Oscar Health Stock Earnings Reports

Oscar Health reported a very strong Q1 2026 with broad improvement across core metrics: revenue grew 53% year-over-year to $4.6 billion, membership reached a record 3.2 million (up 56% YoY), SG&A ratio improved to a company-low 15.2%, MLR improved 490 bps YoY to 70.5%, earnings from operations rose to $704 million (nearly 2.5x YoY), adjusted EBITDA was $727 million, and net income was approximately $679 million ($2.07 diluted) — the highest in company history. Management reaffirmed full-year 2026 guidance (revenues $18.7–$19.0B; MLR 82.4%–83.4%; SG&A 15.8%–16.3%; earnings from operations $250–$450M; adjusted EBITDA ~ $115M higher than earnings from operations). Key drivers cited: tech-first model and rapid deployment of AI to reduce costs and improve member experience, disciplined pricing and expense management, favorable market morbidity signals (early Wakely data described as in line to favorable), and product initiatives including ICHRA X and the Lucie Health Marketplace (carrier-agnostic shopping platform) as longer-term, higher-margin growth opportunities. Cash & investments totaled ~$8.1B and insurance subsidiaries held ~$1.7B of capital and surplus (including ~$809M excess capital). Management highlighted risk-adjustment seasonality (Q1 was elevated) and reiterated expectation that risk adjustment will settle near ~20% of direct premiums for 2026, with Q2 claims development key to confirming market morbidity trends. Overall, Oscar positioned itself as on track for meaningful profitability in 2026 and highlighted multiple growth and margin levers — membership scale, AI automation, new product/platform expansion, and continued disciplined underwriting.