Revenue growth accelerated to 61.0% year-over-year in 2026Q1, enabling the company to achieve a positive operating margin of 3.0% for the first time in ten quarters.
| Sales/Revenue | 2.21B | 1.92B | 1.37B | 1.26B | 1.1B | 1.47B | 672.89M | 462.27M | 281.02M |
| Revenue Growth % | 48.41% | 40.34% | 8.77% | 14.96% | -25.51% | 118.76% | 45.56% | 64.49% | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 401.55M | 355.88M | 364.8M | 255.95M | 103.48M | -79.18M | 82.81M | 12.56M | 281.02M |
| Gross Margin % | 18.2% | 18.49% | 26.61% | 20.3% | 9.44% | -5.38% | 12.31% | 2.72% | 100% |
| Gross Profit Growth % | - | -2.45% | 42.53% | 147.35% | 230.68% | -195.62% | 559.02% | -95.53% | - |
| Operating Expenses | 463.48M | 441.43M | 410.55M | 461.28M | 390.14M | 557.81M | 175.51M | 195.76M | 476M |
| OpEx % of Revenue | - | 22.94% | 29.94% | 36.59% | 35.58% | 37.89% | 26.08% | 42.35% | 169.38% |
| Selling, General & Admin | 66.63M | 176.32M | 408.93M | 440.25M | 482.4M | 445.75M | 192.09M | 187.33M | 187.28M |
| SG&A % of Revenue | - | 9.16% | 29.82% | 34.93% | 43.99% | 30.28% | 28.55% | 40.52% | 66.64% |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | -61.92M | -85.53M | -45.75M | -205.33M | -286.66M | -636.99M | -92.71M | -183.2M | -185.8M |
| Operating Margin % | -2.81% | -4.44% | -3.34% | -16.29% | -26.14% | -43.27% | -13.78% | -39.63% | -66.11% |
| Operating Income Growth % | - | -86.95% | 77.72% | 28.37% | 55% | -587.1% | 49.4% | 1.4% | - |
| EBITDA | -60.19M | -83.84M | -44.42M | -202.82M | -285.48M | -635.75M | -92.15M | -182.65M | 0 |
| EBITDA Margin % | -2.73% | -4.36% | -3.24% | -16.09% | -26.03% | -43.19% | -13.69% | -39.51% | - |
| EBITDA Growth % | -163.5% | -88.76% | 78.1% | 28.95% | 55.1% | -589.89% | 49.55% | - | - |
| D&A (Non-Cash Add-back) | 1.74M | 1.69M | 1.33M | 2.51M | 1.19M | 1.25M | 555K | 551K | 185.8M |
| EBIT | -56.94M | -85.55M | -46.27M | -210.14M | -253.22M | -570.85M | -79.28M | -324.67M | -372.47M |
| Net Interest Income | 0 | 0 | 0 | -7K | -1.36M | -16.91M | -57.11M | -39.07M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.95M |
| Interest Expense | 0 | 0 | 0 | 7K | 1.36M | 16.91M | 57.11M | 39.07M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -56.94M | -85.55M | -46.27M | -210.15M | -254.58M | -587.76M | -136.39M | -363.74M | -201.93M |
| Pretax Margin % | -2.58% | -4.45% | -3.37% | -16.67% | -23.22% | -39.93% | -20.27% | -78.69% | -71.85% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -56.94M | -85.55M | -43.01M | -213.36M | -339.57M | -587.76M | -136.39M | -363.74M | -201.93M |
| Net Margin % | -2.58% | -4.45% | -3.14% | -16.93% | -30.97% | -39.93% | -20.27% | -78.69% | -71.85% |
| Net Income Growth % | -126.74% | -98.91% | 79.84% | 37.17% | 42.23% | -330.93% | 62.5% | -80.13% | - |
| Net Income (Continuing) | -56.94M | -85.55M | -46.27M | -210.15M | -254.58M | -587.76M | -136.39M | -363.74M | -201.93M |
| Discontinued Operations | 0 | 0 | 3.26M | -3.21M | -84.98M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 3.9M | 3.9M | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.17 | -0.09 | -0.45 | -0.71 | -1.25 | -0.23 | -0.90 | -4.81 |
| EPS Growth % | -100% | -93.62% | 80.49% | 36.62% | 43.2% | -443.48% | 74.44% | 81.29% | - |
| EPS (Basic) | - | -0.17 | -0.09 | -0.45 | -0.71 | -1.25 | -0.23 | -0.90 | -4.81 |
| Diluted Shares Outstanding | 522.18M | 517.24M | 490.02M | 482.18M | 476.24M | 470.85M | 404.44M | 404.44M | 42.01M |
| Basic Shares Outstanding | 522.18M | 517.24M | 490.02M | 482.18M | 476.24M | 470.85M | 404.44M | 404.44M | 42.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement volatility
As reported in recent financial statements, Clover Health achieved a significant revenue acceleration to $744.2M in 2026Q1, representing a 61.0% year-over-year increase, which suggests a successful transition away from the volatile, low-margin non-insurance segments that previously constrained the company's top-line performance and strategic focus.
The recent surge in revenue appears to be driven by a more disciplined approach to member acquisition and a refined focus on core Medicare Advantage markets. Investors should monitor whether this growth trajectory remains sustainable as the company scales its Clover Assistant platform, as historical volatility in revenue recognition makes it difficult to distinguish between organic expansion and accounting-driven fluctuations.
Based on the provided income statement data, Clover's gross margin fluctuated to 20.8% in 2026Q1, reflecting the inherent difficulty in maintaining pricing power within a CMS-regulated environment where medical care ratios are highly sensitive to both seasonal utilization patterns and the underlying health of the member population.
The variability in gross margins, which dipped as low as 12.2% in 2023Q4, highlights the company's vulnerability to medical cost inflation and the limitations of its current software-driven intervention model. Sustained margin expansion likely requires a consistent improvement in CMS Star Ratings, which remains a critical, yet unproven, catalyst for long-term profitability.
According to the company's quarterly filings, Clover Health demonstrated improved operating leverage in 2026Q1 by achieving a positive operating margin of 3.0%, a notable shift from the negative operating margins that characterized the majority of the preceding ten quarters of reported financial performance.
The reduction in SG&A intensity relative to gross profit suggests that management is successfully curbing administrative bloat, though the sustainability of this efficiency remains to be seen. The transition to positive operating income warrants further investigation into whether this is a result of permanent cost discipline or merely a temporary reduction in discretionary spending.
As indicated by the historical income statement data, Clover Health has consistently utilized significant stock-based compensation, with quarterly expenses frequently exceeding $25M, which effectively masks the true cash-based operating performance and complicates the assessment of the company's underlying profitability and shareholder dilution risks.
While the 2026Q1 report shows a reduction in these non-cash charges, the historical reliance on equity-based incentives suggests that reported net income may not fully reflect the economic cost of operations. Investors should remain cautious, as the quality of earnings is heavily dependent on the company's ability to generate cash flow without relying on dilutive compensation structures.
Based on an analysis of the provided figures, skeptics may argue that the recent improvement in operating income is driven by aggressive cost-cutting rather than a fundamental competitive advantage, as the company's gross margins remain structurally inferior to established peers like Elevance Health.
The risk of margin compression remains high, particularly if the V28 risk adjustment model leads to lower-than-expected revenue per member. Without a clear, long-term demonstration that the Clover Assistant can consistently lower medical costs below industry benchmarks, the current profitability trend may be viewed as fragile and susceptible to regulatory shifts.
Quick answers to the most common questions about buying CLOV stock.
For fiscal year 2025, Clover Health Investments, Corp. (CLOV) reported total revenue of $1.92B. This represents a 584.8% increase compared to $281.0M in 2018.
Clover Health Investments, Corp. (CLOV) reported a net loss of $85.5M for the fiscal year ending 2025.
Clover Health Investments, Corp. (CLOV) reported an operating income of $-85.5M, resulting in an operating profit margin of -4.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Clover Health Investments, Corp. (CLOV) generated $355.9M in gross profit for the year, representing a gross profit margin of 18.5%. This demonstrates the company's core pricing power and production efficiency.