Oscar Health reported a sharp improvement in third-quarter 2026 results, with higher revenue and a return to profitability, while also raising its full-year earnings-from-operations outlook for a third time. The insurer attributed its performance to disciplined pricing, consumer-focused products and technology, and said it sees room to gain market share and expand margins in 2027.
The results cover a business with 2.69 million active members at Sept. 30, up from 2.12 million a year earlier. The announcement says the full-year outlook was raised but does not provide the revised numerical target in the text available here.
Key details
- Third-quarter revenue increased to $5.14 billion, from $2.99 billion in the same period last year.
- Earnings from operations were $178 million, compared with an operating loss of $129 million a year earlier.
- Net income attributable to Oscar was $167 million, versus a net loss of $137 million in the third quarter of 2025.
- Adjusted EBITDA was $207 million, compared with a loss of $101 million a year earlier. Adjusted EBITDA is a non-GAAP measure.
- Medical costs took a smaller share of revenue: the medical loss ratio was 84.0%, down from 88.5% in the year-earlier quarter. The ratio measures the portion of premium revenue used for medical care.
- Administrative and selling costs also declined as a share of revenue: the SG&A expense ratio fell to 14.0% from 17.5%.
- For the first nine months of 2026, revenue was $14.67 billion, compared with $8.90 billion in the same period of 2025. Oscar reported $1.27 billion in earnings from operations and $1.21 billion in net income, versus operating and net losses in the year-earlier period. Nine-month adjusted EBITDA was $1.35 billion, up from $28 million.
- Membership reached 2,691,885, compared with 2,116,904 a year earlier. The 2026 total was all in individual and small-group reporting categories, though Oscar said it no longer offers small-group plans. The prior-year total included 5,168 members in the Cigna+Oscar arrangement, which was not renewed after its initial term ended in 2024.
Plain-English implications
Oscar’s quarterly and year-to-date results show improved profitability alongside membership growth. The lower medical loss and SG&A ratios indicate that medical costs and administrative expenses consumed less of revenue than a year earlier. The company raised its full-year earnings-from-operations outlook again, but the revised target is not quantified in the announcement text available here.