OSCR 8-K — Smart Summary

Oscar Health, Inc. reported first quarter 2026 financial results on May 6, 2026, showing significant year-over-year improvements across key metrics. Total revenue increased to approximately $4.6 billion from $3.0 billion in Q1 2025, driven by higher membership and rate increases. The Company reaffirmed its full year 2026 guidance across all metrics as provided in its February 10, 2026 press release.

• Total revenue: $4,647,194 thousand in Q1 2026 vs. $3,046,263 thousand in Q1 2025, an increase driven by higher membership and rate increases, partially offset by an increase in net risk adjustment transfer accrual
• Earnings from operations: $704,085 thousand in Q1 2026 vs. $297,123 thousand in Q1 2025, reflecting higher membership, rate increases, favorable prior period development, and fixed cost leverage
• Net income attributable to Oscar Health, Inc.: $678,996 thousand in Q1 2026 vs. $275,271 thousand in Q1 2025
• Diluted EPS: $2.07 in Q1 2026 vs. $0.92 in Q1 2025; Basic EPS: $2.28 in Q1 2026 vs. $1.10 in Q1 2025
• MLR: 70.5% in Q1 2026 vs. 75.4% in Q1 2025; decrease driven by disciplined pricing, claims and risk adjustment seasonality, and $68 million of favorable prior period reserve development (vs. $31 million unfavorable in Q1 2025)
• SG&A expense ratio: 15.2% in Q1 2026 vs. 15.8% in Q1 2025, reflecting greater fixed cost leverage and disciplined cost management
• Adjusted EBITDA (non-GAAP): $727,072 thousand in Q1 2026 vs. $328,828 thousand in Q1 2025
• Net cash provided by operating activities: $2,618,980 thousand in Q1 2026 vs. $878,542 thousand in Q1 2025

• Oscar operates a single segment; membership breakdown by offering as of March 31, 2026 vs. March 31, 2025:
• Individual and Small Group members: 3,174,489 as of March 31, 2026 vs. 2,021,484 as of March 31, 2025 (2025 includes small group members; Company no longer offers small group plans effective December 15, 2024)
• Cigna+Oscar members: 0 as of March 31, 2026 vs. 17,983 as of March 31, 2025 (Cigna+Oscar Small Group arrangement not renewed after December 31, 2024)
• Total members: 3,174,489 as of March 31, 2026 vs. 2,039,467 as of March 31, 2025
• Premium revenue: $4,580,862 thousand in Q1 2026 vs. $2,995,821 thousand in Q1 2025; direct policy premiums were $6,030,275 thousand vs. $3,349,671 thousand, offset by risk adjustment transfers of $(1,442,811) thousand vs. $(373,749) thousand

• Cash and cash equivalents: $4,805,139 thousand as of March 31, 2026 vs. $2,774,151 thousand as of December 31, 2025
• Short-term investments: $1,994,644 thousand as of March 31, 2026 vs. $1,216,461 thousand as of December 31, 2025
• Long-term investments: $1,266,775 thousand as of March 31, 2026 vs. $1,470,987 thousand as of December 31, 2025
• Long-term debt: $430,876 thousand as of March 31, 2026 vs. $430,095 thousand as of December 31, 2025
• Total stockholders' equity: $1,667,048 thousand as of March 31, 2026 vs. $980,735 thousand as of December 31, 2025
• Class A shares outstanding: 263,552 thousand as of March 31, 2026 vs. 261,851 thousand as of December 31, 2025; Class B shares outstanding: 35,591 thousand as of March 31, 2026 vs. 35,838 thousand as of December 31, 2025
• No dividends or share repurchases disclosed; payments of debt issuance costs were $4,739 thousand in Q1 2026

• Mark Bertolini, CEO
  • "Oscar Health drove solid first-quarter performance with significant year-over-year improvements across our core metrics. We are reaffirming our guidance and remain on track to significantly expand margins and achieve meaningful profitability in 2026."
  • "Consumers expect to shop for healthcare like everyday products – on choice, price, and value. Oscar's exceptional technology, lifestyle products, and member experience deliver exactly that. The workforce is shifting, the individual market is resilient, and Oscar is leading the transition to a consumer-driven health economy."

• Oscar is reaffirming its full year 2026 outlook across all metrics as provided in its financial results press release dated February 10, 2026
• The Company stated it remains on track to significantly expand margins and achieve meaningful profitability in 2026