Oscar Health targets profitability in 2026 driven by record membership growth, improved margins, disciplined cost management, and AI-driven operational efficiencies. Oscar's market share across its footprint increased from 17% in 2025 to 30% in 2026. The company emphasized plan design and distribution efforts ahead of the enhanced premium tax credit expiration, including the creation of new Bronze and Gold plans and a 60% expansion in broker partnerships.
Cyborg Score Rationale
Oscar expects >60% revenue growth in 2026 to $18.85bn at midpoint guidance, a return to profitability, and significant operating earnings improvement. However, Oscar expects around 20% risk adjustment transfers in 2026, signaling persistent pressure and volatility from the risk-adjustment regime. Execution risk remains material on margin targets.
Top Insights
Bertolini reported 3.4 million members as of February 1, 2026, and the company expects to start the second quarter with approximately 3 million paid members, which would represent a 58% increase year over year.
For 2026, Oscar guides to total revenue of $18.7–$19.0 billion, a medical loss ratio of 82.4–83.4%, an SG&A ratio of 15.8–16.3%, and $250–$450 million of earnings from operations, implying a planned return to profitability.
The company was forced to increase its Q4 risk-adjustment accrual by $275 million after data showed members were healthier than market assumptions.
Oscar Health, trading on the New York Stock Exchange under the ticker OSCR, is a technology-driven health insurance company headquartered in New York, New York.
Named Competitors
UnitedHealthcare — Largest US health insurer with diversified portfolio
Anthem — Major health insurance provider covering 40M+ members
Aetna — Integrated health insurance and pharmacy benefits
Recent Developments
(February 2026) Oscar Health entered into a $475.0 million secured three-year revolving credit facility
(February 2026) Company reported 3.4 million members and expects 3 million paid members by Q2 2026, representing 58% YoY growth
(February 2026) Oscar guided to $18.7–$19.0 billion 2026 revenue and record membership of ~3.4 million, with planned return to profitability
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