Oscar Health (OSCR) Company Report

Oscar Health has become more competitive in its 2026 pricing, now being the lowest cost in 30% of its markets, an increase from 15% in 2025. The company anticipates a 20-30% market contraction in 2026 due to the expiration of enhanced subsidies, but has prepared its pricing and strategy for this scenario.
Early open enrollment results are "really going well" with "strong outcomes", and the company is "incredibly pleased" with the traction of its plan designs, despite expecting historically low retention due to subsidy loss.
The company maintains a strong capital position with over $1 billion in excess capital and parent cash, and utilizes quota share arrangements to reduce its capital burden, positioning it well for potential growth.
The primary risk identified for 2026 is the accurate pricing of market morbidity by the company and its competitors.

Nov 10, 2025, 9:15 PM

Transcript

Oscar Health Launches New Health Insurance Plans in Southern Florida

OSCR

Product Launch

New Projects/Investments

Oscar Health is launching affordable, tech-powered health plans for individuals, families, and businesses in Southern Florida (Broward, Martin, Miami-Dade, Palm Beach, and Saint Lucie counties), with coverage beginning January 1, 2026.
Enrollment for these new plans will open on November 1, 2025.
The new offerings include Oscar Bronze, Silver, and redesigned Gold Plans, a personal health AI agent named Oswell, HelloMeno (a menopause plan), and condition-focused plans for chronic diseases, offering benefits like $0 virtual urgent and primary care visits and potential annual savings of up to $900.
As of September 30, 2025, Oscar Health served approximately 2.1 million members.

Nov 10, 2025, 11:00 AM

Press Release

Oscar Health Announces Q3 2025 Results and Reaffirms Full-Year Guidance

OSCR

Earnings

Guidance Update

Debt Issuance

Oscar Health reported Q3 2025 total revenue of approximately $3 billion, marking a 23% increase year over year, alongside a net loss of $137 million and an adjusted EBITDA loss of $101 million.
The Medical Loss Ratio (MLR) for Q3 2025 was 88.5%, an increase of approximately 380 basis points year over year, while the SG&A expense ratio improved by approximately 150 basis points to 17.5%.
The company reaffirmed its full-year 2025 guidance, expecting total revenue towards the low end of $12 billion-$12.2 billion and a full-year MLR in the range of 86.0%-87.0%.
Oscar ended Q3 2025 with 2.1 million members, a 28% increase year over year, and strengthened its capital position by completing a $410 million convertible notes offering and entering an agreement to redeem $305 million convertible senior notes.
For 2026, Oscar anticipates returning to profitability and has implemented a weighted average rate increase of approximately 28% in its rate filings, while also eliminating approximately $60 million in administrative costs.

Nov 6, 2025, 1:00 PM

Transcript

Oscar Health Announces Q3 2025 Financial Results and Reaffirms 2025 Guidance

OSCR

Earnings

Guidance Update

Oscar Health reported total revenue of $2,985,984 thousand for the third quarter ended September 30, 2025, with a net loss attributable to Oscar Health, Inc. of $(137,450) thousand and an Adjusted EBITDA loss of $(101,453) thousand.
The company reaffirmed its full year 2025 outlook, projecting total revenue between $12.0 billion and $12.2 billion, and CEO Mark Bertolini stated confidence in returning to profitability in 2026.
Total membership increased to 2,116,904 as of September 30, 2025, compared to 1,654,284 members as of September 30, 2024.
Oscar Health completed a partial settlement of $187,500,000 aggregate principal amount of its 7.25% convertible senior notes due 2031, exchanging them for 23,273,179 shares of Class A common stock on November 5, 2025.

Nov 6, 2025, 11:10 AM

8-K

Oscar Health Announces Third Quarter 2025 Results and Reaffirms 2025 Guidance

OSCR

Earnings

Guidance Update

Debt Issuance

Oscar Health reported total revenue of $2.99 billion for the third quarter of 2025, an increase from $2.42 billion in the prior year period, with total membership growing to approximately 2.12 million as of September 30, 2025.
The company posted a net loss attributable to Oscar Health, Inc. of $(137.5) million, or $(0.53) diluted EPS, for Q3 2025, compared to a net loss of $(54.6) million, or $(0.22) diluted EPS, for Q3 2024.
Oscar Health reaffirmed its full-year 2025 guidance, projecting total revenue between $12.0 billion and $12.2 billion and a loss from operations between $(300) million and $(200) million.
On November 5, 2025, the company announced a partial settlement of its 2031 Convertible Senior Notes, exchanging approximately $187.5 million principal amount for about 23.3 million shares of Class A common stock.

Nov 6, 2025, 11:00 AM

Press Release

Oscar Health Reports Q3 Losses and Projects 2025 Operational Deficit

OSCR

Earnings

Guidance Update

Profit Warning

Oscar Health reported a Q3 GAAP EPS loss of $0.53 and revenue growth of 23.6% year-over-year to $2.99 billion, both slightly missing projections.
The company anticipates an operational loss between $200 million and $300 million for fiscal year 2025 and aims for profitability by 2026 through strategic pricing.
Oscar Health's 2025 financial guidance includes a projected medical loss ratio of 86.0% to 87.0%.
Despite negative profitability metrics and insider selling, the company's stock price has increased approximately 26.7% year-to-date, outperforming the S&P 500.

Nov 6, 2025, 4:56 AM

Morningstar

Oscar Health and Hy-Vee Health launch new concierge care plan for Des Moines businesses

OSCR

Product Launch

New Projects/Investments

Oscar Health has partnered with Hy-Vee Health to introduce a new concierge care plan, "Hy-Vee Health with Oscar," for the Des Moines business community for 2026 Open Enrollment.
This employer-funded individual market plan (ICHRA) is projected to offer double-digit savings compared to traditional group employer plans.
The plan provides benefits such as $0 unlimited primary care, urgent care, and telehealth visits, along with $0 on 100-plus generic medications at Hy-Vee Health Exemplar Care.
The initiative targets 400,000 employees in Polk and Dallas counties, with plans for future expansion across Iowa and beyond.

Nov 4, 2025, 2:00 PM

Press Release

Oscar Health, Inc. issues convertible senior subordinated notes

OSCR

Debt Issuance

New Projects/Investments

Oscar Health, Inc. issued $410,000,000 aggregate principal amount of its 2.25% Convertible Senior Subordinated Notes due 2030 on September 18, 2025.
The company received approximately $395.8 million in net proceeds, using $34.4 million to fund capped call transactions.
The remaining net proceeds are intended for general corporate purposes, including future expansion fueled by AI, lowering the cost of care, enhancing consumer healthcare experiences, and supporting additional growth opportunities.
The Notes are unsecured indebtedness, junior in right of payment to Designated Senior Indebtedness, and have an initial conversion price of approximately $24.82 per share.

Sep 18, 2025, 8:15 PM

8-K

Oscar Health Prices Upsized Convertible Senior Subordinated Notes Offering

OSCR

Debt Issuance

Convertible Preferred Issuance

New Projects/Investments

Oscar Health, Inc. priced an upsized offering of $355,000,000 aggregate principal amount of 2.25% convertible senior subordinated notes due 2030.
The company expects net proceeds of approximately $342.5 million, which will be allocated to general corporate purposes, including future expansion opportunities driven by strategic AI and member experience initiatives, and potential extension of enhanced premium tax credits.
To mitigate potential share dilution, Oscar will use approximately $29.8 million of the net proceeds to fund capped call transactions, with a cap price of $37.46 per share.
Concurrently with the offering, Oscar Health intends to terminate its revolving credit facility, contingent on the offering's closing.

Sep 16, 2025, 10:10 AM

8-K

Oscar Health Announces Proposed Convertible Senior Subordinated Notes Offering

OSCR

Debt Issuance

New Projects/Investments

Convertible Preferred Issuance

Oscar Health, Inc. announced a proposed private offering of $350,000,000 aggregate principal amount of convertible senior subordinated notes due 2030, with an option for initial purchasers to buy an additional $52,500,000.
The net proceeds are intended for general corporate purposes, including future expansion fueled by strategic AI and member experience initiatives, potential extension of enhanced premium tax credits, and funding capped call transactions.
The company expects to enter into capped call transactions to reduce potential share dilution and/or offset cash payments upon conversion of the notes.
Contingent on the closing of the offering, Oscar Health intends to terminate its revolving credit facility.

Sep 15, 2025, 8:07 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Oscar Health.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Mark Bertolini say about margins?What are Oscar Health's strategic priorities?How is Oscar Health positioned vs competitors?How did Oscar Health do last quarter?

Let Fintool AI Agent track Oscar Health's earnings for you

Get instant analysis when filings drop