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Operating Expense Breakdown
Details where Clover spends money—care delivery and claims administration, sales and marketing, technology, and general overhead. The mix shows how efficiently the company converts premiums into profit: heavy spending on growth or tech may support future scale but squeeze near-term margins, while high medical or admin costs can flag operational or underwriting problems.Medical claims drive the volatility here: 2023–24’s apparent margin improvement was largely helped by a fall in claims and the elimination of the premium deficiency reserve, not just payroll cuts. Salaries and G&A show some cost discipline, but 2025’s rebound in claims alongside renewed G&A volatility and the disappearance of one‑time “other” items means last year’s gains look fragile—profitability will hinge on whether management can contain medical costs or sustain deeper, durable operating cuts.
Date | General and Administrative | Depreciation and Amortization | Other | Salaries and Benefits | Net Medical Claims Incurred | Premium Deficiency Reserve |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $70.30M | $564.00K | $0.00 | $54.14M | $590.16M | $0.00 |
Mar 31, 2026 | $74.63M | $515.00K | $0.00 | $57.06M | $589.65M | $0.00 |
Dec 31, 2025 | $66.16M | $420.00K | $0.00 | $56.95M | $413.50M | $0.00 |
Sep 30, 2025 | $48.95M | $406.00K | $0.00 | $48.20M | $423.47M | $0.00 |
Jun 30, 2025 | $48.48M | $394.00K | $0.00 | $61.31M | $377.99M | $0.00 |
Mar 31, 2025 | $50.67M | $466.00K | $0.00 | $59.02M | $353.44M | $0.00 |
Dec 31, 2024 | $52.29M | $344.00K | $0.00 | $62.74M | $243.04M | $0.00 |
Sep 30, 2024 | $35.20M | $339.00K | -$538.00K | $54.99M | $249.77M | $0.00 |
Jun 30, 2024 | $44.42M | $330.00K | $473.00K | $55.50M | $248.35M | $0.00 |
Mar 31, 2024 | $44.57M | $318.00K | $353.00K | $59.22M | $265.16M | $0.00 |