The massive beat on both revenue and EPS, combined with reaffirmed guidance and strong membership growth, signals accelerating profitability. Watch for potential upward guidance revision on the conference call and monitor MLR trajectory for sustainability.
Price Chart
Executive Summary
Oscar Health reported Q1 2026 total revenue of $4.65B (up 52.6% YoY) and diluted EPS of $2.07, significantly exceeding the consensus estimate of $1.21. The medical loss ratio improved to 70.5% from 75.4% YoY, driving operating income to $704M (up 137% YoY). The company reaffirmed its full-year 2026 guidance across all metrics.
Key Financial Metrics
Key Facts
- Total revenue $4.65B vs $3.05B YoY, +52.6%
- Diluted EPS $2.07 vs $0.92 YoY, +125%
- MLR improved to 70.5% from 75.4% YoY
- Operating income $704M vs $297M YoY, +137%
- Adjusted EBITDA $727M vs $329M YoY, +121%
- Membership grew to 3.17M from 2.04M YoY, +56%
- Full-year 2026 guidance reaffirmed across all metrics
- Operating cash flow $2.62B vs $879M YoY
Financial Impact
Revenue beat consensus by ~$270M (5.5%); EPS beat consensus by $0.86 (71%)
Risk Factors
- Risk adjustment transfer accrual increased to $1.44B from $374M, a significant headwind
- Favorable prior period reserve development of $68M may not recur
- Cigna+Oscar partnership not renewed, transition services end Dec 2026
- Regulatory risk from potential ACA changes or enhanced APTC expiration
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001568651-26-000036 |
| Document: oscr-20260506.htm | 0001568651-26-000036 |
| Document: 0001568651-26-000036-index-headers.html | 0001568651-26-000036 |
| Document: 0001568651-26-000036-index.html | 0001568651-26-000036 |
| Document: 0001568651-26-000036.txt | 0001568651-26-000036 |
| 8-K Data (Synthetic) | 0001568651-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 8-K | $32.34 $31.29 | ▼ −3.25% | ▼ −6.08% | $30.94 (−4.33%) |
Aug 18, 2026 6w ago | 144 | $32.30 $31.24 | ▲ +3.28% | ▲ +2.89% | $30.94 (+4.21%) |
Aug 10, 2026 7w ago | 144 | $27.97 $31.28 | ▲ +11.83% | ▲ +12.24% | $30.94 (+10.62%) |
Jul 6, 2026 12w ago | Insider Cluster | $31.44 $30.54 | ▲ +2.86% | ▲ +3.35% | $30.94 (+1.59%) |
Jul 1, 2026 13w ago | Insider Cluster | $31.90 $31.12 | ▲ +2.45% | ▲ +2.71% | $30.94 (+3.01%) |
Jun 11, 2026 16w ago | Institutional Cluster | $28.91 $28.27 | ▼ −2.21% | ▼ −2.65% | $30.94 (+7.02%) |
Jun 8, 2026 16w ago | 8-K | $27.39 $29.14 | ▲ +6.39% | ▲ +4.28% | $30.94 (+12.96%) |
Jun 4, 2026 17w ago | Insider Cluster | $24.51 $28.26 | ▲ +15.30% | ▲ +14.73% | $30.94 (+26.23%) |
Jun 2, 2026 17w ago | 144 | $20.50 $27.85 | ▼ −35.85% | ▼ −39.67% | $30.94 (−50.93%) |
Jun 2, 2026 17w ago | 8-K | $21.14 $27.22 | ▲ +28.76% | ▲ +31.73% | $30.94 (+46.36%) |
US Market Status
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