Form 8-K

8-K — Oscar Health, Inc.

Accession: 0001568651-26-000066

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001568651

SIC: 6324 (HOSPITAL & MEDICAL SERVICE PLANS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — oscr-20260806.htm (Primary)

EX-99.1 (oscarhealthsecondquarter20.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: oscr-20260806.htm · Sequence: 1

oscr-20260806

0001568651FALSE00015686512026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 6, 2026

Oscar Health, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-40154 46-1315570

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

75 Varick Street, 5th Floor

New York, New York 10013

(Address of Principal Executive Offices) (Zip Code)

(646) 403-3677

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbols

Name of each exchange

on which registered

Class A Common Stock, $0.00001 par value per share OSCR New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Oscar Health, Inc. (the “Company”) announced the Company’s financial results for the quarter ended June 30, 2026. A copy of the press release issued in connection with the announcement is attached and furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information and exhibits be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release, dated August 6, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Oscar Health, Inc.

By: /s/ R. Scott Blackley

Name R. Scott Blackley

Title: Chief Financial Officer

Date: August 6, 2026

EX-99.1

Filename: oscarhealthsecondquarter20.htm · Sequence: 2

Document

Oscar Health, Inc.

ir.hioscar.com

News Release

Oscar Health Announces Record Financial Results for First Half 2026 and Raises Full Year 2026 Outlook

New York, NY, August 6, 2026 – Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR) announced today its financial results for the second quarter ended June 30, 2026 and updates to its full year 2026 guidance.

“Oscar delivered record profitability in the first half of the year and we are raising our full-year 2026 guidance,” said Mark Bertolini, CEO of Oscar Health. “Our superior operating performance and execution against the fundamentals of our strategy are accelerating the individual market. More people are moving between full- and part-time jobs, gig work, and retirement – a shift AI will accelerate. A durable individual market gives them greater choice and will power the future of American healthcare. Oscar’s consumer products, disciplined pricing, and scalable technology platform will capture this opportunity and position us for long-term profitable growth.”

Second Quarter 2026 Financial Highlights

Three Months Ended June 30, Six Months Ended June 30,

(in thousands, except percentages) 2026 2025 2026 2025

Total revenue $4,880,220 $2,863,945 $9,527,414 $5,910,208

Medical loss ratio (“MLR”) 79.2% 91.1% 75.0% 83.0%

Selling, general, and administrative (“SG&A”) expense ratio

14.2% 18.7% 14.7% 17.2%

Earnings (loss) from operations $388,635 $(230,483) $1,092,720 $66,640

Net income (loss) attributable to Oscar Health, Inc. $361,808 $(228,361) $1,040,804 $46,910

Adjusted EBITDA (1)

$415,349 $(199,404) $1,142,421 $129,424

(1) Adjusted EBITDA is a non-GAAP measure. See “Key Operating and Non-GAAP Financial Metrics - Adjusted EBITDA” in this release for a reconciliation to net income, the most directly comparable GAAP measure, and for information regarding Oscar’s use of Adjusted EBITDA.

As of June 30,

Effectuated Membership by Offering 2026 2025

Individual and Small Group (1)

2,963,002 2,017,058

Cigna+Oscar (2)

— 10,090

Total Members (3)

2,963,002 2,027,148

(1) Membership includes members enrolled through an Individual Coverage Health Reimbursement Arrangement (“ICHRA”). 2025 membership includes small group members. The Company no longer offers small group plans effective December 15, 2024.

(2) Represents total membership for our former co-branded partnership with Cigna. We did not renew the Cigna+Oscar Small Group arrangement after its initial term ended on December 31, 2024.

(3) Represents effectuated members. Effectuated members are those who are actively enrolled in one of our plans and whose required premium payments have either been made or are within the payment grace period. A member covered under more than one of our health plans counts as a single member for the purposes of this metric.

2026 Financial Guidance Summary

Prior Full Year 2026 Outlook Updated Full Year 2026 Outlook

(in thousands, except percentages) Low High Low High

Total Revenue (1)

$18.7 billion $19.0 billion $18.7 billion $19.0 billion

Medical Loss Ratio (2)

82.4% 83.4% 81.5% 82.5%

SG&A Expense Ratio (3)

15.8% 16.3% 15.6% 16.1%

Earnings from Operations (4)

$250 million $450 million $500 million $700 million

(1) Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenue. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

(2) Medical loss ratio (MLR) is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for the healthcare of our members to the net premiums before ceded quota share reinsurance.

(3) Selling, general, and administrative (SG&A) expense ratio is calculated as selling, general and administrative expenses as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

(4) Earnings from operations is the Company's total revenue less Total operating expenses. We believe earnings from operations is an important primary metric for assessing operating performance.

Oscar Health, Inc.

News Release

Second Quarter 2026 Key Metrics and Non-GAAP Financial Metrics

•Total revenue was approximately $4.9 billion for the second quarter of 2026 compared to $2.9 billion for the second quarter of 2025. The increase was driven by higher membership and rate increases, partially offset by an increase in the net risk adjustment transfer accrual.

•The medical loss ratio was 79.2% for the second quarter of 2026 compared to 91.1% for the second quarter of 2025, which included the entire first half impact of 2025 risk adjustment true-up driven by higher average market morbidity. The decrease was primarily driven by our disciplined pricing strategy and $164 million of favorable prior period reserve development.

•The SG&A expense ratio was 14.2% for the second quarter of 2026 compared to 18.7% for the second quarter of 2025. The decrease was primarily due to disciplined expense management, greater fixed cost leverage, and the impact of lower risk adjustment as a percentage of premium.

•Earnings from operations were $388.6 million for the second quarter of 2026 compared to a loss from operations of $230.5 million for the second quarter of 2025. The significant increase reflects strong operating performance driven primarily by improved underwriting performance and favorable prior period development.

•Net income attributable to Oscar Health, Inc. was $361.8 million, or $1.10 of diluted earnings per share, for the second quarter of 2026 compared to Net loss attributable to Oscar Health, Inc. of $228.4 million, or $(0.89) of diluted earnings per share, for the second quarter of 2025.

•Adjusted EBITDA was $415.3 million for the second quarter of 2026 compared to an Adjusted EBITDA loss of $199.4 million for the second quarter of 2025.

Oscar Health, Inc.

News Release

Quarterly Conference Call Details

Oscar will host a conference call to discuss its financial results today, August 6, 2026, at 8:00 a.m. (ET). Investors and other interested parties are invited to listen to the conference call by dialing 1-855-761-5600 and entering the following conference ID: 7768132. A live audio webcast will also be available via the Investor Relations page of Oscar’s website at ir.hioscar.com. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

Non-GAAP Financial Information

This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. For more information regarding Adjusted EBITDA, please see “Key Operating and Non-GAAP Financial Metrics” below.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including Total revenue, Medical loss ratio, SG&A expense ratio, Earnings (loss) from operations, and other financial performance metrics, and the related underlying assumptions, our business and financial prospects, including management’s plans and objectives for future operations, expectations and business strategy, such as our 2026 margins and profitability, and industry and market dynamics and expected trends. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” or “continues” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and generally beyond our control.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions); our ability to retain and expand our member base; our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs; unanticipated results of, or changes to, risk adjustment programs or our estimates thereof; evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including changes with respect to the Patient Protection and Affordable Care Act (“ACA”) and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits (“eAPTCs”), the implementation of new program integrity rules, including pursuant to the Notice of Benefit and Payment Parameters (“NBPP”) for policy year 2027, the potential funding of a cost-sharing reduction (“CSR”) program, or other government actions, such as the imposition of tariffs; our ability to achieve or maintain profitability in the future; our ability to arrange for the delivery of quality care and maintain good relations with brokers and the physicians, hospitals, and other providers within and outside our provider networks; our ability to comply with ongoing, complex and evolving regulatory requirements, including capital reserve and surplus requirements and applicable performance standards; changes or developments in the regulation of health insurance markets in the United States; our, or any of our vendors’, ability to comply with laws, regulations, and standards related to the handling of information about individuals or applicable consumer protection laws, including as a result of our participation in government-sponsored programs; the ability of our health insurance and Health Maintenance Organization (“HMO”) subsidiaries (collectively, “Health Insurance Subsidiaries”) to make payments of dividends or distributions to us, including to fund our business strategy; our ability to utilize quota share reinsurance to meet our capital and surplus requirements and protect against downside risk on medical claims; adverse market conditions resulting in our investment portfolio suffering losses or reducing our ability to meet our financing needs; unfavorable or otherwise costly outcomes of lawsuits, audits, investigations, and other third party claims that may arise from the extensive laws and regulations to which we are subject, such as fraud, waste and abuse laws; incurrence of data security breaches of our or our partners’ information and technology systems; heightened competition in the markets in which we participate; our ability to attract and retain qualified personnel; uncertainties associated with our utilization of certain artificial intelligence (“AI”) and machine learning models; our ability to detect and prevent material weaknesses or significant control deficiencies in our internal controls over financial reporting or other failure to maintain an effective system of internal controls; adverse publicity or other adverse consequences related to our dual class structure or “controlled company” status; and the other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”), and our other filings with the SEC.

Oscar Health, Inc.

News Release

You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Any forward-looking statement speaks only as of the date as of which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

About Oscar Health

Oscar Health, Inc. is a leading healthcare technology company built on a full-stack platform and a relentless focus on member experience. Oscar Health helps make high-quality and affordable care more accessible for millions of people through Oscar’s Individual & Family plans and ICHRA solutions, Lucie Health Marketplace, and Trove Group. Consumers benefit from better choice, deeper engagement, and connection to high-value clinical care.

Investor Contact:

Chris Potochar

VP of Investor Relations

ir@hioscar.com

Media Contact:

Dalya Browne

Senior Director, External Communications

press@hioscar.com

Source: Oscar Health, Inc.

Oscar Health, Inc.

News Release

Oscar Health, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

Three Months Ended June 30, Six Months Ended June 30,

(in thousands, except per share amounts) 2026 2025 2026 2025

Revenue

Premium $ 4,789,331 $ 2,803,444 $ 9,370,193 $ 5,799,265

Investment income 84,794 54,004 145,408 100,116

Other revenues 6,095 6,497 11,813 10,827

Total revenue 4,880,220 2,863,945 9,527,414 5,910,208

Operating Expenses

Medical 3,794,445 2,552,973 7,024,302 4,812,624

Selling, general, and administrative 691,080 534,485 1,397,314 1,017,244

Depreciation and amortization 6,060 6,970 13,078 13,700

Total operating expenses 4,491,585 3,094,428 8,434,694 5,843,568

Earnings (loss) from operations 388,635 (230,483) 1,092,720 66,640

Interest expense 4,709 5,847 10,092 11,841

Other expenses (income) 915 (2,794) 844 124

Earnings (loss) before income taxes 383,011 (233,536) 1,081,784 54,675

Income tax expense (benefit) 21,183 (5,045) 40,933 7,660

Net income (loss) 361,828 (228,491) 1,040,851 47,015

Less: Net income (loss) attributable to noncontrolling interests 20 (130) 47 105

Net income (loss) attributable to Oscar Health, Inc. $ 361,808 $ (228,361) $ 1,040,804 $ 46,910

Earnings (loss) per Share

Basic $ 1.20 $ (0.89) $ 3.47 $ 0.19

Diluted $ 1.10 $ (0.89) $ 3.16 $ 0.17

Weighted Average Common Shares Outstanding

Basic 302,220 255,531 300,197 253,417

Diluted 333,432 255,531 331,292 270,244

Oscar Health, Inc.

News Release

Oscar Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except per share amounts) June 30, 2026 December 31, 2025

Assets

Current Assets:

Cash and cash equivalents $ 4,075,612 $ 2,774,151

Short-term investments 4,479,906 1,216,461

Accounts receivable (net of allowance for credit losses of $55,298 and $7,226)

380,057 362,682

Reinsurance recoverable 196,544 99,750

Receivables from CMS 180,750 136,029

Other current assets 60,317 24,331

Total current assets 9,373,186 4,613,404

Long-term investments

1,600,770 1,470,987

Property, equipment, and capitalized software, net

101,494 88,350

Restricted deposits 29,178 32,951

Other assets 122,134 119,719

Total assets $ 11,226,762 $ 6,325,411

Liabilities and Stockholders' Equity

Current Liabilities:

Payables to CMS $ 6,095,289 $ 2,730,095

Benefits payable

1,898,435 1,455,385

Accounts payable and other liabilities 525,709 507,325

Unearned premiums 167,505 166,203

Reinsurance payable 2,564 3,579

Total current liabilities 8,689,502 4,862,587

Long-term debt 431,629 430,095

Other liabilities 50,466 51,994

Total liabilities 9,171,597 5,344,676

Commitments and contingencies

Stockholders' Equity

Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 273,410 thousand and 261,851 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)

3 3

Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,224 thousand and 35,838 thousand shares outstanding as of June 30, 2026 and December 31, 2025, respectively)

— —

Treasury stock (315 thousand shares as of June 30, 2026 and December 31, 2025) (2,923) (2,923)

Additional paid-in capital 4,316,831 4,256,972

Accumulated deficit (2,253,630) (3,294,434)

Accumulated other comprehensive income (loss) (8,250) 18,030

Total Oscar Health, Inc. stockholders' equity 2,052,031 977,648

Noncontrolling interests 3,134 3,087

Total stockholders' equity 2,055,165 980,735

Total liabilities and stockholders' equity $ 11,226,762 $ 6,325,411

Oscar Health, Inc.

News Release

Oscar Health, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six Months Ended June 30,

(in thousands) 2026 2025

Cash Flows from Operating Activities:

Net income $ 1,040,851 $ 47,015

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Change in provision for credit losses 48,072 (23,950)

Stock-based compensation expense

36,623 49,084

Depreciation and amortization expense

13,049 13,700

Amortization of debt issuance costs 2,163 389

Net accretion of investments (15,285) (15,667)

Deferred taxes

(7,731) —

Net realized gain on sale of financial instruments

(1,732) (131)

Changes in assets and liabilities:

(Increase) / decrease in:

Reinsurance recoverable

(96,794) 98,839

Accounts receivable (65,448) (51,666)

Receivables from CMS

(44,721) (95,982)

Other assets

(26,660) (26,512)

Increase / (decrease) in:

Payables to CMS 3,365,194 1,127,430

Benefits payable

443,050 194,902

Accounts payable and other liabilities

20,408 103,024

Unearned premiums

1,302 (4,900)

Reinsurance payable

(1,016) (27,966)

Net cash provided by operating activities 4,711,325 1,387,609

Cash Flows from Investing Activities:

Sale of investments

983,943 15,761

Maturity and paydowns of investments

553,943 267,419

Change in restricted deposits

606 526

Purchase of investments

(4,942,801) (607,838)

Purchase of property, equipment, and capitalized software

(20,556) (18,303)

Net cash used in investing activities (3,424,865) (342,435)

Cash Flows from Financing Activities:

Proceeds from exercise of stock options and stock purchase agreement

29,904 29,295

Tax payments related to net settlement of share-based awards (11,920) (2,289)

Payments of debt issuance costs (4,919) —

Earn-out Liability Payout (3,370) —

Net cash provided by financing activities 9,695 27,006

Increase in cash, cash equivalents and restricted cash equivalents 1,296,155 1,072,180

Cash, cash equivalents, restricted cash and cash equivalents—beginning of period

2,804,123 1,551,118

Cash, cash equivalents, restricted cash and cash equivalents—end of period

4,100,278 2,623,298

Cash and cash equivalents

4,075,612 2,598,942

Restricted cash and cash equivalents included in restricted deposits

24,666 24,356

Total cash, cash equivalents and restricted cash and cash equivalents

$ 4,100,278 $ 2,623,298

Supplemental Disclosures:

Interest payments $ 6,000 $ 11,360

Income tax payments $ 1,107 $ 15,478

Oscar Health, Inc.

News Release

Key Operating and Non-GAAP Financial Metrics

We regularly review the following key operating and Non-GAAP financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions. We believe these operational and financial measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP.

Total Revenue

Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenues. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

MLR

MLR is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. The impact of the federal risk adjustment program is included in the denominator of our MLR. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for healthcare of our members to the net premium before ceded quota share reinsurance.

Three Months Ended June 30, Six Months Ended June 30,

(in thousands, except percentages) 2026 2025 2026 2025

Net claims before ceded quota share reinsurance (A)

$ 3,794,445 $ 2,552,973 $ 7,024,302 $ 4,812,624

Net premiums before ceded quota share reinsurance (B)

$ 4,789,331 $ 2,803,444 $ 9,370,193 $ 5,799,265

Medical Loss Ratio (A divided by B)

79.2 % 91.1 % 75.0 % 83.0 %

SG&A Expense Ratio

The SG&A expense ratio reflects the Company’s selling, general, and administrative expenses, as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

Earnings (Loss) from Operations

Earnings (loss) from operations is the Company's total revenue less total operating expenses. We believe earnings (loss) from operations is an important primary metric for assessing operating performance.

Net Income (Loss) Attributable to Oscar Health, Inc.

Net income (loss) attributable to Oscar Health, Inc. is net earnings (loss) allocated to the Company after net income (loss) attributable to noncontrolling interests. It is a key indicator of the Company’s profitability and operational efficiency, allowing management to evaluate performance and make informed decisions on strategic planning, cost management, and resource allocation.

Oscar Health, Inc.

News Release

Adjusted EBITDA

Adjusted EBITDA is defined as Net income (loss) for the Company and its consolidated subsidiaries before interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted for stock-based compensation and other items that are considered unusual or not representative of underlying trends of our business, where applicable for the period presented. We present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is a non-GAAP measure. Management believes that investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Adjusted EBITDA in the same manner.

By providing this non-GAAP financial measure, together with a reconciliation to the most comparable U.S. GAAP measure, Net income (loss), we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for, net income (loss) or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance.

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

Net income (loss) $ 361,828 $ (228,491) $ 1,040,851 $ 47,015

Interest expense

4,709 5,847 10,092 11,841

Other expenses (income) 915 (2,794) 844 124

Income tax expense (benefit) 21,183 (5,045) 40,933 7,660

Earnings (loss) from operations 388,635 (230,483) 1,092,720 66,640

Depreciation and amortization

6,060 6,970 13,078 13,700

Stock-based compensation (1)

20,654 24,109 36,623 49,084

Adjusted EBITDA $ 415,349 $ (199,404) $ 1,142,421 $ 129,424

(1) Represents non-cash expenses related to equity-based compensation programs, which vary from period to period depending on various factors including the timing, number, and the valuation of awards. Additionally, these expenses are reported net of any stock-based compensation that has been capitalized for software development costs.

Oscar Health, Inc.

News Release

Appendix

Oscar Health, Inc.

News Release

Supplemental Financial Information

Premium

The Company records premium revenue net of premiums for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premium revenue in the Condensed Consolidated Statements of Operations:

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

Direct policy premiums $ 5,666,469 $ 3,482,764 $ 11,696,744 $ 6,832,435

Risk adjustment transfers (871,470) (692,245) (2,314,281) (1,065,994)

Reinsurance premiums ceded (4,989) (2,690) (10,607) (5,232)

Assumed premiums (1)

(679) 15,615 (1,663) 38,056

Premium $ 4,789,331 $ 2,803,444 $ 9,370,193 $ 5,799,265

(1) The Company did not renew the Cigna+Oscar Small Group arrangement with Cigna Health and Life Insurance Company after its initial term ended on December 31, 2024. Following termination, the Company has been providing transition and run-off services, and will continue to provide such services through December 31, 2026. The Company also continues to share in premiums and claims for plans sold or issued prior to December 15, 2024.

Medical Expenses

The Company records medical expenses net of reinsurance recoveries for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total medical expenses to the amount presented in the Condensed Consolidated Statements of Operations:

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

Direct claims incurred $ 3,872,861 $ 2,562,117 $ 7,166,698 $ 4,830,401

Ceded reinsurance claims (78,390) (22,203) (141,074) (53,215)

Assumed reinsurance claims (26) 13,059 (1,322) 35,438

Medical expenses $ 3,794,445 $ 2,552,973 $ 7,024,302 $ 4,812,624

Risk Adjustment

The risk adjustment programs in the markets the Company serves are administered federally by CMS and are designed to mitigate the potential impact of adverse selection and provide stability for health insurers. Under these programs, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores generally pay into the pool, while plans with higher than average risk scores generally receive distributions. The following table provides a rollforward of the Company’s beginning and ending risk adjustment receivable and payable balances for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

(in thousands) Risk Adjustment Receivable Risk Adjustment Payable Net Risk Adjustment Payable Risk Adjustment Receivable Risk Adjustment Payable Net Risk Adjustment Payable

Beginning balance (1)

$ 56,066 $ 2,587,700 $ 2,531,634 $ 64,779 $ 1,558,341 $ 1,493,562

Change in accrual:

Current year $ 27,970 $ 2,401,634 $ 2,373,664 $ 33,303 $ 1,021,779 $ 988,476

Prior years (2)

11,719 (47,432) (59,151) (10,465) 67,067 77,532

Change in accrual, net $ 39,689 $ 2,354,202 $ 2,314,513 $ 22,838 $ 1,088,846 $ 1,066,008

Ending balance:

Current year $ 27,970 $ 2,401,634 $ 2,373,664 $ 33,303 $ 1,021,779 $ 988,476

Prior years 67,785 2,540,268 2,472,483 54,314 1,625,408 1,571,094

Ending balance $ 95,755 $ 4,941,902 $ 4,846,147 $ 87,617 $ 2,647,187 $ 2,559,570

(1) The table includes risk adjustment data validation (“RADV”) receivables and payables. The balance at the beginning of each year presented pertains to prior policy years.

(2) Includes immaterial payments for prior policy years.

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