Oscar Health, Inc.OSCR

Oscar Health, Inc. Segments Disclosure

10-KFiled Feb 13, 20262 min read
SEGMENT INFORMATION
The Company operates in and reports as a single reportable segment as the CODM does not evaluate profitability nor evaluate performance or allocate resources below the level of the consolidated Company. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM reviews Net income (loss) attributable to Oscar Health, Inc. and Earnings from operations presented on a consolidated basis for purposes of
allocating resources and evaluating financial performance. These metrics serve as benchmarks to evaluate the business, measure performance, identify trends, prepare financial projections, and make strategic decisions. The CODM does not evaluate performance or allocate resources based on segment assets data; therefore, total segment assets are not presented.

The following table presents the revenue, significant expenses, and net income (loss) for the Company’s segment. As the Company operates and reports as a single segment, its measure of segment net income (loss) is the same as Net income (loss) attributable to Oscar Health, Inc. on the Consolidated Statements of Operations.
Year Ended December 31,
(in thousands)202520242023
Total revenue
$11,701,427 $9,177,564 $5,862,869 
Less:
Medical expenses
10,019,025 7,332,589 4,642,024 
Selling, general, and administrative expenses:
Member acquisition and servicing costs (1)
975,328 747,627 540,135 
Premium taxes, exchange fees, and other taxes and fees (2)
446,079 432,290 289,388 
All other SG&A (3)
628,460 575,648 596,243 
Total Selling, general, and administrative expenses2,049,867 1,755,565 1,425,766 
Depreciation and amortization28,892 32,145 30,694 
Earnings (loss) from operations(396,357)57,265 (235,615)
Interest expense17,601 23,734 24,603 
Other expenses23,339 105 7,082 
Earnings (loss) before income taxes(437,297)33,426 (267,300)
Income tax expense5,606 7,305 3,294 
Less: Net income attributable to noncontrolling interests248 689 134 
Net income (loss) attributable to Oscar Health, Inc.$(443,151)$25,432 $(270,728)
(1)Member acquisition and servicing costs include the Company’s expenses incurred to acquire, service, and fulfill obligations to members.
(2)Premium taxes, exchange fees, and other taxes and fees represent non-income tax charges from federal and state governments, including but not limited to healthcare exchange user fees and premium taxes.
(3)All other SG&A includes employee-related and administrative costs that are not member-based. Additionally, all other SG&A includes the net impact of quota share reinsurance accounted for under deposit accounting.

Significant Customers

The Company generates the majority of its total revenue from health insurance policy premiums, which primarily come from subsidies received from CMS as part of the APTC program.

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 20, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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