Revenue growth accelerated to 70.4% YoY in 2026Q2, reaching $4.9B, while the combined ratio improved to 84.8% in 2026Q1, but the loss ratio of 69.5% may indicate reserve releases rather than core underwriting strength.
Oscar Health, Inc. (OSCR) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | 15.32B | 11.7B | 9.18B | 5.86B | 4.13B | 1.92B | 589.64M | 553.78M |
| Revenue Growth % | 42.82% | 27.5% | 56.54% | 42.11% | 114.77% | 225.78% | 6.48% | - |
| Medical Costs & Claims | 8.44B | 10.02B | 7.33B | 4.64B | 0 | 0 | 0 | 0 |
| Medical Cost Ratio % | 55.07% | 85.62% | 79.9% | 79.18% | 0% | 0% | 0% | 0% |
| Gross Profit | 6.88B | 1.68B | 1.84B | 1.22B | 4.13B | 1.92B | 589.64M | 553.78M |
| Gross Margin % | 44.93% | 14.38% | 20.1% | 20.82% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -8.81% | 51.12% | -70.41% | 114.77% | 225.78% | 6.48% | - |
| Operating Expenses | 6.26B | 2.08B | 1.79B | 1.46B | 4.74B | 2.49B | 995.42M | 813.17M |
| OpEx / Revenue % | 40.85% | 17.77% | 19.48% | 24.84% | 114.79% | 129.7% | 168.82% | 146.84% |
| Depreciation & Amortization | 28.27M | 28.89M | 32.15M | 30.69M | 15.28M | 14.61M | 11.29M | 6.9M |
| Combined Ratio % | 95.93% | 103.39% | 99.38% | 104.02% | 114.79% | 129.7% | 168.82% | 146.84% |
| Operating Income | 624.1M | -396.36M | 57.27M | -235.62M | -610.08M | -570.58M | -405.78M | -259.39M |
| Operating Margin % | 4.07% | -3.39% | 0.62% | -4.02% | -14.79% | -29.7% | -68.82% | -46.84% |
| Operating Income Growth % | - | -792.15% | 124.3% | 61.38% | -6.92% | -40.61% | -56.44% | - |
| EBITDA | 652.37M | -367.46M | 89.41M | -204.92M | -594.79M | -555.98M | -394.5M | -252.49M |
| EBITDA Margin % | 4.26% | -3.14% | 0.97% | -3.5% | -14.42% | -28.94% | -66.9% | -45.59% |
| Interest Expense | 15.85M | 17.6M | 23.73M | 24.6M | 22.62M | 4.72M | 3.51M | 0 |
| Non-Operating Income | 18.43M | 23.34M | 105K | 7.08M | -22.62M | -4.72M | -3.51M | 0 |
| Pretax Income | 589.81M | -437.3M | 33.43M | -267.3M | -610.08M | -570.58M | -405.78M | -259.39M |
| Pretax Margin % | 3.85% | -3.74% | 0.36% | -4.56% | -14.79% | -29.7% | -68.82% | -46.84% |
| Income Tax | 38.88M | 5.61M | 7.3M | 3.29M | -523K | 846K | 1.04M | 1.79M |
| Effective Tax Rate % | 6.59% | -1.28% | 21.85% | -1.23% | 0.09% | -0.15% | -0.26% | -0.69% |
| Net Income | 550.74M | -443.15M | 25.43M | -270.73M | -606.27M | -572.61M | -406.82M | -261.18M |
| Net Margin % | 3.6% | -3.79% | 0.28% | -4.62% | -14.7% | -29.81% | -69% | -47.16% |
| Net Income Growth % | 441.58% | -1842.49% | 109.39% | 55.35% | -5.88% | -40.75% | -55.76% | - |
| EPS (Diluted) | 1.65 | -1.69 | 0.10 | -1.22 | -2.85 | -3.19 | -1.70 | -1.09 |
| EPS Growth % | 284.21% | -1865.94% | 107.84% | 57.19% | 10.66% | -87.65% | -55.96% | - |
| EPS (Basic) | - | -1.69 | 0.11 | -1.22 | -2.85 | -3.19 | -1.70 | -8.93 |
| Diluted Shares Outstanding | 333.43M | 262.39M | 265.85M | 221.66M | 212.47M | 178.97M | 239.31M | 239.31M |
Quick answers to the most common questions about buying OSCR stock.
For fiscal year 2025, Oscar Health, Inc. (OSCR) reported total revenue of $11.70B. This represents a 2013.0% increase compared to $553.8M in 2019.
Oscar Health, Inc. (OSCR) reported a net loss of $443.2M for the fiscal year ending 2025.
Oscar Health, Inc. (OSCR) reported an operating income of $-396.4M, resulting in an operating profit margin of -3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Oscar Health, Inc. (OSCR) generated $1.68B in gross profit for the year, representing a gross profit margin of 14.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Enhanced subsidy sunset exposure
Metrics are mathematically derived from official filings.
Premium Growth Accelerates Sharply
Oscar's revenue surged 70.4% year-over-year in 2026Q2, reaching $4.9B, according to the latest quarterly report, signaling robust membership gains and pricing power in the ACA market.
The 70.4% growth in 2026Q2 follows a 52.6% expansion in the prior quarter, indicating a clear acceleration in premium volume. This likely reflects successful expansion into new geographies and strong retention, but investors should monitor whether growth is sustainable as enhanced subsidies face potential sunset in 2025, which could pressure affordability and membership.
Underwriting Profitability Turns Positive
Oscar's combined ratio improved to 84.8% in 2026Q1, down from 90.2% a year earlier, as reported in financial statements, indicating a strong underwriting margin and improved medical cost management.
The combined ratio of 84.8% in 2026Q1 implies a 15.2% underwriting margin, a significant improvement from the 90.2% in 2025Q1. This suggests that the company's investments in care management and risk adjustment are paying off, though the sustainability of this performance depends on maintaining low loss ratios amid potential medical inflation.
Reserve Releases May Boost Earnings
Oscar's 2026Q1 loss ratio of 69.5% is unusually low, as per SEC filings, suggesting possible favorable prior-year reserve development that may be inflating current underwriting results.
The loss ratio of 69.5% in 2026Q1 is well below the typical range for ACA insurers, which often run above 80%. This could indicate that the company is releasing reserves from prior accident years, which would artificially boost current earnings. Investors should scrutinize the composition of the loss ratio to determine if the improvement is operational or reserve-driven.
Investment Income Remains a Minor Contributor
Investment income data is unavailable for Oscar, but with over $2.7B in cash and investments, as noted in company disclosures, interest income may provide a modest buffer to underwriting results.
While investment income is not separately disclosed in the provided data, Oscar's substantial cash holdings suggest that rising interest rates could generate meaningful investment income. However, given the company's focus on underwriting profitability, the contribution from investments is likely secondary to core operations.
2026 Marks a Profitability Inflection
Oscar reported record first-half profitability in 2026, with EPS of $1.10 in Q2 versus a loss of $0.84 in the prior year, as per the latest earnings release, signaling a potential turning point.
The swing from a net loss of $228.4M in 2025Q2 to a net income of $361.8M in 2026Q2 represents a dramatic improvement, driven by strong premium growth and improved underwriting. This inflection suggests that the company has achieved the scale needed to generate operating leverage, but the negative operating margin of -3.4% in the most recent quarter indicates that profitability may still be fragile.
Earnings Quality Questioned by Negative Margins
Despite the EPS beat, Oscar's operating margin remains negative at -3.4% and ROE is deeply negative at -44.4%, as reported in the latest quarter, suggesting reported profits may be non-operational.
The discrepancy between strong net income and negative operating margins in 2026Q2 raises concerns about the quality of earnings. The net income may be boosted by one-time gains or tax benefits rather than core underwriting profitability. Investors should monitor cash flow from operations and the sustainability of the combined ratio to validate the earnings inflection.