Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

The components of income before income taxes are as follows:

The provision for income taxes consisted of the following for the years ended December 31, 2025, 2024, and 2023, respectively:

A reconciliation of the U.S. Federal statutory tax rate to our December 31, 2025, 2024, and 2023 annual tax rate is as follows:


	Year ended December 31,
	2025				2024				2023
	Amount		Tax Rate		Amount		Tax Rate		Amount		Tax Rate
	(in thousands)				(in thousands)				(in thousands)
U.S. federal statutory income tax rate	$	(17,965)	21.00	%	$	(9,032)	21.00	%	$	(44,806)	21.00	%
State and local income taxes, net of federal benefits	—		—	%	—		—	%	—		—	%
Change in valuation allowance	7,188		(8.40)	%	3,903		(9.07)	%	27,376		(12.83)	%
Foreign tax effects	—		—	%	—		—	%	—		—	%
Tax credits	—		—	%	—		—	%	—		—	%
Nontaxable or nondeductible expenses:
162(m) limitation	9,765		(11.42)	%	4,297		(9.99)	%	1,488		(0.70)	%
Stock based compensation	816		(0.95)	%	7,495		(17.43)	%	16,408		(7.69)	%
Nontaxable or nondeductible expenses, other	55		(0.06)	%	33		(0.08)	%	45		(0.02)	%
Prior year true-up	141		(0.17)	%	(7,637)		17.76	%	(221)		0.10	%
Other, net	—		—	%	941		(2.19)	%	(290)		0.14	%
Reported tax	$	—	—	%	$	—	—	%	$	—	—	%

A summary of income taxes paid in 2025 is as follows:

Principal components of net deferred tax balances at December 31, 2025 and 2024, respectively, were as follows:


	Year ended December 31,
	2025		2024
	(in thousands)
Deferred income tax assets:
Net operating loss carryforward (NOL)	$	331,313	$	319,934
Stock based compensation	72,346		71,475

Unpaid claim reserve discounting	499		475
Operating lease liabilities	615		696
Fixed assets and intangible assets	—		257
Accruals	2,746		6,060
Goodwill	3,476		3,601
Other	77		583
Total deferred income tax assets	411,072		403,081
Less: valuation allowance	(407,997)		(400,809)
Total deferred income tax assets, net of valuation allowance	3,075		2,272

Deferred income tax liabilities:
Operating lease right-of-use assets	(484)		(484)
Nontaxable gain on deconsolidation of entity	(845)		(845)
Fixed assets and intangible assets	(964)		—
Other	(782)		(943)
Total deferred income tax liabilities	(3,075)		(2,272)
Net deferred income tax assets	$	—	$	—

CLOVER HEALTH INVESTMENTS, CORP. /DE 10-K