Oscar Health (OSCR) Financials

$23.11 -0.51 (-2.14%)

Closing price 03:59 PM Eastern

Extended Trading

$22.96 -0.15 (-0.64%)

As of 05:38 PM Eastern

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-65	-150	177	56	-55	-154	275	-228	-137	-353	679
Consolidated Net Income / (Loss)	-66	-150	177	56	-54	-153	276	-228	-137	-352	679
Net Income / (Loss) Continuing Operations	-66	-150	177	56	-54	-153	276	-228	-137	-352	679
Total Pre-Tax Income	-65	-151	178	61	-52	-154	288	-234	-139	-353	699
Total Operating Income	-58	-145	186	68	-48	-148	297	-230	-129	-334	704
Total Gross Profit	277	3,777	588	511	2,423	5,656	787	311	400	10,204	1,417
Total Revenue	1,440	1,432	2,142	2,219	2,423	2,392	3,046	2,864	2,986	2,805	4,647
Operating Revenue	1,440	1,432	2,142	2,219	2,423	2,392	3,046	2,864	2,986	2,805	4,647
Total Cost of Revenue	1,163	-2,345	1,555	1,709	0.00	-3,263	2,260	2,553	2,586	-7,399	3,230
Operating Cost of Revenue	1,163	-	1,555	1,709	-	-	2,260	2,553	2,586	-	3,230
Total Operating Expenses	335	3,922	402	443	2,472	5,804	489	541	529	10,538	713
Selling, General & Admin Expense	326	364	394	435	460	466	483	534	522	511	706
Depreciation Expense	9.19	7.74	7.81	7.60	7.50	9.23	6.73	6.97	7.31	7.88	7.02
Total Other Income / (Expense), net	-6.54	-5.17	-7.08	-6.86	-3.94	-5.96	-8.91	-3.05	-10	-19	-5.31
Interest Expense	6.13	6.22	5.90	5.99	5.82	6.03	5.99	5.85	6.86	-1.10	5.38
Other Income / (Expense), net	-0.41	1.05	-1.18	-0.87	1.88	0.07	-2.92	2.79	-3.18	-20	0.07
Income Tax Expense	0.92	-0.81	1.00	4.64	2.08	-0.40	13	-5.05	-1.81	-0.25	20
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.31	0.19	0.11	0.11	0.21	0.26	0.24	-0.13	-0.03	0.18	0.03
Basic Earnings per Share	($0.29)	($0.68)	$0.77	$0.24	($0.22)	($0.68)	$1.10	($0.89)	($0.53)	($1.37)	$2.28
Weighted Average Basic Shares Outstanding	223.10M	221.66M	231.44M	238.67M	243.11M	240.39M	251.28M	255.53M	259.27M	262.39M	298.18M
Diluted Earnings per Share	($0.29)	($0.68)	$0.62	$0.20	($0.22)	($0.50)	$0.92	($0.89)	($0.53)	($1.19)	$2.07
Weighted Average Diluted Shares Outstanding	223.10M	221.66M	293.80M	303.97M	243.11M	265.85M	305.94M	255.53M	259.27M	262.39M	329.75M
Weighted Average Basic & Diluted Shares Outstanding	226.11M	229.73M	237.22M	241.91M	247.27M	250.57M	254.68M	258.56M	264.68M	297.75M	301.49M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-922	470	361	38	-1,059	319	709	363	-451	631	2,025
Net Cash From Operating Activities	-1,149	297	634	497	-500	347	879	509	-965	672	2,619
Net Cash From Continuing Operating Activities	-1,149	297	634	497	-500	347	879	509	-965	672	2,619
Net Income / (Loss) Continuing Operations	-66	-150	177	56	-54	-153	276	-228	-137	-352	679
Consolidated Net Income / (Loss)	-66	-150	177	56	-54	-153	276	-228	-137	-352	679
Depreciation Expense	9.19	7.74	7.81	7.60	7.50	9.23	6.73	6.97	7.31	7.88	7.02
Amortization Expense	-7.39	-6.32	-6.03	-5.80	-6.54	-7.73	-7.48	-7.80	-7.01	-5.87	-6.06
Non-Cash Adjustments To Reconcile Net Income	-1,140	370	151	399	-596	463	582	724	-807	1,032	1,887
Changes in Operating Assets and Liabilities, net	54	75	304	40	149	36	22	15	-21	-9.85	52
Net Cash From Investing Activities	225	172	-301	-478	-578	-31	-174	-168	150	-49	-590
Net Cash From Continuing Investing Activities	225	172	-301	-478	-578	-31	-174	-168	150	-49	-590
Purchase of Property, Plant & Equipment	-6.48	-6.10	-5.95	-7.56	-7.57	-6.82	-9.03	-9.28	-9.01	-9.06	-8.79
Purchase of Investments	-84	-215	-557	-806	-660	-110	-337	-271	-173	-233	-916
Sale and/or Maturity of Investments	316	396	261	335	87	86	172	112	329	193	334
Net Cash From Financing Activities	2.32	1.07	27	19	19	3.82	4.87	22	364	8.17	-3.60
Net Cash From Continuing Financing Activities	2.32	1.07	27	19	19	3.82	4.87	22	364	8.17	-3.60
Repayment of Debt	-	-	-	-	-	-	0.00	-	-	-0.23	-4.74
Other Financing Activities, net	0.30	1.07	27	19	19	3.82	4.87	22	-23	8.40	1.14
Cash Interest Paid	0.26	0.26	11	0.15	11	11	0.15	11	0.16	1.27	4.18
Cash Income Taxes Paid	0.60	1.41	-	-	0.55	0.04	0.00	-	2.02	0.02	0.04

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	4,309	4,483	4,565	3,350	4,419	5,006	4,483	5,844	6,384	5,746	9,290
Total Current Assets	3,931	4,131	4,193	2,992	3,504	3,359	2,368	3,775	4,313	3,763	7,777
Cash & Equivalents	2,113	2,110	2,322	1,400	2,231	2,268	1,206	2,237	2,599	2,149	4,805
Short-Term Investments	718	1,325	1,256	1,044	616	364	504	751	938	888	1,995
Accounts Receivable	215	186	193	207	343	398	301	489	465	445	587
Other Current Assets	885	511	422	340	314	329	357	298	311	281	390
Plant, Property, & Equipment, net	56	64	63	62	61	64	67	72	78	83	94
Total Noncurrent Assets	321	288	309	296	854	1,583	2,048	1,997	1,993	1,900	1,418
Long-Term Investments	224	193	217	207	766	1,496	1,964	1,904	1,877	1,779	1,295
Other Noncurrent Operating Assets	97	95	92	89	87	87	84	94	116	121	123
Total Liabilities & Shareholders' Equity	4,309	4,483	4,565	3,350	4,419	5,006	4,483	5,844	6,384	5,746	9,290
Total Liabilities	3,224	3,551	3,613	2,428	3,385	3,866	3,318	4,508	5,223	4,719	7,623
Total Current Liabilities	2,853	3,182	3,244	2,061	3,019	3,502	2,955	4,149	4,866	3,977	7,140
Accounts Payable	252	299	262	260	303	348	395	634	584	557	506
Other Current Liabilities	2,600	2,882	2,983	1,801	2,716	3,154	2,559	3,515	4,282	3,420	6,634
Total Noncurrent Liabilities	372	370	369	367	365	364	363	359	357	742	482
Long-Term Debt	298	298	298	299	299	299	299	300	300	686	431
Other Noncurrent Operating Liabilities	74	71	70	69	66	65	64	59	57	56	51
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	1,085	932	952	921	1,034	1,141	1,165	1,336	1,161	1,027	1,667
Total Preferred & Common Equity	1,082	930	950	919	1,032	1,138	1,163	1,333	1,158	1,024	1,664
Total Common Equity	1,082	930	950	919	1,032	1,138	1,163	1,333	1,158	1,024	1,664
Common Stock	3,479	3,583	3,621	3,654	3,737	3,787	3,837	3,902	3,952	3,952	4,277
Retained Earnings	-2,380	-2,646	-2,661	-2,727	-2,699	-2,643	-2,698	-2,576	-2,804	-2,942	-2,615
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)	-14	-4.48	-6.86	-4.45	-2.59	-2.63	26	9.60	14	16	5.00
Noncontrolling Interest	2.53	2.16	2.26	1.96	2.26	2.37	2.58	3.07	2.94	2.91	3.11

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	297,748,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	297,748,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	47.17%	43.87%	45.77%	45.86%	68.30%	67.11%	42.20%	29.04%	23.21%	17.25%	52.55%
EBITDA Growth	69.07%	34.66%	653.06%	1,071.36%	19.90%	-2.20%	57.64%	-432.42%	-190.15%	-140.68%	140.28%
EBIT Growth	68.97%	34.69%	685.87%	922.26%	20.73%	-2.24%	59.56%	-440.14%	-184.82%	-139.58%	139.34%
NOPAT Growth	69.72%	34.61%	1,139.24%	1,470.87%	16.95%	-1.55%	53.92%	-357.51%	-167.19%	-125.92%	140.89%
Net Income Growth	66.05%	33.86%	547.87%	465.07%	17.22%	-2.30%	55.23%	-505.76%	-152.78%	-129.92%	146.46%
EPS Growth	68.13%	35.24%	444.44%	385.71%	24.14%	26.47%	48.39%	-545.00%	-140.91%	-138.00%	125.00%
Operating Cash Flow Growth	-109.58%	96.09%	52.96%	200.35%	56.48%	16.83%	38.49%	2.40%	-92.88%	93.73%	198.11%
Free Cash Flow Firm Growth	-150.54%	-138.79%	-88.69%	-56.33%	363.62%	372.35%	1,754.00%	435.18%	7.88%	60.49%	171.92%
Invested Capital Growth	14.44%	8.21%	4.86%	-5.64%	-54.36%	-44.93%	-42.79%	-47.06%	-40.43%	-52.28%	-84.20%
Revenue Q/Q Growth	-5.36%	-0.58%	49.64%	3.60%	9.20%	-1.28%	27.33%	-5.99%	4.26%	-6.05%	65.66%
EBITDA Q/Q Growth	-703.36%	-151.54%	230.17%	-63.07%	-166.25%	-220.94%	300.78%	-177.87%	42.18%	-166.22%	300.45%
EBIT Q/Q Growth	-620.53%	-146.22%	227.66%	-63.69%	-169.46%	-217.58%	299.24%	-177.39%	41.84%	-167.14%	299.04%
NOPAT Q/Q Growth	-792.08%	-149.77%	281.20%	-66.05%	-154.05%	-205.39%	374.65%	-156.80%	43.92%	-158.22%	392.86%
Net Income Q/Q Growth	-325.95%	-128.05%	218.45%	-68.27%	-196.58%	-181.84%	279.73%	-182.94%	39.83%	-156.35%	292.67%
EPS Q/Q Growth	-314.29%	-134.48%	191.18%	-67.74%	-210.00%	-127.27%	284.00%	-196.74%	40.45%	-124.53%	273.95%
Operating Cash Flow Q/Q Growth	-794.32%	125.83%	113.69%	-21.63%	-200.60%	169.34%	153.31%	-42.06%	-289.50%	169.65%	289.79%
Free Cash Flow Firm Q/Q Growth	-159.79%	5.31%	125.42%	203.45%	260.90%	-2.18%	73.06%	-12.41%	-27.25%	45.53%	193.21%
Invested Capital Q/Q Growth	43.75%	-29.29%	-23.22%	-17.88%	17.81%	-21.39%	-21.41%	-21.40%	21.51%	-31.63%	-46.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.22%	263.81%	27.43%	23.01%	100.00%	236.41%	25.82%	10.86%	13.38%	363.76%	30.50%
EBITDA Margin	-3.95%	-9.99%	8.69%	3.10%	-1.88%	-6.11%	9.63%	-7.98%	-4.43%	-12.54%	15.17%
Operating Margin	-4.04%	-10.16%	8.66%	3.06%	-2.00%	-6.17%	9.75%	-8.05%	-4.33%	-11.90%	15.15%
EBIT Margin	-4.07%	-10.09%	8.61%	3.02%	-1.92%	-6.17%	9.66%	-7.95%	-4.44%	-12.61%	15.15%
Profit (Net Income) Margin	-4.56%	-10.47%	8.28%	2.54%	-2.24%	-6.41%	9.04%	-7.98%	-4.60%	-12.56%	14.61%
Tax Burden Percent	101.41%	99.47%	99.44%	92.39%	103.97%	99.74%	95.59%	97.84%	98.70%	99.93%	97.17%
Interest Burden Percent	110.45%	104.30%	96.80%	91.05%	112.51%	104.08%	97.96%	102.57%	105.18%	99.69%	99.24%
Effective Tax Rate	0.00%	0.00%	0.56%	7.61%	0.00%	0.00%	4.41%	0.00%	0.00%	0.00%	2.83%
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)	-34.63%	-31.86%	-5.44%	1.74%	2.83%	2.87%	10.47%	-13.96%	-22.24%	-44.35%	-2.62%
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)	-5.77%	-14.55%	12.64%	4.56%	-4.03%	-13.42%	18.97%	-14.97%	-9.79%	-26.43%	26.64%
Return on Assets (ROA)	-6.47%	-15.10%	12.16%	3.84%	-4.71%	-13.93%	17.77%	-15.03%	-10.16%	-26.33%	25.69%
Return on Common Equity (ROCE)	-34.55%	-31.78%	-5.43%	1.74%	2.83%	2.86%	10.45%	-13.93%	-22.18%	-44.22%	-2.62%
Return on Equity Simple (ROE_SIMPLE)	-37.77%	0.00%	-5.18%	1.60%	2.54%	0.00%	9.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-41	-102	185	63	-34	-103	284	-161	-90	-234	684
NOPAT Margin	-2.83%	-7.11%	8.61%	2.82%	-1.40%	-4.32%	9.32%	-5.63%	-3.03%	-8.33%	14.72%
Net Nonoperating Expense Percent (NNEP)	-0.98%	-1.73%	-0.21%	-0.17%	-0.72%	-1.57%	-0.22%	-1.50%	-1.25%	-2.71%	-0.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-9.22%	-	-	-	-7.86%	17.36%	-11.04%	-5.28%	-16.56%	32.61%
Cost of Revenue to Revenue	80.78%	-163.81%	72.57%	76.99%	0.00%	-136.41%	74.18%	89.14%	86.62%	-263.76%	69.50%
SG&A Expenses to Revenue	22.63%	25.44%	18.40%	19.61%	19.00%	19.47%	15.85%	18.66%	17.47%	18.22%	15.20%
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	23.27%	273.97%	18.76%	19.95%	102.00%	242.58%	16.07%	18.91%	17.71%	375.65%	15.35%
Earnings before Interest and Taxes (EBIT)	-59	-144	184	67	-46	-148	294	-228	-132	-354	704
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-57	-143	186	69	-46	-146	293	-229	-132	-352	705
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.34	2.57	3.26	3.30	4.41	3.28	2.46	4.71	4.78	3.89	2.05
Price to Tangible Book Value (P/TBV)	1.34	2.57	3.26	3.30	4.41	3.28	2.46	4.71	4.78	3.89	2.05
Price to Revenue (P/Rev)	0.23	0.35	0.51	0.52	0.62	0.36	0.33	0.51	0.43	0.33	0.26
Price to Earnings (P/E)	0.00	0.00	0.00	206.80	177.24	130.67	26.63	0.00	0.00	0.00	0.00
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%	0.00%	0.48%	0.56%	0.77%	3.75%	0.00%	0.00%	0.00%	0.00%
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	0.00	0.01	0.00	0.21	0.00	0.00	0.03	0.07	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	26.51	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	29.12	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	36.45	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	0.00	1.89	0.00	0.00	0.28	1.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	2.13	0.00	0.00	0.30	1.03	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.37	0.29	0.26	0.26	0.29	0.22	0.26	0.67	0.44	0.26
Long-Term Debt to Equity	0.32	0.37	0.29	0.26	0.26	0.29	0.22	0.26	0.67	0.44	0.26
Financial Leverage	-2.55	-3.28	-3.38	-3.50	-2.74	-3.49	-3.34	-3.88	-3.42	-4.39	-4.08
Leverage Ratio	3.82	4.79	4.53	4.57	3.75	4.63	4.33	4.95	4.67	5.59	5.04
Compound Leverage Factor	4.22	4.99	4.38	4.16	4.22	4.82	4.24	5.08	4.91	5.57	5.00
Debt to Total Capital	24.47%	27.04%	22.42%	20.78%	20.44%	22.76%	18.32%	20.53%	40.06%	30.49%	20.54%
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	24.47%	27.04%	22.42%	20.78%	20.44%	22.76%	18.32%	20.53%	40.06%	30.49%	20.54%
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	0.16%	0.19%	0.17%	0.16%	0.18%	0.22%	0.19%	0.20%	0.17%	0.22%	0.15%
Common Equity to Total Capital	75.37%	72.76%	77.41%	79.06%	79.39%	77.02%	81.49%	79.27%	59.77%	69.30%	79.31%
Debt to EBITDA	-0.94	-1.24	-14.39	5.44	4.51	4.74	1.76	-2.37	-3.22	-1.03	-58.94
Net Debt to EBITDA	7.43	11.04	159.50	-69.56	-50.86	-58.51	-26.93	40.35	19.35	12.09	1,048.33
Long-Term Debt to EBITDA	-0.94	-1.24	-14.39	5.44	4.51	4.74	1.76	-2.37	-3.22	-1.03	-58.94
Debt to NOPAT	-1.36	-1.81	-17.30	7.92	6.20	6.69	2.05	-3.31	-4.66	-1.55	58.04
Net Debt to NOPAT	10.75	16.11	191.76	-101.37	-69.93	-82.64	-31.36	56.43	28.05	18.25	-1,032.44
Long-Term Debt to NOPAT	-1.36	-1.81	-17.30	7.92	6.20	6.69	2.05	-3.31	-4.66	-1.55	58.04
Altman Z-Score	1.06	1.03	1.49	1.30	1.73	1.34	1.63	1.47	1.75	1.32	1.64
Noncontrolling Interest Sharing Ratio	0.22%	0.25%	0.23%	0.22%	0.22%	0.27%	0.23%	0.23%	0.25%	0.30%	0.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.26	1.16	0.96	0.80	0.82	0.91	0.89	0.95	0.95	1.09
Quick Ratio	1.29	1.14	1.06	0.87	0.68	0.71	0.84	0.82	0.88	0.91	1.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-282	-267	68	206	744	728	1,260	1,103	803	1,168	3,426
Operating Cash Flow to CapEx	-17,738.32%	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%
Free Cash Flow to Firm to Interest Expense	-46.05	-42.99	11.51	34.42	127.97	120.80	210.17	188.73	117.08	0.00	636.37
Operating Cash Flow to Interest Expense	-187.48	47.75	107.48	82.98	-86.01	57.55	146.57	87.06	-140.68	0.00	486.53
Operating Cash Flow Less CapEx to Interest Expense	-188.54	46.77	106.47	81.72	-87.31	56.42	145.06	85.48	-142.00	0.00	484.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.42	1.44	1.47	1.51	2.10	2.17	1.96	1.88	2.21	2.10	1.76
Accounts Receivable Turnover	25.68	28.07	24.71	24.46	32.37	35.49	24.24	24.84	30.26	30.85	24.73
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	91.57	96.26	104.16	113.90	127.74	142.59	151.14	151.48	150.46	150.85	160.08
Accounts Payable Turnover	10.79	0.00	20.56	22.08	16.96	0.00	1.50	3.33	8.69	0.00	1.70
Days Sales Outstanding (DSO)	14.21	13.00	14.77	14.92	11.28	10.28	15.06	14.70	12.06	11.83	14.76
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)	33.84	0.00	17.75	16.53	21.52	0.00	242.66	109.73	42.02	0.00	214.43
Cash Conversion Cycle (CCC)	-19.63	13.00	-2.98	-1.61	-10.24	10.28	-227.61	-95.03	-29.96	11.83	-199.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,431	-1,850	-2,280	-2,688	-2,209	-2,682	-3,256	-3,953	-3,102	-4,084	-5,997
Invested Capital Turnover	-3.50	-3.03	-2.79	-2.76	-4.51	-4.05	-3.64	-3.23	-4.25	-3.46	-2.88
Increase / (Decrease) in Invested Capital	242	165	117	-144	-778	-831	-976	-1,265	-893	-1,402	-2,741
Enterprise Value (EV)	-1,115	-585	50	-73	1,759	-372	-1,304	349	768	-1,258	-4,246
Market Capitalization	1,236	2,069	3,362	3,753	5,131	3,323	3,285	5,460	4,895	3,804	3,415
Book Value per Share	$4.14	$3.56	$4.46	$4.80	$4.81	$4.10	$5.32	$4.55	$3.96	$3.69	$5.59
Tangible Book Value per Share	$4.14	$3.56	$4.46	$4.80	$4.81	$4.10	$5.32	$4.55	$3.96	$3.69	$5.59
Total Capital	1,220	1,105	1,333	1,440	1,465	1,316	1,636	1,461	1,713	1,411	2,098
Total Debt	299	299	299	299	299	300	300	300	686	430	431
Total Long-Term Debt	299	299	299	299	299	300	300	300	686	430	431
Net Debt	-2,353	-2,657	-3,314	-3,828	-3,375	-3,698	-4,592	-5,114	-4,129	-5,064	-7,664
Capital Expenditures (CapEx)	6.48	6.10	5.95	7.56	7.57	6.82	9.03	9.28	9.01	9.06	8.79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,513	-1,928	-2,363	-2,774	-2,297	-2,770	-3,362	-4,089	-3,251	-4,240	-6,163
Debt-free Net Working Capital (DFNWC)	931	632	484	-143	-587	-618	-374	-552	-214	-249	637
Net Working Capital (NWC)	931	632	484	-143	-587	-618	-374	-552	-214	-249	637
Net Nonoperating Expense (NNE)	25	48	7.04	6.34	21	50	8.52	67	47	119	5.16
Net Nonoperating Obligations (NNO)	-2,353	-2,657	-3,314	-3,828	-3,375	-3,698	-4,592	-5,114	-4,129	-5,064	-7,664
Total Depreciation and Amortization (D&A)	1.80	1.42	1.78	1.80	0.96	1.51	-0.75	-0.83	0.30	2.01	0.96
Debt-free, Cash-free Net Working Capital to Revenue	-27.89%	-32.89%	-36.15%	-38.36%	-27.95%	-30.18%	-33.35%	-38.13%	-28.80%	-36.23%	-46.33%
Debt-free Net Working Capital to Revenue	17.15%	10.78%	7.41%	-1.97%	-7.14%	-6.73%	-3.71%	-5.15%	-1.90%	-2.13%	4.79%
Net Working Capital to Revenue	17.15%	10.78%	7.41%	-1.97%	-7.14%	-6.73%	-3.71%	-5.15%	-1.90%	-2.13%	4.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.29)	($0.68)	$0.77	$0.24	($0.22)	($0.68)	$1.10	($0.89)	($0.53)	($1.37)	$2.28
Adjusted Weighted Average Basic Shares Outstanding	223.10M	221.66M	231.44M	238.67M	243.11M	240.39M	251.28M	255.53M	259.27M	262.39M	298.18M
Adjusted Diluted Earnings per Share	($0.29)	($0.68)	$0.62	$0.20	($0.22)	($0.50)	$0.92	($0.89)	($0.53)	($1.19)	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	223.10M	221.66M	293.80M	303.97M	243.11M	265.85M	305.94M	255.53M	259.27M	262.39M	329.75M
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	226.11M	229.73M	237.22M	241.91M	247.27M	250.57M	254.68M	258.56M	264.68M	297.75M	301.49M
Normalized Net Operating Profit after Tax (NOPAT)	-41	-102	185	63	-34	-103	284	-161	-90	-234	684
Normalized NOPAT Margin	-2.83%	-7.11%	8.61%	2.82%	-1.40%	-4.32%	9.32%	-5.63%	-3.03%	-8.33%	14.72%
Pre Tax Income Margin	-4.50%	-10.52%	8.33%	2.75%	-2.16%	-6.42%	9.46%	-8.15%	-4.66%	-12.57%	15.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.57	-23.23	31.24	11.17	-8.00	-24.50	49.08	-38.94	-19.31	0.00	130.81
NOPAT to Interest Expense	-6.65	-16.38	31.26	10.46	-5.82	-17.16	47.38	-27.59	-13.19	0.00	127.10
EBIT Less CapEx to Interest Expense	-10.63	-24.21	30.23	9.91	-9.30	-25.64	47.58	-40.53	-20.63	0.00	129.18
NOPAT Less CapEx to Interest Expense	-7.71	-17.36	30.26	9.20	-7.12	-18.29	45.88	-29.18	-14.51	0.00	125.47
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

Here’s a concise, four-year view of Oscar Health (OSCR) using the company’s quarterly statements. The focus is on trends that may matter to retail investors.

Operating revenue has trended higher over the four-year window, rising from about $1.0B in 2022 to roughly $2.8B–$3.0B in 2025, indicating sustained top-line growth.
Operating cash flow turned positive in 2025-Q4, at about $672M, marking a meaningful shift toward cash generation after weaker quarters earlier in 2025.
The company held a strong cash position in mid-2025, with cash and equivalents around $2.15B in 2025-Q3, supporting liquidity amid ongoing losses.
Gross profit remained positive across quarters, suggesting core gross margins remained intact even as operating expenses outweighed profitability at the bottom line.
The balance sheet shows asset levels fluctuating in 2025 (roughly $5.75B–$6.38B across quarters), illustrating balance-sheet volatility but overall a sizable asset base.
Equity activity includes periodic equity issuances in earlier years (e.g., 2022–2023), contributing to dilution and a mixed capital structure that may affect long-term equity value.
Net income attributable to common shareholders remained negative across the period, with 2025-Q4 at about -$352.6M, underscoring ongoing profitability challenges.
Leverage remains a concern: total liabilities run high relative to equity (liabilities around $4.7B–$5.0B vs. equity near $1.0B–$1.2B in recent periods), signaling meaningful balance-sheet risk.
Investing cash flows were frequently negative, reflecting ongoing capital deployments and investments that contribute to cash burn outside core operations.
Earnings per share remained deeply negative in recent quarters (example: 2025-Q4 basic EPS around -$1.37 and diluted EPS around -$1.19), highlighting persistent profitability pressures for shareholders.

05/14/26 05:16 PM 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 financial year ends in December. Their financial 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. View Oscar Health's forecast to see where analysts expect Oscar Health to go next.

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%.

Related Companies

Financial statements for NYSE:OSCR last updated on 5/8/2026 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 fiscal 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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