Oscar Health (OSCR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $5.139B, earnings from operations were $178.0M, net income was $167.3M and Adjusted EBITDA was $206.9M.

• 9M earnings from operations reached $1.271B and net income was $1.208B; FY 2026 operating-earnings guidance was raised for a third time to $850M–$950M.

Financial highlights

• Q3 revenue was $5.139B vs. $2.986B; 9M revenue was $14.667B vs. $8.896B, driven by rate increases and membership growth.

• Q3 operating earnings were $178.0M vs. a $129.3M loss; 9M operating earnings were $1.271B vs. a $62.6M loss.

• Q3 net income was $167.3M, or $0.49 diluted EPS; 9M net income was $1.208B, or $3.59 diluted EPS.

• Q3 Adjusted EBITDA was $206.9M vs. a $101.5M loss; 9M Adjusted EBITDA was $1.349B vs. $28.0M.

• Q3 premium revenue benefited by $250M from updated risk-adjustment estimates; net investment income was $91.0M, up 71% YoY.

Outlook and guidance

• FY 2026 outlook: revenue $19.0B–$19.3B, earnings from operations $850M–$950M, MLR 80.5%–81.5% and SG&A ratio 15.1%–15.6%.

• Earnings-from-operations guidance rose from $600M–$800M; the new midpoint is $200M above the prior outlook.

• 2027 ACA marketplace membership is expected to be stable vs. year-end 2026, with share gains targeted; weighted average rate increase is ~14%.

• Long-term target remains at least $4 EPS by 2029; 2027 margin expansion is expected from medical-cost performance and administrative efficiency.

• 2027 OEP is expected to revert to November 1–January 15; proposed enrollment and APTC changes could affect eligibility and marketplace participation.