Oscar Health, Inc.

Listed Company

OSCRCIK 0001568651NYSELarge AcceleratedHospital & Medical Service PlansDelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.70B

Net Income

$-443.15M

Total Assets

$6.33B

Equity

$977.65M

Shares Out

—

Op. Cash Flow

$1.09B

Business

Oscar Health, Inc. is a healthcare technology company that operates a cloud-native, full-stack platform focused on member experience and health insurance. It offers individual-market health plans across the ACA metal tiers, virtual care services, Care Teams, and the +Oscar engagement and analytics platform (including Campaign Builder) that powers providers and payors. The company reports two primary business divisions: its insurance business and the +Oscar technology platform. It distributes products in 18 U.S. states through Health Insurance Marketplaces, brokers, digital direct channels, and ICHRA employer arrangements.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premium	11,470	8,971	5,686	3,871	1,831
Investment income	203	186	155	28	2
Other revenues	29	21	21	65	5
Total revenue	11,701	9,178	5,863	3,964	1,839
Medical	10,019	7,333	4,642	3,281	1,624
Selling, general, and administrative	2,050	1,756	1,426	1,257	—
Depreciation and amortization	29	32	31	15	265
Total operating expenses	12,098	9,120	6,098	4,554	2,383
Earnings (loss) from operations	−396	57	−236	−590	−544
Interest expense	18	24	25	23	—
Other expenses	23	105,000	7	−2	1
Earnings (loss) before income taxes	−437	33	−267	−610	−571
Income tax expense	6	7	3	−523,000	846,000
Net income (loss)	−443	26	−271	−610	−571
Less: Net income attributable to noncontrolling interests	248,000	689,000	134,000	−3	1
Net income (loss) attributable to Oscar Health, Inc.	−443	25	−271	−606	−573
Basic (in dollars per share)	−1.69	0.11	−1.22	−2.85	−3.2
Diluted (in dollars per share)	−1.69	0.1	−1.22	−2.85	−3.2
Basic (in shares)	262	240	222	212	179
Diluted (in shares)	262	266	222	212	179

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,774	1,527	1,870	1,559	1,104
Short-term investments	1,216	624	690	1,397	587
Premiums and accounts receivable (net of allowance for credit losses of $7,226 and $31,300)	443	316	201	216	138
Risk adjustment transfer receivable	56	65	52	50	41
Reinsurance recoverable	100	292	241	893	432
Other current assets	24	21	7	6	4
Total current assets	4,613	2,845	3,061	4,122	2,306
Property, equipment, and capitalized software, net	88	67	62	60	47
Long-term investments	1,471	1,815	365	223	844
Restricted deposits	33	31	30	27	28
Other assets	120	82	83	95	97
Total assets	6,325	4,840	3,601	4,527	3,322
Benefits payable	1,455	1,357	966	938	514
Risk adjustment transfer payable	2,588	1,558	1,057	1,517	794
Unearned premiums	166	74	66	79	75
Accounts payable and other liabilities	650	432	273	298	235
Reinsurance payable	4	41	61	428	205
Total current liabilities	4,863	3,463	2,429	3,264	1,852
Long-term debt	430	300	299	298	0
Other liabilities	52	61	68	72	77
Total liabilities	5,345	3,824	2,795	3,634	1,929
Commitments and contingencies (Note 18)	—	—	—	—	—
Treasury stock (315 thousand shares as of December 31, 2025 and 2024)	−3	−3	−3	−3	−3
Additional paid-in capital	4,257	3,870	3,682	3,509	3,394
Accumulated deficit	−3,294	−2,851	−2,877	−2,606	−2,000
Accumulated other comprehensive income (loss)	18	−2	1	−10	−4
Total Oscar Health, Inc. stockholders equity	978	1,014	804	890	1,387
Noncontrolling interests	3	3	2	2	5
Total stockholders equity	981	1,016	806	892	1,393
Total liabilities and stockholders' equity	6,325	4,840	3,601	4,527	3,322

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred taxes	2	−2	58,000	−165,000	−101,000
Net realized loss (gain) on sale of financial instruments	−1	−23,000	70,000	1	−209,000
Depreciation and amortization expense	29	32	31	15	15
Amortization of debt issuance costs	2	778,000	778,000	713,000	329,000
Stock-based compensation expense	88	110	160	112	86
Net accretion of investments	−30	−27	−29	2	8
Non-cash inducement payment for convertible note conversion (Note 9)	13	0	0	—	—
Change in provision for credit losses	−24	−300,000	29	3	0
Premiums and accounts receivable	−102	−114	−13	−81	−67
Risk adjustment transfer receivable	9	−13	−2	−9	−10
Reinsurance recoverable	192	−50	652	−461	147
Other assets	−27	−12	11	−243,000	−11
Benefits payable	99	391	28	424	202
Unearned premiums	92	8	−13	4	3
Premium deficiency reserve	0	−6	2	−25	−55
Accounts payable and other liabilities	205	153	−29	58	99
Reinsurance payable	−38	−20	−367	222	−138
Risk adjustment transfer payable	1,029	501	−461	723	78
Net cash (used in) provided by operating activities	1,095	978	−272	380	−182
Purchase of investments	−1,014	−2,134	−837	−1,193	−1,810
Sale of investments	134	25	32	361	624
Maturity and paydowns of investments	671	745	1,410	633	431
Purchase of property, equipment and capitalized software	−36	−28	−26	−29	−26
Change in restricted deposits	4	4	−2	1	7
Net cash (used in) provided by investing activities	−241	−1,387	577	−227	−775
Proceeds from long-term debt	410	0	0	305	0
Payments of debt issuance costs	−23	0	0	−7	0
Inducement payment for convertible note conversion	−4	0	0	—	—
Purchase of capped calls related to convertible notes	−34	0	0	—	—
Tax payments related to net settlement of share-based awards	−4	0	0	—	—
Proceeds from exercise of stock options	55	68	4	1	50
Proceeds from joint venture contribution	0	0	2	2	0
Net cash provided by financing activities	399	68	6	301	1,239
Increase (decrease) in cash, cash equivalents and restricted cash equivalents	1,253	−341	311	455	282
Interest payments	13	34	23	10	4
Income tax payments	18	674,000	2	2	697,000
Conversion of convertible notes into common stock (Note 9)	283	0	0	—	—

Filings

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