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EarningsQ2 2026 Earnings Report
CLOV Q2 2026 EPS Results
Actual EPS$0.05
Consensus EPS$0.04
Beat/MissBeat by +$0.01
One Year Ago EPS-$0.02
CLOV Q2 2026 Revenue Results
Actual Revenue$743.17M
Expected Revenue$728.27M
Beat/MissBeat by +$14.90M
YoY Revenue Growth+55.60%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
CLOV Upcoming Earnings
Clover Health Investments's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CLOV Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong top-line and membership growth (48% MA growth, +56% revenue YoY in Q2), improving profitability (Q2 adjusted EBITDA $41M, GAAP net income $28M), expanded operating leverage, improved cash balance, and a favorable 4.5-star recalculation — all supported by visible cohort maturation dynamics (~$70 PMPM improvement year-over-year between vintages). Manageable lowlights include seasonal Q4 headwinds, a large share of early-stage members that will pressure near-term margins until cohorts mature, ongoing CMS appeal litigation risk, and elevated outpatient trends that require monitoring. Overall, the positive operational and financial momentum, upgraded guidance, and stronger star positioning outweigh the remaining risks and seasonal uncertainties.Company Guidance
Strong Membership Growth
Average Medicare Advantage membership grew 48% year-over-year to ~157,000 members in Q2 2026; company now expects average MA membership of 156,000–158,000 for full year 2026.
Revenue Expansion
Q2 total revenue of $743 million, up 56% year-over-year; first-half 2026 total revenue grew by more than $550 million year-over-year to $1.5 billion; full-year 2026 revenue guidance raised to $2.92 billion–$3.0 billion.
Gross Profit Growth and Operating Leverage
Consolidated gross profit of $153 million in Q2 (+54% year-over-year); consolidated gross profit for 2026 guidance raised to $525 million–$555 million; operating leverage expanded by more than 200 basis points as scale increased.
Profitability Trajectory
Q2 adjusted EBITDA of $41 million and GAAP net income of $28 million; first-half adjusted EBITDA of $81 million and GAAP net income of $55 million; full-year adjusted EBITDA guidance increased to $70 million–$85 million and GAAP net income guidance to $20 million–$35 million.
Cash Position and Self-Funding
Ended the quarter with $443 million of cash and investments, no debt outstanding, and $133 million of operating cash flow in the first half of 2026, supporting ability to self-fund growth.
Star Rating Recalculation
Following a court order and CMS recalculation, all Medicare Advantage members are now enrolled in plans rated 4.5 stars for payment year 2027, improving flexibility for product and bid strategies (CMS has filed notice to appeal).
Cohort Maturation and Clinical Model Benefit
Management highlighted cohort improvement dynamics (historical improvement of ~$70 PMPM in gross profit from year one to year two) and reported that 2025 and 2026 cohorts are developing in line with or ahead of expectations; 2025 cohort ~21% and 2026 cohort ~28% of membership.
Clinical/Operational Improvements
Favorable trend development noted: inpatient utilization trending favorably (including year-one members); outpatient trends moderated after peaking in March; dental cost performance improved after claims management changes; Part D performing better with improved visibility into seasonality.
SG&A Efficiency
Adjusted SG&A of $112 million in Q2 (15% of revenue), improving approximately 220 basis points year-over-year, reflecting operating leverage as membership nearly doubled since 2024.
CLOV Earnings History
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