OSCR · Oscar Health, Inc.

Oscar Health delivered a strong first quarter 2026, demonstrating significant operational leverage and execution on its profitability strategy. Total revenue surged 53% year-over-year to $4.65 billion, primarily driven by membership growth in the Individual & Family segment and rate increases. The company successfully exited the Small Group and Cigna+Oscar arrangements, focusing its membership base which grew to 3.17 million. Operational efficiency improved markedly, with the Medical Loss Ratio (MLR) decreasing 490 basis points to 70.5%. This improvement was fueled by disciplined pricing, favorable prior period reserve development of $68 million (compared to unfavorable development in the prior year), and favorable seasonality. The SG&A expense ratio also improved to 15.2% from 15.8%, reflecting fixed cost leverage. Consequently, Earnings from Operations jumped to $704.1 million, and Adjusted EBITDA reached $727.1 million. CEO Mark Bertolini highlighted the company's transition to a consumer-driven health economy model and reaffirmed the full-year 2026 guidance initially provided in February, signaling confidence in sustained margin expansion and profitability. The company ended the quarter with a strong liquidity position of approximately $4.8 billion in cash and cash equivalents.