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.…
Earnings analysis · 10-Q
OSCR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.07
What stood out
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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.
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Strong EPS Performance
Diluted EPS reached $2.07, significantly exceeding estimates of $1.12, reflecting a surprise of 84.8%.
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Increase in Members by 56%
Oscar's membership increased to approximately 3.17 million from 2.04 million year-over-year.
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Improved Medical Loss Ratio
Medical Loss Ratio (MLR) improved to 70.5% from 75.4% in the prior year, indicating better cost management.
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Higher Operating Income
Operating income for Q1 2026 was $704 million, significantly up from $297 million the previous year.
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Increased Investment Income
Investment income grew by 31% to $60.6 million from $46.1 million a year ago.
What to watch
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Regulatory Changes and Membership Impact
The expiration of enhanced Advanced Premium Tax Credits could reduce participation in health insurance marketplaces, affecting future membership.
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Dependence on Medical Cost Management
Future profitability may be challenged by uncertainties in managing medical costs and expenses.
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Volatility from Proposed Tariffs
New proposed tariffs on medical products could lead to increased costs and reduced rebates, impacting overall expenses.
Management's outlook
Oscar reaffirmed its previous full-year guidance despite regulatory challenges impacting membership.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.