$OSCR · Oscar Health, Inc.
Oscar Health reported Q3 2026 results: total revenue of $5.14B (up from $2.99B a year ago), net income attributable to Oscar Health of $167.3M versus a $137.5M loss, and diluted EPS of $0.49 versus $(0.53). Medical loss ratio improved to 84.0% from 88.5%, and SG&A ratio fell to 14.0% from 17.5%. The company raised full-year 2026 earnings-from-operations guidance to $850M–$950M (from $600M–$800M) and total revenue to $19.0B–$19.3B.
- Q3 2026 total revenue was $5.14B, up from $2.99B in Q3 2025.
- Net income attributable to Oscar Health was $167.3M vs a $137.5M loss a year earlier.
- Diluted EPS was $0.49 vs $(0.53) in Q3 2025.
- Medical loss ratio improved to 84.0% from 88.5%.
- FY26 earnings-from-operations guidance raised to $850M–$950M from $600M–$800M.
Shares rose 8.58% in regular trading to $35.19, and extended-hours trading pushed the stock to $36.70, up 4.29% from the close, reflecting a positive reaction to the profit swing and guidance raise.
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Oscar's MLR improvement and membership growth to 2.69M effectuated members underscore strong positioning in the ACA individual market, which management flagged as a key growth driver into 2027.
Risk adjustment estimates remain a swing factor: Q3 revenue included a $250M benefit from updated risk adjustment estimates, and prior-period development was $42M favorable versus $84M a year ago. ACA regulatory changes, including expiration of enhanced Advanced Premium Tax Credits, could pressure future results.