Revenue surged 55.6% year-over-year to $743.2M in Q2 2026, with the combined ratio improving to 96.2% from 102.2% a year earlier, marking the first sustained sub-100% performance and a shift to profitability.
Clover Health Investments, Corp. (CLOV) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Revenue | 2.48B | 1.92B | 1.37B | 1.26B | 1.1B | 1.47B | 672.89M | 462.27M | 281.02M |
| Revenue Growth % | 54.03% | 40.34% | 8.77% | 14.96% | -25.51% | 118.76% | 45.56% | 64.49% | - |
| Medical Costs & Claims | 2.02B | 1.57B | 1.01B | 1B | 993.07M | 1.55B | 590.08M | 449.7M | 0 |
| Medical Cost Ratio % | 81.43% | 81.5% | 73.39% | 79.7% | 90.56% | 105.38% | 87.69% | 97.28% | 0% |
| Gross Profit | 459.93M | 355.88M | 364.8M | 255.95M | 103.48M | -79.18M | 82.81M | 12.56M | 281.02M |
| Gross Margin % | 18.57% | 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 | 478.29M | 441.43M | 410.55M | 461.28M | 390.14M | 557.81M | 175.51M | 195.76M | 476M |
| OpEx / Revenue % | 19.31% | 22.94% | 29.94% | 36.59% | 35.58% | 37.89% | 26.08% | 42.35% | 169.38% |
| Depreciation & Amortization | 1.91M | 1.69M | 1.33M | 2.51M | 1.19M | 1.25M | 555K | 551K | 185.8M |
| Combined Ratio % | 100.74% | 104.44% | 103.34% | 116.29% | 126.14% | 143.27% | 113.78% | 139.63% | 169.38% |
| Operating Income | -18.36M | -85.53M | -45.75M | -205.33M | -286.66M | -636.99M | -92.71M | -183.2M | -185.8M |
| Operating Margin % | -0.74% | -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 | -16.46M | -83.84M | -44.42M | -202.82M | -285.48M | -635.75M | -92.15M | -182.65M | 0 |
| EBITDA Margin % | -0.66% | -4.36% | -3.24% | -16.09% | -26.03% | -43.19% | -13.69% | -39.51% | 0% |
| Interest Expense | 0 | 0 | 0 | 7K | 1.36M | 16.91M | 57.11M | 39.07M | 0 |
| Non-Operating Income | 1K | 20K | 517K | 4.81M | -33.44M | -66.15M | -13.42M | 141.47M | 186.67M |
| Pretax Income | -18.36M | -85.55M | -46.27M | -210.15M | -254.58M | -587.76M | -136.39M | -363.74M | -201.93M |
| Pretax Margin % | -0.74% | -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 | -18.36M | -85.55M | -43.01M | -213.36M | -339.57M | -587.76M | -136.39M | -363.74M | -201.93M |
| Net Margin % | -0.74% | -4.45% | -3.14% | -16.93% | -30.97% | -39.93% | -20.27% | -78.69% | -71.85% |
| Net Income Growth % | 57.4% | -98.91% | 79.84% | 37.17% | 42.23% | -330.93% | 62.5% | -80.13% | - |
| EPS (Diluted) | -0.03 | -0.17 | -0.09 | -0.45 | -0.71 | -1.25 | -0.23 | -0.90 | -4.81 |
| EPS Growth % | 52.18% | -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 | 545.45M | 517.24M | 490.02M | 482.18M | 476.24M | 470.85M | 404.44M | 404.44M | 42.01M |
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.
Key Metrics
Top Statement Risk
V28 risk adjustment headwinds
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Sharply
Revenue surged 55.6% year-over-year in Q2 2026 to $743.2M, per the latest quarterly report, driven by expansion in full-risk Medicare Advantage membership and a strategic pivot toward profitable growth.
The 55.6% YoY growth in Q2 2026 marks a significant acceleration from the 34.1% growth in Q2 2025, indicating that the company's focus on core insurance markets is gaining traction. However, this growth is concentrated in the Insurance segment, and the intentional shedding of low-margin non-insurance volume may distort comparisons. Investors should monitor whether this pace is sustainable given the geographic concentration in New Jersey and potential competitive pressures.
Underwriting Turns Profitable
The combined ratio improved to 96.2% in Q2 2026, down from 102.2% a year earlier, as reported in the income statement, marking the first sustained sub-100% performance in recent quarters.
The combined ratio has now been below 100% for two consecutive quarters, suggesting that underwriting profitability is becoming more durable. The loss ratio of 79.4% in Q2 2026 is slightly higher than the 78.7% in Q1 2026, but remains well below the 84.8% seen in Q4 2025. This improvement likely reflects better medical cost management, possibly aided by the Clover Assistant, but the sustainability depends on maintaining low loss ratios amid V28 risk adjustment changes.
Reserve Releases Mask Underlying Trends
Prior-period development appears to have contributed to the Q2 2026 operating income of $28.0M, as per the financial statements, but the magnitude is not disclosed, warranting scrutiny of earnings quality.
The sharp swing from a -$49.3M operating loss in Q4 2025 to a +$28.0M profit in Q2 2026 is notable, and while revenue growth explains part of it, favorable reserve development may be inflating current earnings. If reserves are being released to offset higher medical costs, the underlying underwriting performance may be weaker than the combined ratio suggests. Analysts should track the disclosure of prior-year development in the cash flow statement to assess the sustainability of these profits.
Investment Income Minimal
Investment income is not separately disclosed in the provided data, but given the company's cash position, it likely contributes negligibly to the bottom line, as per the income statement.
With no investment income line item, it appears that Clover's earnings are almost entirely driven by underwriting results. This is typical for a health insurer with limited investment portfolio, but it means the company has no buffer against underwriting losses. The lack of investment income also reduces the attractiveness of the stock as a yield play, making operational efficiency the sole driver of shareholder value.
Expense Ratio Shows Scale Benefits
The expense ratio, derived from the combined ratio and loss ratio, fell to 16.8% in Q2 2026 from 23.1% in Q2 2025, as per the income statement, indicating improved operating leverage.
The expense ratio has declined significantly as revenue has grown, suggesting that fixed administrative costs are being spread over a larger premium base. This is a positive sign for scalability, but the company still has an operating margin of -4.4% on a trailing basis, implying that further scale or cost discipline is needed to reach sustained profitability. The investment in the Clover Assistant may be a key driver of this efficiency, but its cost is not separately broken out.
Q2 2026 Marks Profitability Inflection
Q2 2026 delivered the first back-to-back profitable quarters with net income of $28.0M, as reported in the income statement, signaling a potential turning point from prior losses.
The transition from consistent losses in 2024 and early 2025 to two consecutive profitable quarters is a critical inflection point. This suggests that the company's strategic pivot toward profitable growth is yielding results, but the EPS miss versus consensus in Q2 2026 indicates that bottom-line performance is still volatile. The sustainability of this inflection will depend on the company's ability to maintain a combined ratio below 100% while navigating V28 headwinds and potential competitive pressures in New Jersey.
What Could Invalidate the Base Case
Despite the improved combined ratio, the EPS miss in Q2 2026 and the ongoing V28 risk adjustment changes may pressure margins, as per the latest earnings report.
The reported EPS of $0.05 fell short of the $0.07 consensus, suggesting that bottom-line profitability is not keeping pace with top-line growth. This could indicate that the company is experiencing higher-than-expected medical costs or that the benefit from reserve releases is fading. Additionally, the V28 risk adjustment model may reduce revenue per member, potentially reversing the recent margin improvements. If the combined ratio rises above 100% again, the stock could re-rate downward, especially given the high valuation multiples relative to peers.