Oscar Health's earnings call highlighted significant revenue growth and strategic acquisitions, yet faced challenges with increased MLR, operational losses, and higher risk adjustment payables. The company's efforts to improve SG&A efficiency and expand through strategic partnerships are positive steps, but financial losses and market challenges weigh heavily.

Company Guidance

During the Oscar Health Second Quarter 2025 Earnings Conference Call, the company provided several key metrics and guidance updates for the year. Oscar Health reported a total revenue of $2.9 billion for the second quarter, marking a 29% increase year-over-year. The medical loss ratio (MLR) increased by 12 points year-over-year to 91.1%, attributed to an increase in average market morbidity. The company reported a loss from operations of $230 million and an adjusted EBITDA loss of $199 million. For the first half of the year, earnings from operations were $66 million, and adjusted EBITDA was $129 million. Oscar reaffirmed its 2025 guidance, expecting revenue between $12 billion and $12.2 billion and a loss from operations ranging from $200 million to $300 million. They anticipate a full-year MLR between 86% and 87%. The SG&A expense ratio improved by 90 basis points year-over-year to 18.7%. The company is also taking measures to reduce administrative costs by about $60 million for 2026 and has improved its 2025 SG&A guidance by 50 basis points at the midpoint compared to initial guidance. Looking ahead, Oscar plans to return to profitability in 2026, driven by strategic pricing changes and expense management.

Significant Revenue Growth

Oscar Health reported a total revenue of $2.9 billion for Q2 2025, representing a 29% increase year-over-year, driven by higher membership.

Membership Increase

The company ended the quarter with more than 2 million members, an increase of 28% year-over-year, driven by solid retention and above-market growth during open enrollment.

SG&A Efficiency

Oscar Health reported an improvement in the SG&A ratio by 90 basis points year-over-year to 18.7%, aided by lower exchange fee rates and fixed cost leverage.

Strategic Acquisitions and Partnerships

Oscar Health acquired new assets to enhance its consumer marketplace capabilities and announced a partnership with Hy-Vee to launch a new ICHRA product.

Oscar Health (OSCR) Earnings, Revenues Date & History

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OSCR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	-0.55 / -	-0.22	―	―	―
Aug 06, 2025	2025 (Q2)	-0.81 / -0.89	0.2	-545.00% (-1.09)	―
May 07, 2025	2025 (Q1)	0.79 / 0.92	0.62	48.39% (+0.30)	―
Feb 04, 2025	2024 (Q4)	-0.59 / -0.62	-0.66	6.06% (+0.04)	―
Nov 07, 2024	2024 (Q3)	-0.17 / -0.22	-0.29	24.14% (+0.07)	―
Aug 07, 2024	2024 (Q2)	0.16 / 0.20	-0.07	385.71% (+0.27)	―
May 07, 2024	2024 (Q1)	0.27 / 0.62	-0.18	444.44% (+0.80)	―
Feb 07, 2024	2023 (Q4)	-0.72 / -0.66	-1.05	37.14% (+0.39)	―
Nov 07, 2023	2023 (Q3)	-0.47 / -0.29	-0.91	68.13% (+0.62)	―
Aug 08, 2023	2023 (Q2)	-0.22 / -0.07	-0.53	86.79% (+0.46)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

OSCR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$13.82	$14.34	+3.76%
May 07, 2025	$13.07	$17.02	+30.22%
Feb 04, 2025	$15.28	$15.75	+3.08%
Nov 07, 2024	$15.55	$13.64	-12.28%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.