Revenue growth accelerated to 52.6% in 2026Q1, while gross margins improved to 30.5% from the 6.6% level observed in 2025Q4.
| Sales/Revenue | 13.3B | 11.7B | 9.18B | 5.86B | 4.13B | 1.92B | 589.64M | 553.78M |
| Revenue Growth % | 31.95% | 27.5% | 56.54% | 42.11% | 114.77% | 225.78% | 6.48% | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 2.31B | 1.68B | 1.84B | 1.22B | 4.13B | 1.92B | 589.64M | 553.78M |
| Gross Margin % | 17.39% | 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 | 2.3B | 2.08B | 1.79B | 1.46B | 4.74B | 2.49B | 995.42M | 813.17M |
| OpEx % of Revenue | - | 17.77% | 19.48% | 24.84% | 114.79% | 129.7% | 168.82% | 146.84% |
| Selling, General & Admin | 1.22B | 2.05B | 0 | 0 | 1.42B | 265.08M | 166.66M | 110.68M |
| SG&A % of Revenue | - | 17.52% | - | - | 34.4% | 13.8% | 28.26% | 19.99% |
| Research & Development | 0 | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - |
| Operating Income | 10.61M | -396.36M | 57.27M | -235.62M | -610.08M | -570.58M | -405.78M | -259.39M |
| Operating Margin % | 0.08% | -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 | 39.78M | -367.46M | 89.41M | -204.92M | -594.79M | -555.98M | -394.5M | -252.49M |
| EBITDA Margin % | 0.3% | -3.14% | 0.97% | -3.5% | -14.42% | -28.94% | -66.9% | -45.59% |
| EBITDA Growth % | -78.96% | -510.99% | 143.63% | 65.55% | -6.98% | -40.93% | -56.24% | - |
| D&A (Non-Cash Add-back) | 29.18M | 28.89M | 32.15M | 30.69M | 15.28M | 14.61M | 11.29M | 6.9M |
| EBIT | -9.74M | -419.7M | 57.16M | -242.7M | -587.45M | -565.86M | -402.27M | -259.39M |
| Net Interest Income | -16.99M | -17.6M | -23.73M | -24.6M | -22.62M | -4.72M | -3.51M | 11.12M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.12M |
| Interest Expense | 16.99M | 17.6M | 23.73M | 24.6M | 22.62M | 4.72M | 3.51M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - |
| Pretax Income | -26.73M | -437.3M | 33.43M | -267.3M | -610.08M | -570.58M | -405.78M | -259.39M |
| Pretax Margin % | -0.2% | -3.74% | 0.36% | -4.56% | -14.79% | -29.7% | -68.82% | -46.84% |
| Income Tax | 12.65M | 5.61M | 7.3M | 3.29M | -523K | 846K | 1.04M | 1.79M |
| Effective Tax Rate % | -47.32% | -1.28% | 21.85% | -1.23% | 0.09% | -0.15% | -0.26% | -0.69% |
| Net Income | -39.43M | -443.15M | 25.43M | -270.73M | -606.27M | -572.61M | -406.82M | -261.18M |
| Net Margin % | -0.3% | -3.79% | 0.28% | -4.62% | -14.7% | -29.81% | -69% | -47.16% |
| Net Income Growth % | -131.97% | -1842.49% | 109.39% | 55.35% | -5.88% | -40.75% | -55.76% | - |
| Net Income (Continuing) | -39.41M | -442.9M | 26.12M | -270.59M | -609.55M | -571.43M | -406.82M | -261.18M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.11M | 3.09M | 2.84M | 2.15M | 2.02M | 5.29M | 0 | 0 |
| EPS (Diluted) | -0.12 | -1.69 | 0.10 | -1.22 | -2.85 | -3.19 | -1.70 | -1.09 |
| EPS Growth % | -307.69% | -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 | 329.75M | 262.39M | 265.85M | 221.66M | 212.47M | 178.97M | 239.31M | 239.31M |
| Basic Shares Outstanding | 298.18M | 262.39M | 240.39M | 221.66M | 212.47M | 178.97M | 239.31M | 29.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Regulatory ACA Subsidy Exposure
According to recent financial disclosures, Oscar Health achieved a 52.6% year-over-year revenue growth in 2026Q1, signaling a significant acceleration from the 17.3% growth observed in 2025Q4, which suggests that the company is successfully capturing market share within its core Individual and Family exchange segments.
The sharp uptick in top-line performance appears to validate the company's strategy of focusing on high-growth ACA markets. Investors should monitor whether this growth trajectory remains sustainable or if it is heavily reliant on temporary enrollment surges that may not repeat in future cycles.
As reported in quarterly filings, Oscar's gross margin reached 30.5% in 2026Q1, a notable improvement from the 6.6% low recorded in 2025Q4, reflecting the inherent difficulty in managing medical loss ratios within a highly competitive and seasonally sensitive healthcare insurance environment.
The fluctuation in gross margins suggests that the company's ability to price risk effectively remains inconsistent. While the recent expansion is encouraging, the regulatory 80/20 rule creates a structural ceiling that limits long-term margin upside unless the +Oscar platform achieves significant scale.
Based on the provided income statement data, Oscar demonstrated significant operating leverage in 2026Q1, with operating income reaching $704.1 million, a stark reversal from the $333.7 million loss reported in 2025Q4, indicating that administrative costs are finally decoupling from the company's rapid membership expansion.
This shift suggests that the company's proprietary technology stack may be successfully reducing the marginal cost of member management. However, analysts should remain cautious, as the sustainability of this operating leverage depends on maintaining low administrative overhead while scaling the business further.
As indicated by the 2026Q1 financial results, the company reported $679.0 million in net income with zero stock-based compensation, a marked improvement in earnings quality compared to the $25.9 million in stock-based compensation recorded in 2024Q4, which previously diluted shareholder value significantly.
The elimination of stock-based compensation in the most recent quarter suggests a pivot toward more disciplined capital management and a focus on GAAP profitability. Investors should investigate whether this trend is a permanent change in compensation philosophy or merely a temporary adjustment to improve optics.
Based on historical trends, the sudden swing to profitability in 2026Q1 warrants skepticism, as the company has previously struggled with significant quarterly losses, such as the $352.6 million net loss in 2025Q4, suggesting that current performance may be influenced by favorable, non-recurring seasonal factors.
Short-term profitability spikes in the insurance sector often mask underlying risks related to medical cost inflation and potential adverse selection in the ACA exchanges. The market should monitor whether these margins can be maintained throughout the remainder of the fiscal year without relying on accounting true-ups.
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.