Q3 25 EPS
$-0.53
BEAT +8.65%
Est. $-0.58
Q3 25 Revenue
$2.99B
MISS 3.12%
Est. $3.08B
vs S&P Since Q3 25
+62.1%
BEATING MARKET
OSCR +71.5% vs S&P +9.4%
Market Reaction
Did OSCR Beat Earnings? Q3 2025 Results
Oscar Health delivered a mixed but ultimately encouraging third quarter, posting a narrower-than-feared loss that sent shares climbing even as revenue fell short of Wall Street's expectations. The company reported a net loss of $0.53 per diluted shar… Read more Oscar Health delivered a mixed but ultimately encouraging third quarter, posting a narrower-than-feared loss that sent shares climbing even as revenue fell short of Wall Street's expectations. The company reported a net loss of $0.53 per diluted share, beating the consensus estimate of $0.58 by 8.65%, while revenue of $2.99 billion trailed the $3.08 billion forecast by 3.12%, though it still represented a robust 23.2% year-over-year increase driven by membership surging to approximately 2.1 million from 1.65 million a year ago. The central headwind was a sharp rise in the medical loss ratio to 88.5% from 84.6%, largely attributable to a $130 million increase in net risk adjustment transfer accruals reflecting higher average market morbidity, which widened the operating loss to $129.25 million. Importantly, Oscar reaffirmed its full-year 2025 guidance, including total revenue of $12.00 billion to $12.20 billion and a loss from operations of $200 million to $300 million, with CEO Mark Bertolini expressing confidence in expanding margins and returning to profitability in 2026 through disciplined pricing and geographic expansion.
Key Takeaways
- • Higher membership driving revenue growth to approximately 2.1 million members from 1.65 million year-over-year
- • $130 million increase in net risk adjustment transfer accrual due to higher average market morbidity pressuring MLR
- • $84 million of favorable prior period development partially offsetting risk adjustment impact
- • $22 million of favorable intra-year development
- • Greater fixed cost leverage and disciplined cost management improving SG&A expense ratio to 17.5% from 19.0%
- • Lower exchange fee rates contributing to SG&A improvement
OSCR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“The individual market is the only source of affordable health coverage for 22 million people who power our economy. Our market serves the small business, service, and farming sectors, and can meet the healthcare needs of 100 million more working people. Oscar is shaping the future of individual healthcare with affordable, innovative plans and a superior member experience. Our disciplined pricing and geographic expansion position us to profitably grow market share, and we are confident in our ability to expand margins and return to profitability in 2026.”
— Mark Bertolini, Q3 2025 Earnings Press Release
OSCR Earnings Trends
OSCR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OSCR EPS Trend
Earnings per share: estimate vs actual
OSCR Revenue Trend
Quarterly revenue: estimate vs actual
OSCR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.10 | $2.07 | +88.18% | $4.65B | -5.49% |
| Q4 25 MISS FY | $-0.92 | $-1.24 | -34.58% | $2.81B | -10.19% |
| FY Full Year | $-1.29 | $-1.69 | -31.47% | $11.70B | -2.64% |
| Q3 25 BEAT | $-0.58 | $-0.53 | +8.65% | $2.99B | -3.12% |
| Q2 25 MISS | $-0.84 | $-0.89 | -6.46% | $2.86B | -1.87% |
| Q1 25 BEAT | $0.81 | $0.92 | +13.93% | $3.05B | +6.31% |