oscr-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission File Number: 001-40154

____________________________________________________________

Oscar Health, Inc.

(Exact name of registrant as specified in its charter)

____________________________________________________________

Delaware

46-1315570

(State or other jurisdiction
of incorporation or organization)

(I.R.S. Employer

Identification No.)

75 Varick Street, 5th Floor,

New York,

10013

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (646) 403-3677

Former name, former address and former fiscal year, if changed since last report: N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.00001 par value per share	OSCR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒


Class of Stock						Shares Outstanding as of April 30, 2026 (in thousands)
Class A Common Stock, par value $0.00001 per share						265,902
Class B Common Stock, par value $0.00001 per share						35,591

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Oscar Health, Inc.

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		Page
FORWARD LOOKING STATEMENTS		3
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income	6
	Condensed Consolidated Balance Sheets	7
	Condensed Consolidated Statements of Stockholders' Equity	8
	Condensed Consolidated Statements of Cash Flows	9

	Notes to Condensed Consolidated Financial Statements
	Note 1 - Organization	10
	Note 2 - Earnings Per Share	12
	Note 3 - Revenue Recognition	13
	Note 4 - Investments	13
	Note 5 - Fair Value Measurements	15
	Note 6 - Restricted Cash and Restricted Deposits	16
	Note 7 - Benefits Payable	17
	Note 8 - Risk Adjustment	18
	Note 9 - Debt	19
	Note 1 0 - Reinsurance	21

	Note 1 1 - Related Party Transactions	22
	Note 1 2 - Commitments and Contingencies	22
	Note 13 - Segment Information	24

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	37
Item 4.	Controls and Procedures	37

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	40

SIGNATURES		41

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This Quarterly Report on Form 10-Q for the period ended March 31, 2026 (“Quarterly Report on Form 10-Q”) contains the following defined terms, unless context otherwise requires: (i) “Oscar,” “the Company,” “we,” “our,” “us” or like terms refer to Oscar Health, Inc. and its subsidiaries, (ii) “Thrive Capital” refers to Thrive Capital Management, LLC, a Delaware limited liability company, and the investment funds affiliated with or advised by Thrive Capital Management, LLC and (iii) “Thrive General Partners” refers to Thrive Partners II GP, LLC, Thrive Partners III GP, LLC, Thrive Partners V GP, LLC, Thrive Partners VI GP, LLC, Thrive Partners VII GP, LLC, and Thrive Partners VII Growth GP, LLC, each of which is a general partner of a Thrive Capital-affiliated fund.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continues” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding our future results of operations and financial position, including risk adjustment transfer payments; industry, regulatory and business trends, including trends in medical expenses and overall market morbidity; our commercial arrangements, business strategy, plans and plan mix; membership and market growth; and our objectives for future operations.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following:

•Our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions);

•Our ability to retain and expand our member base;

•Our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs;

•Unanticipated results of, or changes to, risk adjustment programs or our estimates thereof;

•Evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including changes with respect to the Patient Protection and Affordable Care Act (“ACA”) and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits (“eAPTCs”), the implementation of new program integrity rules, the potential funding of a cost-sharing reduction (“CSR”) program, or other government actions, such as the imposition of tariffs;

•Our ability to achieve or maintain profitability in the future;

•Our ability to arrange for the delivery of quality care and maintain good relations with brokers and the physicians, hospitals, and other providers within and outside our provider networks;

•Our ability to comply with ongoing, complex and evolving regulatory requirements, including capital reserve and surplus requirements and applicable performance standards;

•Changes or developments in the regulation of health insurance markets in the United States;

•Our, or any of our vendors’, ability to comply with laws, regulations, and standards related to the handling of information about individuals or applicable consumer protection laws, including as a result of our participation in government-sponsored programs;

•The ability of our health insurance and Health Maintenance Organization (“HMO”) subsidiaries (collectively, “Health Insurance Subsidiaries”) to make payments of dividends or distributions to us, including to fund our business strategy;

•Our ability to utilize quota share reinsurance to meet our capital and surplus requirements and protect against downside risk on medical claims;

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•Adverse market conditions resulting in our investment portfolio suffering losses or reducing our ability to meet our financing needs;

•Unfavorable or otherwise costly outcomes of lawsuits, audits, investigations, and other third party claims that may arise from the extensive laws and regulations to which we are subject;

•Incurrence of data security breaches of our or our partners’ information and technology systems;

•Heightened competition in the markets in which we participate;

•Our ability to attract and retain qualified personnel;

•Uncertainties associated with our utilization of certain artificial intelligence (“AI”) and machine learning models;

•Our ability to detect and prevent material weaknesses or significant control deficiencies in our internal controls over financial reporting or other failure to maintain an effective system of internal controls;

•Adverse publicity or other adverse consequences related to our dual class structure or “controlled company” status; and

•The other risks and uncertainties described under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 13, 2026.

The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

This Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q should be read with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Oscar Health, Inc.

Condensed Consolidated Statements of Operations

(unaudited)


	Three Months Ended March 31,
(in thousands, except per share amounts)		2026		2025
Revenue
Premium		$	4,580,862	$	2,995,821
Investment income		60,614		46,112
Other revenues		5,718		4,330
Total revenue		4,647,194		3,046,263
Operating Expenses
Medical		3,229,857		2,259,651
Selling, general, and administrative		706,234		482,759
Depreciation and amortization		7,018		6,730
Total operating expenses		3,943,109		2,749,140
Earnings from operations		704,085		297,123
Interest expense		5,383		5,994
Other expenses (income)		(71)		2,918
Earnings before income taxes		698,773		288,211
Income tax expense		19,750		12,705
Net income		679,023		275,506
Less: Net income attributable to noncontrolling interests		27		235
Net income attributable to Oscar Health, Inc.		$	678,996	$	275,271

Earnings per Share
Basic		$	2.28	$	1.10
Diluted		$	2.07	$	0.92
Weighted Average Common Shares Outstanding
Basic		298,184		251,279
Diluted		329,751		305,938

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three Months Ended March 31,
(in thousands)		2026		2025
Net income		$	679,023	$	275,506
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available for sale		(13,030)		11,428
Comprehensive income		665,993		286,934
Comprehensive income attributable to noncontrolling interests		27		235
Comprehensive income attributable to Oscar Health, Inc.		$	665,966	$	286,699

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


(in thousands, except per share amounts)	March 31, 2026		December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	4,805,139	$	2,774,151
Short-term investments	1,994,644		1,216,461
Accounts receivable (net of allowance for credit losses of $7,171 and $7,226)	587,023		362,682
Receivables from CMS	222,195		136,029

Reinsurance recoverable	142,487		99,750
Other current assets	25,817		24,331
Total current assets	7,777,305		4,613,404
Property, equipment, and capitalized software, net	94,194		88,350
Long-term investments	1,266,775		1,470,987
Restricted deposits	28,631		32,951
Other assets	122,741		119,719
Total assets	$	9,289,646	$	6,325,411

Liabilities and Stockholders' Equity
Current Liabilities:
Benefits payable	$	1,734,051	$	1,455,385


Payables to CMS	4,723,244		2,730,095
Accounts payable and other liabilities	505,943		507,325
Unearned premiums	172,004		166,203
Reinsurance payable	5,112		3,579
Total current liabilities	7,140,354		4,862,587
Long-term debt	430,876		430,095
Other liabilities	51,368		51,994
Total liabilities	7,622,598		5,344,676
Commitments and contingencies (Note 12)
Stockholders' Equity
Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 263,552 thousand and 261,851 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively)	3		3
Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,591 thousand and 35,838 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively)	—		—
Treasury stock (315 thousand shares as of March 31, 2026 and December 31, 2025)	(2,923)		(2,923)
Additional paid-in capital	4,277,292		4,256,972
Accumulated deficit	(2,615,438)		(3,294,434)
Accumulated other comprehensive income	5,000		18,030
Total Oscar Health, Inc. stockholders' equity	1,663,934		977,648
Noncontrolling interests	3,114		3,087
Total stockholders' equity	1,667,048		980,735
Total liabilities and stockholders' equity	$	9,289,646	$	6,325,411

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.

Condensed Consolidated Statements of Stockholders' Equity

(unaudited)


	Three Months Ended March 31,
(in thousands)		2026		2025
Common stock, Class A shares
Balance, beginning of period		261,851		214,974
Issuance of common stock from equity incentive plans		1,454		3,067
Conversion of Class B shares to Class A shares		247		—
Shares withheld for net settlement of share-based awards		—		(58)
Balance, end of period		263,552		217,983
Common stock, Class B shares
Balance, beginning of period		35,838		35,514
Conversion of Class B shares to Class A shares		(247)		—
Balance, end of period		35,591		35,514
Common stock, Class A
Balance, beginning of period		$	3	$	2
Balance, end of period		3		2
Common stock, Class B
Balance, beginning of period		—		—
Balance, end of period		—		—
Treasury stock
Balance, beginning of period		(2,923)		(2,923)
Balance, end of period		(2,923)		(2,923)
Additional paid-in capital
Balance, beginning of period		4,256,972		3,869,617
Stock-based compensation expense		19,181		27,883
Issuance of common stock from equity incentive plans		1,139		5,728


Net settlement for taxes related to share-based awards		—		(855)
Balance, end of period		4,277,292		3,902,373
Accumulated deficit
Balance, beginning of period		(3,294,434)		(2,851,283)
Net income attributable to Oscar Health, Inc.		678,996		275,271
Balance, end of period		(2,615,438)		(2,576,012)
Accumulated other comprehensive income (loss)
Balance, beginning of period		18,030		(1,827)
Unrealized gains (losses) on investments, net		(13,030)		11,428
Balance, end of period		5,000		9,601
Noncontrolling interests
Balance, beginning of period		3,087		2,839
Net income attributable to noncontrolling interests		27		235
Balance, end of period		3,114		3,074
Total stockholders' equity		$	1,667,048	$	1,336,115

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash Flows from Operating Activities:
Net income	$	679,023	$	275,506
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Deferred taxes	(6,204)		36
Net realized gain on sale of financial instruments	(4)		(119)
Depreciation and amortization expense	7,018		6,730
Amortization of debt issuance costs	1,015		194
Stock-based compensation expense	15,969		24,975
Net accretion of investments	(7,077)		(7,673)
Change in provision for credit losses	(55)		(8,650)
Changes in assets and liabilities:
(Increase) / decrease in:
Receivables from CMS	(86,165)		(88,745)
Accounts receivable	(224,288)		(97,827)

Reinsurance recoverable	(42,737)		103,990
Other assets	5,344		(13,265)
Increase / (decrease) in:
Benefits payable	278,666		108,848

Payables to CMS	1,993,149		571,443
Accounts payable and other liabilities	(2,007)		24,294

Unearned premiums	5,800		(3,492)
Reinsurance payable	1,533		(17,703)
Net cash provided by operating activities	2,618,980		878,542
Cash Flows from Investing Activities:
Purchase of investments	(914,842)		(336,869)
Sale of investments	35,000		15,761
Maturity and paydowns of investments	299,243		155,906
Purchase of property, equipment and capitalized software	(8,794)		(9,026)
Change in restricted deposits	(860)		—
Net cash used in investing activities	(590,253)		(174,228)
Cash Flows from Financing Activities:

Payments of debt issuance costs	(4,739)		—


Tax payments related to net settlement of share-based awards	—		(855)
Proceeds from exercise of stock options	1,139		5,728
Net cash (used in) provided by financing activities	(3,600)		4,873
Increase in cash, cash equivalents and restricted cash equivalents	2,025,127		709,187
Cash, cash equivalents, restricted cash and cash equivalents—beginning of period	2,804,123		1,551,118
Cash, cash equivalents, restricted cash and cash equivalents—end of period	4,829,250		2,260,305
Cash and cash equivalents	4,805,139		2,236,555
Restricted cash and cash equivalents included in restricted deposits	24,111		23,750
Total cash, cash equivalents and restricted cash and cash equivalents	$	4,829,250	$	2,260,305
Supplemental Disclosures:
Interest payments	$	4,177	$	154
Income tax payments	$	44	$	—

See the accompanying Notes to Condensed Consolidated Financial Statements

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Oscar Health, Inc.

Notes to Condensed Consolidated Financial Statements (unaudited)

(in thousands, except per share amounts, or as otherwise stated herein)

1. ORGANIZATION

Oscar Health, Inc., together with its subsidiaries (either individually or collectively referred to as “Oscar” or the “Company”), is a leading healthcare technology company whose mission is to make a healthier life accessible and affordable for all. The Company’s Class A common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “OSCR”.

Oscar operates as one reportable segment to sell insurance to individuals, families and employees through the federal and state-run healthcare exchanges formed in conjunction with the Patient Protection and Affordable Care Act (“ACA”) and leverages its technology platform to provide services via its +Oscar offering. The Company also wholly owns three businesses operating in the individual market (collectively, the “Marketplace Subsidiaries”): Lucie, Inc. (formerly known as INSXCloud, Inc.), a technology enrollment platform for consumers, employers and brokers, Trove Group Inc. (formerly known as IHC Specialty Benefits, Inc.), an insurance agency that sells individual medical and supplemental health products, and HealthInsurance.org, LLC, a lead generation website providing educational content to help consumers navigate health insurance as well as the ACA and Medicare marketplaces.

The Company’s member-first philosophy and innovative approach to care has earned the trust of approximately 3.2 million effectuated members (“members”), as of March 31, 2026. Effectuated members are those who are actively enrolled in one of the Company’s plans and whose required premium payments have either been made or are within the payment grace period.

Basis of Presentation

The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and the applicable rules and regulations of the Securities and Exchange Commission for interim financial information. As such, these financial statements do not include all information and footnotes required by U.S. GAAP for complete financial statements.

These Condensed Consolidated Financial Statements are unaudited; however, in the opinion of management, they reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the information presented in conformity with U.S. GAAP applicable for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of results for the full year or future periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2025.

Certain monetary amounts, percentages, and other figures included in this Quarterly Report on Form 10-Q have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report on Form 10-Q have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report on Form 10-Q may vary from those obtained by performing the same calculations using the figures in the Company's Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q. Certain other amounts that appear in this Quarterly Report on Form 10-Q may not sum due to rounding.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Significant estimates inherent in the preparation of the accompanying interim Condensed Consolidated Financial Statements include healthcare costs incurred but not yet reported (“IBNR”) and risk adjustment transfers. Estimates are based on past experience, evaluation of current trends, information from third-party professionals, and other considerations that are reasonable under the circumstances. Actual results may differ materially from these estimates.

SEC Form 10-Q filed by Oscar Health Inc.