Oscar Health, Inc. Q3 2026 Earnings Recap

Oscar shares fell 5.7% after earnings, suggesting investors focused on 2027 pricing and market risks despite the raised 2026 outlook. Management cited elevated medical-cost trend and higher market morbidity behind an approximately 14% weighted-average rate increase for 2027, while also pointing to competitor exits as a source of opportunity.

Key Takeaways

• Oscar raised 2026 earnings-from-operations guidance for the third time, to $850 million–$950 million.
• Q3 revenue grew roughly 70% year over year to $5.1 billion; earnings from operations rose $307 million to $178 million, and adjusted EBITDA rose $308 million to $207 million.
• The medical loss ratio improved 450 basis points year over year to 84%; the SG&A expense ratio improved 350 basis points to 14%.
• Individual-market membership ended Q3 at 2.7 million, up 27% year over year. The company said its footprint is 24% larger, spanning 713 counties.
• For 2027, Oscar cited elevated trend and higher market morbidity in setting an approximately 14% weighted-average rate increase. The call did not provide further detail on how those pressures may affect results.