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Dec 31, 2025
Clover Health Q4 2025 Earnings Report
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.
Key Takeaways
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.
Revenue by Segment
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.
Positive Outlook
- 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.
Challenges Ahead
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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