Operating cash flow surged to $2.0B in 2026Q2, up from $509M a year earlier, but claims payments also escalated to $3.2B in 2026Q1, and the company deployed $4.0B into investments, suggesting aggressive portfolio expansion.
Oscar Health, Inc. (OSCR) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 4.37B | 1.09B | 978.19M | -272.16M | 380.35M | -181.75M | 222.73M | -165.37M |
| Operating CF Growth % | 501.13% | 11.93% | 459.42% | -171.56% | 309.28% | -181.6% | 234.69% | - |
| Operating CF / Revenue % | 28.55% | 9.36% | 10.66% | -4.64% | 9.22% | -9.46% | 37.77% | -29.86% |
| Net Income | 550.74M | -442.9M | 26.12M | -270.59M | -609.55M | -571.43M | -406.82M | -261.18M |
| Depreciation & Amortization | 28.24M | 28.89M | 32.15M | 30.69M | 15.28M | 14.61M | 11.29M | 6.9M |
| Stock-Based Compensation | 75.19M | 87.65M | 109.82M | 159.68M | 112.33M | 86.3M | 35.87M | 33.56M |
| Deferred Taxes | -5.28M | 2.45M | -2.34M | 58K | -165K | -101K | -67K | -426K |
| Other Non-Cash Items | 3.63B | -40.24M | -26.42M | 86K | 7.46M | 41.19M | 6.77M | -6.43M |
| Working Capital Changes | 96.79M | 1.46B | 838.86M | -192.09M | 855M | 247.7M | 575.7M | 62.21M |
| Cash from Investing | -3.32B | -241.06M | -1.39B | 577.19M | -226.52M | -774.51M | -344.71M | 150.51M |
| Capital Expenditures | -38.63M | -36.37M | -27.9M | -25.58M | -29.01M | -25.89M | -14.02M | -26M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 7.23M | 0 | 0 |
| Purchase of Investments | -5.35B | -1.01B | -2.13B | -836.98M | -1.19B | -1.81B | -1B | -877.67M |
| Sale/Maturity of Investments | 2.06B | 804.96M | 770.04M | 1.44B | 994.08M | 1.05B | 671.59M | 1.06B |
| Other Investing | 1.13M | 4.28M | 3.93M | -2.28M | 1.12M | -555K | -1.24M | -7.08M |
| Cash from Financing | 380.76M | 399.21M | 68.39M | 6.45M | 301.11M | 1.24B | 611.71M | -2.12M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.99M |
| Stock Issued | 25.74M | 55.03M | 68.39M | 3.96M | 1.3M | 1.35B | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 0 | 0 | 1000K | -1000K | 1000K | 0 |
| Other Financing | 6.81M | -4.04M | 0 | 2.49M | -5.19M | 43.56M | 89.04M | 873K |
| Net Change in Cash | 1.43B | 1.25B | -340.85M | 311.47M | 454.94M | 282.45M | 489.73M | -16.98M |
| Exchange Rate Effect | -5.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 4.83B | 1.55B | 1.89B | 1.58B | 1.13B | 843.11M | 353.38M | 370.36M |
| Cash at End | 4.05B | 2.8B | 1.55B | 1.89B | 1.58B | 1.13B | 843.11M | 353.38M |
| Free Cash Flow | 4.33B | 1.06B | 950.3M | -297.74M | 351.34M | -207.63M | 208.71M | -191.37M |
| FCF Growth % | 260.76% | 11.38% | 419.17% | -184.74% | 269.21% | -199.48% | 209.06% | - |
| FCF Margin % | 28.3% | 9.05% | 10.35% | -5.08% | 8.52% | -10.81% | 35.4% | -34.56% |
| FCF per Share | 13 | 4.03 | 3.57 | -1.34 | 1.65 | -1.16 | 0.87 | -0.8 |
Quick answers to the most common questions about buying OSCR stock.
Oscar Health, Inc. (OSCR) generated $1.09B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oscar Health, Inc. (OSCR) generated $1.06B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Oscar Health, Inc. (OSCR) spent $36.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Enhanced subsidy sunset exposure
Metrics are mathematically derived from official filings.
Premium Surge Drives Cash Inflows
Oscar's operating cash flow reached $2.0B in 2026Q2, up from $509M a year earlier, as reported in the latest cash flow statement, indicating strong premium collections outpacing claims payments.
The dramatic increase in operating cash flow, from $509M in 2025Q2 to $2.0B in 2026Q2, suggests that premium growth is translating into cash generation. This is consistent with the 70.4% revenue surge reported in the income statement, implying that the company is collecting premiums efficiently. However, the negative operating cash flow in 2025Q3 (-$964.7M) highlights the seasonality of the ACA business, where Q1 enrollment drives cash inflows but Q3 may see higher claims or timing mismatches.
Claims Payments Escalate with Growth
Claims paid jumped to $3.2B in 2026Q1 from $2.3B in 2025Q1, as per cash flow data, reflecting higher membership but also raising questions about medical cost inflation and reserve adequacy.
The steady increase in claims paid, from $2.1B in 2024Q4 to $3.2B in 2026Q1, aligns with the company's rapid membership growth. However, the pace of claims growth relative to premium growth is critical. While the combined ratio improved to 84.8% in 2026Q1, the cash outflow for claims suggests that medical costs are rising, potentially due to utilization or inflation. Investors should monitor whether claims payments continue to outpace premium collections, which could pressure future cash flows.
Investment Portfolio Shifts to Liquidity
Oscar purchased $4.0B in investments in 2026Q2 while selling only $1.2B, as per SEC filings, indicating a net deployment of cash into the portfolio, possibly to capture higher yields.
The significant net investment purchases in 2026Q2 ($2.8B net) suggest that Oscar is investing its growing cash reserves, likely in fixed-income securities to generate interest income. This is a prudent move given the $2.7B cash and investments base. However, the large purchase amount also reduces liquidity, which could be a concern if claims spike unexpectedly. The pattern of buying more than selling in most quarters indicates a strategy to build the portfolio, but the lack of sales may limit flexibility.
Earnings Outpace Cash Flow Quality
Oscar's net income of $361.8M in 2026Q2 is far below operating cash flow of $2.0B, as reported, suggesting that cash generation is robust but earnings may be understated by non-cash items.
The OCF/NI ratio of 5.66 in 2026Q2 indicates that operating cash flow is significantly higher than net income, which is typical for insurers due to non-cash items like deferred taxes and reserve changes. However, the negative net income in several quarters (e.g., 2025Q4) with positive OCF suggests that cash flow is more stable than earnings. This divergence may reflect the timing of risk adjustment settlements or reinsurance transactions, which can distort GAAP earnings. Investors should focus on cash flow as a more reliable indicator of underlying performance.
Cash Flow Quality Under Scrutiny
Despite record operating cash flow, Oscar's negative operating margin of -3.4% and ROE of -44.4%, as per the latest report, suggest that reported cash generation may be inflated by one-time items or working capital swings.
The strong operating cash flow in 2026Q1 and Q2 may be partly driven by favorable timing of premium collections and claims payments, rather than sustainable underwriting profitability. The negative operating margin and ROE indicate that the core business is still not generating consistent returns. Additionally, the lack of dividend or buyback activity suggests that cash is being retained for operational needs or regulatory capital, which may limit shareholder returns. Investors should monitor whether cash flow remains robust as the company scales and faces potential regulatory headwinds.