Oscar Health, $OSCR, earnings are out: - EPS: $1.24, est: $0.89 - Revenue: $2.81B, est: $3.12B - FY26 Rev: $18.70B-$19.00B, est: $12.57B

$OSCR Q4’25 EARNINGS HIGHLIGHTS

🔹 Revenue: $2.81B (Est. $3.12B) 🔴

🔹 EPS: ($1.24) (Est. ($0.89) 🔴

FY26 Guide (Raise):

🔹 Revenue: $18.7B–$19.0B (Est. $12.57B) 🟢

🔹 MLR: 82.4%–83.4%

🔹 SG&A Expense Ratio: 15.8%–16.3%

🔹 Earnings from Ops: $250M–$450M

Other Metrics:

🔹 Total Members: 2,042,449 (as of Dec 31, 2025)

🔹 Individual and Small Group Members: 2,042,449 (as of Dec 31, 2025)

Financials:

🔹 Q4 Total Revenue: $2,805.235M

🔹 Q4 MLR: 95.4%

🔹 Q4 SG&A Expense Ratio: 18.2%

🔹 Q4 Loss from Ops: ($333.747M)

🔹 Q4 Net Loss attributable to Oscar: ($352.611M)

🔹 Q4 Adj. EBITDA: ($307.782M)

Other Events:

🔹 Revolving Credit Facility: $475M secured 3-year revolver (entered Feb 6, 2026)

🔹 Data conflict: Membership shows “\~3.4M” in your note vs “2,042,449” in the financial tables (as of Dec 31, 2025)

Commentary:

🔸 “2025 was a reset year for the individual market, and we took decisive actions to return to profitability in 2026.”

🔸 “...drove record-high membership – positioning us to achieve significantly improved financial performance in 2026.”

🔸 “We took opportunistic steps to strengthen our balance sheet and optimize our capital structure.”