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 (>95%) and stable benefit offerings, focusing growth in core markets with high Clover Assistant penetration.

• 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 maturing cohorts, operational leverage, and technology-enabled care.

• Model is resilient to regulatory and reimbursement changes, benefiting from disciplined cost management and clinical integration.

Financial highlights

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

• Full year 2025 total revenues reached $1.92 billion, up 40% year-over-year; insurance revenue was $1.9 billion (+41% YoY).

• 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 revenue improved to 17% for the year, down 410 basis points YoY.

• Ended 2025 with $320 million in cash and investments; operating cash flow used was $67 million, mainly due to working capital for membership growth.

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); Consolidated Gross Profit: $470–$510 million.

• Adjusted EBITDA expected between $50–$70 million; first full year of GAAP net income profitability targeted, with net income between breakeven and $20 million.

• Continued focus on SG&A leverage, quality improvement, and technology investment.