Oscar Health

Membership and premiums are recurring in form but sensitive to policy and macro changes. 2025 brought a sharp morbidity shift and larger risk adjustment accruals, flipping quarterly results negative.

CMS’s 2025 final rule and the OBBBA will likely reduce enrollment and raise engagement and documentation hurdles, elevating volatility through at least 2026. Management reiterates profitability in 2026, but the range of outcomes has widened. TTM revenue of about 10.73 billion reflects scale, yet earnings cadence remains inconsistent.