Oscar Health, Inc. (OSCR) financials
NYSE · Healthcare · Medical - Healthcare Plans · 2,305 employees · CEO Mark Thomas Bertolini
- Price
- $30.37 -1.36%
- Market cap
- $7.87B
- Enterprise value
- $4.23B
- Last report
- Q2 '26 filed 2026-08-07
- Next report
- 2026-11-05 EPS est. -$0.14
Revenue (TTM)$15.3B+42.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)4.1%+5.3 pp vs a year agoOperating income $624M
Net income (TTM)$551M+441.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.33B+260.8% vs a year agoCapex $38.6M
Diluted EPS (TTM)$1.40+284.2% vs a year agoSum of the last 4 quarters
Net cash$8.12B+151.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $7.87B EV $4.23B
- Revenue
- $15.3B Trailing 12 months
- Revenue growth
- +59% FY2026 consensus
- Profit margin
- 3.6% Net income / revenue, TTM
- P/E
- 17.8× Forward 15.7× (FY2026)
- P/S
- 0.5× Price / sales, TTM
- EV / EBITDA
- 6.7× TTM
- Free cash flow
- $4.33B Trailing 12 months
- Net income
- $551M Trailing 12 months
- Revenue estimate
- $18.6B FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $4.69B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue beat by 1.3%, EPS beat by 173.0%Revenue $4.79B vs $4.73B expected (+1.3%); EPS $1.10 vs $0.40 (+173.0%).
- Revenue growth accelerating: 70.4% year on yearQ2 '26 revenue $4.88B, against an average of 30.5% over the four quarters before.
- Operating margin 4.1% (TTM), +5.3 pp on a year agoOperating income grew 567.8% while revenue grew 42.8%.
- Capex 0.3% of revenue (a year ago 0.3%)$38.6M invested in the last 4 quarters (+18.2% on a year earlier). Free cash flow $4.33B = 787.1% of net income.
- Diluted share count up 23.4% in a year333M diluted shares in Q2 '26, 270M a year earlier.
- Net cash $8.12BCash + short-term investments $8.56B, debt incl. leases $432M; a year ago net cash $3.24B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.88B | $2.86B | +70.4% |
| Gross margin | 100.0% | 10.9% | +89.1 pp |
| Operating income | $383M | -$230M | +266.2% |
| Operating margin | 7.8% | -8.0% | +15.9 pp |
| Net income | $362M | -$228M | +258.4% |
| Diluted EPS | $1.10 | -$0.84 | +231.0% |
| Operating cash flow | $2.05B | $509M | +302.2% |
| Capex | $11.8M | $9.28M | +26.8% |
| Free cash flow | $2.04B | $500M | +307.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $20.7M | $24.1M | -14.3% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.79B | $4.73B | +1.3% |
| EPS (as estimated) | $1.10 | $0.40 | +173.0% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.37B
- Capex
- -$38.6M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $348M
- Stock-based compensation
- $75.2M
- Free cash flow
- $4.33B
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 17.8× | 122.2× 1 of 5 years | 122.2× – 122.2× |
| EV / EBITDA | 6.7× | 11.9× 2 of 5 years | 1.3× – 22.4× |
| EV / Sales | 0.3× | 0.1× 4 of 5 years | 0.1× – 0.2× |
| Price / FCF | 1.8× | 2.8× 3 of 5 years | 1.5× – 3.6× |
| Price / Book | 4.5× | 2.2× | 0.6× – 3.9× |
| FCF yield | 55.1% | 19.0% | -14.8% – 67.2% |
| Return on invested capital | 23.0% | -20.7% | -39.1% – 2.7% |
| Return on equity | 38.5% | -37.2% | -68.1% – 2.5% |
Analysts
Consensus target $37.43 (+23.2%)
range $20.00 – $49.00 · rating Hold
Strong buy0
Buy4
Hold8
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $18.6B | +59.3% | $1.93 | +214.4% | 15.7× | 6 |
| FY2027 | $20.9B | +11.9% | $2.39 | +23.4% | 12.7× | 6 |
| FY2028 | $24.5B | +17.6% | $2.89 | +20.9% | 10.5× | 6 |
| FY2029 | $32.5B | +32.4% | $4.02 | +39.3% | 7.6× | 3 |
| FY2030 | $37.5B | +15.4% | $4.85 | +20.6% | 6.3× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 215 figures Oscar Health, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $526M | $584M | -10.0% | $650M | $432M | +50.2% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $380M | – | – | – | – | – |
| Accounts Receivable, Allowance for Credit Loss, Current | $55.3M | – | – | – | – | – |
| Accretion (Amortization) of Discounts and Premiums, Investments | $8.21M | $7.99M | +2.7% | $29.8M | $26.9M | +10.8% |
| Accrued Investment Income Receivable | $46.6M | $21.8M | +113.8% | $20.2M | $19.8M | +2.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $142M2025-12-31 | $114M | +24.1% | $142M | $114M | +24.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$8.25M | $13.7M | -160.1% | $18M | -$1.83M | +1,086.9% |
| Additional Paid in Capital | $4.32B | $3.95B | +9.2% | $4.26B | $3.87B | +10.0% |
| Amortization of Debt Issuance Costs | $1.15M | $195K | +488.7% | $1.63M | $778K | +109.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 648K | 70.2M | -99.1% | 47.7M | 38.2M | +24.6% |
| Assets | $11.2B | $6.38B | +75.9% | $6.33B | $4.84B | +30.7% |
| Assets, Current | $9.37B | $4.31B | +117.3% | $4.61B | $2.85B | +62.1% |
| Assets, Fair Value Disclosure | $6.27B | – | – | $2.74B | $2.54B | +7.8% |
| Assumed Premiums Earned | -$679K | $15.6M | -104.3% | $46.6M | $220M | -78.8% |
| Benefits, Losses and Expenses | $4.49B | $3.09B | +45.2% | $12.1B | $9.12B | +32.6% |
| Cash and Cash Equivalents, at Carrying Value | $4.08B | $2.6B | +56.8% | $2.77B | $1.53B | +81.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $189M | – | – | $49.6M | $95.3M | -48.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.1B | $2.62B | +56.3% | $2.8B | $1.55B | +80.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$729M | $363M | -300.8% | $1.25B | -$341M | +467.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $20K | -$130K | +115.4% | $248K | $689K | -64.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $349M | -$224M | +255.4% | -$423M | $22.3M | -1,998.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $349M | -$224M | +255.4% | -$423M | $23M | -1,940.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.06M | $2.22M | +37.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.16M | $9.64M | -67.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $97K | $7.42M | -98.7% |
| Current Year Claims and Claims Adjustment Expense | $3.87B | $2.61B | +48.1% | $10.3B | $7.61B | +36.0% |
| Debt Securities, Available-for-sale | $6.08B | $2.78B | +118.5% | $2.69B | $2.44B | +10.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.7M | $16.9M | -90.0% | $18.6M | $7.98M | +133.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $10.2M | $2.72M | +276.8% | $615K | $9.83M | -93.7% |
| Debt Securities, Available-for-sale, Amortized Cost | $6.09B | $2.77B | +119.9% | $2.67B | $2.44B | +9.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $70.1M | $106M | -33.8% | $82M | $0 | – |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.53B | $1.73B | -11.1% | $1.37B | $1.82B | -24.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $4.48B | $936M | +378.7% | $1.21B | $623M | +94.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $19.8M | $0 | – | $40.8M | $47.7M | -14.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $310K | $0 | – | $120K | $25K | +380.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 2 security | 0 security | – | 5 security | 6 security | -16.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $3.32B | $760M | +336.9% | $348M | $877M | -60.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $9.92M | $2.72M | +265.4% | $495K | $9.8M | -95.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 605 security | 243 security | +149.0% | 107 security | 301 security | -64.5% |
| Debt Securities, Available-for-sale, Current | $4.48B | $938M | +377.5% | $1.22B | $624M | +94.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $69.6M | $107M | -34.9% | $82.8M | $0 | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.53B | $1.74B | -12.0% | $1.39B | $1.81B | -23.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $4.48B | $938M | +377.5% | $1.22B | $624M | +94.8% |
| Debt Securities, Available-for-sale, Noncurrent | $1.6B | $1.85B | -13.3% | $1.47B | $1.82B | -19.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $38K | $73K | -47.9% |
| Deferred Income Tax Expense (Benefit) | -$1.53M | -$36K | -4,141.7% | $2.45M | -$2.34M | +204.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $2.41M | -$2.41M | +200.0% |
| Deferred Tax Assets, Gross | $727M2025-12-31 | $605M | +20.1% | $727M | $605M | +20.1% |
| Deferred Tax Assets, Net | $590K2025-12-31 | $3.04M | -80.6% | $590K | $3.04M | -80.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $30.2M2025-12-31 | $14.1M | +114.2% | $30.2M | $14.1M | +114.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $624M2025-12-31 | $525M | +18.9% | $624M | $525M | +18.9% |
| Deferred Tax Assets, Other | $14.1M2025-12-31 | $5.93M | +138.5% | $14.1M | $5.93M | +138.5% |
| Deferred Tax Assets, Property, Plant and Equipment | $02025-12-31 | $7.97M | -100.0% | $0 | $7.97M | -100.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Bonuses | $6.41M2025-12-31 | $7.65M | -16.2% | $6.41M | $7.65M | -16.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $2.4M2025-12-31 | $2.82M | -14.9% | $2.4M | $2.82M | -14.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | $30.4M2025-12-31 | $27.3M | +11.3% | $30.4M | $27.3M | +11.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve | $7.59M2025-12-31 | $3.37M | +125.1% | $7.59M | $3.37M | +125.1% |
| Deferred Tax Assets, Valuation Allowance | $696M2025-12-31 | $591M | +17.9% | $696M | $591M | +17.9% |
| Deferred Tax Liabilities, Gross | $29.6M2025-12-31 | $11.1M | +167.7% | $29.6M | $11.1M | +167.7% |
| Deferred Tax Liabilities, Investments | $9.07M2025-12-31 | $5.13M | +76.7% | $9.07M | $5.13M | +76.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02