Clover Health Raises 2026 Outlook After Third-Quarter Profit

The Tip Desk · November 11, 2026 · 2 min read

The company now sees full-year GAAP net income of $25 million to $35 million after third-quarter profit of $6.4 million.

Clover Health Investments, Corp. (CLOV) reported third-quarter GAAP net income of $6.4 million, a $31 million year-over-year improvement from a $24.4 million loss, and raised its full-year 2026 outlook across every metric.

The physician enablement technology company said the quarter brought year-to-date GAAP net income to $62 million alongside 49% year-over-year Medicare Advantage membership growth. Sequential profit had been $28 million in the second quarter and $27 million in the first.

Total revenues were $759.3 million in the three months ended September 30, 2026, up 52.9% from a year earlier. Average Medicare Advantage membership was 158,383, up 46.3% year-over-year. Consolidated gross profit, a non-GAAP measure, was $129.8 million, up 77.3% from a year earlier. Adjusted EBITDA was $16.1 million, up $14 million from $2.1 million a year earlier.

Insurance revenue was $748.8 million. Insurance net medical claims incurred were $654.1 million. The insurance benefits expense ratio was 91.1%, 240 basis points lower than 93.5% a year earlier. Adjusted SG&A as a percentage of total revenues was 15.0%.

Lives under Clover management were 158,907 at September 30, 2026. Cash, cash equivalents, and investments were $512.6 million.

The company lifted 2026 guidance for average Medicare Advantage membership to 157,000–158,000, representing 47% growth year-over-year at the midpoint, from a prior range of 156,000–158,000. Total revenues are now expected between $2.97 billion and $3.00 billion, or 55% growth at the midpoint, from a prior floor of $2.92 billion. GAAP net income guidance moved to $25 million–$35 million from $20 million–$35 million. Consolidated gross profit is now $540 million–$555 million, and adjusted EBITDA profitability is $75 million–$85 million.

Chief Executive Officer Andrew Toy said the results “further demonstrate our technology-powered differentiation, and how earlier and better care management, market-leading growth, and increasing profitability can reinforce one another under the right model.” Chief Financial Officer Clay Thornton said the company is on track to have grown significantly in 2026 and expects to deliver its first full year of GAAP net income profitability.

Clover’s flagship PPO, representing about 98% of current membership, received a 5 Star rating for Payment Year 2028. The company said 2027 annual election period tracking is well, with significant growth due to strong product positioning in core markets. Thornton said that with largest member cohorts maturing, continued operating leverage, and strong Star ratings performance, the company believes it is well positioned for meaningful earnings expansion in 2027.