at midpoint).

• 2026 Consolidated Gross Profit expected between $470–$510 million; Adjusted EBITDA between $50–$70 million.

• Targeting first full year of GAAP net income profitability in 2026, with net income between breakeven and $20 million.

• Continued focus on operating leverage, cost discipline, and reinvestment in clinical and technology initiatives.