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OSCR

Oscar Health, Inc.

OSCR

Oscar Health, Inc. • NYSE
$18.07 ▼ -0.50% (-0.09)
Market Cap $4.62 B
52w High $23.80
52w Low $11.20
Dividend Yield 0%
P/E -20.08
Volume 5.55M
Outstanding Shares 255.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.986B ▲ $3.115B ▲ $-137.45M ▲ -4.603% ▲ $-0.53 ▲ $-125.122M ▲
Q2-2025 $2.864B ▼ $3.086B ▲ $-228.361M ▼ -7.974% ▼ $-0.89 ▼ $-220.719M ▼
Q1-2025 $3.046B ▲ $2.758B ▲ $275.271M ▲ 9.036% ▲ $1.1 ▲ $300.935M ▲
Q4-2024 $2.393B ▼ $2.547B ▲ $-153.547M ▼ -6.417% ▼ $-0.62 ▼ $-138.43M ▼
Q3-2024 $2.423B $2.476B $-54.596M -2.253% $-0.22 $-38.997M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.036B ▼ $5.746B ▼ $4.719B ▼ $1.024B ▼
Q2-2025 $3.537B ▲ $6.384B ▲ $5.223B ▲ $1.158B ▼
Q1-2025 $2.988B ▲ $5.844B ▲ $4.508B ▲ $1.333B ▲
Q4-2024 $2.152B ▲ $4.84B ▲ $3.824B ▲ $1.014B ▼
Q3-2024 $1.71B $4.483B $3.318B $1.163B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-137.45M ▲ $-964.658M ▼ $150.081M ▲ $364.034M ▲ $-450.077M ▼ $-973.665M ▼
Q2-2025 $-228.491M ▼ $509.067M ▼ $-168.207M ▲ $22.133M ▲ $362.993M ▼ $499.79M ▼
Q1-2025 $275.506M ▲ $878.542M ▲ $-174.228M ▼ $4.873M ▲ $709.187M ▲ $869.516M ▲
Q4-2024 $-153.285M ▼ $346.82M ▲ $-31.448M ▲ $3.817M ▼ $319.189M ▲ $340.001M ▲
Q3-2024 $-54.169M $-500.141M $-577.77M $18.56M $-1.059B $-507.707M

Five-Year Company Overview

Income Statement

Income Statement Oscar has grown very quickly, with revenue rising several times over in just a few years. Early on, that growth came with heavy losses as the company spent aggressively to build scale and technology. Over time, those losses have steadily narrowed as the business matured, pricing and underwriting improved, and fixed costs were spread over a larger membership base. By 2024, Oscar moved from sizable annual losses to a small profit, turning the corner on both operating income and net income. Earnings per share followed the same path: deeply negative in the early years after going public, then improving each year until finally positive. The big story here is a shift from “growth at any cost” to a more disciplined, sustainable profitability model while maintaining strong top-line growth.

Balance Sheet

Balance Sheet Oscar’s balance sheet has strengthened meaningfully. Total assets have climbed as the company has grown, reflecting a larger premium base and more investments to support operations. Cash levels are solid and, while they fluctuate year to year, they remain a key cushion for an insurance business exposed to medical cost volatility. Debt is modest and relatively stable, which lowers financial risk compared with a highly leveraged structure. Shareholders’ equity has moved from negative a few years ago to clearly positive today, showing that accumulated losses have been absorbed and the capital base rebuilt. Overall, Oscar now looks more resilient and better capitalized than in its early years as a public company.

Cash Flow

Cash Flow Cash generation has improved alongside earnings. Operating cash flow was choppy in the early period, swinging between positive and negative as the company invested in growth and navigated claims volatility. In more recent years, cash from operations has turned consistently positive and strengthened, a key sign that profits are backed by real cash, not just accounting improvements. Capital spending is light, reflecting a largely technology- and services-driven model rather than a heavy physical infrastructure footprint. As a result, free cash flow has been positive in most years and has improved notably lately, giving Oscar more internal flexibility to fund growth and weather shocks without relying as heavily on external financing.

Competitive Edge

Competitive Edge Oscar is a niche, tech-focused player operating in a highly competitive health insurance market dominated by very large incumbents. Its edge comes from a consumer-friendly brand, a modern digital experience, and a data-driven approach to managing care and costs. This has translated into strong member satisfaction scores and decent member retention, which are rare strengths in this industry. However, the company still faces powerful rivals with bigger provider networks, deeper relationships with employers and governments, and more resources to imitate digital features. Regulatory complexity, pricing pressure on Affordable Care Act exchange plans, and the absence of strong structural barriers (like exclusive networks or unique regulation-based advantages) mean Oscar’s moat is, at best, narrow and still being tested. Execution and cost control will be critical to maintain any edge.

Innovation and R&D

Innovation and R&D Innovation is central to Oscar’s identity. The company built its own full-stack technology platform, +Oscar, which not only powers its own plans but can be licensed to other insurers, potentially creating a separate, more software-like revenue stream. The new AI agent, Oswell, is an example of Oscar pushing into automated, always-on member support, covering tasks like interpreting lab results and managing medications, and tying into virtual care. Oscar also differentiates through plan design and member experience: dedicated care teams, strong telemedicine offerings, targeted plans for chronic conditions, and behavioral incentives that reward healthy actions and digital engagement. The company is also expanding geographically and forming partnerships with health systems and retail players. The upside is a more scalable, tech-enabled model; the risk is execution: these innovations must prove they can reliably lower costs, improve outcomes, and avoid safety or regulatory issues around AI in healthcare.

Summary

Oscar’s story is one of rapid growth evolving into early signs of sustainable profitability. Revenue has expanded quickly while losses have steadily narrowed, culminating in a first full year of profit and stronger cash generation. The balance sheet has moved from fragile to more solid, with positive equity, manageable debt, and a healthy cash position. The business remains relatively small compared with insurance giants and operates in a tough, regulated, and price-sensitive market. Its differentiation rests on technology, consumer experience, and data-driven care management, with +Oscar and Oswell as important strategic bets. The key questions going forward are whether Oscar can maintain profitability through insurance cycles, keep medical costs under control as it enters new markets, and turn its tech platform into a durable competitive edge rather than a feature that larger rivals can quickly copy.

NEWS

November 10, 2025 · 6:00 AM UTC

Oscar Launches New Affordable Health Insurance Choices for Southern Florida Individuals, Families, and Businesses

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November 6, 2025 · 6:00 AM UTC

Oscar Health Announces Financial Results for Third Quarter 2025 and Reaffirms 2025 Guidance

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November 5, 2025 · 10:50 AM UTC

Oscar Launches New Affordable Health Insurance Choices for Orlando Individuals, Families, and Businesses

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November 5, 2025 · 9:01 AM UTC

Oscar Launches New Affordable Health Insurance Choices for Charlotte Individuals and Families

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November 4, 2025 · 9:00 AM UTC

Hy-Vee Health and Oscar Health's New Concierge Care Plan Redefines Healthcare for the Des Moines Business Community

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