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Jun 30
Oscar Health Q2 2025 Earnings Report
Oscar Health reported a significant net loss in Q2 2025 driven by elevated medical expenses and higher risk adjustment transfers.
Key Takeaways
Oscar Health's Q2 2025 results showed revenue growth due to increased membership, but profitability suffered from higher medical costs and adverse market conditions.
Total revenue grew to $2.86B, up from $2.22B in Q2 2024.
Net loss of $228M compared to net income of $56M last year.
Medical Loss Ratio increased to 91.1%, reflecting greater market morbidity.
Adjusted EBITDA was a loss of $199M for the quarter.
Oscar Health
Oscar Health
Forward Guidance
Oscar reaffirmed its full-year 2025 guidance and expects to return to profitability in 2026 as the individual market stabilizes.
Positive Outlook
- Reaffirmed updated 2025 full-year guidance.
- Expecting stabilization of individual market in 2026.
- Long-term strategy aligned with growth in healthcare marketplace.
- SG&A ratio improved year-over-year.
- Membership growth supports topline expansion.
Challenges Ahead
- Continued high Medical Loss Ratio at 91.1%.
- Significant net loss in Q2 2025.
- Adjusted EBITDA turned negative from prior year.
- Higher average market morbidity impacted results.
- Risk adjustment transfer accrual increased sharply.