Oscar Health (OSCR) investor relations material

Executive summary

• Achieved record profitability in the first half of 2026, with $1.1 billion in earnings from operations and $1 billion in net income, prompting an increase in full-year guidance.

• Q2 2026 revenue grew 70% year-over-year to $4.9 billion, with first half revenue at $9.53 billion, up 61% year-over-year.

• Membership reached approximately 3.0 million as of June 30, 2026, a 46% increase year-over-year, reflecting strong open enrollment and retention.

• Strong operating performance driven by disciplined pricing, scalable technology, and consumer-focused products.

• Raised full-year 2026 outlook based on strong operating performance and favorable market trends.

Financial highlights

• Medical loss ratio (MLR) improved to 79.2% in Q2 2026 from 91.1% in Q2 2025, aided by favorable reserve development and pricing discipline.

• SG&A expense ratio reached a record low of 14.2%, a 450 basis point improvement year-over-year, due to disciplined expense management and technology efficiencies.

• Earnings from operations in Q2 2026 were $389 million, a $619 million year-over-year increase; net income was $362 million, up $590 million year-over-year.

• Adjusted EBITDA for Q2 2026 was $415 million, up $615 million year-over-year.

• Ended Q2 2026 with $10.2 billion in cash and investments, including $462 million at the parent and $994 million of excess capital in insurance subsidiaries.

Outlook and guidance

• Raised full-year 2026 earnings from operations guidance to $500–$700 million, up $250 million from prior outlook.

• Full-year revenue expected at $18.7–$19 billion.

• Full-year MLR now expected at 81.5%–82.5%, a 90 basis point improvement at midpoint.

• SG&A expense ratio guidance improved to 15.6%–16.1%.

• Management expects continued regulatory and market volatility due to changes in ACA subsidies, program integrity rules, and new tariffs on pharmaceuticals.