Oscar Health, Inc.

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What Do They Do?

Sells health plans to individuals, families, and employees, and provides engagement software for health insurers and care providers.

How Do They Make Money?

Oscar receives a fixed premium for each member each month, from CMS through premium subsidies and directly from members; it earns premiums while providing coverage.

FY2025 revenue

Who Are Their Customers?

Individuals and families buy plans through federal or state marketplaces, off-marketplace, or through brokers; employees can enroll when their employers offer health reimbursement arrangements. Providers and insurers use +Oscar's engagement platform, while brokers and consumers can shop and enroll through its marketplace.

Do Revenues Turn Into Profits?

Not on paper. It lost $443.2M in FY2025, but brought in more cash than it spent: $1.1B of free cash flow.

Operating income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($57.3M, 1%)

Net income, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($25.4M, 0%)

Free cash flow, FY2025

9% of revenue

▲ +11% vs FY2024 ($950.3M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +70%; vs $2.9B in Q2 FY2025
Net income: ▲ Now profitable; vs −$228.4M in Q2 FY2025

Apr 21, 2026 Oscar appoints Siddhartha Sankaran as independent board chair Sankaran will succeed Jeffery Boyd, who is not standing for reelection at the annual meeting.

Growing. Revenue grew 6.4x in 4 years, from $1.8B in FY2021 to $11.7B in FY2025, about 59% a year.

Insurance offerings The older report describes individual, small-group, and Medicare Advantage plans; the latest describes plans in the individual market, including coverage available to employees through employer health reimbursement arrangements.

Brokerage and enrollment services The latest report adds brokerage and enrollment businesses alongside insurance and technology services, including a platform for shopping for and enrolling in individual and supplemental health products.

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