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Dec 31, 2025
Oscar Health Q4 2025 Earnings Report
Oscar Health reported higher revenue but a wider loss as medical costs increased in Q4 2025.
Key Takeaways
Oscar Health generated $2.81B in total revenue in Q4 2025, reflecting continued membership growth. However, elevated medical costs drove a medical loss ratio of 95.4% and resulted in an operating loss and net loss for the quarter.
Total revenue increased to $2.81B in Q4 2025.
Medical loss ratio rose to 95.4%, reflecting higher utilization.
Operating loss widened to $333.75M during the quarter.
Total membership reached about 2.04M at quarter-end.
Forward Guidance
For full year 2026, Oscar Health expects meaningful revenue growth and a return to profitability supported by improved margins.
Positive Outlook
- FY 2026 revenue guidance of $18.7B to $19.0B.
- Expected improvement in medical loss ratio.
- Lower SG&A expense ratio anticipated in 2026.
- Guided positive earnings from operations in FY 2026.
- Continued membership growth expected.
Challenges Ahead
- Profitability remains sensitive to medical cost trends.
- Regulatory and policy changes could impact results.
- Risk adjustment volatility may affect margins.
- Competitive pressure in the individual market.
- Execution risk in scaling membership profitably.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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