Oscar Health Reports Return to Profitability in 2026

Company cites membership growth, rate actions, and tech-driven cost savings as key drivers

Feb. 14, 2026 at 3:07pm

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Oscar Health (NYSE:OSCR) outlined a sharp pivot from a difficult 2025 to what management described as a return to profitability in 2026, driven by membership growth, rate actions, and continued administrative cost leverage supported by technology and AI. For full-year 2025, Oscar reported total revenue of $11.7 billion, up 28% year over year, but a net loss of $443 million. In 2026, Oscar expects total revenue of $18.7 billion to $19 billion, a 61% increase, and earnings from operations of $250 million to $450 million.

Why it matters

Oscar Health's return to profitability in 2026 after a challenging 2025 reflects broader industry dynamics, including increased market morbidity and the expiration of enhanced premium tax credits. The company's pivot highlights the importance of technology, data, and cost management in navigating a shifting healthcare landscape.

The details

Oscar Health reported a 22% year-over-year increase in membership to 2 million at the end of 2025, but a 730 basis point increase in its medical loss ratio (MLR) to 95.4% due to risk adjustment headwinds. For 2026, Oscar expects to start the second quarter with 3 million paid members, a 58% increase, and says its market share has grown from 17% in 2025 to 30% in 2026. The company cited new plan designs, expanded broker partnerships, and 'lifestyle offerings' as key drivers of its 2026 open enrollment record. Oscar guided for an MLR of 82.4% to 83.4% in 2026, with the improvement attributed to elevated morbidity, increased risk adjustment, and continued technology-driven cost savings.

  • Oscar reported full-year 2025 results on February 14, 2026.
  • Oscar expects to start the second quarter of 2026 with approximately 3 million paid members.
  • Oscar's 2026 open enrollment period was a company record.

The players

Oscar Health

An American technology-driven health insurance company headquartered in New York City. Founded in 2012, Oscar leverages a proprietary digital platform to streamline healthcare coverage and enhance member experience.

Mario Schlosser

Co-founder of Oscar Health.

Joshua Kushner

Co-founder of Oscar Health.

Kevin Nazemi

Co-founder of Oscar Health.

Bertolini

Executive at Oscar Health.

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What they’re saying

“2025 was a 'reset year' for the industry, citing Medicaid lives entering the market and CMS program integrity initiatives as factors that shifted market dynamics and increased morbidity.”

— Bertolini, Executive

“Brokers are a key channel, with roughly 90% to 95% of members coming through brokers, though some custom plans (such as HelloMeno) saw significant direct enrollment.”

— Management

What’s next

Oscar Health expects to provide more clarity on final paid membership when CMS releases enrollment data mid-year.

The takeaway

Oscar Health's pivot from a challenging 2025 to projected profitability in 2026 underscores the importance of technology, data, and cost management in navigating the evolving healthcare landscape, particularly as market dynamics shift due to policy changes and increased morbidity.