Clover Health Q3 2026: Revenue Surges 53% as Membership Hits 158,907

Clover Health posted third-quarter 2026 revenue of $759.3 million, exceeding the Wall Street consensus of $738.4 million and representing 52.9% growth from the same period a year earlier. The company matched the GAAP earnings estimate of $0.01 per share exactly, delivering net income of $6.4 million against a net loss of $24.4 million in the prior-year quarter.

The turnaround in profitability was driven in large part by rapid Medicare Advantage membership expansion and improving medical cost management. Period-end enrollment reached 158,907, up 45% year over year, while the Insurance Benefits Expense Ratio tightened 240 basis points to 91.1%, lifting Insurance segment gross profit to $94.7 million from $50.3 million a year ago.

Management raised the low end of every full-year 2026 guidance metric off the back of the results. The updated targets now call for total revenues of $2.97 to $3.00 billion, GAAP net income of $25 to $35 million, consolidated gross profit of $540 to $555 million, and Adjusted EBITDA of $75 to $85 million. The company expects 2026 to be its first full year of GAAP net income profitability.

Clover's flagship PPO plan, which covers roughly 98% of members, earned a 5 Star rating for Payment Year 2028, and the company reported its third consecutive year of nation-leading HEDIS performance. CEO Andrew Toy pointed to Clover Assistant, the company's proprietary care management technology, as central to both the clinical quality results and the medical cost improvement.

Looking ahead, management said 2027 Annual Enrollment Period trends are tracking favorably, with meaningful earnings expansion expected as its largest member cohorts mature. One risk worth noting: the full-year guidance range implies the fourth quarter will produce a net loss, reversing the year-to-date net income trend, so the path to the low end of profitability targets is not without execution risk.