While Clover Health reported significant membership and revenue growth, positive EBITDA, and strong retention rates, the call highlighted challenges with new member profitability, lowered financial guidance, and increased medical costs, leading to a balanced outlook.

Company Guidance

During Clover Health's third quarter 2025 earnings call, the company revised its guidance for the full year 2025, highlighting a number of key metrics. The company expects to add approximately 44,000 gross new members, reaching an estimated year-end total of around 113,000 net members. This growth has impacted their adjusted EBITDA profitability for 2025, which is now projected to be between $15 million and $30 million, a reduction from previous expectations. Insurance revenue is anticipated to be between $1.850 billion and $1.880 billion, reflecting a 39% year-over-year growth at the midpoint. The adjusted SG&A is expected to improve, ranging from $325 million to $335 million, marking a 400 basis point improvement year-over-year. However, insurance benefit ratios (BER) are forecasted between 90% and 91% due to elevated utilization trends and strong new membership growth. Looking ahead, Clover Health remains optimistic about 2026, anticipating positive GAAP net income driven by various factors, including strong member retention, a larger profitable returning member cohort, a 4-star payment year for PPO plans, and continued SG&A leverage.

Membership and Revenue Growth

Clover Health saw a 35% increase in membership and nearly 50% growth in revenue year-over-year for the third quarter.

Clover Assistant Performance

Clover Assistant was noted as a strong driver, with managed returning cohorts improving year-over-year and achieving top PPO in the country for the second year running on HEDIS clinical quality scores.

Positive Adjusted EBITDA

Despite challenges, Clover Health maintained adjusted EBITDA profitability year-to-date with $45 million in adjusted EBITDA.

Strong Retention Rates

Clover Health reported an industry-leading retention rate above 90% for 2025, reflecting strong member satisfaction and retention.

Clover Health Investments (CLOV) Earnings, Revenues Date & History

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CLOV Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 04, 2026	2025 (Q4)	-0.10 / -	-0.04	―	―	―
Nov 04, 2025	2025 (Q3)	-0.03 / -0.05	-0.02	-150.00% (-0.03)
Aug 05, 2025	2025 (Q2)	>-0.01 / -0.02	0.01	-300.00% (-0.03)
May 06, 2025	2025 (Q1)	-0.04 / 0.05	-0.05	206.00% (+0.10)
Feb 27, 2025	2024 (Q4)	-0.07 / -0.04	-0.146	72.60% (+0.11)
Nov 06, 2024	2024 (Q3)	-0.04 / -0.02	-0.086	76.74% (+0.07)
Aug 05, 2024	2024 (Q2)	-0.05 / 0.01	-0.06	116.67% (+0.07)
May 07, 2024	2024 (Q1)	-0.07 / -0.05	-0.152	67.11% (+0.10)
Mar 12, 2024	2023 (Q4)	-0.14 / -0.15	-0.176	17.05% (+0.03)
Nov 06, 2023	2023 (Q3)	-0.11 / -0.09	-0.158	45.57% (+0.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CLOV Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2025	$3.52	$2.96	-15.91%
Aug 05, 2025	$2.85	$2.26	-20.70%
May 06, 2025	$3.35	$3.77	+12.54%
Feb 27, 2025	$4.14	$3.97	-4.11%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.