OSCR

MKT CAP:$4B

Oscar Health, Inc.

Market Cap

$4B

Healthcare·Medical - Healthcare Plans·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$16.44+$1.47 (+9.82%)

Apr 22, 2026

Company Details

Oscar Health, Inc. provides health insurance products and services in the United States. The company offers Individual & Family, Small Group, and Medicare Advantage plans, as well as +Oscar, a technology driven platform designed to help pro...

CEO

Mark Thomas Bertolini

IPO Date

Mar 3, 2021

Website

www.hioscar.com

Key Metrics TTM

Revenue

$11.7B

+42.9% YoY

Net Income

-$443M

EPS (Diluted)

-$1.69

Free Cash Flow

$1.1B

Revenue / Share

$41.31

Gross Margin

14.4%

Operating Margin

-3.4%

Net Margin

-3.8%

FCF Margin

9.0%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 13, 2026

$11.7BEPS -$1.69

Q4 2025

Feb 13, 2026

$2.8B+17.3%EPS -$1.24

Q3 2025

Nov 6, 2025

$3.0BEPS -$0.53

Q2 2025

Aug 7, 2025

$2.9B+29.0%EPS -$0.84

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$389M	$389M	-$88M
Q2 21	$550M	$550M	-$73M
Q3 21	$462M	$462M	-$212M
Q2 22	$1.1B	$1.1B	-$112M
Q3 22	$1.0B	$1.0B	-$195M
Q4 22	$1.0B	$1.0B	-$227M
Q1 23	$1.5B	$1.5B	-$38M
Q3 23	$1.4B	$1.4B	-$65M
Q4 23	$1.4B	$1.4B	-$151M
Q1 24	$2.1B	$2.1B	$178M
Q2 24	$2.2B	$2.2B	$61M
Q4 24	$2.4B	$327M	-$148M
Q1 25	$3.0B	$787M	$297M
Q2 25	$2.9B	$311M	-$230M
Q3 25	$3.0B	$400M	-$129M
Q4 25	$2.8B	$185M	-$334M

Valuation

Quarter	P/S	P/E
Q1 21	5.1x	—
Q2 21	3.5x	—
Q3 21	2.7x	—
Q2 22	1.8x	—
Q3 22	1.4x	—
Q4 22	1.2x	—
Q1 23	1.0x	—
Q3 23	0.9x	—
Q4 23	0.8x	—
Q1 24	0.7x	—
Q2 24	0.6x	240.3x
Q4 24	0.5x	—
Q1 25	0.4x	12.3x
Q2 25	0.4x	—
Q3 25	0.4x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$318M	$311M
Q2 21	$55M	$49M
Q3 21	-$589M	-$595M
Q2 22	$214M	$208M
Q3 22	-$548M	-$558M
Q4 22	$151M	$144M
Q1 23	$415M	$407M
Q3 23	-$1.1B	-$1.2B
Q4 23	$297M	$291M
Q1 24	$634M	$628M
Q2 24	$497M	$490M
Q4 24	$347M	$340M
Q1 25	$879M	$870M
Q2 25	$509M	$500M
Q3 25	-$965M	-$974M
Q4 25	$672M	$663M

Capital Expenditures

Quarter	CapEx
Q1 21	$7M
Q2 21	$6M
Q3 21	$6M
Q2 22	$6M
Q3 22	$10M
Q4 22	$7M
Q1 23	$7M
Q3 23	$6M
Q4 23	$6M
Q1 24	$6M
Q2 24	$8M
Q4 24	$7M
Q1 25	$9M
Q2 25	$9M
Q3 25	$9M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+215.7%	+117.6%
Q2 21	+277.6%	+236.6%
Q3 21	+246.7%	+215.9%
Q2 22	+464.1%	+209.6%
Q3 22	+162.0%	+154.6%
Q4 22	+88.8%	+103.2%
Q1 23	+218.0%	+123.5%
Q3 23	+36.1%	+28.6%
Q4 23	+40.6%	+30.4%
Q1 24	+106.5%	+55.3%
Q2 24	+51.0%	+43.2%
Q4 24	+66.1%	+68.8%
Q1 25	+112.8%	+73.7%
Q2 25	+33.7%	+57.5%
Q3 25	+34.5%	+44.3%
Q4 25	+17.3%	+23.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$19M	4.9%
Q2 21	$18M	3.3%
Q3 21	$21M	4.5%
Q2 22	$27M	2.6%
Q3 22	$29M	2.8%
Q4 22	$29M	2.8%
Q1 23	$71M	4.9%
Q3 23	$29M	2.0%
Q4 23	$26M	1.8%
Q1 24	$26M	1.2%
Q2 24	$29M	1.3%
Q4 24	$26M	1.1%
Q1 25	$25M	0.8%
Q2 25	$24M	0.8%
Q3 25	$20M	0.7%
Q4 25	$18M	0.6%

OpEx Breakdown

Quarter	G&A
Q1 21	$65M
Q2 21	$51M
Q3 21	$60M
Q2 22	$81M
Q3 22	$79M
Q4 22	$76M
Q1 23	$397M
Q3 23	$326M
Q4 23	$86M
Q1 24	$395M
Q2 24	$435M
Q4 25	$511M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.1B	$810M	$2.9B
Q2 22	$2.4B	$909M	$3.3B
Q3 22	$2.1B	$718M	$2.8B
Q4 22	$1.6B	$1.4B	$3.0B
Q1 23	$2.1B	$1.3B	$3.4B
Q2 23	$2.3B	$1.3B	$3.6B
Q3 23	$1.4B	$1.0B	$2.4B
Q4 23	$1.9B	$690M	$2.6B
Q1 24	$2.2B	$616M	$2.8B
Q2 24	$2.3B	$364M	$2.6B
Q3 24	$1.2B	$504M	$1.7B
Q4 24	$1.5B	$624M	$2.2B
Q1 25	$2.2B	$751M	$3.0B
Q2 25	$2.6B	$938M	$3.5B
Q3 25	$2.1B	$888M	$3.0B
Q4 25	$2.8B	$1.2B	$4.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	205M	+1.1%	+1.1%
Q2 21	207M	+1.1%	+2.1%
Q3 21	208M	+0.3%	+2.5%
Q2 22	211M	+1.5%	+4.0%
Q3 22	213M	+0.7%	+3.7%
Q4 22	215M	+1.1%	+3.7%
Q1 23	217M	+0.8%	+4.2%
Q3 23	223M	+2.9%	+5.6%
Q4 23	227M	+1.8%	+6.7%
Q1 24	294M	+29.4%	+36.5%
Q2 24	304M	+3.5%	+40.1%
Q4 24	266M	-12.5%	+19.2%
Q1 25	306M	+15.1%	+34.7%
Q2 25	270M	-11.7%	-8.0%
Q3 25	259M	-4.1%	-14.7%
Q4 25	283M	+9.2%	+6.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q2 22	$403.8K	3K
Q3 22	$388.6K	3K
Q4 22	$382.3K	3K
Q1 23	$541.5K	3K
Q3 23	$530.6K	3K
Q4 23	$596.5K	2K
Q1 24	$892.8K	2K
Q2 24	$924.7K	2K
Q4 24	$996.8K	2K
Q1 25	$1M	2K
Q2 25	$1M	2K
Q3 25	$1M	2K
Q4 25	$1M	2K

Revenue / Employee