Clover Health Reports Third Quarter 2026 Results

All five full-year guidance ranges now have higher lower bounds, while their upper bounds remain unchanged.

Rhea-AI Summary

Clover Health (CLOV) reported third-quarter 2026 GAAP net income of $6.4 million, reversing a loss in the prior-year quarter. Revenue rose 52.9% to $759.3 million, while net income compared with a $24.4 million loss. Adjusted EBITDA, a non-GAAP earnings measure, increased to $16.1 million from $2.1 million. Average Medicare Advantage membership grew 46.3% to 158,383.

Clover raised the lower bounds of all five full-year guidance ranges, including revenue of $2.97 billion–$3.00 billion and GAAP net income of $25 million–$35 million. Nine-month net income reached $61.8 million, versus a $36.2 million loss. Quarterly administrative and salary expenses rose 26.5% to $122.8 million. Cash, cash equivalents and investments totaled $512.6 million, up 29.5% year over year. Its flagship PPO health plan, covering approximately 98% of current membership, received 5 Stars for Payment Year 2028.

23 points · 1 major

PositiveiHow this balance works

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance rose to $2.97 billion–$3.00 billion, from $2.92 billion–$3.00 billion.
• Moderate pointThird-quarter revenue increased 52.9% to $759.3 million year over year.
• Moderate pointNine-month GAAP net income reached $61.8 million, versus a $36.2 million year-earlier loss.
• Moderate pointFlagship PPO received 5 Stars for Payment Year 2028, covering approximately 98% of current membership.
• Moderate pointAverage Medicare Advantage membership rose 46.3% to 158,383 in the quarter and 48.8% to 156,610 year-to-date.
• Moderate pointNon-GAAP gross profit rose 77.3% to $129.8 million quarterly and 57.0% to $442.4 million year-to-date.
• Moderate pointAdjusted EBITDA reached $16.1 million quarterly versus $2.1 million; nine-month earnings reached $97.2 million versus $45.0 million.
• Moderate pointInsurance benefits expense ratio improved to 91.1% from 93.5% quarterly and 88.4% from 89.4% year-to-date.
• Moderate pointCash, cash equivalents and investments rose 29.5% year over year to $512.6 million.

14 minor points

• Minor pointThird-quarter GAAP net income reached $6.4 million, versus a $24.4 million year-earlier loss.
• Minor pointNine-month revenue increased 56.7% to $2,251.7 million year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 GAAP net income guidance rose to $25 million–$35 million, from $20 million–$35 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 non-GAAP gross profit guidance rose to $540 million–$555 million, from $525 million–$555 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance rose to $75 million–$85 million, from $70 million–$85 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 average membership guidance rose to 157,000–158,000, from 156,000–158,000.
• Minor pointQuarter-end insurance membership reached 158,907, versus 109,226 at September 30, 2025.
• Minor pointInsurance revenue rose 56.3% to $748.8 million quarterly and 58.7% to $2,230.7 million year-to-date.
• Minor pointAdjusted net income reached $15.4 million quarterly versus $1.7 million; nine-month income reached $95.5 million versus $43.7 million.
• Minor pointNine-month adjusted administrative and salary expenses fell to 15.3% of revenue, from 16.5%.
• Minor pointNine-month stock-based compensation declined to $29.377 million, from $78.738 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Clover expects its first full year of GAAP profitability in 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Clover expects earnings expansion in 2027 as member cohorts mature and operating leverage continues.
• Minor point. Forward-looking: it has not happened yet and may not happen.Clover reports 2027 annual enrollment is tracking well, with growth tied to product positioning in core markets.

Negative

• Moderate pointAdministrative and salary expenses rose 26.5% to $122.8 million quarterly and 19.7% to $378.9 million year-to-date.
• Moderate pointInsurance net medical claims increased 52.5% to $654.1 million quarterly and 57.8% to $1,879.5 million year-to-date.
• Minor pointAdjusted administrative and salary expenses rose 60.1% to $113.8 million quarterly and 45.8% to $345.2 million year-to-date.
• Minor pointQuarterly adjusted administrative and salary expenses increased to 15.0% of revenue, from 14.3%.
• Minor pointOther income fell to $10.520 million quarterly from $17.522 million; nine-month income fell to $20.920 million from $30.741 million.

2 minor points

• Minor pointNine-month unrealized investment losses totaled $3.880 million, versus a $2.055 million gain a year earlier.
• Minor pointBasic weighted-average shares increased to 531,602,371 in the quarter, from 512,743,521 a year earlier.

News Explained

Nine-month operating cash flow was $203,462 thousand, including a $115,851 thousand positive cash-flow change in unpaid claims.

The third-quarter report is now issued: at September 30, 2026, Clover Health reported Class A shares issued and outstanding of 437,698,453, versus 426,669,369 at December 31, 2025, and Class B shares of 95,713,497 versus 92,373,157; the higher counts reduce existing holders’ percentage ownership absent offsets.

For the nine months ended September 30, 2026, net cash provided by operating activities was $203,462 thousand, including a positive $115,851 thousand change in unpaid claims; the comparable 2025 figures were $1,218 thousand and negative $15,939 thousand, respectively.

Key Figures

GAAP net income: $6.4 million Total revenue: $759.3 million Adjusted EBITDA: $16.1 million +5 more

GAAP net income

$6.4 million

Q3 2026

Total revenue

$759.3 million

Q3 2026; up 52.9% year over year

Adjusted EBITDA

$16.1 million

Q3 2026

Total revenue guidance

$2.97 billion–$3.00 billion

Full-year 2026; previous range was $2.92 billion–$3.00 billion

GAAP net income guidance

$25 million–$35 million

Full-year 2026; previous range was $20 million–$35 million

Consolidated gross profit guidance

$540 million–$555 million

Full-year 2026; previous range was $525 million–$555 million

Adjusted EBITDA guidance

$75 million–$85 million

Full-year 2026; previous range was $70 million–$85 million

Average Medicare Advantage membership guidance

157,000–158,000

Full-year 2026; previous range was 156,000–158,000

Previous Earnings Reports

3 past events · Latest: Aug 05

Same Type 3 events

1. Aug 05

   earnings report

   24h Move

   +12.6%

   Reported $28 million GAAP net income and raised full-year 2026 guidance across major metrics.

2. May 06

   earnings report

   24h Move

   +5.2%

   Reported $27.3 million GAAP net income and 2026 guidance for revenue, profit, EBITDA, and membership.

3. Nov 04

   earnings report

   24h Move

   -15.8%

   Reported a $24.4 million Q3 GAAP net loss and raised full-year 2025 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gaap, adjusted ebitda, hedis, non-gaap financial measures

4 terms

gaap financial

"third quarter 2026 GAAP Net Income of $6 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA of $16 million, up $14 million year-over-year"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

hedis medical

"third consecutive year of nation-leading HEDIS performance"

HEDIS is a standardized set of measures used to evaluate how well health insurance plans deliver care and preventive services. Think of it like a report card that compares plans on things such as screenings, chronic-disease management and vaccination rates; investors monitor HEDIS scores because they affect plan reputation, consumer choice, quality-linked payments and regulatory scrutiny, all of which can influence membership, revenue and long-term growth.

non-gaap financial measures financial

"Additional information about the Company's Non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Business Highlights:

• Strong third quarter performance brings year-to-date GAAP Net Income to $62 million alongside 49% year-over-year Medicare Advantage membership growth
• Improved Full Year 2026 guidance across all metrics
• 2027 AEP tracking well, with significant growth due to strong product positioning in core markets
• Clover’s flagship PPO, representing ~98% of current membership, received a 5 Star rating for Payment Year 2028

Financial Results:

• Third quarter 2026 GAAP Net Income of $6 million, an improvement of $31 million year-over-year
• Third quarter 2026 Medicare Advantage membership of 158,907, up 45% year-over-year, and Total revenues of $759 million, up 53% year-over-year
• Third quarter 2026 Consolidated Gross Profit of $130 million, up 77% year-over-year, and Adjusted EBITDA of $16 million, up $14 million year-over-year
  

Improved Full Year 2026 Guidance:

• Average Medicare Advantage membership of 157,000 - 158,000, representing 47% growth year-over-year at the midpoint
• Total revenues between $2.97 billion and $3.00 billion, representing 55% growth year-over-year at the midpoint
• GAAP Net Income between $25 million and $35 million
• Consolidated Gross Profit between $540 million and $555 million, representing 54% growth year-over-year at the midpoint
• Adjusted EBITDA profitability between $75 million and $85 million
  

WILMINGTON, Del., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), today reported financial results for the third quarter 2026. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights.

“Our results further demonstrate our technology-powered differentiation, and how earlier and better care management, market-leading growth, and increasing profitability can reinforce one another under the right model,” said Clover Health CEO Andrew Toy. "Through Clover Assistant, we are committed to delivering better clinical quality and lower total cost of care. We are pleased that this continues to show up in our results, with ~98% of our members enrolled in our 5 Star rated PPO for Payment Year 2028, alongside our third consecutive year of nation-leading HEDIS performance.”

"In 2026, Clover is on track to have grown significantly and expects to deliver its first full year of GAAP Net Income profitability,” said Clover Health CFO Clay Thornton. “With our largest member cohorts maturing, continued operating leverage, and strong Star ratings performance, we believe we are well positioned for meaningful earnings expansion in 2027.”

Key Company highlights are as follows:

		Three Months Ended September 30,											Nine Months Ended September 30,
Dollars in Millions			2026				2025			Change (%)				2026				2025			Change (%)
Consolidated:
Total revenues		$	759.3			$	496.7			52.9	%		$	2,251.7			$	1,436.6			56.7	%
Consolidated Gross profit(1)		$	129.8			$	73.2			77.3	%		$	442.4			$	281.7			57.0	%
Salaries and benefits plus General and administrative expenses ("SG&A")		$	122.8			$	97.1			26.5	%		$	378.9			$	316.6			19.7	%
Adjusted Salaries and benefits plus General and administrative expenses ("Adjusted SG&A")(2)		$	113.8			$	71.1			60.1	%		$	345.2			$	236.7			45.8	%
Adjusted SG&A as a % of Total revenues			15.0	%			14.3	%		70 bps				15.3	%			16.5	%		(120 bps)
Net income (loss)		$	6.4			$	(24.4	)		N/A*			$	61.8			$	(36.2	)		N/A*
Adjusted EBITDA(2)		$	16.1			$	2.1			666.7	%		$	97.2			$	45.0			116.0	%
Adjusted Net income(2)		$	15.4			$	1.7			805.9	%		$	95.5			$	43.7			118.5	%
Total cash, cash equivalents, and investments		$	512.6			$	395.9			29.5	%		$	512.6			$	395.9			29.5	%
Insurance Segment:
Average Medicare Advantage membership(5)			158,383				108,231			46.3	%			156,610				105,228			48.8	%
Insurance revenue		$	748.8			$	479.1			56.3	%		$	2,230.7			$	1,405.9			58.7	%
Insurance net medical claims incurred		$	654.1			$	428.9			52.5	%		$	1,879.5			$	1,191.0			57.8	%
Insurance BER(3)			91.1	%			93.5	%		(240 bps)				88.4	%			89.4	%		(100 bps)

_______________
^*Not presented as a % change because the current or prior period amount is zero or the amount for the line item changed from a gain to a loss (or vice versa) and thus yields a result that is not meaningful.
¹ Consolidated Gross profit (Non-GAAP) is a non-GAAP financial measure and is calculated by taking net income (loss) before salaries and benefits, general and administrative expenses, depreciation and amortization, premium deficiency reserve expense, restructuring costs, impairment of goodwill and other intangible assets, interest expense, change in fair value of warrants, and loss on investment. A reconciliation of Consolidated Gross profit (Non-GAAP) to Net income, the most directly comparable GAAP measure is provided in the table immediately following the consolidated financial statements below. A reconciliation of projected Consolidated Gross profit is not provided because certain items that are inherently uncertain and difficult to predict, including the reconciliation items included above, which are excluded from Consolidated Gross profit (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A.
² Adjusted SG&A (Non-GAAP), Adjusted EBITDA (Non-GAAP), and Adjusted Net income (Non-GAAP) are Non-GAAP financial measures. Reconciliations of Adjusted SG&A (Non-GAAP) to SG&A, Adjusted EBITDA (Non-GAAP) to Net income, and Adjusted Net income (Non-GAAP) to Net income, respectively, the most directly comparable GAAP measures, are provided in the tables immediately following the consolidated financial statements below. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A.
³ Insurance Benefits Expense Ratio (“BER”) is a Non-GAAP financial measure. A reconciliation of Insurance BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure, is provided in a table immediately following the consolidated financial statements below. Additional information about the Company's Non-GAAP financial measures can be found under the caption "About Non-GAAP Financial Measures" below and in Appendix A. The Company has discontinued disclosure of Normalized Insurance Benefits Expense Ratio beginning in the first quarter of 2026, as management no longer uses this metric to evaluate operating performance or allocate resources. The Company will continue to present Insurance Benefits Expense Ratio.
⁴ A reconciliation of projected Adjusted EBITDA (Non-GAAP) to Net income (loss), the most directly comparable GAAP measure, is not provided because Stock-based compensation, which is excluded from Adjusted EBITDA (Non-GAAP), cannot be reasonably calculated or predicted at this time without unreasonable efforts. Additional information about the Company's Non-GAAP financial measures can be found under the caption “About Non-GAAP Financial Measures” below and in Appendix A.
⁵ Average Medicare Advantage membership represents the average membership during the three months included in the third quarter of 2026, and the nine months included in the year-to-date 2026 period, respectively.

2026 Financial Guidance

		Current 2026 Guidance		Previous 2026 Guidance
Total revenues		$2.97 billion - $3.00 billion		$2.92 billion - $3.00 billion
GAAP Net income		$25 million - $35 million		$20 million - $35 million
Consolidated Gross profit(1)		$540 million - $555 million		$525 million - $555 million
Adjusted EBITDA(4)		$75 million - $85 million		$70 million - $85 million
Average Medicare Advantage membership		157,000 - 158,000		156,000 - 158,000

Lives under Clover Management

	September 30, 2026		September 30, 2025
Insurance members	158,907		109,226

Earnings Conference Call Details

Clover Health’s management will host a conference call to discuss its financial results on Wednesday, November 4, 2026, at 5:00 PM Eastern Time. A live audio webcast will also be available online and you may register at: https://clover-health-3q-2026-earnings.open-exchange.net/ and related presentation materials will be available at Clover Health’s Investor Relations website at investors.cloverhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link and at Clover Health’s Investor Relations website at investors.cloverhealth.com, and will remain available for approximately 12 months.

Upcoming Investor Events & Conferences

• 2026 UBS Global Healthcare Conference at 12:30 p.m. Eastern Time, Monday, November 9, 2026
  

Any live and archived webcasts and presentations associated with the conference listed above may be accessed on Clover Health’s Investor Relations website at: investors.cloverhealth.com/news-and-events/investor-events-presentations

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding future events and Clover Health's future results of operations, financial condition, market size and opportunity, business strategy and plans, and the factors affecting our performance and our objectives for future operations. Forward-looking statements are not guarantees of future performance and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "opportunity," "seek," "aim," "grow," "if," "continue" or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, the following: statements under "2026 Financial Guidance" and statements regarding expectations relating to potential improvements in GAAP Net Income, revenues, Consolidated Gross profit, Adjusted SG&A, and the number of Clover Health's Insurance members, as well as the statements contained in the quotations of our executive officers, and other expectations as to future performance, operations and results (including our improved guidance for full year 2026 and expectations for 2027). Statements regarding our GAAP Net Income, Consolidated Gross profit, and Adjusted EBITDA profitability are also forward-looking, and are based on our current targets which are preliminary and are derived from our 2026 financial guidance. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by forward-looking statements in this press release. Forward-looking statements involve a number of judgments, risks and uncertainties, including, without limitation, risks related to: our expectations regarding results of operations, financial condition, and cash flows; our expectations regarding the development and management of our business; any current, pending, or future legislation, regulations or policies that could have a negative effect on our revenue, profit margins, cash flows and business, including rules, regulations and policies relating to healthcare, Medicare generally and medical loss ratios; our ability to successfully enter new service markets and manage our operations; anticipated trends and challenges in our business and in the markets in which we operate; our ability to effectively manage our beneficiary base and provider network; our ability to maintain and increase adoption and use of Clover Assistant, including the expansion of Clover Assistant for external payors and providers under the brand name Counterpart Assistant; the anticipated benefits associated with the use of Clover Assistant, including our ability to utilize the platform to manage our medical expenses; our ability to maintain or improve our Star Ratings or otherwise continue to improve the financial performance of our business; our ability to develop new features and functionality that meet market needs and achieve market acceptance; our ability to protect our sites, networks, and systems against security breaches, or otherwise to protect our confidential or health information or the confidential or health information of our members, providers, or other third parties; our ability to retain and hire necessary employees and staff our operations appropriately; the timing and amount of certain investments in growth; the outcome of any known and unknown litigation and regulatory proceedings; our ability to maintain, protect, and enhance our intellectual property; general economic conditions and uncertainty; persistent high inflation and fluctuating interest rates; and geopolitical uncertainty and instability. Additional information concerning these and other risk factors is contained under Item 1A. “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2026, as such risks may be updated in our subsequent filings with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.

About Non-GAAP Financial Measures

We use Non-GAAP measures in this release, including Consolidated Gross profit, Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Adjusted EBITDA, Adjusted Net income, and Insurance BER. These Non-GAAP financial measures are provided to enhance the reader's understanding of Clover Health's past financial performance and our prospects for the future. Clover Health's management team uses these Non-GAAP financial measures in assessing Clover Health's performance, as well as in planning and forecasting future periods. These Non-GAAP financial measures are not computed according to GAAP, and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental to and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”) and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliations of these Non-GAAP financial measures to the comparable GAAP measures, which are attached to this release, together with other important financial information, including our filings with the SEC, on the Investor Relations page of our website at investors.cloverhealth.com.

For a description of these Non-GAAP financial measures, including the reasons management uses each measure, please see Appendix A: "Explanation of Non-GAAP Financial Measures."

The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.

About Clover Health:

Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale. Clover Health has published data demonstrating the technology’s impact on Medication Adherence, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease, and in Underserved Populations as well as the earlier identification and management of Diabetes and Chronic Kidney Disease.

Visit: www.cloverhealth.com

Investor Relations Contact:

Ryan Schmidt

investors@cloverhealth.com

Press Inquiries:

press@cloverhealth.com

CLOVER HEALTH INVESTMENTS, CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
(unaudited)
	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	268,067			$	78,301
Short-term investments		4,516				17,047
Investment securities, available-for-sale (Amortized cost: 2026: $58,934; 2025: $23,231)		58,570				23,131
Investment securities, held-to-maturity (Fair value: 2026: $1,565; 2025: $1,779)		1,582				1,777
Accrued retrospective premiums		74,440				63,875
Healthcare receivables		95,113				94,866
Prepaid expenses		16,938				18,209
Other assets, current		15,835				10,649
Total current assets		535,061				307,855
Investment securities, available-for-sale (Amortized cost: 2026: $170,241; 2025: $186,464)		167,253				187,092
Investment securities, held-to-maturity (Fair value: 2026: $12,260; 2025: $12,495)		12,608				12,571
Property and equipment, net		7,751				6,385
Other intangible assets		2,990				2,990
Other assets, non-current		28,017				24,118
Total assets	$	753,680			$	541,011
Liabilities and Stockholders' Equity
Current liabilities:
Unpaid claims	$	269,101			$	153,250
Accounts payable and accrued expenses		33,814				36,211
Accrued salaries and benefits		36,792				16,038
Other liabilities, current		6,192				3,324
Total current liabilities		345,899				208,823
Other liabilities, non-current		16,909				23,484
Total liabilities		362,808				232,307
Commitments and Contingencies
Stockholders' equity:
Class A Common Stock, $0.0001 par value; 2,500,000,000 shares authorized at September 30, 2026 and December 31, 2025; 437,698,453 and 426,669,369 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		43				43
Class B Common Stock, $0.0001 par value; 500,000,000 shares authorized at September 30, 2026 and December 31, 2025; 95,713,497 and 92,373,157 issued and outstanding at September 30, 2026 and December 31, 2025, respectively		9				9
Additional paid-in capital		2,716,621				2,682,663
Accumulated other comprehensive (loss) income		(3,352	)			528
Accumulated deficit		(2,226,582	)			(2,288,352	)
Less: Treasury stock, at cost; 35,782,658 and 33,412,273 shares held at September 30, 2026 and December 31, 2025, respectively		(95,867	)			(86,187	)
Total stockholders' equity		390,872				308,704
Total liabilities and stockholders' equity	$	753,680			$	541,011

CLOVER HEALTH INVESTMENTS, CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands, except per share and share amounts)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Premiums earned, net (Net of ceded premiums of $87 and $92 for the three months ended September 30, 2026 and 2025 respectively, and $270 and $284 for the nine months ended September 30, 2026 and 2025, respectively)	$	748,784			$	479,128			$	2,230,740			$	1,405,860
Other income		10,520				17,522				20,920				30,741
Total revenues		759,304				496,650				2,251,660				1,436,601
Operating expenses:
Net medical claims incurred		629,455				423,473				1,809,268				1,154,907
Salaries and benefits		55,973				48,195				167,174				168,526
General and administrative expenses		66,831				48,953				211,759				148,112
Depreciation and amortization		610				406				1,689				1,266
Total operating expenses		752,869				521,027				2,189,890				1,472,811
Income (loss) from operations		6,435				(24,377	)			61,770				(36,210	)
Change in fair value of warrants		—				—				—				19
Net income (loss)	$	6,435			$	(24,377	)		$	61,770			$	(36,229	)
Per share data:
Basic weighted average number of class A and class B common shares and common share equivalents outstanding		531,602,371				512,743,521				527,642,546				510,191,111
Diluted weighted average number of class A and class B common shares and common share equivalents outstanding		557,476,797				512,743,521				548,965,149				510,191,111
Basic earnings (loss) per share	$	0.01			$	(0.05	)		$	0.12			$	(0.07	)
Diluted earnings (loss) per share	$	0.01			$	(0.05	)		$	0.11			$	(0.07	)
Net unrealized (loss) gain on available-for-sale investments		(1,801	)			294				(3,880	)			2,055
Comprehensive income (loss)	$	4,634			$	(24,083	)		$	57,890			$	(34,174	)

CLOVER HEALTH INVESTMENTS, CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(unaudited)
	Nine months ended September 30,
		2026				2025
Cash flows from operating activities:
Net income (loss)	$	61,770			$	(36,229	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		1,689				1,266
Stock-based compensation		29,377				78,738
Change in fair value of warrants and amortization of warrants		—				19
Accretion, net of amortization		(1,312	)			(1,342	)
Change in accrued interest earned		90				726
Net realized gains on investment securities		(29	)			(625	)
Changes in operating assets and liabilities:
Accrued retrospective premiums		(10,565	)			(4,317	)
Prepaid expenses		1,271				707
Other assets		(9,083	)			(10,451	)
Healthcare receivables		(247	)			(6,402	)
Unpaid claims		115,851				(15,939	)
Accounts payable and accrued expenses		(2,397	)			(1,626	)
Accrued salaries and benefits		20,754				(1,919	)
Other liabilities		(3,707	)			(1,388	)
Net cash provided by operating activities		203,462				1,218
Cash flows from investing activities:
Purchases of short-term investments, available-for-sale, and held-to-maturity securities		(73,053	)			(98,991	)
Proceeds from sales of short-term investments and available-for-sale securities		57,240				113,707
Proceeds from maturities of short-term investments and available-for-sale securities		10,271				25,801
Purchases of property and equipment		(2,434	)			(1,446	)
Net cash (used in) provided by investing activities		(7,976	)			39,071
Cash flows from financing activities:
Issuance of common stock, net of early exercise liability		3,409				668
Issuance of common stock under employee stock purchase plan, net of stock issuance costs		551				555
Cash paid for shares withheld related to stock-based compensation		(9,680	)			(27,702	)
Repurchases of common stock		—				(18,298	)
Net cash used in financing activities		(5,720	)			(44,777	)
Net increase (decrease) in cash and cash equivalents		189,766				(4,488	)
Cash and cash equivalents, beginning of period		78,301				194,543
Cash and cash equivalents, end of period	$	268,067			$	190,055

CLOVER HEALTH INVESTMENTS, CORP.
OPERATING SEGMENT
(in thousands)
(unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
Insurance Segment			2026				2025				2026				2025
Premiums earned, net (net of ceded premiums)		$	748,784			$	479,128			$	2,230,740			$	1,405,860
Less:
Net medical claims incurred			654,093				428,855				1,879,515				1,190,954
Segment gross profit		$	94,691			$	50,273			$	351,225			$	214,906
Reconciliation:
Elimination of intersegment profits		$	24,638			$	5,382			$	70,247			$	36,047
Other income			10,520				17,522				20,920				30,741
Salaries and benefits			(55,973	)			(48,195	)			(167,174	)			(168,526	)
General and administrative expenses			(66,831	)			(48,953	)			(211,759	)			(148,112	)
Depreciation and amortization			(610	)			(406	)			(1,689	)			(1,266	)
Change in fair value of warrants			—				—				—				(19	)
Net income (loss)		$	6,435			$	(24,377	)		$	61,770			$	(36,229	)

CLOVER HEALTH INVESTMENTS, CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
CONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION
(in thousands)(1)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss) (GAAP):	$	6,435			$	(24,377	)		$	61,770			$	(36,229	)
Adjustments:
Salaries and benefits		55,973				48,195				167,174				168,526
General and administrative expenses		66,831				48,953				211,759				148,112
Depreciation and amortization		610				406				1,689				1,266
Change in fair value of warrants		—				—				—				19
Consolidated Gross profit (non-GAAP)	$	129,849			$	73,177			$	442,392			$	281,694

⁽¹⁾ The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED SG&A (NON-GAAP) RECONCILIATION
(in thousands)(1)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Salaries and benefits	$	55,973			$	48,195			$	167,174			$	168,526
General and administrative expenses		66,831				48,953				211,759				148,112
Total SG&A (GAAP)		122,804				97,148				378,933				316,638
Adjustments:
Stock-based compensation		(8,022	)			(26,106	)			(29,377	)			(78,738	)
Non-recurring legal expenses and settlements		(983	)			24				(4,387	)			(1,234	)
Adjusted SG&A (non-GAAP)	$	113,799			$	71,066			$	345,169			$	236,666
Total revenues (GAAP)	$	759,304			$	496,650			$	2,251,660			$	1,436,601
Adjusted SG&A (non-GAAP) as a percentage of Total revenues		15.0	%			14.3	%			15.3	%			16.5	%

⁽¹⁾ The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA (NON-GAAP) RECONCILIATION
(in thousands)(1)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss) (GAAP):	$	6,435			$	(24,377	)		$	61,770			$	(36,229	)
Adjustments:
Depreciation and amortization		610				406				1,689				1,266
Change in fair value of warrants		—				—				—				19
Stock-based compensation		8,022				26,106				29,377				78,738
Non-recurring legal expenses and settlements		983				(24	)			4,387				1,234
Adjusted EBITDA (non-GAAP)	$	16,050			$	2,111			$	97,223			$	45,028

⁽¹⁾ The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
ADJUSTED NET INCOME (NON-GAAP) RECONCILIATION
(in thousands)(1)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss) (GAAP):	$	6,435			$	(24,377	)		$	61,770			$	(36,229	)
Adjustments:
Stock-based compensation		8,022				26,106				29,377				78,738
Non-recurring legal expenses and settlements		983				(24	)			4,387				1,234
Adjusted Net income (non-GAAP)	$	15,440			$	1,705			$	95,534			$	43,743

⁽¹⁾ The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.

CLOVER HEALTH INVESTMENTS, CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION
(in thousands)(1)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net medical claims incurred (GAAP)	$	629,455			$	423,473			$	1,809,268			$	1,154,907
Adjustments:
Intersegment eliminations(2)		24,638				5,382				70,247				36,047
Insurance net medical claims incurred (GAAP)	$	654,093			$	428,855			$	1,879,515			$	1,190,954
Adjustments:
Quality improvements		27,822				19,341				92,505				66,244
Insurance Benefits Expense (non-GAAP)	$	681,915			$	448,196			$	1,972,020			$	1,257,198
Premiums earned, net (GAAP)	$	748,784			$	479,128			$	2,230,740			$	1,405,860
Insurance Benefits Expense Ratio (non-GAAP)		91.1	%			93.5	%			88.4	%			89.4	%

⁽¹⁾ The table above includes Non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these Non-GAAP measures, see Appendix A.
⁽²⁾ Represents amounts paid by the Insurance segment to the Company's non-insurance subsidiaries for medical and administrative services at contracted rates, which are eliminated in consolidation.

CLOVER HEALTH INVESTMENTS, CORP. Appendix A Explanation of Non-GAAP Financial Measures

Non-GAAP Definitions

Consolidated Gross profit - A Non-GAAP financial measure defined by us as net income (loss) before salaries and benefits, general and administrative expenses, depreciation and amortization, premium deficiency reserve expense, restructuring costs, impairment of goodwill and other intangible assets, interest expense, change in fair value of warrants, and loss on investment. We believe that Consolidated Gross profit provides management, investors, and others a useful view of consolidated business performance and operational results. Accordingly, we believe that Consolidated Gross profit provides investors and others useful information to understand and evaluate our operating results in the same manner as our management and our board of directors.

Adjusted SG&A - A Non-GAAP financial measure defined by us as total SG&A less stock-based compensation and non-recurring legal expenses and settlements. We believe that Adjusted SG&A provides management, investors, and others a useful view of our operating spend as it excludes non-cash, stock-based compensation and non-recurring legal expenses and settlements that management believes do not reflect the Company's core operating expenses. We believe that Adjusted SG&A as a percentage of Total revenues is useful to management, investors, and others because it allows us to measure our operational leverage as revenue scales.

Adjusted EBITDA - A Non-GAAP financial measure defined by us as net income (loss) before depreciation and amortization, interest expense, change in fair value of warrants, loss on investment, stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Adjusted EBITDA is a key measure used by our management team and the board of directors to understand and evaluate our operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operating plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides investors and others useful information to understand and evaluate our operating results in the same manner as our management and our board of directors.

Adjusted Net income - A Non-GAAP financial measure defined by us as net income (loss) before stock-based compensation, premium deficiency reserve benefit, restructuring costs, impairment of goodwill and other intangible assets, and non-recurring legal expenses and settlements. Adjusted Net income is a key measure used by our management team and the board of directors to understand and evaluate our operating performance and trends. We believe that Adjusted Net income is helpful to investors in assessing the Company’s financial performance in the same manner as our management and our board of directors.

Insurance Benefits Expense Ratio - A Non-GAAP financial measure defined by us as Benefits expense ratio ("BER"). We calculate our Insurance BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Quality improvements include expenses associated with activities that improve health outcomes, as defined by the U.S. Department of Health and Human Services ("HHS"), as well as those directly tied to enhancing healthcare quality, such as the Company's spend on health information technology, wellness and prevention programs, initiatives to reduce hospital readmissions, and our clinically focused Member Rewards program for the current year. We believe our Insurance BER is useful to management, investors, and others because it offers a clearer and more accurate representation of our investment in healthcare quality and member engagement, and gives a comprehensive view of costs related to maintaining and improving the quality of care of our members, which is crucial for sustaining member satisfaction and adherence to treatment regimens.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Clover Health's third-quarter 2026 earnings per share?

Clover Health reported basic and diluted earnings per share of $0.01 for the third quarter of 2026, versus losses of $0.05 per share a year earlier. For the nine-month period, basic earnings were $0.12 per share and diluted earnings were $0.11, versus losses of $0.07 for both measures.

How did Clover Health change its 2026 financial guidance?

Clover raised the lower bounds of all five guidance ranges while leaving the upper bounds unchanged. Revenue guidance is $2.97 billion–$3.00 billion, GAAP net income is $25 million–$35 million, non-GAAP gross profit is $540 million–$555 million, adjusted EBITDA is $75 million–$85 million, and average Medicare Advantage membership is 157,000–158,000.