Oscar Health, Inc. Earnings Recaps
Q1 2026
May 7, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 7, 2025
Oscar Health reported a 23% year-over-year increase in revenue for Q3 2025, although losses widened due to higher market morbidity. The company remains optimistic about profitability improvements in 2026.
Key takeaways
- Total revenue reached approximately $3 billion, with an adjusted EBITDA loss of $101 million.
- Membership increased by 28% year-over-year, surpassing 2 million members.
- The company implemented a disciplined pricing strategy for 2026, with a weighted average rate increase of about 28%.
- New innovative products, including HelloMeno, are designed to capture additional market share and cater to women's health.
- Oscar is integrating an AI health agent, Oswell, across its product offerings to enhance member engagement and support.