Oscar Health Inc - Class A
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
Did OSCR Beat Earnings? Q1 2026 Results
Oscar Health delivered a blowout first quarter in 2026, posting earnings of $2.07 per diluted share on revenue of $4.65 billion, a 52.5% jump from the year-ago period, as surging membership and a dramatically improved medical loss ratio combined to more than double operating income to $704.09 million. The single biggest driver was a meaningful tightening of the medical loss ratio to 70.5% from 75.4% a year earlier, fueled by disciplined pricing, favorable claims seasonality, and $68.00 million of favorable prior-period reserve development that contrasted sharply with $31.00 million of unfavorable development in Q1 2025. Individual and Small Group membership reached 3.17 million as of March 31, up from roughly 2.02 million a year ago, providing substantial premium scale even as risk adjustment transfers grew alongside the membership base. Net income attributable to Oscar came in at $679.00 million, compared to $275.27 million in Q1 2025, and <a href="https://247wallst.com/investing/2026/03/07/oscar-healths-ceo-says-2026-is-the-year-it-finally-turns-a-profit-heres-what-hes-betting-on/">the company's profitability push</a> remains on course, with management reaffirming its full-year 2026 guidance and signaling confidence in significantly expanding margins throughout the year.
- Higher membership driving revenue growth
- Rate increases contributing to revenue growth
- Medical loss ratio improvement to 70.5% from 75.4% due to disciplined pricing strategy
- $68 million of favorable prior period reserve development vs $31 million unfavorable in Q1 2025
- Claims and risk adjustment seasonality from metal and new member mix
- Greater fixed cost leverage reducing SG&A expense ratio
- Individual and Small Group membership grew to 3,174,489 from 2,021,484 year-over-year
“Oscar Health drove solid first-quarter performance with significant year-over-year improvements across our core metrics. We are reaffirming our guidance and remain on track to significantly expand margins and achieve meaningful profitability in 2026. Consumers expect to shop for healthcare like everyday products – on choice, price, and value. Oscar's exceptional technology, lifestyle products, and member experience deliver exactly that. The workforce is shifting, the individual market is resilient, and Oscar is leading the transition to a consumer-driven health economy.”
Oscar Health CEO, on the earnings call
Forward Guidance & Outlook
Oscar Health reaffirmed its full year 2026 outlook across all metrics, as originally provided in its February 10, 2026 financial results press release. The company stated it remains on track to significantly expand margins and achieve meaningful profitability in 2026.
OSCR YoY Financials
OSCR Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.