Clover Health Investments, Corp. (CLOV) Earnings
Clover Health Investments, Corp. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.05. CLOV has beaten EPS estimates in 4 of its last 9 reported quarters (average surprise -68.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.07 | $0.07 | +0.0% | $749M | +4.8% |
| Nov 4, 2025 | $0.02 | $-0.05 | -350.0% | $497M | +6.3% |
| Mar 11, 2025 | $-0.07 | $-0.04 | +42.9% | $337M | -3.0% |
| Mar 12, 2024 | $-0.18 | $-0.12 | +33.3% | $510M | +6.2% |
| Feb 28, 2023 | $-0.34 | $-0.23 | +32.4% | $899M | +14.4% |
| Feb 28, 2022 | $-0.26 | $-0.44 | -69.2% | $432M | +5.9% |
| Aug 11, 2021 | $-0.17 | $-0.45 | -164.7% | $412M | +0.0% |
| May 17, 2021 | $-0.12 | $-0.13 | -8.3% | $200M | — |
| Mar 1, 2021 | $-0.84 | $0.01 | +101.0% | $507M | — |
| Aug 13, 2020 | — | $0.01 | — | $172M | — |
| Jun 4, 2020 | — | $-0.07 | — | $166M | — |
| Mar 30, 2019 | — | $-2.76 | — | $118M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Entering 2026, first quarter results show market-leading growth, GAAP net income profitability, and full risk scaling in Medicare Advantage. Grew membership 51% y/y and generated gap net income of $27 million. • Core New Jersey markets: largest PPO, growth drives deeper clinical integration. • Business model: wide network PPO structure, upfront investments in new members with long-term profitability tailwind. • Clover Assistant and Clover Care Services driving clinical engagement; over one-third of members received Clover Assistant-powered care; home care division enrolling record number of patients. • 2027 bids: CMS rate notice stable, model built on clinical engagement, minimal impact from unlinked chart reviews change, support STARS program alignment with outcomes. • Counterpart health: growing provider adoption, near-term focus on expanding total lives on platform.
Guidance
• Expect to meet or exceed full year 2026 outlook across all metrics; will revisit guidance after second quarter. • Strengths: strong retention, growth in clinical engagement, expansion of Clover Assistant reach, favorable inpatient trends, progress in dental cost management, Part D performance developing in line. • 2027: benefit positioning provides flexibility, model allows earnings power to compound, 2025 cohort entering year three to be tailwind, expected efficiency gains in SG&A.
Segment performance
Medicare Advantage membership grew 51% year over year to approximately 156,000 members, driving $749 million in total revenues up 62% year over year. Consolidated gross profit was $160 million, up 47% year over year. Inpatient utilization was lower year over year; outpatient utilization and costs were elevated but in line with expectations. SG&A was $119 million, or 16% of revenue, improving ~200 basis points year over year. Generated $27 million of gap net income with adjusted EBITDA of $40 million, increasing 56% year-over-year.
Analyst Q&A
Q: Richard Close asked about what attracted Clay to Clover and differences in the model.
A: Clay said Clover takes full risk on population economics, unique in MA industry; uses Clover Assistant platform to engage wide network on PPO uniquely.
Q: Richard Close asked about SG&A variability.
A: Clay said there were one-time non-recurring expenses like claims adjustment expense in first quarter.
Q: Jonathan Young asked about new vs existing cohorts' RAF scores and trending.
A: Jonathan said new members' leading indicators tracking well, inpatient and dental tracking in line or better; RAF scores tracking in line with expectations.
Q: Jonathan Young asked about prior period development and GNA.
A: Clay said modest unfavorability in first quarter related to restatements, reserves, and revenue; committed to 100 - 150 basis points of SG&A improvement in 2026, delivered 200 basis points in first quarter.