Oscar Health, Inc. (OSCR) Earnings
Oscar Health, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.39. OSCR has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +15.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.21 | $2.07 | +71.1% | $4.6B | -6.5% |
| Nov 6, 2025 | $-0.55 | $-0.53 | +3.6% | $3.0B | -2.2% |
| Aug 6, 2025 | $-0.90 | $-0.89 | +1.1% | $2.9B | -6.8% |
| Feb 4, 2025 | $-0.55 | $-0.62 | -12.7% | $2.4B | -15.3% |
| Nov 7, 2024 | $-0.20 | $-0.22 | -10.0% | $2.4B | +3.6% |
| Feb 7, 2024 | $-0.74 | $-0.66 | +10.8% | $1.4B | +0.8% |
| Feb 9, 2023 | $-1.01 | $-1.05 | -4.0% | $1.0B | -11.7% |
| Aug 11, 2022 | $-0.73 | $-0.53 | +27.4% | $1.1B | -3.4% |
| Feb 10, 2022 | $-1.03 | $-0.95 | +7.8% | $520M | -7.8% |
| Nov 10, 2021 | $-0.68 | $-1.02 | -50.0% | $462M | -64.1% |
| Aug 12, 2021 | $-0.47 | $-0.35 | +25.5% | $550M | -20.3% |
| May 13, 2021 | $-0.63 | $-0.98 | -55.6% | $369M | +13.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Mark Bertolini mentioned Oscar's strong first quarter results with year-over-year improvement across core metrics. The company has 3.2 million members, up 56% year-over-year. They are rapidly evolving technology and deploying AI use cases, launched new transparency tools like real-time drug pricing, scaled bilingual voice agents, launched ICRAx and the Lucy Health Marketplace. Oscar is shaping the individual market to meet modern workforce needs and reaffirmed full-year guidance.
Guidance
Oscar is reaffirming its full-year 2026 guidance. Total revenues are expected to be in the range of $18.7 billion to $19 billion in 2026. MLR remains in the range of 82.4% to 83.4%. SG&A expense ratio guidance is unchanged at 15.8% to 16.3%. Earnings from operations are expected to be in the range of $250 to $450 million, with adjusted EBITDA roughly $115 million higher than earnings from operations.
Segment performance
Oscar Health reported revenue of $4.6 billion in the first quarter of 2026, an increase of 53% year-over-year. The SG&A ratio improved 60 basis points year-over-year to 15.2%. The medical loss ratio (MLR) improved 490 basis points year-over-year to 70.5%. Earnings from operations were $704 million, an increase of nearly two and a half times compared to the same period last year. Membership ended the quarter with approximately 3.2 million members, a 56% increase year-over-year.
Risks & headwinds
Actual results may differ materially from forward-looking statements due to various factors including those discussed in the annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC. Risk adjustment and market morbidity are factors that could impact results. The company also faces risks related to market dynamics and competition in the individual market.
Analyst Q&A
Q: Jessica Tassan asked about the behavior of members who fell off between 1Q and April 1st and accounting for their expenses.
A: Members who churned off had no unusual utilization patterns, and those who didn't pay had no claims covered.
Q: John Ransom asked about SG&A and membership in 2Q.
A: SG&A ratio likely to move sideways to slightly up, and 2Q started with 3 million paid members.
Q: Andrew Monk asked about risk adjustment transfer.
A: Higher now due to seasonally low claims and higher bronze mix, expected to moderate as claims normalize.
Q: Scott Fidel asked about key swing factors for 2026 EBITDA.
A: Largely weekly numbers and risk adjustment.
Q: Jonathan Young asked about risk adjustment and Lisi Health Marketplace.
A: Risk adjustment driven by claims experience, and Lisi's financial impact to be detailed in September.
Q: Raj Kumar asked about market level color.
A: Effectuation rates as expected.
Q: Craig Jones asked about member mix impact on risk adjustment payable.
A: Risk adjustment not entirely driven by metal mix but overall utilization.
Q: Justin Lake asked about growth in smaller states.
A: Early in the year, too early to get ahead of ourselves with not enough claims for big differentiation