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Oscar Health
Oscar Health (OSCR) investor relations material
Oscar Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Reported total revenue of $11.7 billion for 2025, up 28% year-over-year, with membership reaching 3.4 million by year-end, driven by new affordable products and AI features.
2025 marked a reset year with decisive actions taken to return to profitability in 2026, including efficiency gains and technology integration.
Loss from operations was $396 million in 2025, primarily due to higher market morbidity and risk adjustment payable, but a return to profitability is expected in 2026 with a projected $750 million year-over-year improvement in operating earnings.
Full-year 2026 revenue outlook set at $18.7–$19.0 billion, with significant margin improvement expected.
Financial highlights
Total revenue for 2025 was $11.7 billion, up from $9.2 billion in 2024, primarily due to higher membership.
Net loss attributable to the company was $443 million in 2025, with adjusted EBITDA loss of $280 million, both impacted by higher risk adjustment and market morbidity.
Medical Loss Ratio (MLR) increased 570 basis points year-over-year to 87.4% for 2025; Q4 MLR was 95.4%, up 730 basis points year-over-year.
SG&A expense ratio improved to 17.5% in 2025 from 19.1% in 2024, benefiting from cost discipline and technology integration.
Loss from operations was $396.4 million in 2025, compared to operating earnings of $57.3 million in 2024.
Outlook and guidance
2026 revenue guidance is $18.7–$19 billion, a 61% increase year-over-year at the midpoint, driven by above-market growth, retention, and rate increases.
2026 operating earnings expected between $250–$450 million, with an operating margin of 1.9% at the midpoint; adjusted EBITDA projected to be $115 million higher than operating earnings.
2026 MLR expected to improve to 82.4%–83.4%, a 450 basis point year-over-year improvement at the midpoint.
SG&A expense ratio for 2026 expected to further improve to 15.8%–16.3%.
Reconcile 3.4M record membership with 2.0M 2025 members
How will 2025 MLR drivers reverse for 2026 MLR target?
Detail credit facility's role in individual market adoption
Market visibility for risk adjustment accuracy?
Higher deductibles impact on member retention?
ICHRA/lifestyle products: Catalyze adoption rate?
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Next Oscar Health earnings date
Q1 20266 May, 2026
Oscar Health
Next Oscar Health earnings date
Q1 20266 May, 2026
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Frequently asked questions
Oscar Health, Inc. provides health insurance products and services in the United States. The company offers individual and family plans, as well as plans for small businesses; and a health plan for seniors. It also operates as a physician-focused technology-driven insurance provider that uses an evidence-based approach to health care. The company was founded in 2012 and is based in New York, New York.
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