Form 8-K

8-K — Oscar Health, Inc.

Accession: 0001568651-26-000036

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001568651

SIC: 6324 (HOSPITAL & MEDICAL SERVICE PLANS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — oscr-20260506.htm (Primary)

EX-99.1 (oscarhealthfirstquarter202.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: oscr-20260506.htm · Sequence: 1

oscr-20260506

0001568651FALSE00015686512026-05-062026-05-06

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): May 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 May 6, 2026, Oscar Health, Inc. (the “Company”) announced the Company’s financial results for the quarter ended March 31, 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 May 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: May 6, 2026

EX-99.1

Filename: oscarhealthfirstquarter202.htm · Sequence: 2

Document

Oscar Health, Inc.

ir.hioscar.com

News Release

Oscar Health Announces Strong Financial Results for First Quarter 2026 And Reaffirms 2026 Guidance

New York, NY, May 6, 2026 – Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR) announced today its financial results for the first quarter ended March 31, 2026.

“Oscar Health drove solid first-quarter performance with significant year-over-year improvements across our core metrics,” said Mark Bertolini, CEO of Oscar Health. “We are reaffirming our guidance and remain on track to significantly expand margins and achieve meaningful profitability in 2026. Consumers expect to shop for healthcare like everyday products – on choice, price, and value. Oscar’s exceptional technology, lifestyle products, and member experience deliver exactly that. The workforce is shifting, the individual market is resilient, and Oscar is leading the transition to a consumer-driven health economy.”

Oscar is reaffirming its full year 2026 outlook across all metrics as provided in its financial results press release dated February 10, 2026.

First Quarter 2026 Financial Highlights

Three Months Ended March 31,

(in thousands, except percentages) 2026 2025

Total revenue $4,647,194 $3,046,263

Medical loss ratio (“MLR”) 70.5% 75.4%

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

15.2% 15.8%

Earnings from operations $704,085 $297,123

Net income attributable to Oscar Health, Inc. $678,996 $275,271

Adjusted EBITDA(1)

$727,072 $328,828

(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 March 31,

Membership by Offering 2026 2025

Individual and Small Group (1)

3,174,489 2,021,484

Cigna+Oscar (2)

— 17,983

Total Members 3,174,489 2,039,467

(1) 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.

Oscar Health, Inc.

News Release

First Quarter 2026 Key Metrics and Non-GAAP Financial Metrics

•Total revenue was approximately $4.6 billion for the first quarter of 2026 compared to $3.0 billion for the first 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 70.5% for the first quarter of 2026 compared to 75.4% for the first quarter of 2025. The decrease was primarily due to our disciplined pricing strategy, claims and risk adjustment seasonality from metal and new member mix, and favorable prior period reserve development. The Company had $68 million of favorable development in the first quarter of 2026 compared to $31 million of unfavorable development in the first quarter of 2025.

•The SG&A expense ratio was 15.2% for the first quarter of 2026 compared to 15.8% for the first quarter of 2025. The decrease was primarily due to greater fixed cost leverage and disciplined cost management, partially offset by the impact of higher risk adjustment as a percentage of premium.

•Earnings from operations was $704.1 million for the first quarter of 2026 compared to earnings from operations of $297.1 million for the first quarter of 2025. The significant increase reflects strong operating performance driven primarily by higher membership, rate increases, favorable prior period development, and fixed cost leverage.

•Net income attributable to Oscar Health, Inc. was $679.0 million, or $2.07 of diluted earnings per share, for the first quarter of 2026 compared to Net income attributable to Oscar Health, Inc. of $275.3 million, or $0.92 of diluted earnings per share, for the first quarter of 2025.

•Adjusted EBITDA was $727.1 million for the first quarter of 2026 compared to Adjusted EBITDA of $328.8 million for the first quarter of 2025.

Oscar Health, Inc.

News Release

Quarterly Conference Call Details

Oscar will host a conference call to discuss its financial results today, May 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 and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits, the implementation of new program integrity rules, the potential funding of a cost-sharing reduction 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 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; 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, +Oscar technology services, and Lucie Health Marketplace. 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 March 31,

(in thousands, except per share amounts) 2026 2025

Revenue

Premium $ 4,580,862 $ 2,995,821

Investment income 60,614 46,112

Other revenues 5,718 4,330

Total revenue 4,647,194 3,046,263

Operating Expenses

Medical 3,229,857 2,259,651

Selling, general, and administrative 706,234 482,759

Depreciation and amortization 7,018 6,730

Total operating expenses 3,943,109 2,749,140

Earnings from operations 704,085 297,123

Interest expense 5,383 5,994

Other expenses (income) (71) 2,918

Earnings before income taxes 698,773 288,211

Income tax expense 19,750 12,705

Net income 679,023 275,506

Less: Net income attributable to noncontrolling interests 27 235

Net income attributable to Oscar Health, Inc. $ 678,996 $ 275,271

Earnings per Share

Basic $ 2.28 $ 1.10

Diluted $ 2.07 $ 0.92

Weighted Average Common Shares Outstanding

Basic 298,184 251,279

Diluted 329,751 305,938

Oscar Health, Inc.

News Release

Oscar Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

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

Assets

Current Assets:

Cash and cash equivalents $ 4,805,139 $ 2,774,151

Short-term investments 1,994,644 1,216,461

Accounts receivable (net of allowance for credit losses of $7,171 and $7,226)

587,023 362,682

Receivables from CMS (1)

222,195 136,029

Reinsurance recoverable 142,487 99,750

Other current assets 25,817 24,331

Total current assets 7,777,305 4,613,404

Property, equipment, and capitalized software, net 94,194 88,350

Long-term investments 1,266,775 1,470,987

Restricted deposits 28,631 32,951

Other assets 122,741 119,719

Total assets $ 9,289,646 $ 6,325,411

Liabilities and Stockholders' Equity

Current Liabilities:

Benefits payable $ 1,734,051 $ 1,455,385

Payables to CMS (1)

4,723,244 2,730,095

Accounts payable and other liabilities 505,943 507,325

Unearned premiums 172,004 166,203

Reinsurance payable 5,112 3,579

Total current liabilities 7,140,354 4,862,587

Long-term debt 430,876 430,095

Other liabilities 51,368 51,994

Total liabilities 7,622,598 5,344,676

Commitments and contingencies

Stockholders' Equity

Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 263,552 thousand and 261,851 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively) 3 3

Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,591 thousand and 35,838 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively) — —

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

Additional paid-in capital 4,277,292 4,256,972

Accumulated deficit (2,615,438) (3,294,434)

Accumulated other comprehensive income 5,000 18,030

Total Oscar Health, Inc. stockholders' equity 1,663,934 977,648

Noncontrolling interests 3,114 3,087

Total stockholders' equity 1,667,048 980,735

Total liabilities and stockholders' equity $ 9,289,646 $ 6,325,411

(1) Centers for Medicare & Medicaid Services

Oscar Health, Inc.

News Release

Oscar Health, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three Months Ended March 31,

(in thousands) 2026 2025

Cash Flows from Operating Activities:

Net income $ 679,023 $ 275,506

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

Deferred taxes

(6,204) 36

Net realized gain on sale of financial instruments

(4) (119)

Depreciation and amortization expense

7,018 6,730

Amortization of debt issuance costs 1,015 194

Stock-based compensation expense

15,969 24,975

Net accretion of investments (7,077) (7,673)

Change in provision for credit losses (55) (8,650)

Changes in assets and liabilities:

(Increase) / decrease in:

Receivables from CMS (1)

(86,165) (88,745)

Accounts receivable (224,288) (97,827)

Reinsurance recoverable

(42,737) 103,990

Other assets

5,344 (13,265)

Increase / (decrease) in:

Benefits payable

278,666 108,848

Payables to CMS (1)

1,993,149 571,443

Accounts payable and other liabilities

(2,007) 24,294

Unearned premiums

5,800 (3,492)

Reinsurance payable

1,533 (17,703)

Net cash provided by operating activities 2,618,980 878,542

Cash Flows from Investing Activities:

Purchase of investments

(914,842) (336,869)

Sale of investments

35,000 15,761

Maturity and paydowns of investments

299,243 155,906

Purchase of property, equipment and capitalized software

(8,794) (9,026)

Change in restricted deposits

(860) —

Net cash used in investing activities

(590,253) (174,228)

Cash Flows from Financing Activities:

Payments of debt issuance costs (4,739) —

Tax payments related to net settlement of share-based awards — (855)

Proceeds from exercise of stock options

1,139 5,728

Net cash (used in) provided by financing activities

(3,600) 4,873

Increase in cash, cash equivalents and restricted cash equivalents

2,025,127 709,187

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

4,829,250 2,260,305

Cash and cash equivalents

4,805,139 2,236,555

Restricted cash and cash equivalents included in restricted deposits

24,111 23,750

Total cash, cash equivalents and restricted cash and cash equivalents

$ 4,829,250 $ 2,260,305

Supplemental Disclosures:

Interest payments $ 4,177 $ 154

Income tax payments $ 44 $ —

(1) Centers for Medicare & Medicaid Services

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 March 31,

(in thousands, except percentages) 2026 2025

Net claims before ceded quota share reinsurance (A)

$ 3,229,857 $ 2,259,651

Net premiums before ceded quota share reinsurance (B)

$ 4,580,862 $ 2,995,821

Medical Loss Ratio (A divided by B)

70.5 % 75.4 %

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 March 31,

(in thousands) 2026 2025

Net income $ 679,023 $ 275,506

Interest expense

5,383 5,994

Other expenses (income) (71) 2,918

Income tax expense

19,750 12,705

Earnings from operations 704,085 297,123

Depreciation and amortization

7,018 6,730

Stock-based compensation(1)

15,969 24,975

Adjusted EBITDA $ 727,072 $ 328,828

(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 March 31,

(in thousands) 2026 2025

Direct policy premiums $ 6,030,275 $ 3,349,671

Risk adjustment transfers (1,442,811) (373,749)

Reinsurance premiums ceded (5,618) (2,542)

Assumed premiums (1)

(984) 22,441

Premium $ 4,580,862 $ 2,995,821

(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 March 31,

(in thousands) 2026 2025

Direct claims incurred $ 3,293,837 $ 2,268,284

Ceded reinsurance claims (62,684) (31,012)

Assumed reinsurance claims (1,296) 22,379

Medical expenses $ 3,229,857 $ 2,259,651

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 three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026 Three Months Ended March 31, 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 $ 16,112 $ 1,374,310 $ 1,358,198 $ 25,666 $ 306,870 $ 281,204

Prior years (2)

5,132 89,745 84,613 (3,319) 89,240 92,559

Change in accrual, net $ 21,244 $ 1,464,055 $ 1,442,811 $ 22,347 $ 396,110 $ 373,763

Ending balance:

Current year $ 16,112 $ 1,374,310 $ 1,358,198 $ 25,666 $ 306,870 $ 281,204

Prior years 61,198 2,677,445 2,616,247 61,460 1,647,581 1,586,121

Ending balance $ 77,310 $ 4,051,755 $ 3,974,445 $ 87,126 $ 1,954,451 $ 1,867,325

(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.

GRAPHIC

Filename: image.jpg · Sequence: 6

Binary file (5418 bytes)

Download image.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover Page

May 06, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 06, 2026

Entity Registrant Name

Oscar Health, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-40154

Entity Tax Identification Number

46-1315570

Entity Address, Address Line One

75 Varick Street, 5th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10013

City Area Code

646

Local Phone Number

403-3677

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Class A Common Stock, $0.00001 par value per share

Trading Symbol

OSCR

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0001568651

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration