NASDAQ$CLOV
Clover Health Investments Corp. · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Clover Health reported strong revenue growth in the fourth quarter of 2025 but generated a higher net loss and negative adjusted EBITDA as medical costs increased.
In Q4 2025, Clover Health generated 487707000 in total revenue, up 44.7% year-over-year, but reported a net loss of 49320000 and negative adjusted EBITDA of 23333000 as its Insurance Benefits Expense Ratio rose to 95.0%.
- Total revenue increased 44.7% year-over-year to 487707000.
- Net loss from continuing operations was 49320000 compared to 21481000 in Q4 2024.
- Insurance Benefits Expense Ratio rose to 95.0% from 82.8% year-over-year.
- Average Medicare Advantage membership grew 37.0% year-over-year to 112654.
Headline financials
Revenue & EPS history
Clover Health · Revenue · Quarterly
$488M
Revenue by segment
Clover Health · $301M total across 1 segment · Q3 2023
- Insurance Revenue$301M+12.4%100.0%
Forward guidance
For full year 2026, Clover Health expects total revenue between 2810000000 and 2920000000, Adjusted EBITDA between 50000000 and 70000000, and GAAP Net Income between 0 and 20000000, supported by strong membership growth.
Tailwinds
- Expected 2026 revenue growth to between 2810000000 and 2920000000.
- Projected Adjusted EBITDA profitability of 50000000 to 70000000.
- GAAP Net Income expected between 0 and 20000000.
- Average Medicare Advantage membership expected between 154000 and 158000.
- Improving cohort economics and operating leverage anticipated.
Headwinds
- Q4 2025 Adjusted EBITDA was negative at 23333000.
- Insurance BER increased significantly year-over-year.
- Net loss widened compared to Q4 2024.
- Cash and investments declined year-over-year.
- Exposure to medical cost trend and rate environment risks.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2025
-0.1%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+4.3%
Avg return
30 days after
46%
11 / 24 earnings
Positive
+20.9%
Q1 2024
Best reaction
-15.4%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +10.6% | +25.9% | — | |
| Q4 2025 | -3.2% | +0.5% | -18.6% | |
| Q3 2025 | -15.4% | -26.1% | -26.7% | |
| Q1 2025 | +11.9% | +3.6% | -8.8% | |
| Q4 2024 | -4.1% | -7.5% | -13.3% | |
| Q3 2024 | -15.0% | -22.9% | -22.2% | |
| Q2 2024 | +9.6% | +11.4% | +71.6% | |
| Q1 2024 | +20.9% | +13.9% | +52.8% | |
| Q4 2023 | +2.2% | +1.1% | -9.8% | |
| Q3 2023 | -15.2% | -17.2% | -13.0% | |
| Q2 2023 | +10.3% | +19.0% | +4.0% | |
| Q1 2023 | +4.7% | +11.2% | +10.1% | |
| Q4 2022 | -2.2% | -5.2% | -28.3% | |
| Q3 2022 | -5.8% | +11.7% | -13.1% | |
| Q2 2022 | -14.4% | +1.2% | -23.6% | |
| Q1 2022 | -11.9% | -3.0% | -5.2% | |
| Q4 2021 | +20.1% | +33.3% | +72.5% | |
| Q3 2021 | -4.3% | -9.0% | -40.9% | |
| Q2 2021 | +7.1% | +1.0% | +2.1% | |
| Q1 2021 | -6.7% | -7.2% | +73.4% | |
| Q2 2020 | +2.6% | +4.3% | +37.0% | |
| Q4 2020 | -3.8% | -16.6% | -19.6% | |
| Q3 2020 | +0.3% | +0.7% | +9.1% | |
| Q4 2019 | -0.1% | -0.2% | +10.2% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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