Clover Health Investments (CLOV) financial statements
Clover Health Investments reported revenue of $1.9B in fiscal 2025, up 26.8% a year over 6 years.
Net income was -$86M and the operating margin -4.4%, against -39.6% in 2019.
Free cash flow was -$69M, and the company returned $18M in net buybacks.
The diluted share count rose 483% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clover Health Investments's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $462M | $673M | $1.5B | $1.1B | $1.3B | $1.4B | $1.9B |
| Gross profit | — | — | -$79M | $70M | $257M | — | — |
| Selling, general and admin | $96M | $121M | $185M | $204M | $183M | $176M | $214M |
| Operating income | -$183M | -$93M | -$637M | -$287M | -$205M | -$46M | -$86M |
| Interest expense | $23M | $36M | $3M | $1M | $7,000 | $0 | $0 |
| Pre-tax income | — | — | — | — | -$213M | -$43M | -$86M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$364M | -$136M | -$588M | -$340M | -$213M | -$43M | -$86M |
| EPS (diluted) | -$4.14 | -$1.54 | -$1.42 | -$0.71 | -$0.44 | — | — |
| Diluted shares | 88M | 89M | 413M | 476M | 482M | 490M | 512M |
| Gross margin | — | — | -5.4% | 6.4% | 20.4% | — | — |
| Operating margin | -39.6% | -13.8% | -43.3% | -26.1% | -16.3% | -3.3% | -4.4% |
| Net margin | -78.7% | -20.3% | -39.9% | -31.0% | -16.9% | -3.1% | -4.4% |
Balance sheet
Fiscal years, from Clover Health Investments's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $68M | $92M | $321M | $293M | $224M | $222M | $101M |
| Total current assets | $0 | $190M | $753M | $625M | $428M | $343M | $308M |
| Property, plant and equipment | — | $2M | $2M | $6M | $5M | $5M | $6M |
| Goodwill | — | $1M | $1M | $12M | $0 | — | — |
| Total assets | $100,346 | $267M | $951M | $809M | $571M | $581M | $541M |
| Total current liabilities | $117,977 | $164M | $372M | $432M | $261M | $214M | $209M |
| Long-term debt | — | $106M | $20M | $0 | — | — | — |
| Total liabilities | $117,977 | $433M | $411M | $452M | $284M | $240M | $232M |
| Shareholders' equity | -$17,631 | -$617M | $535M | $357M | $286M | $341M | $309M |
| Net debt | -$68M | $35M | -$280M | -$104M | -$123M | -$195M | -$78M |
Cash flow
Fiscal years, from Clover Health Investments's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$160M | -$118M | -$282M | -$204M | -$145M | $35M | -$67M |
| Capital spending | $23,000 | $693,000 | $723,000 | $4M | $584,000 | $2M | $2M |
| Free cash flow | -$160M | -$119M | -$283M | -$208M | -$145M | $33M | -$69M |
| Stock-based compensation | $3M | $7M | $164M | $164M | $141M | $114M | $104M |
| Share buybacks (net) | $0 | $0 | -$147,000 | $0 | $0 | -$2M | -$18M |
| Free cash flow margin | -34.6% | -17.7% | -19.2% | -19.0% | -11.5% | 2.4% | -3.6% |
Questions
What was Clover Health Investments's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Clover Health Investments generate?
-$69M in fiscal 2025 (operating cash flow minus capital spending).
From Clover Health Investments's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.