OSCR earnings analysis
What we found in OSCR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Oscar Health, Inc. reported a strong first-quarter 2026 performance with total revenue of $4.65 billion, slightly below consensus expectations, but a notable EPS of $2.07, significant beat driven mainly by increased membership and effective pricing strategies. The company's membership surged 56% year-over-year, amid broader regulatory challenges following the expiration of enhanced tax credits that may impact future enrollment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 52.5% YoY
- Total revenue was $4.65 billion for Q1 2026, up from $3.05 billion in Q1 2025, reflecting a robust 52.5% increase.
- Strong EPS Performance
- Diluted EPS reached $2.07, significantly exceeding estimates of $1.12, reflecting a surprise of 84.8%.
- Increase in Members by 56%
- Oscar's membership increased to approximately 3.17 million from 2.04 million year-over-year.
- Improved Medical Loss Ratio
- Medical Loss Ratio (MLR) improved to 70.5% from 75.4% in the prior year, indicating better cost management.
- Higher Operating Income
- Operating income for Q1 2026 was $704 million, significantly up from $297 million the previous year.
- Increased Investment Income
- Investment income grew by 31% to $60.6 million from $46.1 million a year ago.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Regulatory Changes and Membership Impact
- The expiration of enhanced Advanced Premium Tax Credits could reduce participation in health insurance marketplaces, affecting future membership.
- Dependence on Medical Cost Management
- Future profitability may be challenged by uncertainties in managing medical costs and expenses.
- Volatility from Proposed Tariffs
- New proposed tariffs on medical products could lead to increased costs and reduced rebates, impacting overall expenses.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.07
What they said about what is next.
Oscar reaffirmed its previous full-year guidance despite regulatory challenges impacting membership.
The filing reads better than the one before it.
What came before.
- 10-K · February 13, 2026
- Oscar Health describes a technology‑driven strategy centered on a proprietary, cloud‑native platform (+Oscar) and a member engagement engine to lead the individual market and build a consumer health marketplace.…
- 10-Q · November 6, 2025
- Oscar Health reported Q3 2025 revenue of $2,985,984,000 (premium $2,923,968,000), up from $2,423,482,000 in Q3 2024, while GAAP results widened to a net loss of $137,484,000 (basic/diluted EPS $(0.53)) versus a loss of…
- 10-Q · August 7, 2025
- Oscar reported Q2 2025 revenue of $2,863,945,000 and a GAAP net loss of $228,491,000 (EPS $(0.89)). Revenue rose materially year-over-year but the company swung to an operating loss of $230,483,000 for the quarter…
- 10-K · February 20, 2025
- Oscar Health positions itself as a technology-driven, consumer-focused insurer with a cloud-native platform that powers both its insurance business and a B2B +Oscar offering. The filing reports 1.676,970 total members…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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