Oscar Health's shares surged 16.3% following a quarter that clearly outperformed expectations, driven by robust membership growth and significant margin expansion, with management reaffirming full-year guidance despite cautious risk assumptions.

• Revenue grew 53% year-over-year to $4.6 billion, reflecting strong top-line expansion.
• Membership increased 56% year-over-year to 3.2 million, underscoring strong demand and retention in the individual market.
• SG&A ratio improved by 60 basis points to 15.2%, aided by disciplined expense management and growing AI efficiencies.
• Medical Loss Ratio (MLR) improved 490 basis points year-over-year to 70.5%, with utilization roughly in line with expectations.
• Operating earnings rose nearly 2.5x year-over-year to $704 million, supporting management’s outlook for meaningful profitability in 2026.