Oscar Health Posts $352.6 Million Q4 Loss, Issues Upbeat 2026 Guidance

Overview

• The insurer reported a fourth-quarter net loss of $352.6 million with a medical loss ratio of 95.4%, up from 88.1% a year earlier.
• Quarterly results fell short of FactSet estimates, with a loss per share of $1.24 versus $0.89 expected, revenue of $2.8 billion versus $3.1 billion, and a higher-than-forecast medical cost ratio.
• For full-year 2025, Oscar swung to a $443 million net loss from a $25.4 million profit in 2024 as revenue rose 28% to $11.7 billion, citing higher utilization, adverse morbidity, and net risk‑adjustment effects.
• For 2026, the company forecast $18.7 billion to $19.0 billion in revenue and a medical cost ratio of 82.4% to 83.4%, which lifted shares in premarket trading.
• Membership reached about 3.4 million, with market share in Oscar’s footprint rising to 30% from 17% on above‑market growth and retention.