What is Oscar Health's operating income?

Oscar Health's total operating income in 2025 was -$396.36 million, based on the following breakdown: Total Gross Profit: $11.70 billion Total Operating Expenses: $12.10 billion

Oscar Health (OSCR) Financials

$31.81 +0.24 (+0.76%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Oscar Health

This table shows Oscar Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-261	-407	-573	-606	-271	25	-443
Consolidated Net Income / (Loss)	-261	-407	-571	-610	-271	26	-443
Net Income / (Loss) Continuing Operations	-261	-407	-571	-610	-271	26	-443
Total Pre-Tax Income	-259	-406	-571	-610	-267	33	-437
Total Operating Income	-259	-402	-544	-590	-236	57	-396
Total Gross Profit	80	153	215	683	5,863	9,178	11,701
Total Revenue	488	463	1,839	3,964	5,863	9,178	11,701
Operating Revenue	488	463	1,839	3,964	5,863	9,178	11,701
Total Cost of Revenue	408	309	1,624	3,281	0.00	0.00	0.00
Total Operating Expenses	339	556	759	1,273	6,098	9,120	12,098
Selling, General & Admin Expense	111	167	265	1,257	1,426	1,756	2,050
Depreciation Expense	-	-	-	15	31	32	29
Other Operating Expenses / (Income)	229	389	494	-	4,642	7,333	10,019
Total Other Income / (Expense), net	0.00	-3.51	-26	-20	-32	-24	-41
Interest Expense	-	3.51	25	23	25	24	18
Other Income / (Expense), net	-	-	-1.20	2.42	-7.08	-0.11	-23
Income Tax Expense	1.79	1.05	0.85	-0.52	3.29	7.31	5.61
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	1.18	-3.28	0.13	0.69	0.25
Basic Earnings per Share	($9.06)	($14.16)	($3.20)	($2.85)	($1.22)	$0.11	($1.69)
Weighted Average Basic Shares Outstanding	28.81M	29.26M	178.97M	212.48M	221.66M	240.39M	262.39M
Diluted Earnings per Share	($9.06)	($14.16)	($3.20)	($2.85)	($1.22)	$0.10	($1.69)
Weighted Average Diluted Shares Outstanding	28.81M	29.26M	178.97M	212.48M	221.66M	265.85M	262.39M
Weighted Average Basic & Diluted Shares Outstanding	-	-	210.40M	216.30M	229.73M	250.57M	297.75M

This table shows Oscar Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-150	177	56	-55	-154	275	-228	-137	-353	679	362
Consolidated Net Income / (Loss)	-150	177	56	-54	-153	276	-228	-137	-352	679	362
Net Income / (Loss) Continuing Operations	-150	177	56	-54	-153	276	-228	-137	-352	679	362
Total Pre-Tax Income	-151	178	61	-52	-154	288	-234	-139	-353	699	383
Total Operating Income	-145	186	68	-48	-148	297	-230	-129	-334	704	389
Total Gross Profit	3,777	588	511	2,423	5,656	787	311	400	10,204	1,417	1,086
Total Revenue	1,432	2,142	2,219	2,423	2,392	3,046	2,864	2,986	2,805	4,647	4,880
Operating Revenue	1,432	2,142	2,219	2,423	2,392	3,046	2,864	2,986	2,805	4,647	4,880
Total Cost of Revenue	-2,345	1,555	1,709	0.00	-3,263	2,260	2,553	2,586	-7,399	3,230	3,794
Operating Cost of Revenue	-	1,555	1,709	-	-	2,260	2,553	2,586	-	3,230	3,794
Total Operating Expenses	3,922	402	443	2,472	5,804	489	541	529	10,538	713	697
Selling, General & Admin Expense	364	394	435	460	466	483	534	522	511	706	691
Depreciation Expense	7.74	7.81	7.60	7.50	9.23	6.73	6.97	7.31	7.88	7.02	6.06
Total Other Income / (Expense), net	-5.17	-7.08	-6.86	-3.94	-5.96	-8.91	-3.05	-10	-19	-5.31	-5.62
Interest Expense	6.22	5.90	5.99	5.82	6.03	5.99	5.85	6.86	-1.10	5.38	4.71
Other Income / (Expense), net	1.05	-1.18	-0.87	1.88	0.07	-2.92	2.79	-3.18	-20	0.07	-0.92
Income Tax Expense	-0.81	1.00	4.64	2.08	-0.40	13	-5.05	-1.81	-0.25	20	21
Net Income / (Loss) Attributable to Noncontrolling Interest	0.19	0.11	0.11	0.21	0.26	0.24	-0.13	-0.03	0.18	0.03	0.02
Basic Earnings per Share	($0.68)	$0.77	$0.24	($0.22)	($0.68)	$1.10	($0.89)	($0.53)	($1.37)	$2.28	$1.20
Weighted Average Basic Shares Outstanding	221.66M	231.44M	238.67M	243.11M	240.39M	251.28M	255.53M	259.27M	262.39M	298.18M	302.22M
Diluted Earnings per Share	($0.68)	$0.62	$0.20	($0.22)	($0.50)	$0.92	($0.89)	($0.53)	($1.19)	$2.07	$1.10
Weighted Average Diluted Shares Outstanding	221.66M	293.80M	303.97M	243.11M	265.85M	305.94M	255.53M	259.27M	262.39M	329.75M	333.43M
Weighted Average Basic & Diluted Shares Outstanding	229.73M	237.22M	241.91M	247.27M	250.57M	254.68M	258.56M	264.68M	297.75M	301.49M	308.65M

This table details how cash moves in and out of Oscar Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-17	490	282	455	311	-341	1,253
Net Cash From Operating Activities	-165	223	-182	380	-272	978	1,095
Net Cash From Continuing Operating Activities	-165	223	-182	380	-272	978	1,095
Net Income / (Loss) Continuing Operations	-261	-407	-571	-610	-271	26	-443
Consolidated Net Income / (Loss)	-261	-407	-571	-610	-271	26	-443
Depreciation Expense	6.90	11	15	15	31	32	29
Amortization Expense	-6.65	2.92	8.36	3.19	-29	-26	-28
Non-Cash Adjustments To Reconcile Net Income	79	382	78	490	-14	416	1,258
Changes in Operating Assets and Liabilities, net	17	233	289	482	10	530	279
Net Cash From Investing Activities	151	-345	-775	-227	577	-1,387	-241
Net Cash From Continuing Investing Activities	151	-345	-775	-227	577	-1,387	-241
Purchase of Property, Plant & Equipment	-26	-14	-26	-29	-26	-28	-36
Purchase of Investments	-878	-1,001	-1,810	-1,193	-837	-2,134	-1,014
Sale and/or Maturity of Investments	1,061	672	1,055	994	1,442	770	805
Other Investing Activities, net	-7.08	-1.24	6.68	1.12	-2.28	3.93	4.28
Net Cash From Financing Activities	-2.12	612	1,239	301	6.45	68	399
Net Cash From Continuing Financing Activities	-2.12	612	1,239	301	6.45	68	399
Repayment of Debt	0.00	-4.84	-166	-7.04	0.00	0.00	-23
Issuance of Debt	-	147	0.00	305	0.00	0.00	410
Issuance of Common Equity	0.00	0.00	1,356	1.85	2.49	0.00	0.00
Other Financing Activities, net	0.87	94	59	1.30	3.96	68	12
Cash Interest Paid	0.00	0.00	4.26	10	23	34	13
Cash Income Taxes Paid	1.83	1.53	0.70	1.89	2.41	0.67	18

This table details how cash moves in and out of Oscar Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	470	361	38	-1,059	319	709	363	-451	631	2,025	-729
Net Cash From Operating Activities	297	634	497	-500	347	879	509	-965	672	2,619	2,092
Net Cash From Continuing Operating Activities	297	634	497	-500	347	879	509	-965	672	2,619	2,092
Net Income / (Loss) Continuing Operations	-150	177	56	-54	-153	276	-228	-137	-352	679	362
Consolidated Net Income / (Loss)	-150	177	56	-54	-153	276	-228	-137	-352	679	362
Depreciation Expense	7.74	7.81	7.60	7.50	9.23	6.73	6.97	7.31	7.88	7.02	6.03
Amortization Expense	-6.32	-6.03	-5.80	-6.54	-7.73	-7.48	-7.80	-7.01	-5.87	-6.06	-7.06
Non-Cash Adjustments To Reconcile Net Income	370	151	399	-596	463	582	724	-807	1,032	1,887	1,419
Changes in Operating Assets and Liabilities, net	75	304	40	149	36	22	15	-21	-9.85	52	312
Net Cash From Investing Activities	172	-301	-478	-578	-31	-174	-168	150	-49	-590	-2,835
Net Cash From Continuing Investing Activities	172	-301	-478	-578	-31	-174	-168	150	-49	-590	-2,835
Purchase of Property, Plant & Equipment	-6.10	-5.95	-7.56	-7.57	-6.82	-9.03	-9.28	-9.01	-9.06	-8.79	-12
Purchase of Investments	-215	-557	-806	-660	-110	-337	-271	-173	-233	-916	-4,027
Sale and/or Maturity of Investments	396	261	335	87	86	172	112	329	193	334	1,204
Net Cash From Financing Activities	1.07	27	19	19	3.82	4.87	22	364	8.17	-3.60	13
Net Cash From Continuing Financing Activities	1.07	27	19	19	3.82	4.87	22	364	8.17	-3.60	13
Repayment of Debt	-	-	-	-	-	0.00	-	-	-0.23	-4.74	-0.18
Other Financing Activities, net	1.07	27	19	19	3.82	4.87	22	-23	8.40	1.14	13
Cash Interest Paid	0.26	11	0.15	11	11	0.15	11	0.16	1.27	4.18	1.82
Cash Income Taxes Paid	1.41	-	-	0.55	0.04	0.00	-	2.02	0.02	0.04	1.06

This table presents Oscar Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,272	3,322	4,527	3,601	4,840	6,325
Total Current Assets	1,870	2,306	4,122	3,061	2,845	4,613
Cash & Equivalents	826	1,104	1,559	1,870	1,527	2,774
Short-Term Investments	368	587	1,397	690	624	1,216
Accounts Receivable	65	138	216	201	316	363
Other Current Assets	611	476	949	300	378	260
Plant, Property, & Equipment, net	36	47	60	62	67	88
Total Noncurrent Assets	366	969	345	478	1,929	1,624
Long-Term Investments	352	873	250	395	1,846	1,504
Other Noncurrent Operating Assets	13	97	95	83	82	120
Total Liabilities & Shareholders' Equity	2,272	3,322	4,527	3,601	4,840	6,325
Total Liabilities	1,823	1,929	3,634	2,795	3,824	5,345
Total Current Liabilities	1,666	1,852	3,264	2,429	3,463	4,863
Accounts Payable	138	235	298	273	432	507
Other Current Liabilities	1,528	1,618	2,966	2,156	3,031	4,355
Total Noncurrent Liabilities	157	77	370	366	361	482
Long-Term Debt	142	0.00	298	299	300	430
Other Noncurrent Operating Liabilities	15	77	72	68	61	52
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1,296	1,393	892	806	1,016	981
Total Preferred & Common Equity	-1,296	1,387	890	804	1,014	978
Total Common Equity	-1,296	1,387	890	804	1,014	978
Common Stock	133	3,394	3,509	3,682	3,870	4,257
Retained Earnings	-1,427	-2,000	-2,606	-2,877	-2,851	-3,294
Treasury Stock	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92
Accumulated Other Comprehensive Income / (Loss)	0.88	-3.67	-9.72	1.31	-1.83	18
Noncontrolling Interest	0.00	5.29	2.02	2.15	2.84	3.09

This table presents Oscar Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	4,483	4,565	3,350	4,419	5,006	4,483	5,844	6,384	5,746	9,290	11,227
Total Current Assets	4,131	4,193	2,992	3,504	3,359	2,368	3,775	4,313	3,763	7,777	9,373
Cash & Equivalents	2,110	2,322	1,400	2,231	2,268	1,206	2,237	2,599	2,149	4,805	4,076
Short-Term Investments	1,325	1,256	1,044	616	364	504	751	938	888	1,995	4,480
Accounts Receivable	186	193	207	343	398	301	489	465	445	587	380
Other Current Assets	511	422	340	314	329	357	298	311	281	390	438
Plant, Property, & Equipment, net	64	63	62	61	64	67	72	78	83	94	101
Total Noncurrent Assets	288	309	296	854	1,583	2,048	1,997	1,993	1,900	1,418	1,752
Long-Term Investments	193	217	207	766	1,496	1,964	1,904	1,877	1,779	1,295	1,630
Other Noncurrent Operating Assets	95	92	89	87	87	84	94	116	121	123	122
Total Liabilities & Shareholders' Equity	4,483	4,565	3,350	4,419	5,006	4,483	5,844	6,384	5,746	9,290	11,227
Total Liabilities	3,551	3,613	2,428	3,385	3,866	3,318	4,508	5,223	4,719	7,623	9,172
Total Current Liabilities	3,182	3,244	2,061	3,019	3,502	2,955	4,149	4,866	3,977	7,140	8,690
Accounts Payable	299	262	260	303	348	395	634	584	557	506	526
Other Current Liabilities	2,882	2,983	1,801	2,716	3,154	2,559	3,515	4,282	3,420	6,634	8,164
Total Noncurrent Liabilities	370	369	367	365	364	363	359	357	742	482	482
Long-Term Debt	298	298	299	299	299	299	300	300	686	431	432
Other Noncurrent Operating Liabilities	71	70	69	66	65	64	59	57	56	51	50
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	932	952	921	1,034	1,141	1,165	1,336	1,161	1,027	1,667	2,055
Total Preferred & Common Equity	930	950	919	1,032	1,138	1,163	1,333	1,158	1,024	1,664	2,052
Total Common Equity	930	950	919	1,032	1,138	1,163	1,333	1,158	1,024	1,664	2,052
Common Stock	3,583	3,621	3,654	3,737	3,787	3,837	3,902	3,952	3,952	4,277	4,317
Retained Earnings	-2,646	-2,661	-2,727	-2,699	-2,643	-2,698	-2,576	-2,804	-2,942	-2,615	-2,254
Treasury Stock	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92	-2.92
Accumulated Other Comprehensive Income / (Loss)	-4.48	-6.86	-4.45	-2.59	-2.63	26	9.60	14	16	5.00	-8.25
Noncontrolling Interest	2.16	2.26	1.96	2.26	2.37	2.58	3.07	2.94	2.91	3.11	3.13

This table displays calculated financial ratios and metrics derived from Oscar Health's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-5.20%	297.30%	115.57%	47.92%	56.54%	27.50%
EBITDA Growth	0.00%	-49.75%	-34.70%	-8.85%	57.71%	126.27%	-762.86%
EBIT Growth	0.00%	-55.08%	-35.65%	-7.65%	58.69%	123.55%	-834.25%
NOPAT Growth	0.00%	-55.08%	-35.35%	-8.34%	60.06%	127.13%	-720.00%
Net Income Growth	0.00%	-55.76%	-40.46%	-6.67%	55.61%	109.65%	-1,795.58%
EPS Growth	0.00%	-56.29%	77.40%	10.94%	57.19%	108.20%	-1,790.00%
Operating Cash Flow Growth	0.00%	234.69%	-181.60%	309.28%	-171.56%	459.42%	11.93%
Free Cash Flow Firm Growth	0.00%	0.00%	-124.54%	361.25%	-176.50%	365.18%	28.35%
Invested Capital Growth	0.00%	0.00%	-22.59%	-72.13%	8.21%	-44.93%	-52.28%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	14.40%	8.04%	11.69%	3.66%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-5.19%	23.97%	-4.74%	-96.37%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-4.22%	24.02%	-5.36%	-96.50%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-4.65%	24.63%	-7.26%	-88.44%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-4.96%	22.09%	-11.66%	-81.70%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-8.37%	23.27%	225.00%	-69.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-42.84%	44.38%	34.83%	5.38%	42.23%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	28.23%	6.03%	50.73%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-20.52%	-29.29%	-21.39%	-31.63%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	16.37%	33.16%	11.68%	17.23%	100.00%	100.00%	100.00%
EBITDA Margin	-53.08%	-83.85%	-28.43%	-14.35%	-4.10%	0.69%	-3.58%
Operating Margin	-53.13%	-86.92%	-29.61%	-14.88%	-4.02%	0.62%	-3.39%
EBIT Margin	-53.13%	-86.92%	-29.68%	-14.82%	-4.14%	0.62%	-3.59%
Profit (Net Income) Margin	-53.50%	-87.91%	-31.08%	-15.38%	-4.62%	0.28%	-3.79%
Tax Burden Percent	100.69%	100.26%	100.15%	99.91%	101.23%	78.15%	101.28%
Interest Burden Percent	100.00%	100.87%	104.56%	103.85%	110.14%	58.48%	104.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	21.85%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-90.60%	-62.06%	-53.35%	-31.86%	2.87%	-44.35%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-17.70%	-19.51%	-14.97%	-5.97%	1.35%	-7.52%
Return on Assets (ROA)	0.00%	-17.91%	-20.43%	-15.53%	-6.66%	0.62%	-7.93%
Return on Common Equity (ROCE)	0.00%	261.49%	-3.08%	-53.18%	-31.78%	2.86%	-44.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	31.39%	-41.19%	-68.46%	-33.66%	2.58%	0.00%
Net Operating Profit after Tax (NOPAT)	-182	-282	-381	-413	-165	45	-277
NOPAT Margin	-37.19%	-60.84%	-20.73%	-10.42%	-2.81%	0.49%	-2.37%
Net Nonoperating Expense Percent (NNEP)	0.00%	-17.84%	-9.59%	-7.19%	-3.80%	-0.59%	-3.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-34.69%	-14.93%	3.40%	-19.67%
Cost of Revenue to Revenue	83.63%	66.84%	88.32%	82.77%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	22.67%	36.01%	14.42%	31.72%	24.32%	19.13%	17.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	69.51%	120.08%	41.29%	32.11%	104.02%	99.38%	103.39%
Earnings before Interest and Taxes (EBIT)	-259	-402	-546	-587	-243	57	-420
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-259	-388	-523	-569	-241	63	-419
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.19	0.59	2.57	3.28	3.89
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.19	0.59	2.57	3.28	3.89
Price to Revenue (P/Rev)	2.96	3.12	0.89	0.13	0.35	0.36	0.33
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	130.67	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.77%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	3.86	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	8.02	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.65	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.32	0.00	0.33	0.37	0.29	0.44
Long-Term Debt to Equity	0.00	0.32	0.00	0.33	0.37	0.29	0.44
Financial Leverage	0.00	-3.13	-2.15	-2.39	-3.28	-3.49	-4.39
Leverage Ratio	0.00	5.06	3.04	3.43	4.79	4.63	5.59
Compound Leverage Factor	0.00	5.10	3.18	3.57	5.27	2.71	5.83
Debt to Total Capital	0.00%	24.09%	0.00%	25.03%	27.04%	22.76%	30.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	24.09%	0.00%	25.03%	27.04%	22.76%	30.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	295.00%	0.38%	0.17%	0.19%	0.22%	0.22%
Common Equity to Total Capital	0.00%	-219.08%	99.62%	74.80%	72.76%	77.02%	69.30%
Debt to EBITDA	0.00	-0.37	0.00	-0.52	-1.24	4.74	-1.03
Net Debt to EBITDA	0.00	3.62	0.00	5.11	11.04	-58.51	12.09
Long-Term Debt to EBITDA	0.00	-0.37	0.00	-0.52	-1.24	4.74	-1.03
Debt to NOPAT	0.00	-0.51	0.00	-0.72	-1.81	6.69	-1.55
Net Debt to NOPAT	0.00	4.99	0.00	7.04	16.11	-82.64	18.25
Long-Term Debt to NOPAT	0.00	-0.51	0.00	-0.72	-1.81	6.69	-1.55
Altman Z-Score	0.00	-0.68	-0.16	-0.04	0.94	1.48	1.28
Noncontrolling Interest Sharing Ratio	0.00%	388.61%	95.04%	0.32%	0.25%	0.27%	0.30%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.12	1.24	1.26	1.26	0.82	0.95
Quick Ratio	0.00	0.76	0.99	0.97	1.14	0.71	0.91
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	674	-165	432	-330	876	1,124
Operating Cash Flow to CapEx	-636.14%	1,588.56%	-702.12%	1,311.01%	-1,064.08%	3,506.45%	3,010.16%
Free Cash Flow to Firm to Interest Expense	0.00	191.72	-6.64	19.09	-13.43	36.91	63.89
Operating Cash Flow to Interest Expense	0.00	63.38	-7.30	16.81	-11.06	41.21	62.20
Operating Cash Flow Less CapEx to Interest Expense	0.00	59.39	-8.34	15.53	-12.10	40.04	60.14
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.20	0.66	1.01	1.44	2.17	2.10
Accounts Receivable Turnover	0.00	7.08	18.05	22.34	28.07	35.49	30.85
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	12.92	44.62	74.44	96.26	142.59	150.85
Accounts Payable Turnover	0.00	2.25	8.72	12.32	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	51.52	20.22	16.34	13.00	10.28	11.83
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	162.26	41.84	29.63	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-110.74	-21.62	-13.29	13.00	10.28	11.83
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-955	-1,171	-2,016	-1,850	-2,682	-4,084
Invested Capital Turnover	0.00	-0.97	-1.73	-2.49	-3.03	-4.05	-3.46
Increase / (Decrease) in Invested Capital	0.00	-955	-216	-845	165	-831	-1,402
Enterprise Value (EV)	0.00	1,785	-914	-2,378	-585	-372	-1,258
Market Capitalization	1,445	1,445	1,645	528	2,069	3,323	3,804
Book Value per Share	$0.00	($44.28)	$6.62	$4.15	$3.56	$4.10	$3.69
Tangible Book Value per Share	$0.00	($44.28)	$6.62	$4.15	$3.56	$4.10	$3.69
Total Capital	0.00	592	1,393	1,190	1,105	1,316	1,411
Total Debt	0.00	142	0.00	298	299	300	430
Total Long-Term Debt	0.00	142	0.00	298	299	300	430
Net Debt	0.00	-1,404	-2,564	-2,908	-2,657	-3,698	-5,064
Capital Expenditures (CapEx)	26	14	26	29	26	28	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-990	-1,237	-2,098	-1,928	-2,770	-4,240
Debt-free Net Working Capital (DFNWC)	0.00	205	454	858	632	-618	-249
Net Working Capital (NWC)	0.00	205	454	858	632	-618	-249
Net Nonoperating Expense (NNE)	80	125	190	197	106	19	165
Net Nonoperating Obligations (NNO)	0.00	-1,404	-2,564	-2,908	-2,657	-3,698	-5,064
Total Depreciation and Amortization (D&A)	0.25	14	23	18	2.10	6.05	0.73
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-213.86%	-67.30%	-52.94%	-32.89%	-30.18%	-36.23%
Debt-free Net Working Capital to Revenue	0.00%	44.26%	24.67%	21.64%	10.78%	-6.73%	-2.13%
Net Working Capital to Revenue	0.00%	44.26%	24.67%	21.64%	10.78%	-6.73%	-2.13%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.20)	($2.85)	($1.22)	$0.11	($1.69)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	178.97M	212.47M	221.66M	240.39M	262.39M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.20)	($2.85)	($1.22)	$0.10	($1.69)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	178.97M	212.47M	221.66M	265.85M	262.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	210.40M	216.30M	229.73M	250.57M	297.75M
Normalized Net Operating Profit after Tax (NOPAT)	-182	-282	-381	-413	-165	45	-277
Normalized NOPAT Margin	-37.19%	-60.84%	-20.73%	-10.42%	-2.81%	0.49%	-2.37%
Pre Tax Income Margin	-53.13%	-87.68%	-31.03%	-15.39%	-4.56%	0.36%	-3.74%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-114.48	-21.92	-25.97	-9.86	2.41	-23.85
NOPAT to Interest Expense	0.00	-80.13	-15.31	-18.25	-6.70	1.89	-15.76
EBIT Less CapEx to Interest Expense	0.00	-118.47	-22.96	-27.25	-10.90	1.23	-25.91
NOPAT Less CapEx to Interest Expense	0.00	-84.12	-16.35	-19.53	-7.74	0.71	-17.83
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.15%	0.00%	-1.65%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Oscar Health's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	297,748,000.00	301,493,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	297,748,000.00	301,493,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	2.28	1.20
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.87%	45.77%	45.86%	68.30%	67.11%	42.20%	29.04%	23.21%	17.25%	52.55%	70.40%
EBITDA Growth	34.66%	653.06%	1,071.36%	19.90%	-2.20%	57.64%	-432.42%	-190.15%	-140.68%	140.28%	269.22%
EBIT Growth	34.69%	685.87%	922.26%	20.73%	-2.24%	59.56%	-440.14%	-184.82%	-139.58%	139.34%	270.28%
NOPAT Growth	34.61%	1,139.24%	1,470.87%	16.95%	-1.55%	53.92%	-357.51%	-167.19%	-125.92%	140.89%	327.56%
Net Income Growth	33.86%	547.87%	465.07%	17.22%	-2.30%	55.23%	-505.76%	-152.78%	-129.92%	146.46%	258.36%
EPS Growth	35.24%	444.44%	385.71%	24.14%	26.47%	48.39%	-545.00%	-140.91%	-138.00%	125.00%	223.60%
Operating Cash Flow Growth	96.09%	52.96%	200.35%	56.48%	16.83%	38.49%	2.40%	-92.88%	93.73%	198.11%	311.02%
Free Cash Flow Firm Growth	-138.79%	-88.69%	-56.33%	363.62%	372.35%	1,754.00%	435.18%	7.88%	60.49%	171.92%	272.73%
Invested Capital Growth	8.21%	4.86%	-5.64%	-54.36%	-44.93%	-42.79%	-47.06%	-40.43%	-52.28%	-84.20%	-94.77%
Revenue Q/Q Growth	-0.58%	49.64%	3.60%	9.20%	-1.28%	27.33%	-5.99%	4.26%	-6.05%	65.66%	5.01%
EBITDA Q/Q Growth	-151.54%	230.17%	-63.07%	-166.25%	-220.94%	300.78%	-177.87%	42.18%	-166.22%	300.45%	-45.16%
EBIT Q/Q Growth	-146.22%	227.66%	-63.69%	-169.46%	-217.58%	299.24%	-177.39%	41.84%	-167.14%	299.04%	-44.94%
NOPAT Q/Q Growth	-149.77%	281.20%	-66.05%	-154.05%	-205.39%	374.65%	-156.80%	43.92%	-158.22%	392.86%	-46.34%
Net Income Q/Q Growth	-128.05%	218.45%	-68.27%	-196.58%	-181.84%	279.73%	-182.94%	39.83%	-156.35%	292.67%	-46.71%
EPS Q/Q Growth	-134.48%	191.18%	-67.74%	-210.00%	-127.27%	284.00%	-196.74%	40.45%	-124.53%	273.95%	-46.86%
Operating Cash Flow Q/Q Growth	125.83%	113.69%	-21.63%	-200.60%	169.34%	153.31%	-42.06%	-289.50%	169.65%	289.79%	-20.11%
Free Cash Flow Firm Q/Q Growth	5.31%	125.42%	203.45%	260.90%	-2.18%	73.06%	-12.41%	-27.25%	45.53%	193.21%	20.07%
Invested Capital Q/Q Growth	-29.29%	-23.22%	-17.88%	17.81%	-21.39%	-21.41%	-21.40%	21.51%	-31.63%	-46.86%	-28.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	263.81%	27.43%	23.01%	100.00%	236.41%	25.82%	10.86%	13.38%	363.76%	30.50%	22.25%
EBITDA Margin	-9.99%	8.69%	3.10%	-1.88%	-6.11%	9.63%	-7.98%	-4.43%	-12.54%	15.17%	7.92%
Operating Margin	-10.16%	8.66%	3.06%	-2.00%	-6.17%	9.75%	-8.05%	-4.33%	-11.90%	15.15%	7.96%
EBIT Margin	-10.09%	8.61%	3.02%	-1.92%	-6.17%	9.66%	-7.95%	-4.44%	-12.61%	15.15%	7.94%
Profit (Net Income) Margin	-10.47%	8.28%	2.54%	-2.24%	-6.41%	9.04%	-7.98%	-4.60%	-12.56%	14.61%	7.41%
Tax Burden Percent	99.47%	99.44%	92.39%	103.97%	99.74%	95.59%	97.84%	98.70%	99.93%	97.17%	94.47%
Interest Burden Percent	104.30%	96.80%	91.05%	112.51%	104.08%	97.96%	102.57%	105.18%	99.69%	99.24%	98.79%
Effective Tax Rate	0.00%	0.56%	7.61%	0.00%	0.00%	4.41%	0.00%	0.00%	0.00%	2.83%	5.53%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-31.86%	-5.44%	1.74%	2.83%	2.87%	10.47%	-13.96%	-22.24%	-44.35%	-2.62%	34.26%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-14.55%	12.64%	4.56%	-4.03%	-13.42%	18.97%	-14.97%	-9.79%	-26.43%	26.64%	13.82%
Return on Assets (ROA)	-15.10%	12.16%	3.84%	-4.71%	-13.93%	17.77%	-15.03%	-10.16%	-26.33%	25.69%	12.90%
Return on Common Equity (ROCE)	-31.78%	-5.43%	1.74%	2.83%	2.86%	10.45%	-13.93%	-22.18%	-44.22%	-2.62%	34.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-5.18%	1.60%	2.54%	0.00%	9.31%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-102	185	63	-34	-103	284	-161	-90	-234	684	367
NOPAT Margin	-7.11%	8.61%	2.82%	-1.40%	-4.32%	9.32%	-5.63%	-3.03%	-8.33%	14.72%	7.52%
Net Nonoperating Expense Percent (NNEP)	-1.73%	-0.21%	-0.17%	-0.72%	-1.57%	-0.22%	-1.50%	-1.25%	-2.71%	-0.08%	-0.07%
Return On Investment Capital (ROIC_SIMPLE)	-9.22%	-	-	-	-7.86%	17.36%	-11.04%	-5.28%	-16.56%	32.61%	14.76%
Cost of Revenue to Revenue	-163.81%	72.57%	76.99%	0.00%	-136.41%	74.18%	89.14%	86.62%	-263.76%	69.50%	77.75%
SG&A Expenses to Revenue	25.44%	18.40%	19.61%	19.00%	19.47%	15.85%	18.66%	17.47%	18.22%	15.20%	14.16%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	273.97%	18.76%	19.95%	102.00%	242.58%	16.07%	18.91%	17.71%	375.65%	15.35%	14.29%
Earnings before Interest and Taxes (EBIT)	-144	184	67	-46	-148	294	-228	-132	-354	704	388
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-143	186	69	-46	-146	293	-229	-132	-352	705	387
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.57	3.26	3.30	4.41	3.28	2.46	4.71	4.78	3.89	2.05	4.19
Price to Tangible Book Value (P/TBV)	2.57	3.26	3.30	4.41	3.28	2.46	4.71	4.78	3.89	2.05	4.19
Price to Revenue (P/Rev)	0.35	0.51	0.52	0.62	0.36	0.33	0.51	0.43	0.33	0.26	0.56
Price to Earnings (P/E)	0.00	0.00	206.80	177.24	130.67	26.63	0.00	0.00	0.00	0.00	15.61
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.48%	0.56%	0.77%	3.75%	0.00%	0.00%	0.00%	0.00%	6.41%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.01	0.00	0.21	0.00	0.00	0.03	0.07	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	26.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	29.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	36.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	1.89	0.00	0.00	0.28	1.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.13	0.00	0.00	0.30	1.03	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.29	0.26	0.26	0.29	0.22	0.26	0.67	0.44	0.26	0.21
Long-Term Debt to Equity	0.37	0.29	0.26	0.26	0.29	0.22	0.26	0.67	0.44	0.26	0.21
Financial Leverage	-3.28	-3.38	-3.50	-2.74	-3.49	-3.34	-3.88	-3.42	-4.39	-4.08	-4.62
Leverage Ratio	4.79	4.53	4.57	3.75	4.63	4.33	4.95	4.67	5.59	5.04	5.48
Compound Leverage Factor	4.99	4.38	4.16	4.22	4.82	4.24	5.08	4.91	5.57	5.00	5.41
Debt to Total Capital	27.04%	22.42%	20.78%	20.44%	22.76%	18.32%	20.53%	40.06%	30.49%	20.54%	17.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.04%	22.42%	20.78%	20.44%	22.76%	18.32%	20.53%	40.06%	30.49%	20.54%	17.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.19%	0.17%	0.16%	0.18%	0.22%	0.19%	0.20%	0.17%	0.22%	0.15%	0.13%
Common Equity to Total Capital	72.76%	77.41%	79.06%	79.39%	77.02%	81.49%	79.27%	59.77%	69.30%	79.31%	82.52%
Debt to EBITDA	-1.24	-14.39	5.44	4.51	4.74	1.76	-2.37	-3.22	-1.03	-58.94	0.71
Net Debt to EBITDA	11.04	159.50	-69.56	-50.86	-58.51	-26.93	40.35	19.35	12.09	1,048.33	-16.05
Long-Term Debt to EBITDA	-1.24	-14.39	5.44	4.51	4.74	1.76	-2.37	-3.22	-1.03	-58.94	0.71
Debt to NOPAT	-1.81	-17.30	7.92	6.20	6.69	2.05	-3.31	-4.66	-1.55	58.04	0.73
Net Debt to NOPAT	16.11	191.76	-101.37	-69.93	-82.64	-31.36	56.43	28.05	18.25	-1,032.44	-16.58
Long-Term Debt to NOPAT	-1.81	-17.30	7.92	6.20	6.69	2.05	-3.31	-4.66	-1.55	58.04	0.73
Altman Z-Score	1.03	1.49	1.30	1.73	1.34	1.63	1.47	1.75	1.32	1.64	1.83
Noncontrolling Interest Sharing Ratio	0.25%	0.23%	0.22%	0.22%	0.27%	0.23%	0.23%	0.25%	0.30%	0.21%	0.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	1.16	0.96	0.80	0.82	0.91	0.89	0.95	0.95	1.09	1.08
Quick Ratio	1.14	1.06	0.87	0.68	0.71	0.84	0.82	0.88	0.91	1.03	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-267	68	206	744	728	1,260	1,103	803	1,168	3,426	4,113
Operating Cash Flow to CapEx	4,865.09%	10,661.56%	6,574.33%	-6,610.38%	5,086.08%	9,733.46%	5,487.41%	-10,710.09%	7,414.51%	29,781.44%	17,789.02%
Free Cash Flow to Firm to Interest Expense	-42.99	11.51	34.42	127.97	120.80	210.17	188.73	117.08	0.00	636.37	873.45
Operating Cash Flow to Interest Expense	47.75	107.48	82.98	-86.01	57.55	146.57	87.06	-140.68	0.00	486.53	444.33
Operating Cash Flow Less CapEx to Interest Expense	46.77	106.47	81.72	-87.31	56.42	145.06	85.48	-142.00	0.00	484.89	441.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.44	1.47	1.51	2.10	2.17	1.96	1.88	2.21	2.10	1.76	1.74
Accounts Receivable Turnover	28.07	24.71	24.46	32.37	35.49	24.24	24.84	30.26	30.85	24.73	36.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	96.26	104.16	113.90	127.74	142.59	151.14	151.48	150.46	150.85	160.08	171.00
Accounts Payable Turnover	0.00	20.56	22.08	16.96	0.00	1.50	3.33	8.69	0.00	1.70	3.99
Days Sales Outstanding (DSO)	13.00	14.77	14.92	11.28	10.28	15.06	14.70	12.06	11.83	14.76	10.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	17.75	16.53	21.52	0.00	242.66	109.73	42.02	0.00	214.43	91.56
Cash Conversion Cycle (CCC)	13.00	-2.98	-1.61	-10.24	10.28	-227.61	-95.03	-29.96	11.83	-199.67	-81.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,850	-2,280	-2,688	-2,209	-2,682	-3,256	-3,953	-3,102	-4,084	-5,997	-7,699
Invested Capital Turnover	-3.03	-2.79	-2.76	-4.51	-4.05	-3.64	-3.23	-4.25	-3.46	-2.88	-2.63
Increase / (Decrease) in Invested Capital	165	117	-144	-778	-831	-976	-1,265	-893	-1,402	-2,741	-3,746
Enterprise Value (EV)	-585	50	-73	1,759	-372	-1,304	349	768	-1,258	-4,246	-1,152
Market Capitalization	2,069	3,362	3,753	5,131	3,323	3,285	5,460	4,895	3,804	3,415	8,599
Book Value per Share	$3.56	$4.46	$4.80	$4.81	$4.10	$5.32	$4.55	$3.96	$3.69	$5.59	$6.81
Tangible Book Value per Share	$3.56	$4.46	$4.80	$4.81	$4.10	$5.32	$4.55	$3.96	$3.69	$5.59	$6.81
Total Capital	1,105	1,333	1,440	1,465	1,316	1,636	1,461	1,713	1,411	2,098	2,487
Total Debt	299	299	299	299	300	300	300	686	430	431	432
Total Long-Term Debt	299	299	299	299	300	300	300	686	430	431	432
Net Debt	-2,657	-3,314	-3,828	-3,375	-3,698	-4,592	-5,114	-4,129	-5,064	-7,664	-9,754
Capital Expenditures (CapEx)	6.10	5.95	7.56	7.57	6.82	9.03	9.28	9.01	9.06	8.79	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,928	-2,363	-2,774	-2,297	-2,770	-3,362	-4,089	-3,251	-4,240	-6,163	-7,872
Debt-free Net Working Capital (DFNWC)	632	484	-143	-587	-618	-374	-552	-214	-249	637	684
Net Working Capital (NWC)	632	484	-143	-587	-618	-374	-552	-214	-249	637	684
Net Nonoperating Expense (NNE)	48	7.04	6.34	21	50	8.52	67	47	119	5.16	5.31
Net Nonoperating Obligations (NNO)	-2,657	-3,314	-3,828	-3,375	-3,698	-4,592	-5,114	-4,129	-5,064	-7,664	-9,754
Total Depreciation and Amortization (D&A)	1.42	1.78	1.80	0.96	1.51	-0.75	-0.83	0.30	2.01	0.96	-1.03
Debt-free, Cash-free Net Working Capital to Revenue	-32.89%	-36.15%	-38.36%	-27.95%	-30.18%	-33.35%	-38.13%	-28.80%	-36.23%	-46.33%	-51.39%
Debt-free Net Working Capital to Revenue	10.78%	7.41%	-1.97%	-7.14%	-6.73%	-3.71%	-5.15%	-1.90%	-2.13%	4.79%	4.46%
Net Working Capital to Revenue	10.78%	7.41%	-1.97%	-7.14%	-6.73%	-3.71%	-5.15%	-1.90%	-2.13%	4.79%	4.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.68)	$0.77	$0.24	($0.22)	($0.68)	$1.10	($0.89)	($0.53)	($1.37)	$2.28	$1.20
Adjusted Weighted Average Basic Shares Outstanding	221.66M	231.44M	238.67M	243.11M	240.39M	251.28M	255.53M	259.27M	262.39M	298.18M	302.22M
Adjusted Diluted Earnings per Share	($0.68)	$0.62	$0.20	($0.22)	($0.50)	$0.92	($0.89)	($0.53)	($1.19)	$2.07	$1.10
Adjusted Weighted Average Diluted Shares Outstanding	221.66M	293.80M	303.97M	243.11M	265.85M	305.94M	255.53M	259.27M	262.39M	329.75M	333.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	229.73M	237.22M	241.91M	247.27M	250.57M	254.68M	258.56M	264.68M	297.75M	301.49M	308.65M
Normalized Net Operating Profit after Tax (NOPAT)	-102	185	63	-34	-103	284	-161	-90	-234	684	367
Normalized NOPAT Margin	-7.11%	8.61%	2.82%	-1.40%	-4.32%	9.32%	-5.63%	-3.03%	-8.33%	14.72%	7.52%
Pre Tax Income Margin	-10.52%	8.33%	2.75%	-2.16%	-6.42%	9.46%	-8.15%	-4.66%	-12.57%	15.04%	7.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-23.23	31.24	11.17	-8.00	-24.50	49.08	-38.94	-19.31	0.00	130.81	82.34
NOPAT to Interest Expense	-16.38	31.26	10.46	-5.82	-17.16	47.38	-27.59	-13.19	0.00	127.10	77.97
EBIT Less CapEx to Interest Expense	-24.21	30.23	9.91	-9.30	-25.64	47.58	-40.53	-20.63	0.00	129.18	79.84
NOPAT Less CapEx to Interest Expense	-17.36	30.26	9.20	-7.12	-18.29	45.88	-29.18	-14.51	0.00	125.47	75.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Oscar Health (NYSE: OSCR) shows a dramatic improvement in its latest quarter, but the balance sheet still reflects a business that has only recently moved out of a long stretch of losses.

For Q1 2026, Oscar Health reported $4.65 billion in revenue and $679.0 million in net income, a sharp reversal from the $352.4 million loss in Q4 2025. Operating income also swung to a strong $704.1 million, while operating cash flow came in at an impressive $2.62 billion. That said, quarter-to-quarter results for Oscar can be noisy, so investors should view this as a strong snapshot rather than a confirmed long-term trend.

Over the last several years, the company has moved from large losses in 2022 and 2023 to profitability in parts of 2024 and 2025, but the pattern has not been smooth. Revenue has grown meaningfully, and operating leverage appears to have improved at times. However, there have also been periods of heavy volatility in medical costs and other operating items, which makes earnings less predictable than a traditional insurer.

Key takeaways for investors:

Q1 2026 was a standout quarter: revenue rose to $4.65 billion and net income reached $679.0 million, a major improvement from the prior quarter’s loss.
Operating cash flow was very strong: Oscar generated $2.62 billion in cash from operations in Q1 2026.
Liquidity is substantial: the company ended Q1 2026 with $4.81 billion in cash and equivalents plus $1.99 billion in short-term investments.
Total equity improved materially: common equity rose to $1.66 billion in Q1 2026, up from $1.03 billion in Q3 2025.
Revenue growth has been solid over time: quarterly revenue expanded from $1.47 billion in Q1 2023 to $4.65 billion in Q1 2026.
Margins remain volatile: gross profit and operating income have swung significantly from quarter to quarter, showing that profitability is still uneven.
Balance sheet leverage is present but manageable for now: long-term debt was $430.9 million in Q1 2026, down from $686.3 million in Q3 2025.
Investment income may be helping results: Oscar continues to hold a large investment portfolio, which can support earnings and liquidity.
Results are highly inconsistent: the company posted losses in several quarters, including Q4 2025 and multiple periods in 2024 and 2023.
Liabilities are large relative to equity: total liabilities were $7.62 billion in Q1 2026 versus $1.66 billion in equity, so the capital structure still carries risk.

From a longer-term perspective, Oscar Health appears to be moving in the right direction operationally, but the business remains cyclical and execution-sensitive. The latest quarter is encouraging, especially on earnings and cash flow, yet investors should watch whether the company can sustain profitability without relying on unusually strong investment-related gains or one-time benefits.

08/23/26 11:09 AM ETAI Generated. May Contain Errors.

Oscar Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Oscar Health's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Oscar Health's net income appears to be on a downward trend, with a most recent value of -$442.90 million in 2025, rising from -$261.18 million in 2019. The previous period was $26.12 million in 2024. Check out Oscar Health's forecast to explore projected trends and price targets.

Oscar Health's total operating income in 2025 was -$396.36 million, based on the following breakdown:

Total Gross Profit: $11.70 billion
Total Operating Expenses: $12.10 billion

Over the last 6 years, Oscar Health's total revenue changed from $488.19 million in 2019 to $11.70 billion in 2025, a change of 2,296.9%.

Oscar Health's total liabilities were at $5.34 billion at the end of 2025, a 39.8% increase from 2024, and a 193.2% increase since 2020.

In the past 5 years, Oscar Health's cash and equivalents has ranged from $826.33 million in 2020 to $2.77 billion in 2025, and is currently $2.77 billion as of their latest financial filing in 2025.

Over the last 6 years, Oscar Health's book value per share changed from 0.00 in 2019 to 3.69 in 2025, a change of 369.4%.

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Financial statements for NYSE:OSCR last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Oscar Health (OSCR) Financials

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Oscar Health (OSCR) Financials

Annual Income Statements for Oscar Health

Quarterly Income Statements for Oscar Health

Annual Cash Flow Statements for Oscar Health

Quarterly Cash Flow Statements for Oscar Health

Annual Balance Sheets for Oscar Health

Quarterly Balance Sheets for Oscar Health

Annual Metrics And Ratios for Oscar Health

Quarterly Metrics And Ratios for Oscar Health

Financials Breakdown Chart

Key Financial Trends

Oscar Health Financials - Frequently Asked Questions

When does Oscar Health's financial year end?

How has Oscar Health's net income changed over the last 6 years?

What is Oscar Health's operating income?

How has Oscar Health's revenue changed over the last 6 years?

How much debt does Oscar Health have?

How much cash does Oscar Health have?

How has Oscar Health's book value per share changed over the last 6 years?

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