🔹 Revenue: $2.81B (Est. $3.11B) 🔴
🔹 EPS: ($1.24) (Est. ($0.89)) 🔴
FY26 Guide (Raise):
🔹 Revenue: $18.7B–$19.0B (Est. $12.756B) 🟢
🔹 MLR: 82.4%–83.4%
🔹 SG&A Expense Ratio: 15.8%–16.3%
🔹 Earnings from Ops: $250M–$450M
Other Metrics:
🔹 Total Members: 2,042,449 (as of Dec 31, 2025)
🔹 Individual and Small Group Members: 2,042,449 (as of Dec 31, 2025)
Financials:
🔹 Q4 Total Revenue: $2,805.235M
🔹 Q4 MLR: 95.4%
🔹 Q4 SG&A Expense Ratio: 18.2%
🔹 Q4 Loss from Ops: ($333.747M)
🔹 Q4 Net Loss attributable to Oscar: ($352.611M)
🔹 Q4 Adj. EBITDA: ($307.782M)
Other Events:
🔹 Revolving Credit Facility: $475M secured 3-year revolver (entered Feb 6, 2026)
🔹 Data conflict: Membership shows “~3.4M” in your note vs “2,042,449” in the financial tables (as of Dec 31, 2025)
Commentary:
🔸 “2025 was a reset year for the individual market, and we took decisive actions to return to profitability in 2026.”
🔸 “...drove record-high membership – positioning us to achieve significantly improved financial performance in 2026.”
🔸 “We took opportunistic steps to strengthen our balance sheet and optimize our capital structure.”