# CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV)

Informational only - not investment advice.

CIK: 0001801170
SIC: 6324 Hospital & Medical Service Plans
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6324 Hospital & Medical Service Plans](/industry/6324/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1801170
Filing source: https://www.sec.gov/Archives/edgar/data/1801170/000180117026000057/clov-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001801170-26-000057 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001801170.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,924,308,000 USD | 2025 | verified |
| Net income | -85,549,000 USD | 2025 | verified |
| Assets | 541,011,000 USD | 2025 | verified |
| Free cash flow | -68,977,000 USD | 2025 | computed |
| Net margin | -4.45% | 2025 | computed |
| Operating margin | -4.44% | 2025 | computed |
| Revenue YoY | +40.34% | 2025 | computed |
| ROE | -27.71% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CLOV | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -4.4% | 1.0% | 0 | 10 |
| Operating margin | -4.4% | 1.3% | 0 | 10 |
| Revenue growth | 40.3% | 12.2% | 89 | 10 |
| FCF margin | -3.6% | 2.2% | 0 | 9 |
| ROE | -27.7% | 5.9% | 22 | 10 |
| ROA | -15.8% | 2.3% | 0 | 10 |
| Liabilities / equity | 0.75 | 2.43 | 0 | 10 |
| Current ratio | 1.47 | 1.50 | 44 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6324 Hospital & Medical Service Plans, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1924308000 | USD | 2025 | 2026-02-27 |
| Net income | -85549000 | USD | 2025 | 2026-02-27 |
| Assets | 541011000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001801170.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 462,266,000 | 672,888,000 | 1,471,996,000 | 1,096,552,000 | 1,260,543,000 | 1,371,131,000 | 1,924,308,000 |
| Net income |  | -363,737,000 | -136,392,000 | -587,756,000 | -339,567,000 | -213,361,000 | -43,009,000 | -85,549,000 |
| Operating income |  | -183,199,000 | -92,707,000 | -636,992,000 | -286,664,000 | -205,329,000 | -45,749,000 | -85,529,000 |
| Operating cash flow |  | -159,875,000 | -118,498,000 | -282,326,000 | -203,926,000 | -144,662,000 | 34,845,000 | -66,934,000 |
| Capital expenditures |  | 23,000 | 693,000 | 723,000 | 4,467,000 | 584,000 | 1,556,000 | 2,043,000 |
| Share buybacks |  | 0.00 | 0.00 | 147,000 | 0.00 | 0.00 | 1,772,000 | 18,298,000 |
| Assets |  | 100,346 | 267,252,000 | 950,804,000 | 808,620,000 | 570,671,000 | 580,742,000 | 541,011,000 |
| Liabilities |  | 117,977 | 432,698,000 | 410,764,000 | 451,733,000 | 284,277,000 | 239,599,000 | 232,307,000 |
| Stockholders' equity | -502,574,000 | -488,537,000 | -613,193,000 | 540,040,000 | 356,887,000 | 286,394,000 | 341,143,000 | 308,704,000 |
| Cash and cash equivalents |  | 0.00 | 92,348,000 | 299,968,000 | 103,791,000 | 122,863,000 | 194,543,000 | 78,301,000 |
| Free cash flow |  | -159,898,000 | -119,191,000 | -283,049,000 | -208,393,000 | -145,246,000 | 33,289,000 | -68,977,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -78.69% | -20.27% | -39.93% | -30.97% | -16.93% | -3.14% | -4.45% |
| Operating margin |  | -39.63% | -13.78% | -43.27% | -26.14% | -16.29% | -3.34% | -4.44% |
| Return on equity |  |  |  | -108.84% | -95.15% | -74.50% | -12.61% | -27.71% |
| Return on assets |  |  | -51.03% | -61.82% | -41.99% | -37.39% | -7.41% | -15.81% |
| Liabilities / equity |  |  |  | 0.76 | 1.27 | 0.99 | 0.70 | 0.75 |
| Current ratio |  |  | 1.16 | 2.02 | 1.45 | 1.64 | 1.61 | 1.47 |

## As-reported value updates

15 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CLOV/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001801170.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2021-Q2 | 2021-06-30 |  |  | -0.78 | reported discrete quarter |
| 2021-Q3 | 2021-09-30 |  |  | -0.08 | reported discrete quarter |
| 2022-Q1 | 2022-03-31 |  |  | -0.16 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | -0.22 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.16 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  | -72,606,000 | -0.15 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | -72,606,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.06 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -28,814,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 482,066,000 |  | -0.09 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 510,251,000 | -70,472,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 346,922,000 | -19,170,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -19,170,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 356,260,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 7,408,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 330,986,000 |  |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 336,963,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 462,331,000 | -1,274,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -1,274,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 477,620,000 |  |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -10,578,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 496,650,000 |  |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 487,707,000 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 749,189,000 | 27,334,000 | 0.05 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 27,334,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 743,167,000 |  | 0.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CLOV's latest 10-K: [/company/CLOV/business/](/company/CLOV/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CLOV's latest 10-K: [/company/CLOV/risk-factors/](/company/CLOV/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1801170/000180117026000200/clov-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Overview

At Clover Health, our vision is to empower every physician with the technology to identify, manage, and treat chronic diseases earlier. Our strategy is to improve the care of people with Medicare, develop wide physician networks, and provide technology to help empower physicians. Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant), helps us execute this strategy by enabling physicians to detect, identify, and manage chronic diseases earlier than they otherwise could. This technology is a cloud-based software platform that provides physicians with access to data-driven and personalized insights for the patients they treat.

We operate Preferred Provider Organization ("PPO") and Health Maintenance Organization ("HMO") Medicare Advantage ("MA") plans for Medicare-eligible individuals. We aim to provide high-quality, affordable healthcare for all Medicare beneficiaries. Among plans with similar major characteristics, we offer most members in our MA plans (the "members") among the lowest average out-of-pocket costs for primary care provider and specialist co-pays in their markets. We strongly believe in providing our members provider choice, and we consider our PPO plans to be our flagship insurance product. An important feature of our MA product is wide network access. We believe the use of Clover Assistant and related data insights allows us to improve clinical decision-making through a highly scalable platform. At June 30, 2026, we operated our MA plans in five states and 203 counties, with 157,309 members.

Executive Summary

The following summary highlights matters that management considers most significant to an understanding of our results for the three and six months ended June 30, 2026. It is not a complete description of, and should be read together with, the more detailed discussion that follows and our condensed consolidated financial statements.

Total revenues increased 56% to $743.2 million for the three months ended June 30, 2026, and 59% to $1,492.4 million for the six months ended June 30, 2026, compared to the respective prior-year periods, driven primarily by growth in our Medicare Advantage membership and higher per-member premium. We reported income from operations of $28.0 million and $55.3 million for the three and six month periods, respectively, compared to losses in the prior-year periods.

Our results reflect continued membership growth alongside disciplined management of administrative spend. Adjusted SG&A as a percentage of total revenues improved to 16% for the six months ended June 30, 2026, from 18% in the prior-year period, as revenue growth outpaced growth in our administrative cost base. Adjusted EBITDA increased to $81.2 million for the six months ended June 30, 2026, from $42.9 million in the prior-year period. We continued to maintain a strong liquidity position, with cash, cash equivalents, and investments of $443.0 million at June 30, 2026.

Consolidated gross profit increased approximately 50% to $312.5 million for the six months ended June 30, 2026, broadly in line with our membership growth.

As described under "Recent Developments" below, developments during the quarter relating to our 2026 Star Ratings are expected to affect payment year 2027 rather than our current period results.

24

Recent Developments

CMS Star Ratings

Pursuant to CMS’s MA Star Ratings system, CMS annually awards between 1.0 and 5.0 Stars to MA plans based on performance in several categories. CMS released the Company’s 2026 Star Ratings on October 9, 2025 and had awarded the Company's PPO (contract H5141) and HMO plans (contract H8010) with 3.5 Stars and 4.0 Stars, respectively.

As previously disclosed, on June 9, 2026, CMS informed the Company that, consistent with a court judgment in Clover Insurance Co. V. HHS, Civ. A. No. 25-142 (S.D. Ga) (the "Stars Litigation"), CMS had recalculated the 2026 Star Rating for the Company's PPO MA contract, H5141, from 3.5 Stars to 4.5 Stars for payment year 2027.

On June 17, 2026, CMS issued updated guidance informing all MA Organizations that it was voluntarily recalculating the 2027 Quality Bonus Payment ratings for certain MA contracts as a result of the decision in the Stars Litigation.

CMS’s guidance stated that MA organizations can view their recalculated 2027 QBP ratings in the Health Plan Management System ("HPMS"). HPMS displays the Company's PPO MA contract, H5141, rated at 4.5 Stars for payment year 2027, and also displays that the 2026 Star Rating for the Company's HMO MA contract, H8010, increased from 4.0 Stars to 4.5 Stars, which also impacts payment year 2027.

On July 21, 2026, CMS filed its Notice of Appeal of the district court's decision in the Stars Litigation with the United States Court of Appeals for the Eleventh Circuit.

Key Performance Measures

We manage our operations based on one reportable segment: Insurance. Through our Insurance segment, we provide PPO and HMO plans to Medicare Advantage members in several states.

The segment grouping is consistent with the information used by our Chief Executive Officer (identified as our chief operating decision maker) ("CODM") to assess performance and allocate the Company's resources.

We review several key performance measures, discussed below, to evaluate our business and results, measure performance, identify trends, formulate plans, and make strategic decisions. We believe that the presentation of such metrics is useful to management and counterparties to model the performance of healthcare companies such as Clover.

Through our Insurance segment, we provide PPO and HMO plans to members in several states. We seek to improve care and lower costs for our members by empowering providers with intuitive data-driven, personalized insights to support treatment of members through our software platform, Clover Assistant.

25

The following table presents key financial measures for the periods indicated:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six months ended June 30,"],["","","2026","","2025","","2026","","2025"],["","","Total","","PMPM (1)","","Total","","PMPM (1)","","Total","","PMPM (1)","","Total","","PMPM (1)"],["","","(dollar amounts in thousands, except PMPM amounts)"],["Consolidated:"],["Total revenues","","$","743,167","","","$","1,579","","","$","477,620","","","$","1,509","","","$","1,492,356","","","$","1,597","","","$","939,951","","","$","1,510"],["Net medical claims incurred","","$","590,165","","","$","1,254","","","$","377,992","","","$","1,194","","","$","1,179,813","","","$","1,263","","","$","731,434","","","$","1,175"],["Consolidated Gross profit","","$","153,002","","","$","325","","","$","99,628","","","$","315","","","$","312,543","","","$","335","","","$","208,517","","","$","335"],["Adjusted SG&A","","$","112,086","","","$","238","","","$","82,493","","","$","261","","","$","231,370","","","$","248","","","$","165,600","","","$","266"],["Adjusted EBITDA","","$","40,916","","","$","87","","","$","17,135","","","$","54","","","$","81,173","","","$","87","","","$","42,917","","","$","69"],["Adjusted Net income","","$","40,352","","","$","86","","","$","16,722","","","$","53","","","$","80,094","","","$","86","","","$","42,038","","","$","68"],["Insurance Segment:"],["Average Medicare Advantage membership (#)","","156,840","","","N/A","","105,494","","","N/A","","155,723","","","N/A","","103,727","","","N/A"],["Premiums earned, net","","$","737,767","","","$","1,568","","","$","469,826","","","$","1,485","","","$","1,481,956","","","$","1,586","","","$","926,732","","","$","1,489"],["Insurance Net medical claims incurred","","$","615,422","","","$","1,308","","","$","394,212","","","$","1,246","","","$","1,225,423","","","$","1,312","","","$","762,100","","","$","1,225"],["Insurance Benefits Expense Ratio","","87.6","%","","N/A","","88.4","%","","N/A","","87.1","%","","N/A","","87.3","%","","N/A"],["(1) Calculated per member per month (\"PMPM\") figures are based on the applicable amount divided by member months in the given period. Member months represents the number of months members are enrolled in a Clover Health plan in the period."]]
[[/GREPCENT_TABLE]]

Total revenues

Total revenues represents the sum of Premiums earned, net and Other income for a given period. Premiums earned, net reflects the earned portion of premiums under our Medicare Advantage contracts with CMS, net of premiums ceded to reinsurers and inclusive of risk adjustment revenue. Other income primarily consists of investment income and other ancillary revenues. We believe Total revenues is a useful measure of the overall scale and growth of our business, as it captures the aggregate economic inflows generated from our Insurance operations and related activities. Management uses Total revenues to evaluate period-over-period growth, assess the impact of membership levels and risk adjustment performance, analyze revenue trends relative to medical cost and operating expense trends, and support strategic planning and capital allocation decisions.

Membership and associated premiums earned and medical claim expenses

We define new and returning members on a calendar year basis. Any member who is active on July 1 of a given year is considered a returning member in the following year. Any member who joins a Clover plan after July 1 in a given year is considered a new member for the entirety of the following calendar year. We view our number of members and associated PMPM premiums earned and medical claim expenses, in the aggregate and on a PMPM basis, as useful metrics to assess our financial performance. Member growth and retention aligns with our mission, drives our Total revenues, expands brand awareness, deepens our market penetration, creates additional opportunities to inform our data-driven insights to improve care and decrease medical claim expenses, and generates additional data to continue to improve the functioning of Clover Assistant. Among other things, the longer a member is enrolled in one of our insurance plans, the more data we collect and synthesize and the more actionable insights we generate. We believe these data-driven insights lead to better care delivery as well as improved identification, documentation and management of members' chronic conditions, helping to lower PMPM medical claim expenses.

Premiums earned, net

Premiums earned, net represents the earned portion of our premiums earned, gross, less the earned portion that is ceded to third-party reinsurers under our reinsurance agreements. Premiums are earned in the period in which members are entitled to receive services, and are net of estimated uncollectible amounts, retroactive membership adjustments, and any adjustments to recognize rebates under the minimum benefit ratios required under the ACA.

We earn premiums through our plans offered under contracts with CMS. We receive premiums from CMS on a monthly basis based on our actuarial bid and the risk-adjustment model used by CMS. Premiums anticipated to be received within twelve months based on the documented diagnostic criteria of our members are estimated and included in revenues for the period, including the member months for which the payment is designated by CMS.

26

Premiums ceded is the amount of premiums earned, gross ceded to reinsurers. From time to time, we enter into reinsurance contracts to limit our exposure to potential losses as well as to provide additional capacity for growth. Under these agreements, the "reinsurer," agrees to cover a portion of the claims of another insurer, i.e., us, the "primary insurer," in return for a portion of their premium. Ceded earned premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded earned premium is impacted by the level of our premiums earned, gross and any decision we make to adjust our reinsurance agreements.

Insurance net m

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1801170/000180117026000057/clov-20251231.htm
Complete FY 2025 MD&A: /company/CLOV/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2025, contained in this Annual Report on Form 10-K (the "Form 10-K"). The following discussion and analysis does not include certain items related to the year ended December 31, 2024, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a discussion of these items and comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Risk Factors" section of this Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements" for additional information. Unless the context otherwise requires, references in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" to "we," "us," "our," "Clover," "Clover Health," and the "Company" mean the business and operations of Clover Health Investments, Corp. and its consolidated subsidiaries.

Overview

At Clover Health, our vision is to empower every physician with the technology to identify, manage, and treat chronic diseases earlier. Our strategy is to improve the care of people with Medicare, develop wide physician networks, and provide technology to help empower physicians. Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant), helps us execute this strategy by enabling physicians to detect, identify, and manage chronic diseases earlier than they otherwise could. This technology is a cloud-based software platform that provides physicians with access to data-driven and personalized insights for the patients they treat.

We operate Preferred Provider Organization ("PPO") and Health Maintenance Organization ("HMO") Medicare Advantage ("MA") plans for Medicare-eligible individuals. We aim to provide high-quality, affordable healthcare for all Medicare beneficiaries. Among plans with similar major characteristics, we offer most members in our MA plans (the "members") among the lowest average out-of-pocket costs for primary care provider and specialist co-pays in their markets. We strongly believe in providing our members provider choice, and we consider our PPO plans to be our flagship insurance product. An important feature of our MA product is wide network access. We believe the use of Clover Assistant and related data insights allows us to improve clinical decision-making through a highly scalable platform. At December 31, 2025, we operated our MA plans in five states and 200 counties, with 113,803 members.

2025 Highlights

2026 Annual Election Period Results

On January 14, 2026, the Company announced a 53% year-over-year growth of its MA membership during the most recent Annual Election Period. The Company entered 2026 with over 153,000 members, over 97% of whom are enrolled in the Company's flagship PPO plans.

Geographic Presence

Beginning in 2026, our MA plans will be available in a total of 203 counties and five states.

CMS Star Ratings

On October 9, 2025, the Company announced that CMS has decreased the Star rating of its PPO Medicare Advantage plans to 3.5 Stars for Star rating year 2026, which will affect payment year 2027. Additionally, CMS increased the rating of Clover’s HMO MA plan to 4.0 Stars. Currently over 97% of our insurance members are members of our PPO Medicare Advantage Plans.

Key Performance Measures

We manage our operations based on one reportable segment: Insurance. Through our Insurance segment, we provide PPO and HMO plans to Medicare Advantage members in several states. All other clinical services and all corporate overhead not included in the reportable segments are included in Corporate/Other.

The segment grouping is consistent with the information used by our Chief Executive Officer (identified as our chief operating decision maker) ("CODM") to assess performance and allocate the Company's resources.

We review several key performance measures, discussed below, to evaluate our business and results, measure performance, identify trends, formulate plans, and make strategic decisions. We believe that the presentation of such metrics is useful to management and counterparties to model the performance of healthcare companies such as Clover.

58

Through our Insurance segment, we provide PPO and HMO plans to members in several states. We seek to improve care and lower costs for our members by empowering providers with intuitive data-driven, personalized insights to support treatment of members through our software platform, Clover Assistant.

The following table presents key financial measures for the periods indicated:

[[GREPCENT_TABLE]]
[["","","","","Year ended December 31,"],["","","","","","","2025","","2024"],["","","","","","","","","","","Total","","PMPM (1)","","Total","","PMPM (1)"],["","","","","","","","","","","(dollar amounts in thousands, except PMPM amounts)"],["Consolidated:"],["Total revenues","","","","","","","","","","$","1,924,308","","","$","1,498","","","$","1,371,131","","","$","1,418"],["Net medical claims incurred","","","","","","","","","","$","1,568,406","","","$","1,221","","","$","1,006,327","","","$","1,041"],["Consolidated Gross profit","","","","","","","","","","$","355,902","","","$","277","","","$","364,804","","","$","377"],["Adjusted SG&A","","","","","","","","","","$","334,207","","","$","260","","","$","294,713","","","$","305"],["Adjusted EBITDA","","","","","","","","","","$","21,695","","","$","17","","","$","70,091","","","$","73"],["Adjusted Net income from continuing operations","","","","","","","","","","$","19,989","","","$","16","","","$","68,243","","","$","71"],["Insurance Segment:"],["Insurance members at period end (#)","","","","","","","","","","113,803","","","N/A","","82,664","","","N/A"],["Premiums earned, net","","","","","","","","","","$","1,891,732","","","$","1,472","","","$","1,344,881","","","$","1,391"],["Insurance Net medical claims incurred","","","","","","","","","","$","1,618,219","","","$","1,259","","","$","1,010,289","","","$","1,045"],["Insurance Benefits expense ratio","","","","","","","","","","90.9","%","","N/A","","81.2","%","","N/A"],["Normalized Insurance benefits expense ratio","","","","","","","","","","91.5","%","","N/A","","84.2","%","","N/A"],["(1) Calculated per member per month (\"PMPM\") figures are based on the applicable amount divided by member months in the given period. Member months represents the number of months members are enrolled in a Clover Health plan in the period."]]
[[/GREPCENT_TABLE]]

Total revenues

Total revenues represents the sum of Premiums earned, net and Other income for a given period. Premiums earned, net reflects the earned portion of premiums under our Medicare Advantage contracts with CMS, net of premiums ceded to reinsurers and inclusive of risk adjustment revenue. Other income primarily consists of investment income and other ancillary revenues. We believe Total revenues is a useful measure of the overall scale and growth of our business, as it captures the aggregate economic inflows generated from our Insurance operations and related activities. Management uses Total revenues to evaluate period-over-period growth, assess the impact of membership levels and risk adjustment performance, analyze revenue trends relative to medical cost and operating expense trends, and support strategic planning and capital allocation decisions.

Membership and associated premiums earned and medical claim expenses

We define new and returning members on a calendar year basis. Any member who is active on July 1 of a given year is considered a returning member in the following year. Any member who joins a Clover plan after July 1 in a given year is considered a new member for the entirety of the following calendar year. We view our number of members and associated PMPM premiums earned and medical claim expenses, in the aggregate and on a PMPM basis, as useful metrics to assess our financial performance. Member growth and retention aligns with our mission, drives our Total revenues, expands brand awareness, deepens our market penetration, creates additional opportunities to inform our data-driven insights to improve care and decrease medical claim expenses, and generates additional data to continue to improve the functioning of Clover Assistant. Among other things, the longer a member is enrolled in one of our insurance plans, the more data we collect and synthesize and the more actionable insights we generate. We believe these data-driven insights lead to better care delivery as well as improved identification, documentation and management of members' chronic conditions, helping to lower PMPM medical claim expenses.

Premiums earned, net

Premiums earned, net represents the earned portion of our premiums earned, gross, less the earned portion that is ceded to third-party reinsurers under our reinsurance agreements. Premiums are earned in the period in which members are entitled to receive services, and are net of estimated uncollectible amounts, retroactive membership adjustments, and any adjustments to recognize rebates under the minimum benefit ratios required under the ACA.

59

We earn premiums through our plans offered under contracts with CMS. We receive premiums from CMS on a monthly basis based on our actuarial bid and the risk-adjustment model used by CMS. Premiums anticipated to be received within twelve months based on the documented diagnostic criteria of our members are estimated and included in revenues for the period, including the member months for which the payment is designated by CMS.

Premiums ceded is the amount of premiums earned, gross ceded to reinsurers. From time to time, we enter into reinsurance contracts to limit our exposure to potential losses as well as to provide additional capacity for growth. Under these agreements, the "reinsurer," agrees to cover a portion of the claims of another insurer, i.e., us, the "primary insurer," in return for a portion of their premium. Ceded earned premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded earned premium is impacted by the level of our premiums earned, gross and any decision we make to adjust our reinsurance agreements.

Insurance net medical claims incurred

Insurance net medical claims incurred are our medical expenses and consist of the costs of claims, including the costs incurred for claims net of amounts ceded to reinsurers. We enter into reinsurance contracts to limit our exposure to potential catastrophic losses. These expenses generally vary based on the total number of members and their utilization rate of our services.

Non-GAAP Financial Measures

We use non-GAAP measures in this Form 10-K, including Consolidated Gross profit, Adjusted SG&A, Adjusted EBITDA, and Adjusted Net income from continuing operations, and Insurance Benefits expense ratio ("BER") and Normalized 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 us

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CLOV/mda/fy2025/
All MD&A years: /company/CLOV/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CLOV/mda/fy2024/): filed 2025-03-03; accession 0001801170-25-000052 (https://www.sec.gov/Archives/edgar/data/1801170/000180117025000052/clov-20241231.htm)
- [FY 2023 MD&A](/company/CLOV/mda/fy2023/): filed 2024-03-14; accession 0001801170-24-000064 (https://www.sec.gov/Archives/edgar/data/1801170/000180117024000064/clov-20231231.htm)
- [FY 2022 MD&A](/company/CLOV/mda/fy2022/): filed 2023-03-01; accession 0001801170-23-000015 (https://www.sec.gov/Archives/edgar/data/1801170/000180117023000015/clov-20221231.htm)
- [FY 2021 MD&A](/company/CLOV/mda/fy2021/): filed 2022-02-28; accession 0001801170-22-000015 (https://www.sec.gov/Archives/edgar/data/1801170/000180117022000015/clov-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6324 Hospital & Medical Service Plans) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CLOV.md · JSON record: /company/CLOV.json · verified financials: /company/CLOV/financials.json / /company/CLOV/financials.csv · machine TOC for the whole site: /llms.txt